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).
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- Statement of Comprehensive Income
- Analysis of Profitability Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Geographic Areas
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Return on Equity (ROE) since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
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Historical Valuation Ratios (Summary)
Chipotle Mexican Grill Inc., historical price multiples (quarterly data)
Based on: 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).
The valuation metrics exhibit a cyclical pattern characterized by a significant expansion in multiples peaking in the first quarter of 2023, followed by a sustained period of contraction through the beginning of 2026. This trajectory suggests a transition from a high-growth premium valuation toward a more conservative market pricing model.
- Price to Earnings (P/E) and Price to Operating Profit (P/OP)
- Both ratios demonstrate a high degree of correlation, reflecting similar trends in market sentiment relative to profitability. The P/E ratio reached a peak of 65.94 in March 2023 before initiating a general downward trend, eventually settling at 30.03 by March 2026. Similarly, the P/OP ratio peaked at 52.39 in March 2023 and declined to 23.52 by the end of the observed period. The substantial reduction in these multiples indicates that either earnings growth has accelerated more rapidly than the share price or the market has reduced the growth premium previously assigned to the company's profits.
- Price to Sales (P/S)
- The P/S ratio experienced a period of expansion from 5.36 in March 2022 to a high of 8.38 in March 2023. Following this peak, a consistent compression is observed, with the ratio falling to 3.59 by March 2026. This decline suggests a normalization of the revenue multiple, moving from a state of aggressive valuation to a more moderate level relative to top-line performance.
- Price to Book Value (P/BV)
- The P/BV ratio remained elevated throughout the period, indicating that the market assigns significant value beyond the company's net tangible assets. The ratio peaked at 25.43 in March 2023 and reached a low of 13.35 in September 2025, before recovering slightly to 18.11 in March 2026. While volatile, the overall trend aligns with the compression seen in the other valuation ratios, though it remains high relative to traditional book value.
In summary, the data reveals a comprehensive decompression of valuation multiples across all measured categories. The transition from the peaks of early 2023 to the levels observed in early 2026 represents a significant shift in the company's valuation profile, characterized by a move toward lower, potentially more sustainable multiples.
Price to Earnings (P/E)
Chipotle Mexican Grill Inc., historical P/E calculation (quarterly data)
| 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 | |||||||||||||||||||||||
| 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. | |||||||||||||||||||||||
| DoorDash, Inc. | |||||||||||||||||||||||
| McDonald’s Corp. | |||||||||||||||||||||||
| Starbucks Corp. | |||||||||||||||||||||||
Based on: 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 Q1 2026 Calculation
EPS
= (Net incomeQ1 2026
+ Net incomeQ4 2025
+ Net incomeQ3 2025
+ Net incomeQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Chipotle Mexican Grill Inc. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The financial performance from March 2022 through March 2026 is characterized by a consistent expansion in earnings per share (EPS) contrasted with significant volatility in share price and a subsequent compression of the price-to-earnings (P/E) ratio.
- Earnings Per Share Growth
- A sustained upward trajectory in EPS is observed, rising from $0.49 in March 2022 to a peak of $1.18 in December 2025. This represents a steady and consistent increase in bottom-line profitability over the majority of the analyzed period, with only a marginal correction to $1.13 recorded in the final quarter ending March 31, 2026.
- Share Price Volatility
- Share prices exhibited considerable fluctuation, starting at $30.02 and reaching a maximum of $62.24 by March 31, 2024. Following this peak, a general downward trend occurred, with prices descending to $33.99 by the end of the period. This price action indicates a period of high market optimism followed by a significant valuation correction.
- P/E Ratio Dynamics
- The P/E ratio demonstrates a pattern of initial elevation followed by marked compression. Between March 2022 and March 2024, the ratio remained high, peaking at 65.94. However, a sharp decline is evident from December 2023 onward, with the ratio falling to 30.03 by March 2026. This contraction suggests that while earnings continued to grow, the market's willingness to pay a premium for those earnings diminished, resulting in a lower valuation multiple.
Price to Operating Profit (P/OP)
Chipotle Mexican Grill Inc., historical P/OP calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| 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. | |||||||||||||||||||||||
| DoorDash, Inc. | |||||||||||||||||||||||
| McDonald’s Corp. | |||||||||||||||||||||||
| Starbucks Corp. | |||||||||||||||||||||||
Based on: 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 Q1 2026 Calculation
Operating profit per share
= (Income from operationsQ1 2026
+ Income from operationsQ4 2025
+ Income from operationsQ3 2025
+ Income from operationsQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Chipotle Mexican Grill Inc. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The financial data exhibits a divergence between operational performance and market valuation over the period from March 31, 2022, to March 31, 2026. While operating profit per share demonstrated a consistent and strong upward trajectory, the share price experienced significant volatility, leading to a substantial contraction in the Price to Operating Profit (P/OP) multiple.
- Operating Profit per Share Trends
- A steady increase in operating profit per share is observed throughout the analyzed period. Starting at 0.60 US$ in March 2022, the metric grew consistently each quarter, peaking at 1.49 US$ in December 2025 before a slight adjustment to 1.45 US$ by March 2026. This represents a significant expansion in operational efficiency and profitability per share, regardless of market price fluctuations.
- Share Price Fluctuations
- The share price followed a non-linear path, characterized by a growth phase and a subsequent correction. From an initial value of 30.02 US$ in March 2022, the price reached a peak of 62.24 US$ in March 2024. Following this peak, a downward trend emerged, with the price declining to 33.99 US$ by March 2026, effectively returning to levels observed in early 2022.
