Chipotle Mexican Grill Inc. (NYSE:CMG)

The analysis of the financial ratios over the observed quarters demonstrates distinct trends in asset and equity efficiency metrics.

Net Fixed Asset Turnover

The net fixed asset turnover ratio shows a generally upward trajectory from 3.91 to a peak of 4.73 during the quarters spanning 2021 to 2024. This indicates increasing efficiency in utilizing fixed assets to generate revenue. However, towards the end of the period, there is a slight decline from 4.73 to 4.62, suggesting a marginal reduction in fixed asset utilization efficiency.

Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)

This adjusted metric also reflects an increasing trend, rising from 1.41 to a peak near 1.77. The growth is steady, with minor fluctuations in the latest quarters, showing relatively stable efficiency when considering leased assets alongside owned fixed assets. The slight dip towards the end may reflect changes in leasing or asset management strategies.

Total Asset Turnover

The total asset turnover consistently increases from 1.03 to about 1.27, highlighting improved overall efficiency in using total assets to generate revenue. Midway through the timeline, minor fluctuations appear but do not significantly detract from the generally positive trend. The late quarters exhibit slight stabilization around 1.23 to 1.27.

Equity Turnover

The equity turnover ratio initially ascends from 3.01 to a high of 3.78 around 2022, indicating enhanced effectiveness in deploying shareholders' equity to produce sales. Subsequently, it declines to a low near 2.87 during 2024, before showing some recovery towards 3.29 by mid-2025. This volatility suggests varying returns on equity investments during the analyzed period.

Overall, asset utilization ratios portray a positive development with improving turnover rates, reflecting efficient asset management. Conversely, equity turnover displays more variability, which could derive from shifts in equity structure or profitability dynamics. These observations suggest the company has generally enhanced its asset use efficiency while experiencing fluctuating returns on equity.

The analysis of the quarterly financial data reveals a generally positive upward trend in the key metrics over the observed periods, with some fluctuations in the latter stages.

Revenue

Revenue demonstrates a consistent growth trajectory from the beginning through the end of the data set. Starting at approximately 1.74 billion US dollars in the first quarter of 2021, revenue increased steadily each quarter, reaching around 3.06 billion US dollars by the second quarter of 2025. This reflects a robust expansion in the company's sales over the nearly five-year period. Some quarters show a more accelerated increase, particularly notable from early 2024 onwards, indicating potentially increased demand or successful growth initiatives.

Leasehold improvements, property and equipment, net

Investment in leasehold improvements and property and equipment also shows a steady increase from about 1.61 billion US dollars in early 2021 to 2.5 billion US dollars by mid-2025. This incremental growth suggests ongoing capital expenditures, potentially reflecting expansion activities or modernization efforts. The gradual increase without any sharp spikes indicates a steady, disciplined approach to asset investment.

Net fixed asset turnover

The net fixed asset turnover ratio, which measures how efficiently the company utilizes its fixed assets to generate revenue, shows a tendency to improve over the timeline. Beginning at 3.91 in early 2021, the ratio increased to around 4.7 by late 2024 before slightly declining to 4.62 in mid-2025. This overall upward trend signals increased efficiency in asset utilization, though the minor decline towards the end may warrant further monitoring for potential causes such as asset base growth outpacing revenue or operational changes.

In summary, the data reflects consistent revenue growth supported by steady capital investments in property and equipment, alongside improving operational efficiency as evidenced by rising net fixed asset turnover ratios. The financial trends suggest a positive business momentum with prudent asset management, though the slight recent dip in asset turnover efficiency calls for attention to sustain long-term operational effectiveness.

The quarterly financial data reveals several notable trends in the company's operational and asset utilization performance over the observed periods.

Revenue

The revenue shows a generally upward trajectory from March 31, 2021, through June 30, 2025. Starting at approximately $1.74 billion, it increases consistently each quarter, reaching over $3.06 billion by the end of the last reported quarter. Despite minor fluctuations, the overall growth trend indicates expanding sales volumes or pricing power over time.

Leasehold Improvements, Property, and Equipment, Net

The net value of leasehold improvements, property, and equipment, including operating lease right-of-use assets, demonstrates a steady increase across all quarters. Beginning at roughly $4.47 billion, the asset base expands steadily to approximately $6.71 billion by June 30, 2025. This growth suggests ongoing investments in physical assets or expansion of leased properties, supporting operational capacity enhancement.

