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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- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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Long-term Activity Ratios (Summary)
Chipotle Mexican Grill Inc., long-term (investment) activity ratios
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| 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: 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).
An examination of long-term activity ratios reveals generally positive trends in asset utilization, though some ratios exhibit recent fluctuations. Overall, the company demonstrates increasing efficiency in generating revenue from its asset base over the observed period, with a slight softening in some measures during the most recent year.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio generally increased from 4.27 in 2021 to 4.73 in 2024, indicating improving efficiency in generating sales from fixed assets. However, a slight decrease to 4.45 is observed in 2025. This suggests a potential stabilization or minor reduction in the productivity of fixed assets in the latest year.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- When considering operating leases and right-of-use assets, the net fixed asset turnover ratio also shows an upward trend from 1.54 in 2021 to 1.77 in 2024. Similar to the standard net fixed asset turnover, the ratio decreased to 1.67 in 2025. This indicates that the inclusion of lease obligations still demonstrates improved asset utilization, but with a recent decline.
- Total Asset Turnover
- The total asset turnover ratio increased from 1.13 in 2021 to 1.25 in 2022, then remained relatively stable at 1.23 for both 2023 and 2024. A further increase to 1.33 is noted in 2025, suggesting improved efficiency in utilizing all assets to generate revenue in the most recent year. The earlier plateau followed by a rise indicates a potential lag in the impact of asset investments before a positive effect on revenue generation is realized.
- Equity Turnover
- The equity turnover ratio experienced an increase from 3.29 in 2021 to 3.65 in 2022, followed by a decrease to 3.09 in 2024. A significant increase to 4.21 is observed in 2025. This substantial fluctuation suggests a changing relationship between revenue and equity, potentially influenced by changes in equity financing or share repurchases. The 2025 value represents the highest level observed during the period, indicating a notably improved ability to generate revenue from shareholder equity.
In summary, the company generally demonstrates improving asset utilization efficiency. The recent declines in net fixed asset turnover ratios, coupled with the volatility in equity turnover, warrant further investigation to determine the underlying causes and potential implications for future performance.
Net Fixed Asset Turnover
Chipotle Mexican Grill Inc., net fixed asset turnover calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| 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. | ||||||
| DoorDash, 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: 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).
1 2025 Calculation
Net fixed asset turnover = Revenue ÷ Leasehold improvements, property and equipment, net
= ÷ =
2 Click competitor name to see calculations.
The net fixed asset turnover ratio exhibits an overall positive trend from 2021 to 2023, followed by a slight decrease in the most recent year observed. This indicates a changing relationship between revenue generated and the investment in fixed assets.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio increased from 4.27 in 2021 to 4.73 in 2024. This suggests that the company became increasingly efficient in utilizing its net fixed assets to generate revenue during this period. Each dollar invested in fixed assets generated progressively more revenue.
- However, in 2025, the ratio decreased to 4.45. While still a strong value, this represents a decline from the peak in 2024. This could indicate a slower rate of revenue growth relative to the continued investment in fixed assets, or potentially, a less efficient utilization of those assets in the latest year.
Revenue consistently increased throughout the observed period, rising from US$7,547,061 thousand in 2021 to US$11,925,601 thousand in 2025. This growth in revenue is a key driver of the initial increase in the net fixed asset turnover ratio.
Concurrently, the value of leasehold improvements, property, and equipment, net, also increased each year, from US$1,769,278 thousand in 2021 to US$2,679,361 thousand in 2025. The consistent investment in fixed assets supports the company’s revenue growth, but the 2025 ratio suggests that the rate of asset expansion may be outpacing revenue gains.
The observed trend suggests a period of improving asset utilization followed by a potential stabilization or slight reduction in efficiency. Further investigation would be needed to determine the underlying causes of the 2025 decrease and assess its implications for future performance.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Chipotle Mexican Grill Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ 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. | ||||||
| DoorDash, 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: 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).
1 2025 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 net fixed asset turnover ratio, calculated including operating leases and right-of-use assets, demonstrates a generally increasing trend from 2021 to 2024, followed by a slight decrease in 2025. This indicates evolving efficiency in how assets are utilized to generate revenue.
- Overall Trend
- From 2021 to 2024, the ratio increased consistently, moving from 1.54 to 1.77. This suggests that the company became progressively more effective at generating sales from its fixed asset base. However, the ratio decreased to 1.67 in 2025, potentially signaling a stabilization or slight reduction in asset utilization efficiency.
- Year-over-Year Changes
- The largest year-over-year increase occurred between 2022 and 2023, with a rise from 1.64 to 1.72. The increase from 2023 to 2024 was more moderate, moving from 1.72 to 1.77. The decrease in 2025, from 1.77 to 1.67, represents the first decline in the observed period.
- Revenue and Asset Relationship
- Revenue increased each year from 2021 to 2025, while net fixed assets also increased consistently throughout the period. The increasing net fixed asset turnover ratio from 2021-2024 indicates that revenue growth outpaced the growth in fixed assets, suggesting improved asset efficiency. The 2025 decrease suggests that asset growth began to outpace revenue growth.
