Analysis of Long-term (Investment) Activity Ratios
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Debt to Equity since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
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Long-term Activity Ratios (Summary)
Chipotle Mexican Grill Inc., long-term (investment) activity ratios
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Net fixed asset turnover | ||||||
| Net fixed asset turnover (including operating lease, right-of-use asset) | ||||||
| Total asset turnover | ||||||
| Equity turnover |
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).
The financial data reveals several notable trends across the periods analyzed.
- Net Fixed Asset Turnover
- This ratio has shown a consistent upward trend from 3.78 in 2020 to 4.73 in 2024. This indicates improved efficiency in utilizing fixed assets to generate sales over time.
- Net Fixed Asset Turnover Including Operating Lease, Right-of-Use Asset
- This ratio has also steadily increased from 1.38 in 2020 to 1.77 in 2024, reflecting growing effectiveness in using leased assets alongside owned fixed assets to produce revenue, though the values are considerably lower than the basic net fixed asset turnover.
- Total Asset Turnover
- The total asset turnover ratio rose from 1.00 in 2020 to a peak of 1.25 in 2022, indicating enhanced overall asset utilization. However, it slightly decreased thereafter, stabilizing at 1.23 in 2023 and 2024, suggesting a plateau in the company's efficiency in using total assets to generate sales.
- Equity Turnover
- The equity turnover ratio climbed from 2.96 in 2020 to 3.65 in 2022, signaling increasing effectiveness in generating sales from shareholders' equity. Nevertheless, this ratio declined in subsequent years to 3.22 in 2023 and 3.09 in 2024, which may indicate a reduction in sales generation relative to equity invested or possible changes in equity levels.
Net Fixed Asset Turnover
Chipotle Mexican Grill Inc., net fixed asset turnover calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Revenue | ||||||
| Leasehold improvements, property and equipment, net | ||||||
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover1 | ||||||
| Benchmarks | ||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||
| Airbnb Inc. | ||||||
| Booking Holdings Inc. | ||||||
| McDonald’s Corp. | ||||||
| Starbucks Corp. | ||||||
| Net Fixed Asset Turnover, Sector | ||||||
| Consumer Services | ||||||
| Net Fixed Asset Turnover, Industry | ||||||
| Consumer Discretionary | ||||||
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).
1 2024 Calculation
Net fixed asset turnover = Revenue ÷ Leasehold improvements, property and equipment, net
= ÷ =
2 Click competitor name to see calculations.
The financial data over the five-year period displays consistent growth and improving operational efficiency across key metrics.
- Revenue
- Revenue has shown a steady and significant increase each year, rising from approximately $5.98 billion in 2020 to over $11.31 billion in 2024. This represents nearly a doubling of revenue over the five-year span, reflecting strong top-line growth.
- Leasehold Improvements, Property and Equipment, Net
- This asset category has steadily increased from around $1.58 billion in 2020 to roughly $2.39 billion in 2024. The consistent upward trend suggests ongoing investment and expansion in fixed assets, indicating a strategy of growth and possibly enhancement of operational capacity.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio, which measures efficiency in utilizing fixed assets to generate revenue, has improved over the period from 3.78 to 4.73. This upward trend indicates increasingly efficient use of fixed assets, with each dollar of net fixed assets generating more revenue year-over-year.
Overall, the data reflects a pattern of strong revenue growth complemented by ongoing investment in fixed assets and improving efficiency in their use. This combination points to effective asset management and potentially successful expansion strategies driving financial performance forward.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Chipotle Mexican Grill Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Revenue | ||||||
| Leasehold improvements, property and equipment, net | ||||||
| Operating lease assets | ||||||
| Leasehold improvements, property and equipment, net (including operating lease, right-of-use asset) | ||||||
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | ||||||
| Benchmarks | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||
| Airbnb Inc. | ||||||
| Booking Holdings Inc. | ||||||
| McDonald’s Corp. | ||||||
| Starbucks Corp. | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector | ||||||
| Consumer Services | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry | ||||||
| Consumer Discretionary | ||||||
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).
1 2024 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset) = Revenue ÷ Leasehold improvements, property and equipment, net (including operating lease, right-of-use asset)
= ÷ =
2 Click competitor name to see calculations.
The annual financial data reveals several notable trends in the company's operational and asset efficiency over the observed five-year period.
- Revenue Growth
-
Revenue shows a consistent and robust upward trajectory, increasing year-over-year from 5,984,634 thousand US dollars in 2020 to 11,313,853 thousand US dollars by 2024. This represents nearly a doubling of revenue within the period, indicating successful market expansion or increased sales volume.
- Leasehold Improvements, Property, and Equipment (Net)
-
The net value of leasehold improvements, property, and equipment (including operating lease, right-of-use asset) also exhibits a steady increase each year, rising from 4,351,496 thousand US dollars in 2020 to 6,390,253 thousand US dollars in 2024. This growth suggests ongoing capital investment in fixed assets, possibly to support expanding operations or enhance capacity.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
-
This ratio, which reflects revenue generated per unit of net fixed assets, demonstrates gradual improvement over the years, climbing from 1.38 in 2020 to 1.77 in 2024. The upward trend indicates increasing efficiency in utilizing fixed assets to generate revenue, implying better asset management and operational effectiveness.