Net Fixed Asset Turnover Ratio

The net fixed asset turnover ratio, which measures revenue generated per unit of fixed asset investment, exhibits a gradual improvement over time. Starting at a ratio of 1.41, the ratio climbs to a peak near 1.77 before stabilizing slightly lower around 1.73 toward the most recent periods. This indicates improving efficiency in the use of fixed assets to generate revenue, albeit with some minor fluctuations in the latter quarters.

Overall, the data reflects a company experiencing rising revenues supported by substantial asset investment and improving fixed asset efficiency. The steady increase in fixed assets aligns with revenue expansion, while the improving turnover ratio implies better utilization of assets despite growing capital intensity. The combination of these factors may point to effective management strategies in scaling operations and asset deployment over the observed timeframe.

The financial data indicates a general upward trend in revenue over the observed periods. Starting from $1,741,575 thousand in March 2021, revenue increased consistently with minor fluctuations, reaching $3,063,393 thousand by June 2025. This reflects substantial growth in the company's sales and operational scale over the analyzed timeframe.

Total assets also showed a steady increase, beginning at $6,149,059 thousand in March 2021 and rising to $9,268,794 thousand by June 2025. This growth in assets suggests ongoing investment in resources, facilities, or other asset categories necessary to support business expansion.

The ratio of total asset turnover remained relatively stable, fluctuating slightly around the 1.2 mark. Starting at 1.03 in March 2021, it rose to peaks near 1.27 in March 2023 and June 2025, with minor ebbing in between. The asset turnover ratio suggests that the company utilized its assets efficiently to generate revenue, maintaining consistent performance in asset usage despite asset base growth.

Revenue

Consistently increased from $1.74 billion to over $3.06 billion across the period, signaling sustained revenue growth and successful market expansion.

Total Assets

Grew steadily from approximately $6.15 billion to $9.27 billion, indicating expansion of asset base to support increasing operational scale.

Total Asset Turnover Ratio

Maintained a stable range between 1.03 and 1.27, reflecting relatively constant efficiency in using assets to generate sales despite growth in both assets and revenue.

In summary, the company demonstrated strong revenue growth accompanied by steady asset base expansion, while maintaining consistent asset utilization efficiency over the reported quarters. This combination indicates effective scaling of operations and sound asset management practices during the period under review.

The financial data over the periods presented reveals several noteworthy trends in key metrics of the company. Revenue shows a general upward trajectory, increasing from approximately 1.74 billion US dollars in March 2021 to over 3.06 billion US dollars by June 2025. Despite some fluctuations, notably minor dips around late 2022 and parts of 2024, the overall pattern reflects sustained growth in the top line.

Shareholders’ equity demonstrates a more variable pattern. Initially, there is a decline from around 2.10 billion US dollars in March 2021 to about 2.13 billion US dollars by March 2022, followed by a recovery and growth phase that peaks near 3.71 billion US dollars in June 2024. Subsequent periods indicate some reduction and stabilization, with equity values decreasing slightly but remaining above 3.4 billion US dollars toward mid-2025. This suggests periods of equity strengthening possibly through retained earnings or capital issuance, coupled with phases of contraction or distribution.

The equity turnover ratio, which measures the efficiency with which equity is used to generate revenue, shows variation but little directional change over the long term. Starting at 3.01 in early 2021, it climbs to a peak around 3.78 in mid-2022 before gradually fluctuating around the low 3.0s. A dip to approximately 2.87 is observed in mid-2024, followed by recovery back above 3.2 in the final periods. This indicates that despite fluctuations in both revenue and equity, the company maintains relatively stable efficiency in using equity to produce sales revenue.

Revenue Trends

Overall growth with minor intermittent declines, moving from 1.74 billion to over 3 billion US dollars, indicating expanding sales or operational scale.

Shareholders’ Equity Trends

Initial decline followed by a significant rise and later some reduction, reflecting variable capital structure dynamics and possibly retention and distribution policies over time.

Equity Turnover Ratio

Relatively stable efficiency in asset utilization over the periods, with peaks and troughs but no pronounced long-term decline or increase.

In summary, the data suggests a positive revenue growth trajectory accompanied by fluctuation in equity levels. The company appears to sustain consistent operational efficiency relative to equity, even as capital structure adjusts. This pattern points toward effective management of resources to drive sales growth, with equity management reflecting strategic responses to evolving business conditions.