Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
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).
Historical Valuation Ratios (Summary)
Chipotle Mexican Grill Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
Analysis of the valuation metrics reveals a distinct trend of multiple expansion peaking in the first quarter of 2024, followed by a comprehensive contraction across all measured ratios through September 2026.
- Price to Earnings (P/E) Ratio
- The P/E ratio experienced moderate fluctuations between 2022 and 2023, before escalating to a peak of 65.94 in March 2024. From that point, a sustained devaluation is evident, with the ratio falling to 28.73 by the end of the observed period. This trend indicates a significant shift in market sentiment regarding the premium applied to earnings.
- Price to Operating Profit (P/OP) Ratio
- Closely mirroring the P/E trend, the P/OP ratio reached its maximum value of 52.39 in March 2024. Subsequently, a sharp decline occurred, reaching 22.04 by September 2026. The contraction in this ratio suggests a reduction in the valuation relative to the company's core operational profitability.
- Price to Sales (P/S) Ratio
- The P/S ratio remained relatively stable between 4.86 and 6.25 throughout 2022 and early 2023, before spiking to 8.38 in March 2024. Following this peak, the ratio entered a steady decline, concluding at 3.11 in September 2026, which is the lowest level recorded across the entire timeframe.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio demonstrated the highest degree of volatility among the valuation metrics. While it peaked at 25.43 in March 2024, it underwent several fluctuations, including a notable dip to 13.35 in September 2025 and a recovery to 21.41 in June 2026, before finally settling at 16.12. Despite these oscillations, the long-term trajectory aligns with the general downward trend observed in the other valuation ratios.
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Price to Earnings (P/E)
Chipotle Mexican Grill Inc., historical P/E calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,264,975,000 | 1,265,418,000 | 1,282,734,000 | 1,302,423,000 | 1,322,278,000 | 1,340,885,000 | 1,347,364,000 | 1,355,337,000 | 1,362,593,000 | 1,369,476,000 | 1,373,350,000 | 1,371,058,450 | 1,372,233,000 | 1,379,380,650 | 1,379,492,000 | 1,381,092,350 | 1,386,055,600 | 1,388,232,350 | 1,398,122,400 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Net income (in thousands) | 339,874) | 403,547) | 302,824) | 330,932) | 382,103) | 436,127) | 386,599) | 331,764) | 387,388) | 455,671) | 359,287) | 282,086) | 313,217) | 341,790) | 291,644) | 223,727) | 257,138) | 259,942) | 158,294) | ||||||
| Earnings per share (EPS)2 | 1.09 | 1.12 | 1.13 | 1.18 | 1.16 | 1.15 | 1.16 | 1.13 | 1.09 | 1.03 | 0.94 | 0.90 | 0.85 | 0.81 | 0.75 | 0.65 | 0.58 | 0.54 | 0.49 | ||||||
| Share price1, 3 | 31.28 | 37.22 | 33.99 | 39.93 | 32.53 | 45.74 | 49.54 | 57.51 | 55.73 | 50.82 | 62.24 | 52.41 | 37.75 | 38.25 | 40.73 | 32.14 | 29.52 | 30.20 | 30.02 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/E ratio4 | 28.73 | 33.18 | 30.03 | 33.86 | 27.99 | 39.78 | 42.75 | 50.81 | 51.16 | 49.35 | 65.94 | 58.48 | 44.26 | 47.35 | 54.42 | 49.37 | 50.59 | 55.45 | 61.35 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||
| Airbnb Inc. | — | 33.74 | 33.63 | 28.11 | 28.20 | 30.89 | 30.61 | 33.58 | 50.83 | 17.28 | 20.59 | 20.59 | 14.19 | 39.65 | 40.05 | 44.53 | 36.29 | 59.77 | 96.17 | ||||||
| Booking Holdings Inc. | 16.13 | 20.25 | 21.83 | 25.03 | 32.72 | 37.65 | 29.37 | 28.00 | 29.34 | 24.42 | 24.55 | 31.09 | 18.68 | 22.74 | 23.90 | 29.87 | 28.26 | 50.57 | 164.31 | ||||||
| DoorDash, Inc. | 73.41 | 106.79 | 79.04 | 80.56 | 98.12 | 141.17 | 221.23 | 728.78 | — | — | — | — | — | — | — | — | — | — | — | ||||||
| McDonald’s Corp. | — | 22.10 | 23.23 | 27.63 | 25.87 | 26.16 | 27.33 | 27.00 | 25.61 | 23.42 | 22.51 | 25.23 | 23.23 | 26.39 | 31.34 | 31.22 | 34.24 | 31.53 | 25.65 | ||||||
| Starbucks Corp. | 59.88 | 74.13 | 79.20 | 51.93 | 40.14 | 30.82 | 32.43 | 29.62 | 21.14 | 24.11 | 24.81 | 29.09 | 30.66 | 36.91 | 37.77 | 34.26 | 23.05 | 19.34 | 25.86 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2026 Calculation
EPS
= (Net incomeQ3 2026
+ Net incomeQ2 2026
+ Net incomeQ1 2026
+ Net incomeQ4 2025)
÷ No. shares of common stock outstanding
= (339,874,000 + 403,547,000 + 302,824,000 + 330,932,000)
÷ 1,264,975,000 = 1.09
3 Closing price as at the filing date of Chipotle Mexican Grill Inc. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/E ratio = Share price ÷ EPS
