Chipotle Mexican Grill Inc. (NYSE:CMG)

Land

The value of land remained constant at $12,943 thousand throughout the period from 2020 to 2024, indicating no acquisitions or disposals of land assets during these years.

Leasehold Improvements and Buildings

There was a steady and significant increase in the value of leasehold improvements and buildings, rising from $1,921,371 thousand in 2020 to $2,918,408 thousand in 2024. This reflects consistent investment in enhancing or expanding physical locations or structures over the period.

Furniture and Fixtures

The value of furniture and fixtures also showed continuous growth, moving from $198,387 thousand in 2020 to $293,841 thousand in 2024. This suggests ongoing expenditures to update or increase furniture and related assets.

Equipment

Equipment assets increased steadily each year from $755,003 thousand in 2020 to $1,221,290 thousand in 2024. This upward trend aligns with capital investments to maintain or expand operational capabilities.

Construction in Progress

Construction in progress exhibited a rising trend from $76,317 thousand in 2020 to $192,945 thousand in 2024, indicating ongoing projects and future capital asset additions that are yet to be completed and capitalized.

Gross Leasehold Improvements, Property and Equipment

The aggregate gross value of leasehold improvements, property and equipment increased each year, from $2,964,021 thousand in 2020 to $4,639,427 thousand in 2024. This growth reflects an overall expansion in fixed asset base.

Accumulated Depreciation

Accumulated depreciation showed a widening negative balance, growing from -$1,379,710 thousand in 2020 to -$2,249,301 thousand in 2024. This increase corresponds with the aging of assets and consistent depreciation charges over time.

Net Leasehold Improvements, Property and Equipment

The net value of leasehold improvements, property and equipment moved upward from $1,584,311 thousand in 2020 to $2,390,126 thousand in 2024. This reflects not only ongoing investments increasing the asset base but also the impact of accumulated depreciation reducing the carrying value.

The analysis of the average age ratio of property, plant, and equipment over the five-year span reveals a consistent upward trend. Starting from 46.75% at the end of 2020, the ratio shows a gradual increase each subsequent year. By the end of 2024, this ratio reaches 48.62%, indicating a steady aging of the company's assets.

This gradual increase may suggest that the company has been retaining its assets for longer periods without significant replacement or upgrades. The incremental yearly rises are relatively small but consistent, reflecting a potentially cautious or steady approach to capital expenditure or asset management.

Overall, the trend implies an aging asset base, which can have implications for maintenance costs, efficiency, and future capital investment requirements. Monitoring this ratio is important for assessing the long-term sustainability of the company’s asset structure and operational efficiency.

Accumulated Depreciation

The accumulated depreciation consistently increased over the observed five-year period. Starting at approximately 1.38 billion US dollars at the end of 2020, it rose steadily each year, reaching nearly 2.25 billion US dollars by the end of 2024. This indicates ongoing usage and aging of property, plant, and equipment assets, reflecting continued wear and tear and systematic expensing of asset value over time.

Leasehold Improvements, Property, and Equipment, Gross

Gross values of leasehold improvements, property, and equipment showed consistent growth throughout the period from the end of 2020 to the end of 2024. The figures increased from about 2.96 billion US dollars to approximately 4.64 billion US dollars, demonstrating sustained investment in physical assets. This growth suggests expansion or upgrade of facilities and equipment, likely supporting business operations and capacity enhancement.

Land

Land values remained constant at 12,943 thousand US dollars across all years. This stability denotes no acquisition or disposal of land assets during the analyzed period, implying that changes in total property, plant, and equipment were driven primarily by improvements and equipment rather than land transactions.

Average Age Ratio

The average age ratio incrementally increased from 46.75% in 2020 to 48.62% in 2024. This gradual rise indicates that the asset base is aging slightly over time, implying that while new investments were made, they have not outpaced the aging of existing assets sufficiently to reduce the overall average age.