- Price to Operating Profit (P/OP) Ratio Analysis
- The P/OP ratio reveals a marked compression in valuation. The ratio began at 50.34 in March 2022 and reached a secondary peak of 52.39 in March 2024, coinciding with the peak share price. However, a sharp decline followed, with the ratio dropping to a low of 22.27 in September 2025. The period ended with a ratio of 23.52 in March 2026.
- Correlation and Valuation Insights
- The data indicates that the market's willingness to pay a premium for operating profit diminished significantly over time. In 2022 and early 2024, the company traded at high multiples (above 40x), suggesting high growth expectations. By 2025 and 2026, despite the fact that operating profit per share had more than doubled from its 2022 levels, the share price declined, resulting in a valuation multiple that is less than half of its peak. This suggests a transition from a high-growth valuation model to a more conservative market pricing of the company's operational earnings.
Price to Sales (P/S)
Chipotle Mexican Grill Inc., historical P/S calculation (quarterly data)
| 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 | |||||||||||||||||||||||
| 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. | |||||||||||||||||||||||
| DoorDash, Inc. | |||||||||||||||||||||||
| McDonald’s Corp. | |||||||||||||||||||||||
| Starbucks Corp. | |||||||||||||||||||||||
Based on: 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 Q1 2026 Calculation
Sales per share
= (RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025
+ RevenueQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Chipotle Mexican Grill Inc. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The Price-to-Sales (P/S) ratio for the period between March 31, 2022, and March 31, 2026, reflects a period of significant valuation volatility characterized by an initial expansion followed by a sustained contraction. While the underlying sales per share exhibited a consistent and uninterrupted upward trajectory, the market valuation of those sales fluctuated considerably, driven primarily by changes in the share price.
- Sales per Share Performance
- A steady growth pattern is observed in sales per share, which increased from 5.60 US$ in March 2022 to 9.46 US$ by March 2026. This consistent rise indicates a continuous improvement in revenue generation on a per-share basis throughout the entire analyzed timeframe.
- Valuation Expansion Phase
- The P/S ratio experienced a notable increase starting in early 2023, rising from 6.25 in March 2023 to a peak of 8.38 in March 2024. This expansion indicates that the market was willing to pay a higher premium for each dollar of sales, coinciding with a period where the share price rose from approximately 30 US$ to a high of 62.24 US$.
- Valuation Contraction Phase
- Following the peak in March 2024, a downward trend in the P/S ratio is evident. The ratio declined from 8.38 to 3.59 by March 2026. Because sales per share continued to grow during this period, the compression of the P/S ratio was driven by a significant reduction in the share price, which fell to 33.99 US$ by the end of the period.
- Comparative Analysis of Price and Revenue
- The divergence between the share price and sales per share became most pronounced in the final six quarters of the data. While the revenue efficiency per share reached its highest levels in 2025 and 2026, the valuation multiple reached its lowest levels, ending at 3.59, which is significantly lower than the 5.36 ratio observed at the start of the sequence in March 2022.
Price to Book Value (P/BV)
Chipotle Mexican Grill Inc., historical P/BV calculation (quarterly data)
| 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 | |||||||||||||||||||||||
| 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. | |||||||||||||||||||||||
| DoorDash, Inc. | |||||||||||||||||||||||
| McDonald’s Corp. | |||||||||||||||||||||||
| Starbucks Corp. | |||||||||||||||||||||||
Based on: 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 Q1 2026 Calculation
BVPS = Shareholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Chipotle Mexican Grill Inc. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The Price to Book Value (P/BV) ratio exhibited significant volatility between March 2022 and March 2026, characterized by a period of valuation expansion followed by a corrective phase. The ratio fluctuated between a low of 13.35 and a peak of 25.43, reflecting divergent movements between market pricing and the underlying book value of the company.
- Share Price Trajectory
- An upward trend was observed from March 2022, where the share price stood at 30.02 US$, reaching a peak of 62.24 US$ by March 2024. Following this peak, a general decline occurred, with the price falling to 32.53 US$ by September 2025 before concluding the period at 33.99 US$ in March 2026.
- Book Value Per Share (BVPS) Evolution
- The book value per share showed consistent growth during the first half of the period, rising from 1.53 US$ in March 2022 to a maximum of 2.71 US$ in June 2024. Subsequently, a steady decrease was noted, with the BVPS retreating to 1.88 US$ by March 2026, indicating a reduction in the net asset value attributable to each share.
- P/BV Ratio Dynamics
- The P/BV ratio expanded from 19.67 in March 2022 to a high of 25.43 in March 2024, driven by share price appreciation that outpaced the growth in book value. A sharp contraction followed, with the ratio dropping to its lowest point of 13.35 in September 2025. This decline was the result of a significant reduction in share price despite a slower decline in book value. The period ended with the ratio stabilizing at 18.11 in March 2026, returning to levels similar to those seen at the start of the analyzed timeframe.
- Correlation Analysis
- A strong positive correlation is observed between the share price and the P/BV ratio. The valuation peak in early 2024 coincides exactly with the peak in market price, while the valuation trough in late 2025 aligns with the period of lowest share price. The simultaneous decline of both share price and BVPS from mid-2024 onward suggests a broader contraction in both market sentiment and equity fundamentals.