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: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
The financial ratios exhibit notable fluctuations over the observed quarterly periods, reflecting changing market perceptions and company fundamentals.
- Price to Earnings (P/E) Ratio
- The P/E ratio demonstrates a general declining trend from early 2021 through late 2025. Starting from a high of approximately 103 in the first quarter of 2021, the ratio continually decreases with intermittent minor upticks, reaching a low near 28 by the third quarter of 2025. This downward trajectory suggests increasing earnings relative to the share price or a diminishing market valuation multiple over time, potentially indicative of improved profitability or evolving investor expectations.
- Price to Operating Profit (P/OP) Ratio
- This ratio mirrors the pattern of the P/E ratio, showcasing a steady decline from about 110 in the first quarter of 2021 to around 22 by the third quarter of 2025. The consistent decrease suggests a growing operating profit base relative to the stock price or a contraction in valuation multiples applied by the market. The smaller fluctuations within this trend indicate periods of relative valuation stability interspersed with market adjustments.
- Price to Sales (P/S) Ratio
- The P/S ratio exhibits a more variable movement compared to other ratios. It initially rises from approximately 6.6 in early 2021 to a peak of 8.38 around the first quarter of 2024, before reversing into a declining trend that brings the ratio down to 3.65 by the third quarter of 2025. The initial increase points to rising market valuation relative to sales, potentially driven by revenue growth or improving sales dynamics, while the subsequent decline suggests either a moderation in sales growth or a correction in valuation multiples.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio follows a somewhat cyclical pattern within a narrowing range over the observed period. Starting near 20 in early 2021, it rises to a peak above 25 in the first quarter of 2024, then gradually decreases to approximately 13 by the third quarter of 2025. This behavior indicates fluctuations in market valuation relative to the company's net asset base, possibly influenced by changes in book value growth, investor sentiment, or capital structure adjustments.
Overall, the trends in valuation multiples point to a decreasing market premium relative to earnings and operating profits over the medium term, while valuation relative to sales and book value shows cyclical behavior with peaks around early 2024 followed by noticeable declines. These patterns may reflect shifts in company performance, market conditions, and investor confidence throughout the evaluated timeline.
Price to Earnings (P/E)
Chipotle Mexican Grill Inc., historical P/E calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 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 | 1,401,597,400 | 1,406,770,300 | 1,404,743,400 | 1,407,523,950 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Net income (in thousands) | 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) | 133,475) | 204,434) | 187,974) | 127,101) | ||||||
| Earnings per share (EPS)2 | 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 | 0.47 | 0.51 | 0.42 | 0.29 | ||||||
| Share price1, 3 | 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 | 31.23 | 35.32 | 36.62 | 29.68 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/E ratio4 | 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 | 67.03 | 69.94 | 87.74 | 102.77 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||
| Airbnb Inc. | 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. | 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 | 164.32 | 86.68 | 261.79 | 206.85 | 136.53 | ||||||
| DoorDash, Inc. | 98.12 | 141.17 | 221.23 | 728.78 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| McDonald’s Corp. | 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 | 24.15 | 25.57 | 25.43 | 33.98 | ||||||
| Starbucks Corp. | 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 | 30.95 | 52.55 | 137.44 | 185.40 | ||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
EPS
= (Net incomeQ3 2025
+ Net incomeQ2 2025
+ Net incomeQ1 2025
+ Net incomeQ4 2024)
÷ No. shares of common stock outstanding
= (382,103,000 + 436,127,000 + 386,599,000 + 331,764,000)
÷ 1,322,278,000 = 1.16
3 Closing price as at the filing date of Chipotle Mexican Grill Inc. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/E ratio = Share price ÷ EPS
= 32.53 ÷ 1.16 = 27.99
5 Click competitor name to see calculations.
The financial data presents an overview of key market valuation metrics over several quarters, highlighting the developments in share price, earnings per share (EPS), and price-to-earnings (P/E) ratio.
- Share Price Trends
- The share price exhibits notable volatility with an overall ascending trend from early 2021 through 2024 before declining towards 2025. Initially, the price increased from $29.68 at the end of March 2021 to a peak of $62.24 by the first quarter of 2024. Subsequently, a downward trajectory is observed, with the price falling to $32.53 by the third quarter of 2025. This pattern suggests periods of optimism followed by profit-taking or market corrections.
- Earnings per Share (EPS) Development
- EPS demonstrates consistent growth throughout the entire period. Starting at $0.29 in the first quarter of 2021, it steadily increased each quarter, reaching $1.16 by the third quarter of 2025. This persistent upward trajectory indicates improving profitability and operational performance on a per-share basis.