= 31.28 ÷ 1.09 = 28.73
5 Click competitor name to see calculations.
Analysis of the valuation metrics from March 2022 through September 2026 reveals a distinct divergence between earnings performance and market valuation. While earnings per share maintained a consistent growth trajectory for the majority of the period, the share price exhibited significant volatility, resulting in a comprehensive contraction of the price-to-earnings (P/E) ratio.
- Earnings Per Share (EPS) Performance
- A sustained upward trend in EPS is observed, beginning at 0.49 USD in March 2022 and peaking at 1.18 USD in December 2025. This represents a substantial increase in profitability per share, indicating strong operational growth over the observed timeframe. A slight deceleration is noted in 2026, with EPS settling at 1.09 USD by September 2026.
- Share Price Volatility
- The share price experienced a period of aggressive appreciation from March 2022 (30.02 USD) to a peak of 62.24 USD in March 2024. Following this peak, a corrective phase occurred, with the price declining steadily to 31.28 USD by September 2026, effectively returning to early 2022 levels despite a significantly higher earnings base.
- Price-to-Earnings (P/E) Ratio Dynamics
- The P/E ratio demonstrates a transition from a high-growth valuation multiple to a more conservative one. Valuation peaked in March 2024 at 65.94, reflecting a period of maximum market optimism. Subsequently, a sharp decline is evident, with the ratio falling to 27.99 by June 2025 and concluding the period at 28.73. This compression is the result of concurrent share price depreciation and earnings growth, suggesting a fundamental re-rating of the equity.
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Price to Operating Profit (P/OP)
Chipotle Mexican Grill Inc., historical P/OP calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,264,975,000 | 1,265,418,000 | 1,282,734,000 | 1,302,423,000 | 1,322,278,000 | 1,340,885,000 | 1,347,364,000 | 1,355,337,000 | 1,362,593,000 | 1,369,476,000 | 1,373,350,000 | 1,371,058,450 | 1,372,233,000 | 1,379,380,650 | 1,379,492,000 | 1,381,092,350 | 1,386,055,600 | 1,388,232,350 | 1,398,122,400 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Income from operations (in thousands) | 451,964) | 525,595) | 397,063) | 420,319) | 477,172) | 559,057) | 479,250) | 415,732) | 473,256) | 586,053) | 441,292) | 363,447) | 394,950) | 431,810) | 367,606) | 296,331) | 336,253) | 337,598) | 190,221) | ||||||
| Operating profit per share2 | 1.42 | 1.44 | 1.45 | 1.49 | 1.46 | 1.44 | 1.45 | 1.41 | 1.37 | 1.30 | 1.19 | 1.14 | 1.09 | 1.04 | 0.97 | 0.84 | 0.74 | 0.67 | 0.60 | ||||||
| Share price1, 3 | 31.28 | 37.22 | 33.99 | 39.93 | 32.53 | 45.74 | 49.54 | 57.51 | 55.73 | 50.82 | 62.24 | 52.41 | 37.75 | 38.25 | 40.73 | 32.14 | 29.52 | 30.20 | 30.02 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/OP ratio4 | 22.04 | 25.88 | 23.52 | 26.87 | 22.27 | 31.82 | 34.15 | 40.67 | 40.74 | 38.97 | 52.39 | 46.13 | 34.75 | 36.84 | 42.00 | 38.25 | 40.02 | 45.28 | 50.34 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||
| Airbnb Inc. | — | 33.16 | 32.66 | 27.75 | 27.43 | 31.13 | 31.20 | 34.83 | 57.42 | 52.39 | 62.62 | 65.01 | 34.45 | 46.61 | 45.09 | 46.78 | 35.98 | 57.78 | 88.47 | ||||||
| Booking Holdings Inc. | 12.56 | 15.72 | 14.87 | 15.33 | 19.36 | 22.04 | 20.41 | 21.80 | 22.96 | 19.32 | 19.08 | 22.85 | 15.07 | 16.75 | 17.88 | 17.91 | 14.98 | 19.34 | 28.66 | ||||||
| DoorDash, Inc. | 87.09 | 126.14 | 101.79 | 104.18 | 122.18 | 203.41 | 421.34 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| McDonald’s Corp. | — | 15.17 | 15.87 | 19.09 | 17.98 | 18.39 | 19.19 | 18.95 | 18.13 | 16.68 | 16.33 | 18.35 | 16.94 | 19.22 | 22.47 | 20.58 | 22.04 | 20.38 | 17.56 | ||||||
