Chipotle Mexican Grill Inc. (NYSE:CMG)

Net Fixed Asset Turnover

The net fixed asset turnover ratio shows an overall upward trend starting from the first available figure in March 2021 at 3.78, increasing gradually to a peak of 4.73 in September and December 2024. There is a slight decrease in some quarters, for instance from 4.59 in September 2023 to 4.56 in December 2023, and again minor fluctuations towards the end of the period, but the ratio remains relatively stable above 4.5 in the last observed years. This suggests a consistently improving ability to generate sales from fixed assets.

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

This ratio starts at a lower base than the standard fixed asset turnover, at 1.38 in March 2021, but follows a clear upward progression reaching 1.77 by December 2024. There are small periodic variations, such as a slight dip from 1.7 in September 2023 to 1.69 in December 2023, but the overall trend is positive, indicating improving efficiency in utilizing both owned and leased fixed assets for revenue generation.

Total Asset Turnover

Total asset turnover increases from 1.00 in March 2021 to a peak of 1.27 in March 2025, with intermediate fluctuations. The ratio generally improves in the first half of the period, reaching 1.27 by March 2023, then shows some variability around 1.2 to 1.25 in subsequent quarters before a final steady rise toward the end. This pattern indicates an enhanced capability to generate sales from total asset base, albeit with some short-term volatility.

Equity Turnover

The equity turnover ratio demonstrates growth from 2.96 in March 2021 to a maximum of 3.78 in September 2021, followed by a decline to 3.04 in June 2024. Subsequently, it recovers slightly, reaching 3.29 again by March 2025. The initial increase indicates improved efficiency in generating revenue from shareholders’ equity, but the mid-period decline suggests some challenges or changes in equity management before partial recovery in the latest periods.

The quarterly financial data presents several notable trends and observations in revenue, net fixed assets, and the efficiency ratio linking these two metrics.

Revenue Trends

Over the observed periods, revenue exhibits consistent growth with some fluctuations. Starting at approximately $1.41 billion in March 2020, revenue demonstrates a steady upward trajectory, reaching about $2.88 billion by March 2025. The increases from 2020 into early 2021 reflect recovery and expansions following the initial impact period of early 2020. Noteworthy is the robust growth from mid-2023 onwards, with occasional minor declines, such as between June and September 2024, but overall maintaining a strong upward momentum.

Leasehold Improvements, Property and Equipment (Net)

The net value of leasehold improvements and property and equipment also shows a steady increase throughout the timeline. From around $1.47 billion at the start in March 2020, the net fixed assets rise consistently to roughly $2.44 billion by March 2025. This steady increment indicates ongoing investments in property and equipment, reflecting either expansion, refurbishment, or both, although these investments grow at a slower pace compared to revenue.

Net Fixed Asset Turnover Ratio

This ratio, indicative of asset utilization efficiency, specifically revenue generated per unit of fixed asset, is not recorded for the initial six quarters but from December 2020 onwards shows a consistent and gradual increase. The ratio moves from 3.78 in December 2020 up to around 4.71 by March 2025, with minor fluctuations. This improvement suggests enhanced efficiency in leveraging fixed assets to generate revenue, representing effective asset management and operational enhancements over time.

Overall Insights

The data highlights a strong growth pattern in revenue alongside ongoing capital investment. The improvement in the net fixed asset turnover ratio underscores efficiency gains, meaning the company is not only expanding its asset base but is also utilizing those assets more effectively to generate higher sales. Together, these patterns suggest operational strength, capital discipline, and positive growth dynamics in the reported periods.

Revenue Trends

The revenue figures demonstrate a generally upward trajectory over the entire period analyzed. Beginning at approximately $1.41 billion in the first quarter of 2020, the revenue experienced some fluctuations but maintained an overall growth pattern. Notably, there was a dip in revenue during the early quarters of 2020, likely influenced by external factors, followed by steady increases thereafter. From the first quarter of 2021 onwards, quarterly revenue consistently exceeded $1.7 billion, peaking above $2.9 billion by the first quarter of 2025. This represents substantial growth, indicating expansion in sales or customer demand over the four-year timeframe.

Leasehold Improvements, Property and Equipment (Net)

The net value of leasehold improvements, property, and equipment, which includes operating lease right-of-use assets, displayed a continuous upward trend throughout the period. Starting from approximately $4.06 billion in March 2020, this asset base steadily increased each quarter without any significant declines. By March 2025, the value reached approximately $6.51 billion, showing a notable increase in capital investments or asset acquisitions. This sustained growth implies ongoing expansion or refurbishment of physical infrastructure and leased assets.

Net Fixed Asset Turnover Ratio

The net fixed asset turnover ratio, representing revenue generated per dollar of fixed assets, generally improved over the available periods starting from the fourth quarter of 2020. The ratio increased from around 1.38 to approximately 1.76 by the first quarter of 2025. This progression suggests enhanced efficiency in utilizing fixed assets to generate revenue, reflecting improved operational performance or asset management. Despite some minor fluctuations, the overall trend indicates gradual optimization in asset use relative to sales output.

