Analysis of Solvency Ratios
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Chipotle Mexican Grill Inc., solvency ratios
Based on: 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).
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | |
| Debt to equity ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | Chipotle Mexican Grill Inc. debt to equity ratio (including operating lease liability) deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | |
| Debt to capital ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | Chipotle Mexican Grill Inc. debt to capital ratio (including operating lease liability) deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | |
| Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | Chipotle Mexican Grill Inc. debt to assets ratio (including operating lease liability) deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Chipotle Mexican Grill Inc. financial leverage ratio increased from 2021 to 2022 but then decreased significantly from 2022 to 2023. |
| Solvency ratio | Description | The company |
|---|---|---|
| Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | Chipotle Mexican Grill Inc. fixed charge coverage ratio improved from 2021 to 2022 and from 2022 to 2023. |
Debt to Equity
Chipotle Mexican Grill Inc., debt to equity calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Total debt | —) | —) | —) | —) | —) | |
| Shareholders’ equity | 3,062,207) | 2,368,023) | 2,297,374) | 2,020,135) | 1,683,026) | |
| Solvency Ratio | ||||||
| Debt to equity1 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Benchmarks | ||||||
| Debt to Equity, Competitors2 | ||||||
| Airbnb Inc. | 0.24 | 0.36 | 0.42 | 0.63 | — | |
| Booking Holdings Inc. | — | 4.51 | 1.77 | 2.46 | 1.45 | |
| Carnival Corp. & plc | 4.44 | 4.89 | 2.74 | 1.31 | 0.45 | |
| McDonald’s Corp. | — | — | — | — | — | |
| Starbucks Corp. | — | — | — | — | — | |
| Debt to Equity, Sector | ||||||
| Consumer Services | 38.71 | 33.01 | 6.23 | 6.39 | 3.53 | |
| Debt to Equity, Industry | ||||||
| Consumer Discretionary | 1.42 | 1.61 | 1.56 | 2.26 | 2.44 | |
Based on: 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).
1 2023 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity
= 0 ÷ 3,062,207 = 0.00
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. |
Debt to Equity (including Operating Lease Liability)
Chipotle Mexican Grill Inc., debt to equity (including operating lease liability) calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Total debt | —) | —) | —) | —) | —) | |
| Current operating lease liabilities | 248,074) | 236,248) | 218,713) | 204,756) | 173,139) | |
| Long-term operating lease liabilities | 3,803,551) | 3,495,162) | 3,301,601) | 2,952,296) | 2,678,374) | |
| Total debt (including operating lease liability) | 4,051,625) | 3,731,410) | 3,520,314) | 3,157,052) | 2,851,513) | |
| Shareholders’ equity | 3,062,207) | 2,368,023) | 2,297,374) | 2,020,135) | 1,683,026) | |
| Solvency Ratio | ||||||
| Debt to equity (including operating lease liability)1 | 1.32 | 1.58 | 1.53 | 1.56 | 1.69 | |
| Benchmarks | ||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | ||||||
| Airbnb Inc. | 0.28 | 0.42 | 0.51 | 0.80 | — | |
| Booking Holdings Inc. | — | 4.75 | 1.85 | 2.56 | 1.56 | |
| Carnival Corp. & plc | 4.63 | 5.08 | 2.85 | 1.38 | 0.45 | |
| McDonald’s Corp. | — | — | — | — | — | |
| Starbucks Corp. | — | — | — | — | — | |
| Debt to Equity (including Operating Lease Liability), Sector | ||||||
| Consumer Services | 49.14 | 41.60 | 8.07 | 8.32 | 4.44 | |
| Debt to Equity (including Operating Lease Liability), Industry | ||||||
| Consumer Discretionary | 1.77 | 2.00 | 1.93 | 2.69 | 2.70 | |
Based on: 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).