| Starbucks Corp. | 39.87 | 37.80 | 40.07 | 32.83 | 26.65 | 21.21 | 22.61 | 20.60 | 14.82 | 17.06 | 17.45 | 20.44 | 21.64 | 25.87 | 26.73 | 24.35 | 19.58 | 16.72 | 22.12 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2026 Calculation
Operating profit per share
= (Income from operationsQ3 2026
+ Income from operationsQ2 2026
+ Income from operationsQ1 2026
+ Income from operationsQ4 2025)
÷ No. shares of common stock outstanding
= (451,964,000 + 525,595,000 + 397,063,000 + 420,319,000)
÷ 1,264,975,000 = 1.42
3 Closing price as at the filing date of Chipotle Mexican Grill Inc. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 31.28 ÷ 1.42 = 22.04
5 Click competitor name to see calculations.
The financial analysis reveals a significant divergence between operational performance and market valuation from March 2022 through September 2026. While the company achieved consistent growth in operating profitability per share, the share price experienced high volatility followed by a sustained decline. This divergence resulted in a comprehensive compression of the Price to Operating Profit (P/OP) ratio, indicating that the market transitioned from a high-growth valuation multiple to a more conservative one.
- Operating Profit per Share Trends
- A consistent upward trajectory in operational efficiency is observed from March 2022, where operating profit per share stood at 0.60, peaking at 1.49 in December 2025. This represents a substantial increase in the company's ability to generate profit from its core operations. A slight plateau and marginal decline are noted in the first three quarters of 2026, with the figure settling at 1.42 by September 2026.
- Share Price Volatility
- The share price exhibited three distinct phases: a period of relative stability between 30.00 and 32.00 in 2022, a sharp appreciation peaking at 62.24 in March 2024, and a subsequent corrective phase. By September 2026, the share price declined to 31.28, effectively returning to levels seen in early 2022 despite the significant increase in underlying operating profits.
- Price to Operating Profit (P/OP) Compression
- The P/OP ratio reflects the market's willingness to pay for each dollar of operating profit. The ratio began at 50.34 and reached a peak of 52.39 in March 2024, coinciding with the peak share price. However, a strong downward trend followed, with the ratio falling to 22.04 by September 2026. This compression is driven by the dual effect of falling share prices and rising operating profits, suggesting a fundamental re-rating of the stock's valuation multiple.
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Price to Sales (P/S)
Chipotle Mexican Grill Inc., historical P/S calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,264,975,000 | 1,265,418,000 | 1,282,734,000 | 1,302,423,000 | 1,322,278,000 | 1,340,885,000 | 1,347,364,000 | 1,355,337,000 | 1,362,593,000 | 1,369,476,000 | 1,373,350,000 | 1,371,058,450 | 1,372,233,000 | 1,379,380,650 | 1,379,492,000 | 1,381,092,350 | 1,386,055,600 | 1,388,232,350 | 1,398,122,400 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Revenue (in thousands) | 3,293,162) | 3,348,562) | 3,088,242) | 2,983,511) | 3,003,444) | 3,063,393) | 2,875,253) | 2,845,312) | 2,793,576) | 2,973,117) | 2,701,848) | 2,516,320) | 2,471,948) | 2,514,801) | 2,368,580) | 2,180,599) | 2,220,175) | 2,213,339) | 2,020,539) | ||||||
| Sales per share2 | 10.05 | 9.82 | 9.46 | 9.16 | 8.91 | 8.63 | 8.53 | 8.35 | 8.06 | 7.79 | 7.43 | 7.20 | 6.95 | 6.73 | 6.51 | 6.25 | 6.07 | 5.87 | 5.60 | ||||||
