Stock Analysis on Net

Chipotle Mexican Grill Inc. (NYSE:CMG)

Enterprise Value to EBITDA (EV/EBITDA) 

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Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Chipotle Mexican Grill Inc., EBITDA calculation

US$ in thousands

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12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Net income 1,228,737 899,101 652,984 355,766 350,158
Add: Income tax expense 391,769 282,430 159,779 (61,985) 108,127
Earnings before tax (EBT) 1,620,506 1,181,531 812,763 293,781 458,285
Add: Interest expense
Earnings before interest and tax (EBIT) 1,620,506 1,181,531 812,763 293,781 458,285
Add: Depreciation and amortization 319,394 286,826 254,657 238,534 212,778
Earnings before interest, tax, depreciation and amortization (EBITDA) 1,939,900 1,468,357 1,067,420 532,315 671,063

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).

Item Description The company
EBITDA To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital. Chipotle Mexican Grill Inc. EBITDA increased from 2021 to 2022 and from 2022 to 2023.

Enterprise Value to EBITDA Ratio, Current

Chipotle Mexican Grill Inc., current EV/EBITDA calculation, comparison to benchmarks

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Selected Financial Data (US$ in thousands)
Enterprise value (EV) (1,207,110)
Earnings before interest, tax, depreciation and amortization (EBITDA) 1,939,900
Valuation Ratio
EV/EBITDA
Benchmarks
EV/EBITDA, Competitors1
Airbnb Inc. 35.71
Booking Holdings Inc. 25.17
McDonald’s Corp. 18.17
Starbucks Corp. 17.31
EV/EBITDA, Sector
Consumer Services 19.38
EV/EBITDA, Industry
Consumer Discretionary 24.09

Based on: 10-K (reporting date: 2023-12-31).

1 Click competitor name to see calculations.

If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.


Enterprise Value to EBITDA Ratio, Historical

Chipotle Mexican Grill Inc., historical EV/EBITDA calculation, comparison to benchmarks

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Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in thousands)
Enterprise value (EV)1 70,561,726 43,489,172 42,695,568 42,516,905 22,833,060
Earnings before interest, tax, depreciation and amortization (EBITDA)2 1,939,900 1,468,357 1,067,420 532,315 671,063
Valuation Ratio
EV/EBITDA3 36.37 29.62 40.00 79.87 34.03
Benchmarks
EV/EBITDA, Competitors4
Airbnb Inc. 40.65 36.61 338.63
Booking Holdings Inc. 19.60 19.20 45.39 73.17 10.49
McDonald’s Corp. 18.04 20.87 17.49 21.03 17.65
Starbucks Corp. 17.75 19.88 18.77 38.99 17.27
EV/EBITDA, Sector
Consumer Services 20.97 22.11 25.46 59.23 16.04
EV/EBITDA, Industry
Consumer Discretionary 17.94 19.55 21.16 29.01 17.75

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 See details »

2 See details »

3 2023 Calculation
EV/EBITDA = EV ÷ EBITDA
= 70,561,726 ÷ 1,939,900 = 36.37

4 Click competitor name to see calculations.

Valuation ratio Description The company
EV/EBITDA Enterprise value to earnings before interest, tax, depreciation and amortization is a valuation indicator for the overall company rather than common stock. Chipotle Mexican Grill Inc. EV/EBITDA ratio decreased from 2021 to 2022 but then increased from 2022 to 2023 not reaching 2021 level.