Overall Insights

The data illustrates a positive growth pattern both in terms of revenue and asset base, with capital investments expanding alongside sales increases. Importantly, the improvement in net fixed asset turnover ratio indicates that the company is managing to generate more revenue per unit of fixed assets over time, which is a favorable sign of operational efficiency. The consistent increase in leasehold and property assets alongside revenue growth suggests strategic capacity expansion and potentially successful scaling efforts. Taken together, these trends reflect a company experiencing healthy growth with attention to both top-line expansion and asset utilization efficiency.

Revenue Trends

Revenue demonstrated an overall upward trajectory from March 31, 2020, through March 31, 2025. Beginning at approximately 1.41 billion USD in early 2020, revenue showed fluctuations but maintained growth, reaching about 2.88 billion USD by the first quarter of 2025. Notable increases were observed between mid-2021 and mid-2024, with some minor declines in late 2022 and late 2024. The data suggests consistent revenue expansion with occasional short-term variability.

Total Assets Trends

Total assets steadily increased over the period from roughly 5.21 billion USD in March 2020 to a peak approaching 9.20 billion USD by December 2024. Despite a slight dip in total assets in the final reported quarter (March 2025), the general trend was one of asset accumulation. The rise in total assets reflects an expanding asset base, potentially supporting the company's revenue growth.

Total Asset Turnover Trends

Total asset turnover ratios were initially missing but reported data from December 2020 onward indicate a ratio progressively increasing from 1.00 to a high of 1.27 by March 2025. This ratio reflects improving efficiency in utilizing assets to generate revenue. Minor declines appeared intermittently but the overall direction was upward, indicating better asset utilization over the period.

Insights

The combination of increasing revenue and total assets alongside rising total asset turnover ratios points to both growth and efficiency improvements. The company expanded its asset base while effectively leveraging those assets to drive higher revenue. The fluctuations in revenue and asset turnover appear limited and do not offset the long-term positive trends. The slight decrease in total assets near the end of the period could warrant monitoring but does not materially alter the overarching growth narrative.

The financial data reveals several notable trends over the analyzed periods. Revenue demonstrates a generally upward trajectory with some fluctuations. Starting from approximately $1.41 billion in the first quarter of 2020, revenue experiences periodic increases, reaching over $2.87 billion by the first quarter of 2025. The quarters in 2023 and 2024 show particularly strong revenue levels, consistently exceeding $2.5 billion. Some variability is apparent quarter-to-quarter, but the overall pattern suggests sustained growth in revenue across the five-year span.

Shareholders’ equity exhibits a somewhat more volatile pattern. Initially increasing steadily from about $1.67 billion at the beginning of 2020, equity peaks multiple times, reaching a high point of over $3.7 billion in mid-2024. However, subsequent quarters demonstrate fluctuations, with equity decreasing towards approximately $3.49 billion by the first quarter of 2025. Despite these fluctuations, the general trend over time is an increase, indicative of strengthening capital base, though with intermittent contractions.

Equity turnover ratios, available from the end of 2020 onward, show moderate variation and provide insight into the efficiency of asset utilization relative to shareholders’ equity. The ratio begins around 2.96 at the end of 2020, increases gradually to peak at approximately 3.78 in the middle of 2022, and then shows a general downward trend to about 2.87 by the third quarter of 2024. Late 2024 and early 2025 quarters see a slight recovery in the ratio to values just above 3.0. This trend suggests that efficiency in generating revenue from equity improved through 2022 but faced some decline thereafter, though remains stable above the pre-2021 levels.

Revenue

Exhibits steady growth over the five-year period, increasing from roughly $1.41 billion in early 2020 to nearly $2.88 billion in early 2025.

Strong revenue performance across 2023 and 2024, with levels consistently exceeding $2.5 billion per quarter.

Quarter-to-quarter fluctuations occur but do not detract from the long-term upward trend.

Shareholders’ Equity

Generally increasing from $1.67 billion in early 2020 to a peak above $3.7 billion in mid-2024.

Notable volatility with some quarterly declines after peak values, ending around $3.49 billion by early 2025.

Overall upward trend indicates growth in net assets despite intermittent reductions.

Equity Turnover

Rises from just below 3.0 at the end of 2020 to a peak near 3.78 in mid-2022.

Subsequent decline from 2022 through 2024 to lows near 2.87, with a slight recovery toward early 2025.

Trends imply improved efficiency in early years followed by some reduction, though efficiency remains above early 2020 levels.

In summary, the data indicates a company experiencing consistent revenue growth alongside an expanding capital base, albeit with some fluctuations in net equity. Efficiency in deploying equity to generate revenue strengthened through 2022 but has faced recent moderation. These patterns suggest the company has been successfully scaling its operations while managing equity investments with varying degrees of effectiveness over the examined period.