| Share price1, 3 | 31.28 | 37.22 | 33.99 | 39.93 | 32.53 | 45.74 | 49.54 | 57.51 | 55.73 | 50.82 | 62.24 | 52.41 | 37.75 | 38.25 | 40.73 | 32.14 | 29.52 | 30.20 | 30.02 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/S ratio4 | 3.11 | 3.79 | 3.59 | 4.36 | 3.65 | 5.30 | 5.81 | 6.89 | 6.91 | 6.53 | 8.38 | 7.28 | 5.43 | 5.68 | 6.25 | 5.14 | 4.86 | 5.15 | 5.36 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||
| Airbnb Inc. | — | 6.90 | 6.69 | 5.77 | 6.21 | 7.00 | 6.92 | 8.01 | 8.62 | 7.97 | 9.93 | 9.95 | 8.07 | 10.03 | 9.33 | 10.04 | 7.36 | 10.11 | 11.65 | ||||||
| Booking Holdings Inc. | 4.12 | 5.17 | 4.85 | 5.02 | 6.34 | 7.24 | 6.63 | 6.94 | 6.41 | 5.48 | 5.36 | 6.24 | 4.80 | 5.24 | 5.29 | 5.35 | 4.31 | 5.33 | 6.83 | ||||||
| DoorDash, Inc. | 4.57 | 5.65 | 4.97 | 5.49 | 6.70 | 9.27 | 6.67 | 8.36 | 6.35 | 4.63 | 5.72 | 5.40 | 3.71 | 4.40 | 3.41 | 3.23 | 3.30 | 5.50 | 4.81 | ||||||
| McDonald’s Corp. | — | 7.01 | 7.34 | 8.80 | 8.29 | 8.42 | 8.68 | 8.56 | 8.14 | 7.55 | 7.51 | 8.38 | 7.74 | 8.72 | 9.20 | 8.32 | 8.70 | 8.13 | 7.68 | ||||||
| Starbucks Corp. | 3.10 | 2.88 | 2.88 | 2.59 | 2.88 | 2.65 | 3.16 | 3.08 | 2.36 | 2.74 | 2.90 | 3.34 | 3.31 | 3.86 | 3.81 | 3.49 | 3.00 | 2.72 | 3.74 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2026 Calculation
Sales per share
= (RevenueQ3 2026
+ RevenueQ2 2026
+ RevenueQ1 2026
+ RevenueQ4 2025)
÷ No. shares of common stock outstanding
= (3,293,162,000 + 3,348,562,000 + 3,088,242,000 + 2,983,511,000)
÷ 1,264,975,000 = 10.05
3 Closing price as at the filing date of Chipotle Mexican Grill Inc. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= 31.28 ÷ 10.05 = 3.11
5 Click competitor name to see calculations.
The valuation metrics for the period between March 31, 2022, and September 30, 2026, reveal a significant divergence between consistent operational revenue growth and volatile market valuation. While sales per share maintained a steady upward trajectory, the price-to-sales (P/S) ratio experienced a period of sharp expansion followed by a prolonged contraction.
- Sales per Share Performance
- A consistent and linear increase in sales per share is observed throughout the entire analysis period. Starting at 5.60 US$ in March 2022, the figure grew without interruption to reach 10.05 US$ by September 30, 2026. This steady growth indicates a strong and stable increase in the company's ability to generate revenue on a per-share basis.
- Share Price Volatility
- The share price exhibited substantial volatility, characterized by a significant peak followed by a steady decline. The price rose from 30.02 US$ in early 2022 to a peak of 62.24 US$ in March 2024. Following this peak, the price entered a downward trend, ending the period at 31.28 US$ in September 2026, nearly returning to the initial levels seen in 2022.
- Price-to-Sales (P/S) Ratio Dynamics
- The P/S ratio serves as the primary indicator of valuation expansion and contraction. In 2022, the ratio remained relatively stable, fluctuating between 4.86 and 5.36. A period of valuation expansion began in 2023, culminating in a peak ratio of 8.38 in March 2024. This peak indicates that the market was willing to pay a significant premium for each dollar of sales during this window.
- Valuation Contraction Trends
- From June 2024 onward, a clear downward trend in the P/S ratio is evident. Despite the continued growth in sales per share, the ratio declined from 6.53 in June 2024 to a period low of 3.11 by September 2026. This compression suggests a market correction where the share price declined more rapidly than the growth in sales could offset, leading to a more conservative valuation multiple by the end of the period.