- Price-to-Earnings (P/E) Ratio Behavior
- The P/E ratio shows an overall decreasing trend, reflecting changes in market valuation relative to earnings. Beginning at a high level of approximately 103 in March 2021, the ratio declines consistently, reaching a low of around 28 by September 2025. Notable fluctuations occur, such as a rise to nearly 66 in early 2024 despite increasing EPS, likely driven by the sharp increase in share price at that time. The general decrease over the period implies that the share price growth has not kept pace with EPS growth, leading to a more conservative market assessment or increased earnings expectations being priced in.
In summary, the data reveals a company experiencing steady earnings growth with share price movements characterized by periods of substantial appreciation followed by corrections. The declining P/E ratio suggests that, despite rising earnings, the market has progressively moderated its valuation multiples, potentially reflecting a shift towards a more balanced investor outlook or recognition of the company’s strengthened earnings base.
Price to Operating Profit (P/OP)
Chipotle Mexican Grill Inc., historical P/OP calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 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 | 1,401,597,400 | 1,406,770,300 | 1,404,743,400 | 1,407,523,950 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Income (loss) from operations (in thousands) | 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) | 158,296) | 239,680) | 245,525) | 161,442) | ||||||
| Operating profit per share2 | 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 | 0.57 | 0.54 | 0.45 | 0.27 | ||||||
| Share price1, 3 | 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 | 31.23 | 35.32 | 36.62 | 29.68 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/OP ratio4 | 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 | 54.38 | 65.08 | 81.53 | 109.79 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||
| Airbnb Inc. | 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. | 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 | 40.46 | 66.89 | — | — | ||||||
| DoorDash, Inc. | 122.18 | 203.41 | 421.34 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| McDonald’s Corp. | 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 | 17.59 | 18.44 | 18.19 | 22.17 | ||||||
| Starbucks Corp. | 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 | 26.68 | 37.64 | 77.96 | 98.18 | ||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
Operating profit per share
= (Income (loss) from operationsQ3 2025
+ Income (loss) from operationsQ2 2025
+ Income (loss) from operationsQ1 2025
+ Income (loss) from operationsQ4 2024)
÷ No. shares of common stock outstanding
= (477,172,000 + 559,057,000 + 479,250,000 + 415,732,000)
÷ 1,322,278,000 = 1.46
3 Closing price as at the filing date of Chipotle Mexican Grill Inc. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 32.53 ÷ 1.46 = 22.27
5 Click competitor name to see calculations.
The analysis of the quarterly financial indicators reveals distinct trends and fluctuations over the observed periods.
- Share Price
- The share price demonstrates notable variability across quarters, beginning at $29.68 and ascending to a peak of $62.24 in the quarter ending March 31, 2024. Following this peak, the share price exhibits a downward trajectory, descending to $32.53 by the quarter ending September 30, 2025. This pattern indicates a period of substantial appreciation followed by a decline in market valuation.
- Operating Profit per Share
- Operating profit per share presents a consistent upward trend throughout the analyzed timeframe. Starting from $0.27, it progressively increases to $1.46 by September 30, 2025. This steady enhancement underscores improving operational profitability on a per-share basis, reflecting effective operational management and growth in earnings capacity.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio shows a general downward trend, decreasing from a high of 109.79 to 22.27 by the end of the period. The ratio fluctuates, initially dropping significantly, then stabilizing with some variation, before reaching its lowest levels in the final quarters. This decline indicates that the market price of shares has become more favorable relative to operating profits, suggesting potentially increased valuation attractiveness or market price adjustments reflecting the operating earnings.
In summary, while operating profit per share steadily improves, the share price experiences volatility, culminating in a peak and subsequent decline. The decreasing P/OP ratio suggests the stock has become relatively more affordable compared to its operational profitability over time. Together these insights imply strengthening operational performance amidst fluctuating market sentiment.
Price to Sales (P/S)
Chipotle Mexican Grill Inc., historical P/S calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 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 | 1,401,597,400 | 1,406,770,300 | 1,404,743,400 | 1,407,523,950 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Revenue (in thousands) | 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) | 1,960,633) | 1,952,315) | 1,892,538) | 1,741,575) | ||||||
| Sales per share2 | 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 | 5.38 | 5.11 | 4.87 | 4.49 | ||||||
| Share price1, 3 | 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 | 31.23 | 35.32 | 36.62 | 29.68 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/S ratio4 | 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 | 5.80 | 6.91 | 7.52 | 6.61 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||
| Airbnb Inc. | 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. | 6.34 | 7.24 | 6.63 | 6.94 | 6.41 | 5.48 | 5.36 | 6.24 | 4.80 | 5.24 | 5.29 | 5.35 | 4.30 | 5.33 | 6.83 | 9.22 | 10.85 | 11.93 | 16.99 | ||||||
| DoorDash, Inc. | 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. | 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 | 7.85 | 8.27 | 8.07 | 8.94 | ||||||
| Starbucks Corp. | 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 | 4.47 | 5.48 | 5.74 | 5.32 | ||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
Sales per share
= (RevenueQ3 2025
+ RevenueQ2 2025
+ RevenueQ1 2025
+ RevenueQ4 2024)
÷ No. shares of common stock outstanding
= (3,003,444,000 + 3,063,393,000 + 2,875,253,000 + 2,845,312,000)
÷ 1,322,278,000 = 8.91
3 Closing price as at the filing date of Chipotle Mexican Grill Inc. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= 32.53 ÷ 8.91 = 3.65
