Price to Operating Profit (P/OP)
since 2005
Calculation
Chipotle Mexican Grill Inc., P/OP, long-term trends, calculation
| P/OP | = | Share price1, 2, 3 | ÷ | Operating profit per share1 | Operating profit per share1 | = | Income from operations1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 4, 2026 | 26.87 | = | 39.93 | ÷ | 1.49 | 1.49 | = | 1,935,798 | ÷ | 1,302,423,000 | |
| Feb 5, 2025 | 40.67 | = | 57.51 | ÷ | 1.41 | 1.41 | = | 1,916,333 | ÷ | 1,355,337,000 | |
| Feb 8, 2024 | 46.13 | = | 52.41 | ÷ | 1.14 | 1.14 | = | 1,557,813 | ÷ | 1,371,058,450 | |
| Feb 9, 2023 | 38.25 | = | 32.14 | ÷ | 0.84 | 0.84 | = | 1,160,403 | ÷ | 1,381,092,350 | |
| Feb 11, 2022 | 54.38 | = | 31.23 | ÷ | 0.57 | 0.57 | = | 804,943 | ÷ | 1,401,597,400 | |
| Feb 10, 2021 | 149.81 | = | 30.89 | ÷ | 0.21 | 0.21 | = | 290,164 | ÷ | 1,407,203,250 | |
| Feb 5, 2020 | 53.41 | = | 17.08 | ÷ | 0.32 | 0.32 | = | 443,958 | ÷ | 1,388,398,250 | |
| Feb 8, 2019 | 62.41 | = | 11.66 | ÷ | 0.19 | 0.19 | = | 258,368 | ÷ | 1,382,963,500 | |
| Feb 8, 2018 | 27.44 | = | 5.32 | ÷ | 0.19 | 0.19 | = | 270,794 | ÷ | 1,396,513,600 | |
| Feb 7, 2017 | 331.70 | = | 7.97 | ÷ | 0.02 | 0.02 | = | 34,567 | ÷ | 1,438,641,500 | |
| Feb 5, 2016 | 18.10 | = | 9.20 | ÷ | 0.51 | 0.51 | = | 763,589 | ÷ | 1,502,212,500 | |
| Feb 4, 2015 | 29.50 | = | 13.52 | ÷ | 0.46 | 0.46 | = | 710,800 | ÷ | 1,551,115,950 | |
| Feb 5, 2014 | 31.59 | = | 10.85 | ÷ | 0.34 | 0.34 | = | 532,720 | ÷ | 1,551,208,400 | |
| Feb 8, 2013 | 21.82 | = | 6.41 | ÷ | 0.29 | 0.29 | = | 455,865 | ÷ | 1,551,598,600 | |
| Feb 10, 2012 | 33.58 | = | 7.53 | ÷ | 0.22 | 0.22 | = | 350,562 | ÷ | 1,563,123,150 | |
| Feb 17, 2011 | 28.63 | = | 5.31 | ÷ | 0.19 | 0.19 | = | 287,831 | ÷ | 1,551,881,050 | |
| Feb 19, 2010 | 16.27 | = | 2.10 | ÷ | 0.13 | 0.13 | = | 203,705 | ÷ | 1,577,953,300 | |
| Feb 19, 2009 | 13.85 | = | 1.07 | ÷ | 0.08 | 0.08 | = | 124,039 | ÷ | 1,605,174,200 | |
| Feb 26, 2008 | 31.86 | = | 2.09 | ÷ | 0.07 | 0.07 | = | 108,183 | ÷ | 1,648,927,250 | |
| Feb 23, 2007 | 33.99 | = | 1.29 | ÷ | 0.04 | 0.04 | = | 61,952 | ÷ | 1,632,318,250 | |
| Mar 17, 2006 | 56.69 | = | 1.08 | ÷ | 0.02 | 0.02 | = | 30,994 | ÷ | 1,626,880,200 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Chipotle Mexican Grill Inc. Annual Report.
The Price to Operating Profit (P/OP) ratio exhibits considerable fluctuation over the observed period, spanning from 2006 to 2026. Initial values are relatively high, followed by a period of volatility and then a substantial increase before stabilizing. A detailed examination reveals distinct phases in the ratio’s behavior.
