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 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: 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.
- Share Price Trend
- The share price demonstrates a general upward trajectory from 2006 through 2025, rising from $1.08 to $57.51. Notable fluctuations occur, including declines in 2009, 2013, and 2017, with subsequent recoveries. The most significant growth appears between 2019 and 2025, where the share price escalates from $11.66 to $57.51, marking a notable strengthening of market valuation.
- Operating Profit Per Share (OPPS) Pattern
- Operating profit per share shows a steady increase over the observed period, moving from $0.02 in 2006 to $1.41 in 2025. Although the trend is generally positive, a pronounced dip occurs in 2017 where OPPS drops sharply to $0.02 from $0.51 in 2016, before resuming growth in subsequent years. This suggests a temporary operational setback or extraordinary event impacting earnings during that year.
- Price to Operating Profit (P/OP) Ratio Insights
- The P/OP ratio fluctuates considerably over time, reflecting varying investor perceptions of valuation relative to operating profits. Early years show moderate ratios around 30, dropping to as low as 13.85 in 2009 during diminished share prices and relative stability in profits. However, in 2017, the ratio spikes dramatically to 331.7 due to the sharp decline in operating profit per share, indicating an overvaluation or market distortion in that period. Following this peak, the ratio normalizes but remains volatile, with values oscillating between approximately 27 and 149 through 2025, signaling ongoing variability in market sentiment and profitability alignment.
- Overall Analytical Summary
- Over nearly two decades, the company exhibits robust long-term growth in share price and operating profit per share, despite intermittent periods of volatility and operational challenges. The substantial increase in share price, especially post-2019, aligns with improvements in operating profit, underscoring stronger financial performance and investor confidence. The irregular P/OP ratio underscores periods of market over or undervaluation relative to operational earnings, highlighting the importance of considering both market conditions and company fundamentals in valuation assessments.
Comparison to Competitors
Chipotle Mexican Grill Inc., P/OP, long-term trends, comparison to competitors
| Chipotle Mexican Grill Inc. | Airbnb Inc. | Booking Holdings Inc. | McDonald’s Corp. | Starbucks Corp. | |
|---|---|---|---|---|---|
| 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: 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).