The observed trend suggests a period of improving operational efficiency in asset utilization, followed by a potential shift in 2025. Further investigation would be needed to determine the underlying causes of the 2025 decrease, such as changes in asset composition, operational strategies, or revenue generation methods.
Total Asset Turnover
Chipotle Mexican Grill Inc., total asset turnover calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| 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. | ||||||
| DoorDash, Inc. | ||||||
| McDonald’s Corp. | ||||||
| Starbucks Corp. | ||||||
| Total Asset Turnover, Sector | ||||||
| Consumer Services | ||||||
| Total Asset Turnover, Industry | ||||||
| Consumer Discretionary | ||||||
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).
1 2025 Calculation
Total asset turnover = Revenue ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
The total asset turnover ratio exhibits a generally increasing trend over the observed period. Initial values indicate a ratio of 1.13 in 2021, followed by an increase to 1.25 in 2022. The ratio experienced a slight decrease to 1.23 in 2023, remaining stable at the same level in 2024. A further increase is then observed in 2025, reaching a high of 1.33.
- Total Asset Turnover Trend
- The ratio demonstrates an overall positive trajectory, suggesting increasing efficiency in asset utilization to generate revenue. The initial rise from 2021 to 2022 indicates improved operational performance or a more effective deployment of assets. The stabilization in 2023 and 2024 could be attributed to a plateau in sales growth relative to asset levels, or potentially increased investment in assets that have not yet fully translated into revenue gains. The subsequent increase in 2025 suggests a renewed improvement in the relationship between revenue and asset base.
- Comparative Analysis
- The ratio’s movement from 1.13 to 1.33 represents a notable improvement in asset efficiency. A higher ratio generally implies that the company is generating more sales revenue for each dollar of assets it controls. The consistency around 1.23 in 2023 and 2024, while not demonstrating growth, still represents a solid level of asset utilization. The final year’s increase suggests a positive shift in operational effectiveness.
- Potential Considerations
- While an increasing total asset turnover is generally favorable, it is important to consider the industry context and the nature of the assets. Further investigation into the composition of total assets and the drivers of revenue growth would provide a more comprehensive understanding of this trend. It is also important to note that a very high ratio could potentially indicate insufficient investment in assets needed for future growth.
Equity Turnover
Chipotle Mexican Grill Inc., equity turnover calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Revenue | ||||||
| Shareholders’ equity | ||||||
| Long-term Activity Ratio | ||||||
| Equity turnover1 | ||||||
| Benchmarks | ||||||
| Equity Turnover, Competitors2 | ||||||
| Airbnb Inc. | ||||||
| Booking Holdings Inc. | ||||||
| DoorDash, Inc. | ||||||
| McDonald’s Corp. | ||||||
| Starbucks Corp. | ||||||
| Equity Turnover, Sector | ||||||
| Consumer Services | ||||||
| Equity Turnover, Industry | ||||||
| Consumer Discretionary | ||||||
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).
1 2025 Calculation
Equity turnover = Revenue ÷ Shareholders’ equity
= ÷ =
2 Click competitor name to see calculations.
The equity turnover ratio exhibits fluctuations over the five-year period. Initially, the ratio increased from 3.29 in 2021 to 3.65 in 2022, indicating a more efficient utilization of shareholders’ equity to generate revenue. However, this was followed by a decrease to 3.22 in 2023 and a further decline to 3.09 in 2024. A significant increase is then observed in 2025, with the ratio reaching 4.21.
- Revenue Trend
- Revenue demonstrates a consistent upward trend throughout the period, increasing from US$7,547,061 thousand in 2021 to US$11,925,601 thousand in 2025. This growth in revenue is a consistent factor throughout the analysis of the equity turnover ratio.
- Shareholders’ Equity Trend
- Shareholders’ equity increased from US$2,297,374 thousand in 2021 to US$3,062,207 thousand in 2023, before decreasing to US$2,830,607 thousand in 2025. The increase in equity between 2021 and 2023 likely contributed to the initial decline in equity turnover observed in 2023 and 2024, as revenue growth did not keep pace with the growth in equity.
- Equity Turnover Ratio – 2021-2024
- The period from 2021 to 2024 shows a relatively stable, albeit slightly decreasing, equity turnover. While revenue increased consistently, the growth in shareholders’ equity outpaced revenue growth in 2023 and 2024, resulting in a lower ratio. This suggests a diminishing efficiency in generating revenue from each dollar of equity during these years.
- Equity Turnover Ratio – 2025
- The substantial increase in the equity turnover ratio in 2025 indicates a significant improvement in the efficiency with which equity is used to generate revenue. This is likely due to a combination of continued revenue growth and a decrease in shareholders’ equity, suggesting a more effective utilization of the equity base. The ratio’s value in 2025 is the highest observed during the analyzed period.
In summary, the equity turnover ratio demonstrates a dynamic relationship with both revenue and shareholders’ equity. The fluctuations suggest changes in the company’s operational efficiency and capital structure over the observed period.