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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- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Analysis of Profitability Ratios
- Analysis of Geographic Areas
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Operating Profit Margin since 2005
- Total Asset Turnover since 2005
- Analysis of Revenues
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Historical Valuation Ratios (Summary)
Chipotle Mexican Grill Inc., historical price multiples (quarterly data)
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
The financial ratios over the analyzed periods exhibit distinct trends across valuation metrics such as price to earnings (P/E), price to operating profit (P/OP), price to sales (P/S), and price to book value (P/BV). The data reveals fluctuations marking shifts in market sentiment and financial performance.
- Price to Earnings (P/E) Ratio
- The P/E ratio shows a marked decline from a value of 122.18 in the first quarter of 2021 to 39.78 by the second quarter of 2025. This downward trend suggests an improvement in earnings relative to stock price, indicating the company's earnings have grown or market valuation has adjusted downward. Volatility is observed with intermittent increases, notably around late 2023 and early 2024, where the ratio rose from mid-40s to nearly 66, before resuming its decreasing path. Overall, the sustained reduction points to enhanced earnings performance or re-rating by investors.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio follows a similar descending trajectory beginning at a high 149.81 in the first quarter of 2021 and tapering to 31.82 by mid-2025. This reflects growing operating profits relative to market prices, which could be attributed to operational efficiencies or cost management improvements. There are notable spikes in late 2023 and mid-2024, mirroring the pattern in the P/E ratio, but the overall direction is downward, indicating strengthening profitability at the operating level.
- Price to Sales (P/S) Ratio
- Price to sales shows more variability, initially declining from 7.26 to 4.86 between early 2021 and the end of 2022, then exhibiting an upward trend peaking at 8.38 in the third quarter of 2024 before slightly dropping to 5.3 by mid-2025. This fluctuation suggests periods of accelerated sales growth or shifts in investor valuation multiples applied to sales, possibly reflecting changing market expectations or revenue quality considerations.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio demonstrates cyclical movements around a generally high level, beginning near 14.72 in early 2020 and rising to peaks over 25 by early 2024, then settling down to 17.38 in the second quarter of 2025. These oscillations indicate changing investor sentiment regarding the company's net asset value, with peaks corresponding to increased valuation premiums. The elevated levels overall imply a market outlook that values the firm's assets significantly above their book values, potentially reflecting growth expectations or intangible asset strength.
In summary, the valuation ratios collectively suggest a maturing phase characterized by improved earnings and operating profit generation, which has led to lower price multiples in earnings and operating profit. Sales valuation shows greater dynamics, likely driven by market perception of revenue growth potential, while book value multiples remain elevated but fluctuate, indicating varying investor confidence in asset valuation over time.
Price to Earnings (P/E)
Chipotle Mexican Grill Inc., historical P/E calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 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. | |||||||||||||||||||||||||||||
| DoorDash, Inc. | |||||||||||||||||||||||||||||
| McDonald’s Corp. | |||||||||||||||||||||||||||||
| Starbucks Corp. | |||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
EPS
= (Net incomeQ2 2025
+ Net incomeQ1 2025
+ Net incomeQ4 2024
+ Net incomeQ3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Chipotle Mexican Grill Inc. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The financial data reveals several notable trends and fluctuations over the periods analyzed.
- Share Price
- The share price exhibits considerable volatility over the observed quarters. Initially, the price increased from $17.65 to $30.89 by the end of 2020, followed by a period of relative stability and minor fluctuations around the low $30 range through early 2022. A marked increase occurs in late 2022 through 2023, peaking at $62.24 in March 2024. After this peak, the price declines gradually towards mid-2025, ending at $45.74. This pattern suggests phases of growth, investor optimism, and a subsequent correction or market adjustment.
- Earnings Per Share (EPS)
- EPS data begins in late 2020 and shows a consistent upward trajectory throughout the period. Starting at $0.25, EPS increases steadily each quarter, reaching $1.16 by the middle of 2025 with a slight plateau at $1.15 just prior. The continual increase in EPS indicates improving profitability and operational performance over time.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio follows a generally downward trend from a high of 122.18 in late 2020 to 39.78 by mid-2025. Despite some fluctuations, including a rise to 65.94 in mid-2024, the overall decline suggests that the market price is becoming more aligned with earnings growth, potentially reflecting increased investor confidence in the company's earnings sustainability. The dip in P/E values implies that the stock may be perceived as less overvalued compared to earlier periods.
In summary, the data indicates a company experiencing significant growth in earnings accompanied by fluctuating share prices, which eventually align more closely with fundamental earnings performance as reflected in the decreasing P/E ratio over time.
Price to Operating Profit (P/OP)
Chipotle Mexican Grill Inc., historical P/OP calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Income (loss) 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: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
Operating profit per share
= (Income (loss) from operationsQ2 2025
+ Income (loss) from operationsQ1 2025
+ Income (loss) from operationsQ4 2024
+ Income (loss) from operationsQ3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Chipotle Mexican Grill Inc. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price exhibited an upward trend from March 31, 2020, starting at $17.65 and increasing significantly to reach a peak of $62.24 by March 31, 2024. Post this peak, the price experienced some volatility, with a general downward adjustment to $45.74 by June 30, 2025. Notably, the share price demonstrated notable gains particularly between March 2023 and March 2024, where it rose sharply from $40.73 to $62.24, suggesting strong market confidence during that period.