1 2023 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Shareholders’ equity
= 4,051,625 ÷ 3,062,207 = 1.32
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | Chipotle Mexican Grill Inc. debt to equity ratio (including operating lease liability) deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
Debt to Capital
Chipotle Mexican Grill Inc., debt to capital calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Total debt | —) | —) | —) | —) | —) | |
| Shareholders’ equity | 3,062,207) | 2,368,023) | 2,297,374) | 2,020,135) | 1,683,026) | |
| Total capital | 3,062,207) | 2,368,023) | 2,297,374) | 2,020,135) | 1,683,026) | |
| Solvency Ratio | ||||||
| Debt to capital1 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Benchmarks | ||||||
| Debt to Capital, Competitors2 | ||||||
| Airbnb Inc. | 0.20 | 0.26 | 0.29 | 0.39 | — | |
| Booking Holdings Inc. | 1.24 | 0.82 | 0.64 | 0.71 | 0.59 | |
| Carnival Corp. & plc | 0.82 | 0.83 | 0.73 | 0.57 | 0.31 | |
| McDonald’s Corp. | 1.13 | 1.19 | 1.15 | 1.26 | 1.32 | |
| Starbucks Corp. | 2.08 | 2.41 | 1.57 | 1.96 | 2.26 | |
| Debt to Capital, Sector | ||||||
| Consumer Services | 0.97 | 0.97 | 0.86 | 0.86 | 0.78 | |
| Debt to Capital, Industry | ||||||
| Consumer Discretionary | 0.59 | 0.62 | 0.61 | 0.69 | 0.71 | |
Based on: 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).
1 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 0 ÷ 3,062,207 = 0.00
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. |
Debt to Capital (including Operating Lease Liability)
Chipotle Mexican Grill Inc., debt to capital (including operating lease liability) calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Total debt | —) | —) | —) | —) | —) | |
| Current operating lease liabilities | 248,074) | 236,248) | 218,713) | 204,756) | 173,139) | |
| Long-term operating lease liabilities | 3,803,551) | 3,495,162) | 3,301,601) | 2,952,296) | 2,678,374) | |
| Total debt (including operating lease liability) | 4,051,625) | 3,731,410) | 3,520,314) | 3,157,052) | 2,851,513) | |
| Shareholders’ equity | 3,062,207) | 2,368,023) | 2,297,374) | 2,020,135) | 1,683,026) | |
| Total capital (including operating lease liability) | 7,113,832) | 6,099,433) | 5,817,688) | 5,177,187) | 4,534,539) | |
| Solvency Ratio | ||||||
| Debt to capital (including operating lease liability)1 | 0.57 | 0.61 | 0.61 | 0.61 | 0.63 | |
| Benchmarks | ||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | ||||||
| Airbnb Inc. | 0.22 | 0.30 | 0.34 | 0.44 | — | |
| Booking Holdings Inc. | 1.22 | 0.83 | 0.65 | 0.72 | 0.61 | |
| Carnival Corp. & plc | 0.82 | 0.84 | 0.74 | 0.58 | 0.31 | |
| McDonald’s Corp. | 1.10 | 1.14 | 1.10 | 1.18 | 1.21 | |
| Starbucks Corp. | 1.48 | 1.58 | 1.29 | 1.46 | 2.26 | |
| Debt to Capital (including Operating Lease Liability), Sector | ||||||
| Consumer Services | 0.98 | 0.98 | 0.89 | 0.89 | 0.82 | |
| Debt to Capital (including Operating Lease Liability), Industry | ||||||
| Consumer Discretionary | 0.64 | 0.67 | 0.66 | 0.73 | 0.73 | |
Based on: 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).
1 2023 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 4,051,625 ÷ 7,113,832 = 0.57
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | Chipotle Mexican Grill Inc. debt to capital ratio (including operating lease liability) deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
Debt to Assets
Chipotle Mexican Grill Inc., debt to assets calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Total debt | —) | —) | —) | —) | —) | |
| Total assets | 8,044,362) | 6,927,504) | 6,652,958) | 5,982,896) | 5,104,604) | |
| Solvency Ratio | ||||||
| Debt to assets1 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Benchmarks | ||||||
| Debt to Assets, Competitors2 | ||||||
| Airbnb Inc. | 0.10 | 0.12 | 0.14 | 0.17 | — | |
| Booking Holdings Inc. | 0.59 | 0.49 | 0.46 | 0.55 | 0.40 | |
| Carnival Corp. & plc | 0.62 | 0.67 | 0.62 | 0.50 | 0.26 | |
| McDonald’s Corp. | 0.73 | 0.74 | 0.66 | 0.71 | 0.72 | |
| Starbucks Corp. | 0.52 | 0.53 | 0.47 | 0.54 | 0.58 | |
| Debt to Assets, Sector | ||||||
| Consumer Services | 0.55 | 0.57 | 0.53 | 0.54 | 0.47 | |
| Debt to Assets, Industry | ||||||
| Consumer Discretionary | 0.35 | 0.36 | 0.37 | 0.42 | 0.44 | |
Based on: 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).
