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.
Long-term Activity Ratios (Summary)
Chipotle Mexican Grill Inc., long-term (investment) activity 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).
| Long-term activity ratio | Description | The company |
|---|---|---|
| Net fixed asset turnover | An activity ratio calculated as total revenue divided by net fixed assets. | Chipotle Mexican Grill Inc. net fixed asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023. |
| Net fixed asset turnover (including operating lease, right-of-use asset) | An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). | Chipotle Mexican Grill Inc. net fixed asset turnover ratio (with operating lease, right-of-use asset) improved from 2021 to 2022 and from 2022 to 2023. |
| Total asset turnover | An activity ratio calculated as total revenue divided by total assets. | Chipotle Mexican Grill Inc. total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
| Equity turnover | An activity ratio calculated as total revenue divided by shareholders’ equity. | Chipotle Mexican Grill Inc. equity turnover ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Net Fixed Asset Turnover
Chipotle Mexican Grill Inc., net fixed asset turnover 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) | ||||||
| Revenue | 9,871,649) | 8,634,652) | 7,547,061) | 5,984,634) | 5,586,369) | |
| Leasehold improvements, property and equipment, net | 2,170,038) | 1,951,147) | 1,769,278) | 1,584,311) | 1,458,690) | |
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover1 | 4.55 | 4.43 | 4.27 | 3.78 | 3.83 | |
| Benchmarks | ||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||
| Airbnb Inc. | 61.98 | 69.41 | 38.27 | 12.50 | — | |
| Booking Holdings Inc. | 27.25 | 25.55 | 13.33 | 8.99 | 20.41 | |
| Carnival Corp. & plc | 0.54 | 0.31 | 0.05 | 0.15 | 0.55 | |
| McDonald’s Corp. | 0.95 | 0.92 | 0.94 | 0.77 | 0.87 | |
| Starbucks Corp. | 4.87 | 4.92 | 4.56 | 3.77 | 4.12 | |
| Net Fixed Asset Turnover, Sector | ||||||
| Consumer Services | 1.61 | 1.39 | 1.09 | 0.90 | 1.26 | |
| Net Fixed Asset Turnover, Industry | ||||||
| Consumer Discretionary | 3.24 | 3.18 | 2.98 | 2.99 | 3.28 | |
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
Net fixed asset turnover = Revenue ÷ Leasehold improvements, property and equipment, net
= 9,871,649 ÷ 2,170,038 = 4.55
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Net fixed asset turnover | An activity ratio calculated as total revenue divided by net fixed assets. | Chipotle Mexican Grill Inc. net fixed asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023. |
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, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Revenue | 9,871,649) | 8,634,652) | 7,547,061) | 5,984,634) | 5,586,369) | |
| Leasehold improvements, property and equipment, net | 2,170,038) | 1,951,147) | 1,769,278) | 1,584,311) | 1,458,690) | |
| Operating lease assets | 3,578,548) | 3,302,402) | 3,118,294) | 2,767,185) | 2,505,466) | |
| Leasehold improvements, property and equipment, net (including operating lease, right-of-use asset) | 5,748,586) | 5,253,549) | 4,887,572) | 4,351,496) | 3,964,156) | |
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 1.72 | 1.64 | 1.54 | 1.38 | 1.41 | |
| Benchmarks | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||
| Airbnb Inc. | 35.54 | 32.43 | 13.98 | 5.16 | — | |
| Booking Holdings Inc. | 14.35 | 13.01 | 8.31 | 5.29 | 11.09 | |
| Carnival Corp. & plc | 0.52 | 0.30 | 0.05 | 0.14 | 0.55 | |
| McDonald’s Corp. | 0.66 | 0.64 | 0.61 | 0.50 | 0.56 | |
| Starbucks Corp. | 2.28 | 2.21 | 1.99 | 1.64 | 4.12 | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector | ||||||
| Consumer Services | 1.20 | 1.04 | 0.80 | 0.65 | 1.02 | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry | ||||||
| Consumer Discretionary | 2.53 | 2.48 | 2.32 | 2.34 | 2.83 | |
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
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)
= 9,871,649 ÷ 5,748,586 = 1.72
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Net fixed asset turnover (including operating lease, right-of-use asset) | An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). | Chipotle Mexican Grill Inc. net fixed asset turnover ratio (with operating lease, right-of-use asset) improved from 2021 to 2022 and from 2022 to 2023. |
Total Asset Turnover
Chipotle Mexican Grill Inc., total asset turnover 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) | ||||||
| Revenue | 9,871,649) | 8,634,652) | 7,547,061) | 5,984,634) | 5,586,369) | |
| Total assets | 8,044,362) | 6,927,504) | 6,652,958) | 5,982,896) | 5,104,604) | |
| Long-term Activity Ratio | ||||||
| Total asset turnover1 | 1.23 | 1.25 | 1.13 | 1.00 | 1.09 | |
| Benchmarks | ||||||
| Total Asset Turnover, Competitors2 | ||||||
| Airbnb Inc. | 0.48 | 0.52 | 0.44 | 0.32 | — | |
| Booking Holdings Inc. | 0.88 | 0.67 | 0.46 | 0.31 | 0.70 | |
| Carnival Corp. & plc | 0.44 | 0.24 | 0.04 | 0.10 | 0.46 | |
| McDonald’s Corp. | 0.45 | 0.46 | 0.43 | 0.36 | 0.44 | |
| Starbucks Corp. | 1.22 | 1.15 | 0.93 | 0.80 | 1.38 | |
| Total Asset Turnover, Sector | ||||||
| Consumer Services | 0.66 | 0.57 | 0.43 | 0.37 | 0.64 | |
| Total Asset Turnover, Industry | ||||||
| Consumer Discretionary | 0.95 | 0.93 | 0.84 | 0.81 | 0.92 | |
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
Total asset turnover = Revenue ÷ Total assets
= 9,871,649 ÷ 8,044,362 = 1.23
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Total asset turnover | An activity ratio calculated as total revenue divided by total assets. | Chipotle Mexican Grill Inc. total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
Equity Turnover
Chipotle Mexican Grill Inc., equity turnover 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) | ||||||
| Revenue | 9,871,649) | 8,634,652) | 7,547,061) | 5,984,634) | 5,586,369) | |
| Shareholders’ equity | 3,062,207) | 2,368,023) | 2,297,374) | 2,020,135) | 1,683,026) | |
| Long-term Activity Ratio | ||||||
| Equity turnover1 | 3.22 | 3.65 | 3.29 | 2.96 | 3.32 | |
| Benchmarks | ||||||
| Equity Turnover, Competitors2 | ||||||
| Airbnb Inc. | 1.21 | 1.51 | 1.25 | 1.16 | — | |
| Booking Holdings Inc. | — | 6.14 | 1.77 | 1.39 | 2.54 | |
| Carnival Corp. & plc | 3.14 | 1.72 | 0.16 | 0.27 | 0.82 | |
| McDonald’s Corp. | — | — | — | — | — | |
| Starbucks Corp. | — | — | — | — | — | |
| Equity Turnover, Sector | ||||||
| Consumer Services | 46.63 | 33.19 | 5.09 | 4.37 | 4.80 | |
| Equity Turnover, Industry | ||||||
| Consumer Discretionary | 3.85 | 4.15 | 3.60 | 4.40 | 5.13 | |
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
Equity turnover = Revenue ÷ Shareholders’ equity
= 9,871,649 ÷ 3,062,207 = 3.22
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Equity turnover | An activity ratio calculated as total revenue divided by shareholders’ equity. | Chipotle Mexican Grill Inc. equity turnover ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |