Common Stock Valuation Ratios (Price Multiples)
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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Chipotle Mexican Grill Inc. pages available for free this week:
- Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Present Value of Free Cash Flow to Equity (FCFE)
- Current Ratio since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
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Current Valuation Ratios
Chipotle Mexican Grill Inc., current price multiples
| Chipotle Mexican Grill Inc. | Airbnb Inc. | Booking Holdings Inc. | McDonald’s Corp. | Starbucks Corp. | Consumer Services | Consumer Discretionary | ||||
|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||||||
| Current share price (P) | ||||||||||
| No. shares of common stock outstanding | ||||||||||
| Growth rate (g) | ||||||||||
| Earnings per share (EPS) | ||||||||||
| Next year expected EPS | ||||||||||
| Operating profit per share | ||||||||||
| Sales per share | ||||||||||
| Book value per share (BVPS) | ||||||||||
| Valuation Ratios (Price Multiples) | ||||||||||
| Price to earnings (P/E) | ||||||||||
| Price to next year expected earnings | ||||||||||
| Price-earnings-growth (PEG) | ||||||||||
| Price to operating profit (P/OP) | ||||||||||
| Price to sales (P/S) | ||||||||||
| Price to book value (P/BV) | ||||||||||
Based on: 10-K (reporting date: 2024-12-31).
If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.
Historical Valuation Ratios (Summary)
Chipotle Mexican Grill Inc., historical price multiples
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Price to earnings (P/E) | ||||||
| Price to operating profit (P/OP) | ||||||
| Price to sales (P/S) | ||||||
| Price to book value (P/BV) |
Based on: 10-K (reporting date: 2024-12-31), 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).
- Price to Earnings (P/E) Ratio
- The Price to Earnings ratio shows a notable decline from 122.18 in 2020 to 49.37 in 2022, indicating a substantial decrease in market valuation relative to earnings during this period. Following 2022, there is a moderate increase to 58.48 in 2023, before decreasing again to 50.81 in 2024. Overall, the P/E ratio demonstrates a trend of significant contraction from 2020 to 2022, followed by some volatility but with levels remaining well below the initial figure in 2020.
- Price to Operating Profit (P/OP) Ratio
- The Price to Operating Profit ratio similarly declines sharply from 149.81 in 2020 to 38.25 in 2022, reflecting a marked reduction in valuation relative to operating profits over this interval. In 2023, there is an upward correction to 46.13, followed by a mild decrease to 40.67 in 2024. This trend closely mirrors that of the P/E ratio, emphasizing a pronounced drop in valuation multiples through 2022, with some fluctuation afterward but maintaining a lower valuation compared to 2020.
- Price to Sales (P/S) Ratio
- The Price to Sales ratio declines steadily from 7.26 in 2020 to 5.14 in 2022, indicating a lower price attribution per unit of sales over this period. However, there is a notable rebound to 7.28 in 2023, surpassing the initial 2020 figure, before decreasing slightly to 6.89 in 2024. This pattern suggests greater variability in valuation relative to sales, with a dip followed by recovery and minor retrenchment toward the end of the period.
- Price to Book Value (P/BV) Ratio
- The Price to Book Value ratio decreases from 21.52 in 2020 to 18.74 in 2022, signaling a reduced market valuation relative to the company's book value during these years. Unlike other ratios, the P/BV then increases significantly to 23.47 in 2023, exceeding the 2020 level, and declines moderately to 21.32 by 2024. This suggests a pronounced revaluation of the company's net asset backing in 2023, with a subsequent slight moderation, but overall higher valuation compared to the initial year.
Price to Earnings (P/E)
Chipotle Mexican Grill Inc., historical P/E calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Net income (in thousands) | ||||||
| Earnings per share (EPS)2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/E ratio4 | ||||||
| Benchmarks | ||||||
| P/E Ratio, Competitors5 | ||||||
| Airbnb Inc. | ||||||
| Booking Holdings Inc. | ||||||
| McDonald’s Corp. | ||||||
| Starbucks Corp. | ||||||
| P/E Ratio, Sector | ||||||
| Consumer Services | ||||||
| P/E Ratio, Industry | ||||||
| Consumer Discretionary | ||||||
Based on: 10-K (reporting date: 2024-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 2024 Calculation
EPS = Net income ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Chipotle Mexican Grill Inc. Annual Report.
4 2024 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The financial data over the five-year period reveals several noteworthy trends in valuation and profitability metrics.
- Share Price
- The share price shows a relatively moderate increase from 30.89 USD in 2020 to 32.14 USD in 2022, followed by a significant rise to 52.41 USD in 2023 and further to 57.51 USD in 2024. This suggests a strong positive investor sentiment or market performance starting in 2023.
- Earnings Per Share (EPS)
- EPS demonstrates a consistent upward trend, more than quadrupling from 0.25 USD in 2020 to 1.13 USD in 2024. This steady improvement indicates enhanced profitability and effective earnings growth over the years.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio started at a very high level of 122.18 in 2020, decreasing substantially to 49.37 by 2022, suggesting that the share price was initially highly valued relative to earnings or that earnings were low. Although there is a rise to 58.48 in 2023, it declines again to 50.81 in 2024. This fluctuation could imply changing market perceptions about growth prospects or risk, coupled with improved earnings performance.
Overall, the data indicates that while the share price experienced marked appreciation particularly after 2022, earnings growth was strong and continuous throughout the period. The declining trend in the P/E ratio from extremely high levels suggests that the market valuation became more aligned with earnings improvements, though some variation in investor sentiment persisted in the later years.
Price to Operating Profit (P/OP)
Chipotle Mexican Grill Inc., historical P/OP calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Income from operations (in thousands) | ||||||
| Operating profit per share2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/OP ratio4 | ||||||
| Benchmarks | ||||||
| P/OP Ratio, Competitors5 | ||||||
| Airbnb Inc. | ||||||
| Booking Holdings Inc. | ||||||
| McDonald’s Corp. | ||||||
| Starbucks Corp. | ||||||
| P/OP Ratio, Sector | ||||||
| Consumer Services | ||||||
| P/OP Ratio, Industry | ||||||
| Consumer Discretionary | ||||||
Based on: 10-K (reporting date: 2024-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 2024 Calculation
Operating profit per share = Income from operations ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Chipotle Mexican Grill Inc. Annual Report.
4 2024 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price demonstrates a consistent upward trajectory over the five-year period. Beginning at $30.89 at the end of 2020, it exhibits marginal increases in the subsequent two years, reaching $32.14 by the end of 2022. Thereafter, a more significant rise occurs, with the share price increasing sharply to $52.41 in 2023 and further to $57.51 in 2024, indicating strengthened market confidence or improving business prospects.
- Operating Profit Per Share (OPPS)
- Operating profit per share shows a steady and substantial increase throughout the observed period. Starting from a low base of $0.21 in 2020, it nearly triples to $0.57 by 2021, then continues to grow to $0.84 in 2022. This positive momentum continues with increments reaching $1.14 in 2023 and $1.41 in 2024. This pattern reflects improving operational efficiency or profitability on a per-share basis.
- Price to Operating Profit (P/OP) Ratio
- The Price to Operating Profit ratio exhibits notable volatility. In 2020, it is extremely high at 149.81, potentially indicating an overvaluation or very low operating profit relative to the share price at that time. It then declines sharply over the next two years to 54.38 in 2021 and 38.25 in 2022, suggesting that operating profits are growing faster than the share price, leading to a more attractive valuation. However, from 2022 onwards, the ratio climbs to 46.13 in 2023 and decreases slightly to 40.67 in 2024, denoting some oscillation in market valuation relative to operating profit but generally remaining considerably lower than the initial period.
- Overall Observations
- The data reveals robust growth in operating profit per share, reflecting enhanced profitability. The share price aligns qualitatively with these profitability improvements, especially notable from 2023 onwards, when both metrics increase significantly. The P/OP ratio's large decrease from 2020 to 2022 followed by a moderate rebound suggests that the market may have reassessed the company's profitability potential during this period. The relatively high and fluctuating P/OP ratios imply that investors maintain a premium valuation, which could reflect expectations of ongoing growth or other qualitative factors not captured here.