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Price to Book Value (P/BV)
Chipotle Mexican Grill Inc., historical P/BV calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,264,975,000 | 1,265,418,000 | 1,282,734,000 | 1,302,423,000 | 1,322,278,000 | 1,340,885,000 | 1,347,364,000 | 1,355,337,000 | 1,362,593,000 | 1,369,476,000 | 1,373,350,000 | 1,371,058,450 | 1,372,233,000 | 1,379,380,650 | 1,379,492,000 | 1,381,092,350 | 1,386,055,600 | 1,388,232,350 | 1,398,122,400 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Shareholders’ equity (in thousands) | 2,455,144) | 2,199,791) | 2,407,635) | 2,830,607) | 3,221,838) | 3,528,195) | 3,490,872) | 3,655,546) | 3,613,898) | 3,711,820) | 3,361,329) | 3,062,207) | 2,886,314) | 2,766,886) | 2,481,685) | 2,368,023) | 2,327,381) | 2,154,199) | 2,133,960) | ||||||
| Book value per share (BVPS)2 | 1.94 | 1.74 | 1.88 | 2.17 | 2.44 | 2.63 | 2.59 | 2.70 | 2.65 | 2.71 | 2.45 | 2.23 | 2.10 | 2.01 | 1.80 | 1.71 | 1.68 | 1.55 | 1.53 | ||||||
| Share price1, 3 | 31.28 | 37.22 | 33.99 | 39.93 | 32.53 | 45.74 | 49.54 | 57.51 | 55.73 | 50.82 | 62.24 | 52.41 | 37.75 | 38.25 | 40.73 | 32.14 | 29.52 | 30.20 | 30.02 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/BV ratio4 | 16.12 | 21.41 | 18.11 | 18.37 | 13.35 | 17.38 | 19.12 | 21.32 | 21.01 | 18.75 | 25.43 | 23.47 | 17.95 | 19.07 | 22.64 | 18.74 | 17.58 | 19.46 | 19.67 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||
| Airbnb Inc. | — | 11.64 | 11.09 | 8.61 | 8.62 | 10.42 | 9.79 | 10.57 | 11.01 | 10.46 | 12.88 | 12.09 | 8.49 | 18.03 | 15.36 | 15.16 | 10.67 | 14.23 | 16.27 | ||||||
| Booking Holdings Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 89.53 | 32.84 | 18.79 | 19.51 | 19.54 | ||||||
| DoorDash, Inc. | 7.28 | 9.05 | 7.18 | 7.51 | 8.92 | 12.36 | 8.94 | 11.49 | 8.52 | 6.22 | 7.45 | 6.85 | 4.61 | 5.29 | 3.75 | 3.15 | 2.93 | 4.18 | 5.44 | ||||||
| McDonald’s Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Starbucks Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2026 Calculation
BVPS = Shareholders’ equity ÷ No. shares of common stock outstanding
= 2,455,144,000 ÷ 1,264,975,000 = 1.94
3 Closing price as at the filing date of Chipotle Mexican Grill Inc. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= 31.28 ÷ 1.94 = 16.12
5 Click competitor name to see calculations.
The valuation of the common stock exhibits significant volatility over the period from March 2022 to September 2026, characterized by a period of valuation expansion followed by a corrective phase. The Price to Book Value (P/BV) ratio fluctuated between a minimum of 13.35 and a maximum of 25.43, reflecting shifts in market sentiment and underlying equity value.
- Share Price Dynamics
- The share price experienced a sustained upward trajectory from March 2022, rising from 30.02 US$ to a peak of 62.24 US$ by March 2024. Following this peak, a general downward trend occurred, marked by significant fluctuations, eventually closing at 31.28 US$ in September 2026. This represents a near-complete reversal of the price gains achieved during the 2023-2024 period.
- Book Value Per Share (BVPS) Trends
- Book value per share showed a consistent increase during the first half of the analyzed period, rising from 1.53 US$ in March 2022 to a peak of 2.71 US$ in June 2024. After this point, a gradual decline is observed, with the value reaching a low of 1.74 US$ in June 2026 before a slight recovery to 1.94 US$ by September 2026. The BVPS remained relatively stable compared to the more volatile share price.
- Price to Book Value (P/BV) Ratio Analysis
- The P/BV ratio tracked the divergence between market price and book value. An expansion phase is evident between December 2022 (18.74) and March 2024 (25.43), where the ratio reached its highest point, indicating a premium valuation. A sharp contraction followed, with the ratio dropping to its lowest point of 13.35 in September 2025. The final year of the period showed continued volatility, with a spike to 21.41 in June 2026 followed by a decline to 16.12 by September 2026.
The correlation between the P/BV ratio and the share price is strong, as the ratio's movements were primarily driven by price volatility rather than fluctuations in the book value. The significant contraction in the P/BV ratio during 2025 suggests a market revaluation of the company's equity relative to its assets.
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