- Early Period (2006-2009)
- From 2006 to 2009, the P/OP ratio demonstrates a decreasing trend. It begins at 56.69 and declines to a low of 13.85 in 2009. This decrease suggests that the share price was declining at a faster rate than operating profit per share during this timeframe, or that operating profit per share was increasing at a faster rate than the share price.
- Recovery and Stabilization (2010-2015)
- The period between 2010 and 2015 shows a more erratic pattern. The P/OP ratio increases to 28.63 in 2011, peaks at 33.58 in 2012, then decreases to 18.10 by 2016. This suggests periods of investor optimism followed by corrections. The ratio remains relatively stable between 2013 and 2015, fluctuating between 29.50 and 31.59.
- Significant Spike and Subsequent Normalization (2016-2021)
- A dramatic increase is observed in 2017, with the P/OP ratio reaching 331.70. This outlier is likely attributable to a significant decline in operating profit per share in that year, while the share price remained relatively stable. Following this spike, the ratio decreases substantially, reaching 149.81 in 2020 and then 54.38 in 2021. This indicates a recovery in operating profit per share relative to the share price.
- Recent Trends (2022-2026)
- From 2022 to 2026, the P/OP ratio exhibits a more moderate range, fluctuating between 38.25 and 46.13, before decreasing to 40.67 and 26.87 in the final two years. This suggests a period of relative stability, with the share price and operating profit per share moving in a more synchronized manner. The final decrease in 2025 and 2026 could indicate a shift in investor sentiment or changes in the company’s profitability outlook.
Overall, the P/OP ratio demonstrates a complex pattern influenced by fluctuations in both share price and operating profit per share. The significant spike in 2017 warrants further investigation to understand the underlying factors contributing to the substantial divergence between price and operating profit.
Comparison to Competitors
Chipotle Mexican Grill Inc., P/OP, long-term trends, comparison to competitors
| Chipotle Mexican Grill Inc. | Airbnb Inc. | Booking Holdings Inc. | DoorDash, Inc. | McDonald’s Corp. | Starbucks Corp. | |
|---|---|---|---|---|---|---|
| Feb 4, 2026 | 26.87 | — | — | — | — | 32.83 |
| Feb 5, 2025 | 40.67 | 34.83 | 21.80 | — | 18.95 | 20.60 |
| Feb 8, 2024 | 46.13 | 65.01 | 22.85 | — | 18.35 | 20.44 |
| Feb 9, 2023 | 38.25 | 46.78 | 17.91 | — | 20.58 | 24.35 |
| Feb 11, 2022 | 54.38 | 232.24 | 40.46 | — | 17.59 | 26.68 |
| Feb 10, 2021 | 149.81 | — | — | — | 21.51 | 70.29 |
| Feb 5, 2020 | 53.41 | — | 12.89 | — | 17.27 | 24.39 |
| Feb 8, 2019 | 62.41 | — | 16.06 | — | 15.89 | 21.78 |
| Feb 8, 2018 | 27.44 | — | 19.92 | — | 13.56 | 19.59 |
| Feb 7, 2017 | 331.70 | — | 27.61 | — | 13.65 | 19.46 |
| Feb 5, 2016 | 18.10 | — | 18.81 | — | 14.94 | 25.18 |
| Feb 4, 2015 | 29.50 | — | 20.59 | — | 11.48 | 18.97 |
| Feb 5, 2014 | 31.59 | — | 27.73 | — | 10.90 | — |
| Feb 8, 2013 | 21.82 | — | 18.97 | — | 11.20 | 18.15 |
| Feb 10, 2012 | 33.58 | — | 21.06 | — | 11.98 | 18.12 |
| Feb 17, 2011 | 28.63 | — | 28.74 | — | 10.39 | 16.12 |
| Feb 19, 2010 | 16.27 | — | 22.32 | — | 10.04 | 28.21 |
| Feb 19, 2009 | 13.85 | — | 11.86 | — | 9.38 | 12.31 |
| Feb 26, 2008 | 31.86 | — | 31.71 | — | 16.64 | 15.97 |
| Feb 23, 2007 | 33.99 | — | 32.23 | — | 12.40 | 30.91 |
| Mar 17, 2006 | 56.69 | — | 26.02 | — | 11.01 | 30.54 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).