Price to Sales (P/S)
Chipotle Mexican Grill Inc., historical P/S calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Revenue (in thousands) | ||||||
| Sales per share2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/S ratio4 | ||||||
| Benchmarks | ||||||
| P/S Ratio, Competitors5 | ||||||
| Airbnb Inc. | ||||||
| Booking Holdings Inc. | ||||||
| McDonald’s Corp. | ||||||
| Starbucks Corp. | ||||||
| P/S Ratio, Sector | ||||||
| Consumer Services | ||||||
| P/S Ratio, Industry | ||||||
| Consumer Discretionary | ||||||
Based on: 10-K (reporting date: 2024-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 2024 Calculation
Sales per share = Revenue ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Chipotle Mexican Grill Inc. Annual Report.
4 2024 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price exhibited a relatively stable trend from 2020 to 2022, increasing slightly from 30.89 US$ to 32.14 US$. However, a significant upward movement occurred between 2022 and 2023, with the share price rising to 52.41 US$, followed by continued growth reaching 57.51 US$ in 2024. This suggests enhanced investor confidence or improved market perception during the latter period.
- Sales Per Share
- Sales per share demonstrated consistent growth over the entire period. Starting at 4.25 US$ in 2020, it increased steadily each year to 5.38 US$ in 2021, 6.25 US$ in 2022, 7.2 US$ in 2023, and finally 8.35 US$ in 2024. This upward trend indicates ongoing improvements in revenue generation on a per-share basis.
- Price-to-Sales Ratio (P/S)
- The P/S ratio showed a declining trend from 7.26 in 2020 to 5.14 in 2022, implying the share price grew at a slower pace relative to sales during that time. However, a reversal occurred in 2023, with the P/S ratio increasing sharply to 7.28, followed by a slight decrease to 6.89 in 2024. This fluctuation may reflect changes in market valuation dynamics, investor expectations, or adjustments in the company's sales performance relative to its share price.
Price to Book Value (P/BV)
Chipotle Mexican Grill Inc., historical P/BV calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Shareholders’ equity (in thousands) | ||||||
| Book value per share (BVPS)2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/BV ratio4 | ||||||
| Benchmarks | ||||||
| P/BV Ratio, Competitors5 | ||||||
| Airbnb Inc. | ||||||
| Booking Holdings Inc. | ||||||
| McDonald’s Corp. | ||||||
| Starbucks Corp. | ||||||
| P/BV Ratio, Sector | ||||||
| Consumer Services | ||||||
| P/BV Ratio, Industry | ||||||
| Consumer Discretionary | ||||||
Based on: 10-K (reporting date: 2024-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 2024 Calculation
BVPS = Shareholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Chipotle Mexican Grill Inc. Annual Report.
4 2024 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited moderate growth from 30.89 USD in 2020 to 32.14 USD in 2022, followed by a significant increase in the subsequent two years, reaching 57.51 USD by the end of 2024. This represents an acceleration in market valuation over the last two years in the data set.
- Book Value Per Share (BVPS) Trend
- Book value per share showed consistent growth across the entire period, rising steadily from 1.44 USD in 2020 to 2.70 USD in 2024. This indicates continuous accumulation of net assets per share over the five-year span.
- Price-to-Book Value (P/BV) Ratio Analysis
- The P/BV ratio decreased from 21.52 in 2020 to 18.74 in 2022, suggesting that the share price was becoming less expensive relative to the book value at that time. However, from 2023 onwards, the ratio increased markedly to 23.47 and then slightly declined to 21.32 in 2024. This implies increasing market optimism or potentially higher growth expectations starting in 2023, despite some correction in 2024.
- Overall Insights
- The data indicates an overall positive trajectory in both market valuation and underlying net asset value per share. The accelerated growth in share price, particularly after 2022, outpaced the growth in book value per share, resulting in elevated P/BV ratios. Such patterns may reflect improving company prospects, increased investor confidence, or market-driven valuation expansion during the later years.