1 2023 Calculation
Debt to assets = Total debt ÷ Total assets
= 0 ÷ 8,044,362 = 0.00
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. |
Debt to Assets (including Operating Lease Liability)
Chipotle Mexican Grill Inc., debt to assets (including operating lease liability) calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Total debt | —) | —) | —) | —) | —) | |
| Current operating lease liabilities | 248,074) | 236,248) | 218,713) | 204,756) | 173,139) | |
| Long-term operating lease liabilities | 3,803,551) | 3,495,162) | 3,301,601) | 2,952,296) | 2,678,374) | |
| Total debt (including operating lease liability) | 4,051,625) | 3,731,410) | 3,520,314) | 3,157,052) | 2,851,513) | |
| Total assets | 8,044,362) | 6,927,504) | 6,652,958) | 5,982,896) | 5,104,604) | |
| Solvency Ratio | ||||||
| Debt to assets (including operating lease liability)1 | 0.50 | 0.54 | 0.53 | 0.53 | 0.56 | |
| Benchmarks | ||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | ||||||
| Airbnb Inc. | 0.11 | 0.15 | 0.18 | 0.22 | — | |
| Booking Holdings Inc. | 0.62 | 0.52 | 0.48 | 0.57 | 0.43 | |
| Carnival Corp. & plc | 0.65 | 0.69 | 0.65 | 0.53 | 0.26 | |
| McDonald’s Corp. | 0.95 | 0.97 | 0.92 | 0.98 | 1.00 | |
| Starbucks Corp. | 0.83 | 0.84 | 0.75 | 0.84 | 0.58 | |
| Debt to Assets (including Operating Lease Liability), Sector | ||||||
| Consumer Services | 0.70 | 0.71 | 0.68 | 0.71 | 0.60 | |
| Debt to Assets (including Operating Lease Liability), Industry | ||||||
| Consumer Discretionary | 0.44 | 0.45 | 0.45 | 0.50 | 0.48 | |
Based on: 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).
1 2023 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 4,051,625 ÷ 8,044,362 = 0.50
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | Chipotle Mexican Grill Inc. debt to assets ratio (including operating lease liability) deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
Financial Leverage
Chipotle Mexican Grill Inc., financial leverage calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Total assets | 8,044,362) | 6,927,504) | 6,652,958) | 5,982,896) | 5,104,604) | |
| Shareholders’ equity | 3,062,207) | 2,368,023) | 2,297,374) | 2,020,135) | 1,683,026) | |
| Solvency Ratio | ||||||
| Financial leverage1 | 2.63 | 2.93 | 2.90 | 2.96 | 3.03 | |
| Benchmarks | ||||||
| Financial Leverage, Competitors2 | ||||||
| Airbnb Inc. | 2.53 | 2.88 | 2.87 | 3.62 | — | |
| Booking Holdings Inc. | — | 9.12 | 3.83 | 4.47 | 3.61 | |
| Carnival Corp. & plc | 7.14 | 7.32 | 4.39 | 2.61 | 1.78 | |
| McDonald’s Corp. | — | — | — | — | — | |
| Starbucks Corp. | — | — | — | — | — | |
| Financial Leverage, Sector | ||||||
| Consumer Services | 70.48 | 58.22 | 11.80 | 11.80 | 7.46 | |
| Financial Leverage, Industry | ||||||
| Consumer Discretionary | 4.04 | 4.43 | 4.25 | 5.41 | 5.56 | |
Based on: 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).