Overall, the data portrays positive operational growth combined with strategic asset investment, resulting in enhanced asset utilization. This pattern is favorable, signifying that the company is not only growing its revenue base but also managing its fixed assets more effectively to support this growth.
Total Asset Turnover
Chipotle Mexican Grill Inc., total asset turnover calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Revenue | ||||||
| Total assets | ||||||
| Long-term Activity Ratio | ||||||
| Total asset turnover1 | ||||||
| Benchmarks | ||||||
| Total Asset Turnover, Competitors2 | ||||||
| Airbnb Inc. | ||||||
| Booking Holdings Inc. | ||||||
| McDonald’s Corp. | ||||||
| Starbucks Corp. | ||||||
| Total Asset Turnover, Sector | ||||||
| Consumer Services | ||||||
| Total Asset Turnover, Industry | ||||||
| Consumer Discretionary | ||||||
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).
1 2024 Calculation
Total asset turnover = Revenue ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
The financial data exhibits a consistent growth trend across key metrics over the five-year period from 2020 to 2024.
- Revenue
- Revenue shows a strong upward trajectory, increasing each year from approximately 5.98 billion US dollars in 2020 to over 11.31 billion US dollars in 2024. This represents an overall increase of nearly 89% over the five-year span, indicating robust sales growth and potentially expanding market presence or successful product offerings.
- Total Assets
- Total assets also display steady growth, rising from roughly 5.98 billion US dollars in 2020 to about 9.20 billion US dollars in 2024. This increase of approximately 54% suggests ongoing investment in the company's asset base, which might include property, equipment, or other resources to support expanding operations.
- Total Asset Turnover
- The total asset turnover ratio, which measures the efficiency of asset use in generating revenue, improved from 1.00 in 2020 to a peak of 1.25 in 2022. It then slightly declined but stabilized at 1.23 in 2023 and 2024. This indicates that the company became more efficient in utilizing its assets to generate sales through 2022, maintaining relatively high efficiency levels in the subsequent years.
Overall, the company appears to be expanding its revenues faster than its asset base, evidenced by the increasing asset turnover ratio early on and sustained high levels later. This balance of growth and efficient asset use reflects positively on operational management decisions during this period.
Equity Turnover
Chipotle Mexican Grill Inc., equity turnover calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Revenue | ||||||
| Shareholders’ equity | ||||||
| Long-term Activity Ratio | ||||||
| Equity turnover1 | ||||||
| Benchmarks | ||||||
| Equity Turnover, Competitors2 | ||||||
| Airbnb Inc. | ||||||
| Booking Holdings Inc. | ||||||
| McDonald’s Corp. | ||||||
| Starbucks Corp. | ||||||
| Equity Turnover, Sector | ||||||
| Consumer Services | ||||||
| Equity Turnover, Industry | ||||||
| Consumer Discretionary | ||||||
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).
1 2024 Calculation
Equity turnover = Revenue ÷ Shareholders’ equity
= ÷ =
2 Click competitor name to see calculations.
- Revenue Trend
- Revenue exhibited a consistent increase over the five-year period from 2020 to 2024. Starting at approximately 5.98 billion US dollars in 2020, revenue rose annually, reaching about 11.31 billion US dollars in 2024. The growth rate remained positive each year, indicating sustained expansion in the company’s sales or service activities.
- Shareholders’ Equity Trend
- Shareholders’ equity showed a general upward trend across the same period. Beginning at roughly 2.02 billion US dollars in 2020, it increased steadily, with a more pronounced rise observed in the final two years, culminating at approximately 3.66 billion US dollars by 2024. This suggests ongoing retention of earnings or additional capital inputs strengthening the equity base.
- Equity Turnover Ratio Analysis
- The equity turnover ratio, defined as revenue divided by shareholders’ equity, demonstrated some variability. Starting from 2.96 in 2020, the ratio increased to 3.65 in 2022, implying improved efficiency in utilizing shareholders’ equity to generate revenue. However, in the subsequent years, the ratio declined to 3.22 in 2023 and further to 3.09 in 2024. The downward trend in this ratio during the final two years may suggest a relatively faster increase in equity compared to revenue, potentially indicating investment in growth or other assets outpacing revenue generation efficiency during the latter period.
- Overall Insights
- The data reflects a company experiencing consistent growth in both revenue and equity, indicative of a strengthening financial position. The initial improvement and subsequent moderation in the equity turnover ratio highlight a dynamic interplay between asset base growth and revenue generation. The increasing equity base may reflect reinvestment strategies and a solid financial foundation supporting ongoing expansion. It is important to monitor whether the declining equity turnover ratio trend continues, as it may impact future returns on equity.