Stock Analysis on Net
Stock Analysis on Net

Chipotle Mexican Grill Inc. (NYSE:CMG)

Price to FCFE (P/FCFE)

Microsoft Excel

Free Cash Flow to Equity (FCFE)

Chipotle Mexican Grill Inc., FCFE calculation

US$ in thousands

Microsoft Excel
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
Net noncash charges 459,420 345,437 431,672 462,191 338,979
Changes in operating assets and liabilities 95,320 78,641 197,425 (154,110) 32,495
Net cash provided by operating activities 1,783,477 1,323,179 1,282,081 663,847 721,632
Purchases of leasehold improvements, property and equipment (560,731) (479,164) (442,475) (373,352) (333,912)
Proceeds from sale of equipment — — 4,035 — 13,969
Free cash flow to equity (FCFE) 1,222,746 844,015 843,641 290,495 401,689

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
FCFE Free cash flow to equity is the cash flow available to Chipotle Mexican Grill Inc. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made. Chipotle Mexican Grill Inc. FCFE increased from 2021 to 2022 and from 2022 to 2023.

Price to FCFE Ratio, Current

Chipotle Mexican Grill Inc., current P/FCFE calculation, comparison to benchmarks

Microsoft Excel
No. shares of common stock outstanding 27,421,169
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands) 1,222,746
FCFE per share 44.59
Current share price (P) 2,869.11
Valuation Ratio
P/FCFE 64.34
Benchmarks
P/FCFE, Competitors1
Airbnb Inc. 26.14
Booking Holdings Inc. 13.90
Carnival Corp. & plc —
McDonald’s Corp. 19.17
Starbucks Corp. 24.59
P/FCFE, Sector
Consumer Services 25.81
P/FCFE, Industry
Consumer Discretionary 31.28

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

1 Click competitor name to see calculations.

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

Price to FCFE Ratio, Historical

Chipotle Mexican Grill Inc., historical P/FCFE calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
No. shares of common stock outstanding1 27,421,169 27,621,847 28,031,948 28,144,065 27,767,965
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)2 1,222,746 844,015 843,641 290,495 401,689
FCFE per share3 44.59 30.56 30.10 10.32 14.47
Share price1, 4 2,620.48 1,606.91 1,561.48 1,544.66 854.01
Valuation Ratio
P/FCFE5 58.77 52.59 51.88 149.65 59.04
Benchmarks
P/FCFE, Competitors6
Airbnb Inc. 25.72 24.76 54.32 99.90 —
Booking Holdings Inc. 15.89 11.52 69.03 37.59 15.41
Carnival Corp. & plc — — — 3.30 22.56
McDonald’s Corp. 20.85 28.85 30.21 22.96 17.47
Starbucks Corp. 29.75 34.82 45.80 20.79 20.35
P/FCFE, Sector
Consumer Services 27.87 30.20 51.59 24.57 18.91
P/FCFE, Industry
Consumer Discretionary 32.05 38.34 85.76 30.50 28.80

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 Data adjusted for splits and stock dividends.

2 See details »

3 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 1,222,746,000 ÷ 27,421,169 = 44.59

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

5 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= 2,620.48 ÷ 44.59 = 58.77

6 Click competitor name to see calculations.

Valuation ratio Description The company
P/FCFE Price to free cash flow to equity is cash valuation indicator of stockholders’ equity. Chipotle Mexican Grill Inc. P/FCFE ratio increased from 2021 to 2022 and from 2022 to 2023.