5 Click competitor name to see calculations.
The share price of the company demonstrated noticeable fluctuations over the observed period. Starting at $29.68 in March 2021, it generally increased with some volatility, peaking at $62.24 in March 2024 before trending downward to $32.53 by September 2025. This pattern indicates periods of strong market confidence followed by declines, possibly reflecting changing investor sentiment or external market conditions.
Sales per share showed a consistent upward trend throughout the entire timeline. From $4.49 in March 2021, it increased steadily each quarter, reaching $8.91 by September 2025. This sustained growth in sales per share suggests ongoing improvements in revenue generation or business expansion efforts, reflecting positively on the company's operational performance.
The price-to-sales (P/S) ratio exhibited more variability compared to sales per share. Initially rising from 6.61 to 7.52 between March and June 2021, it then declined to a low of 4.86 in September 2022 before climbing sharply to a peak of 8.38 in March 2024. After this peak, the P/S ratio decreased again, dropping to 3.65 by September 2025. This fluctuation suggests changes in market valuation relative to sales, possibly indicating shifts in investor expectations or broader market valuation trends. The peaks in P/S ratio coincide with the share price highs, suggesting that periods of investor optimism were not solely driven by sales increases but also influenced by valuation multiples.
Overall, the data reflect a company with increasing sales per share but with a share price and P/S ratio that are subject to more pronounced cyclical changes. This pattern implies that while underlying business performance has been improving steadily, market perceptions and valuations have been volatile over the observed timeframe.
Price to Book Value (P/BV)
Chipotle Mexican Grill Inc., historical P/BV calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 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 | 1,401,597,400 | 1,406,770,300 | 1,404,743,400 | 1,407,523,950 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Shareholders’ equity (in thousands) | 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) | 2,297,374) | 2,310,908) | 2,174,158) | 2,097,531) | ||||||
| Book value per share (BVPS)2 | 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 | 1.64 | 1.64 | 1.55 | 1.49 | ||||||
| Share price1, 3 | 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 | 31.23 | 35.32 | 36.62 | 29.68 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/BV ratio4 | 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 | 19.05 | 21.50 | 23.66 | 19.92 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||
| Airbnb Inc. | 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 | 16.35 | 18.03 | 17.84 | 20.15 | ||||||
| DoorDash, Inc. | 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: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
BVPS = Shareholders’ equity ÷ No. shares of common stock outstanding
= 3,221,838,000 ÷ 1,322,278,000 = 2.44
3 Closing price as at the filing date of Chipotle Mexican Grill Inc. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= 32.53 ÷ 2.44 = 13.35
5 Click competitor name to see calculations.
- Share Price
- The share price experienced a general upward trend from March 2021 to December 2023, increasing from $29.68 to a peak of $62.24. Following this peak, there was a notable decline, with the price falling to $32.53 by September 2025. Throughout the observed period, there were fluctuations, including a moderate decline in late 2021 and mid-2025.
- Book Value Per Share (BVPS)
- BVPS showed steady growth over the period, rising from $1.49 in March 2021 to a maximum of $2.71 in June 2024. After this peak, BVPS experienced a slight decrease and stabilization, ending at $2.44 by September 2025. The overall trend indicates gradual accretion in book value, reflecting incremental accumulation of company equity per share.
- Price-to-Book Value Ratio (P/BV)
- The P/BV ratio exhibited considerable volatility throughout the period, starting at 19.92 in March 2021, peaking at 25.43 in March 2024, and then declining to 13.35 by September 2025. The ratio movements closely correspond to fluctuations in the share price rather than changes in BVPS, signaling that market valuations varied more significantly relative to the underlying book value. The peak in P/BV aligns with the highest share price, reinforcing that market sentiment intensified before subsequently correcting.
- Overall Insights
- The company experienced growth in intrinsic value represented by BVPS, suggesting ongoing equity build-up. However, the market valuation expressed by the share price and P/BV ratio was more subject to external factors and investor sentiment, as evidenced by significant volatility and a sharp decline after late 2023. The decoupling of share price from the steady growth in book value in the latter periods may indicate concerns or shifts in market perception unrelated to fundamental equity growth.