1 2023 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity
= 8,044,362 ÷ 3,062,207 = 2.63
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Chipotle Mexican Grill Inc. financial leverage ratio increased from 2021 to 2022 but then decreased significantly from 2022 to 2023. |
Interest Coverage
Chipotle Mexican Grill Inc., interest coverage calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Net income | 1,228,737) | 899,101) | 652,984) | 355,766) | 350,158) | |
| Add: Income tax expense | 391,769) | 282,430) | 159,779) | (61,985) | 108,127) | |
| Add: Interest expense | —) | —) | —) | —) | —) | |
| Earnings before interest and tax (EBIT) | 1,620,506) | 1,181,531) | 812,763) | 293,781) | 458,285) | |
| Solvency Ratio | ||||||
| Interest coverage1 | — | — | — | — | — | |
| Benchmarks | ||||||
| Interest Coverage, Competitors2 | ||||||
| Airbnb Inc. | 26.33 | 83.88 | 0.31 | -26.27 | — | |
| Booking Holdings Inc. | 7.11 | 11.03 | 5.39 | 2.59 | 23.40 | |
| Carnival Corp. & plc | 0.97 | -2.78 | -4.95 | -10.46 | 15.86 | |
| McDonald’s Corp. | 8.73 | 7.48 | 8.70 | 6.04 | 8.15 | |
| Starbucks Corp. | 10.82 | 9.76 | 12.40 | 3.66 | 14.49 | |
| Interest Coverage, Sector | ||||||
| Consumer Services | 6.06 | 4.52 | 2.72 | -1.20 | 12.41 | |
| Interest Coverage, Industry | ||||||
| Consumer Discretionary | 10.61 | 7.74 | 10.83 | 6.26 | 9.85 | |
Based on: 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).
1 2023 Calculation
Interest coverage = EBIT ÷ Interest expense
= 1,620,506 ÷ 0 = —
2 Click competitor name to see calculations.
Fixed Charge Coverage
Chipotle Mexican Grill Inc., fixed charge coverage calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Net income | 1,228,737) | 899,101) | 652,984) | 355,766) | 350,158) | |
| Add: Income tax expense | 391,769) | 282,430) | 159,779) | (61,985) | 108,127) | |
| Add: Interest expense | —) | —) | —) | —) | —) | |
| Earnings before interest and tax (EBIT) | 1,620,506) | 1,181,531) | 812,763) | 293,781) | 458,285) | |
| Add: Operating lease cost | 436,313) | 397,112) | 364,314) | 333,878) | 308,586) | |
| Earnings before fixed charges and tax | 2,056,819) | 1,578,643) | 1,177,077) | 627,659) | 766,871) | |
| Interest expense | —) | —) | —) | —) | —) | |
| Operating lease cost | 436,313) | 397,112) | 364,314) | 333,878) | 308,586) | |
| Fixed charges | 436,313) | 397,112) | 364,314) | 333,878) | 308,586) | |
| Solvency Ratio | ||||||
| Fixed charge coverage1 | 4.71 | 3.98 | 3.23 | 1.88 | 2.49 | |
| Benchmarks | ||||||
| Fixed Charge Coverage, Competitors2 | ||||||
| Airbnb Inc. | 15.91 | 20.69 | 0.42 | -16.81 | — | |
| Booking Holdings Inc. | 6.09 | 8.12 | 3.82 | 2.03 | 14.27 | |
| Carnival Corp. & plc | 0.97 | -2.38 | -4.28 | -8.34 | 15.86 | |
| McDonald’s Corp. | 4.62 | 3.92 | 4.32 | 3.28 | 3.94 | |
| Starbucks Corp. | 3.51 | 3.08 | 3.61 | 1.58 | 3.52 | |
| Fixed Charge Coverage, Sector | ||||||
| Consumer Services | 3.79 | 2.73 | 1.87 | 0.03 | 5.02 | |
| Fixed Charge Coverage, Industry | ||||||
| Consumer Discretionary | 4.73 | 3.37 | 5.01 | 3.19 | 4.32 | |
Based on: 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).
1 2023 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= 2,056,819 ÷ 436,313 = 4.71
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | Chipotle Mexican Grill Inc. fixed charge coverage ratio improved from 2021 to 2022 and from 2022 to 2023. |