Chipotle Mexican Grill Inc., current enterprise value calculation

Current share price (P)	$2,926.76
No. shares of common stock outstanding	27,421,169
US$ in thousands
Common equity (market value)¹	80,255,181)
Add: Preferred stock, $0.01 par value, no shares issued (per books)	—)
Total equity	80,255,181)
Add: Total debt (book value)	—)
Total equity and debt	80,255,181)
Less: Cash and cash equivalents	560,609)
Less: Current investments	734,838)
Enterprise value (EV)	78,959,734)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 2,926.76 × 27,421,169

Chipotle Mexican Grill Inc., EV calculation

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Share price^1, 2	$2,620.48	$1,606.91	$1,561.48	$1,544.66	$854.01
No. shares of common stock outstanding¹	27,421,169	27,621,847	28,031,948	28,144,065	27,767,965
US$ in thousands
Common equity (market value)³	71,856,625)	44,385,822)	43,771,326)	43,473,011)	23,714,120)
Add: Preferred stock, $0.01 par value, no shares issued (book value)	—)	—)	—)	—)	—)
Total equity	71,856,625)	44,385,822)	43,771,326)	43,473,011)	23,714,120)
Add: Total debt (book value)	—)	—)	—)	—)	—)
Total equity and debt	71,856,625)	44,385,822)	43,771,326)	43,473,011)	23,714,120)
Less: Cash and cash equivalents	560,609)	384,000)	815,374)	607,987)	480,626)
Less: Current investments	734,838)	515,136)	260,945)	343,616)	400,156)
Enterprise value (EV)	70,561,178)	43,486,686)	42,695,007)	42,521,408)	22,833,338)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Chipotle Mexican Grill Inc. Annual Report.

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 2,620.48 × 27,421,169

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Chipotle Mexican Grill Inc. EV increased from 2021 to 2022 and from 2022 to 2023.

Chipotle Mexican Grill Inc. (NYSE:CMG)

Enterprise Value (EV)