- Operating Profit per Share (OP per share)
- Operating profit per share data is available from December 31, 2020, and shows a consistent upward trajectory throughout the available periods. Starting at $0.21, the metric grew steadily, reaching $1.45 by June 30, 2025. This gradual increase indicates improving operational efficiency and profitability on a per-share basis over time with no apparent downturns, highlighting sustained growth in earnings.
- Price-to-Operating-Profit Ratio (P/OP)
- The P/OP ratio, which is the share price divided by the operating profit per share, showed a clear declining trend from 149.81 at December 31, 2020, down to 31.82 by June 30, 2025. This decline suggests improving valuation relative to operating profitability, implying that the operating profit growth outpaced the increase in share price. Periods of slight ratio increases, such as around December 31, 2023 (46.13) and March 31, 2024 (52.39), indicate brief phases where share price gains temporarily outstripped profit growth, but the overall trend denotes increased investor confidence in the company’s operational performance.
- Overall Insights
- The combined data reflect a company experiencing strong and consistent growth in operational profitability per share, which is positively recognized by the market as evidenced by share price increases. The decreasing P/OP ratio over time represents a valuation that is becoming more aligned and reasonable relative to profitability, suggesting that earnings growth is underlying and supporting equity value rather than share price being driven solely by speculative factors. The volatility observed in share prices post-peak periods indicates normal market fluctuations, possibly linked to broader market conditions or company-specific events, but does not overshadow the sustained positive operational trend.
Price to Sales (P/S)
Chipotle Mexican Grill Inc., historical P/S calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 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. | |||||||||||||||||||||||||||||
| DoorDash, Inc. | |||||||||||||||||||||||||||||
| McDonald’s Corp. | |||||||||||||||||||||||||||||
| Starbucks Corp. | |||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
Sales per share
= (RevenueQ2 2025
+ RevenueQ1 2025
+ RevenueQ4 2024
+ RevenueQ3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Chipotle Mexican Grill Inc. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends and fluctuations over the observed periods. The share price experienced considerable volatility, initially rising from $17.65 in March 2020 to a peak of $52.41 by December 2023. This increase was followed by a decline to $45.74 by June 2025, indicating a period of both growth and subsequent correction.
Sales per share showed a consistent upward trajectory starting from March 2021. The sales per share increased steadily from $4.25 to $8.63 by June 2025, demonstrating sustained growth in revenue generation on a per-share basis throughout the later periods.
The price-to-sales ratio (P/S) exhibited more variability, reflecting fluctuations in market valuation relative to sales. Initially, the P/S ratio decreased from 7.26 in March 2021 to 4.86 in December 2021, suggesting a tempering of market optimism or improved sales performance. However, it rose again, peaking at 8.38 by June 2024, before declining to 5.30 by June 2025. This pattern indicates changing investor sentiment and valuation perspectives coinciding with the shifts in share price and sales per share.
Overall, the financial data shows an underlying growth in sales performance per share, accompanied by fluctuating market valuations as reflected in the varying P/S ratios and share prices. The periods of high valuation ratios correspond with peaks in share prices, while declines in the P/S ratio align with either share price adjustments or ongoing sales growth, emphasizing a dynamic interplay between market expectations and company performance.
- Share Price
- Experienced strong growth from $17.65 to a high of $52.41 before declining to $45.74, indicating initial investor enthusiasm followed by a market correction.
- Sales Per Share
- Displayed steady and continuous growth from $4.25 to $8.63, reflecting improving sales efficiency and revenue generation per share.
- Price-to-Sales (P/S) Ratio
- Fluctuated significantly, declining initially from 7.26 to 4.86, then rising to a peak of 8.38 before falling back to 5.30, suggesting varying market valuation sentiments relative to sales performance.
Price to Book Value (P/BV)
Chipotle Mexican Grill Inc., historical P/BV calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| 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. | |||||||||||||||||||||||||||||
| DoorDash, Inc. | |||||||||||||||||||||||||||||
| McDonald’s Corp. | |||||||||||||||||||||||||||||
| Starbucks Corp. | |||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2025 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 Q2 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited a general upward trend over the analyzed periods, starting at $17.65 in March 2020 and reaching a peak of $62.24 by March 2024. However, this growth was characterized by periods of volatility. Notably, after peaking at $36.62 in June 2021, the price saw a slight decline with fluctuations around the $30 range through late 2022 and early 2023. The share price rebounded strongly towards the end of 2023, culminating in the highest value recorded in the series. Subsequently, the price trended downward again from the peak, holding above $45 through mid-2025.
- Book Value Per Share (BVPS) Movement
- Book value per share showed a consistent and gradual increase over the entire period, moving from $1.20 in March 2020 to $2.63 by June 2025. This steady growth suggests continual accumulation of retained earnings or asset appreciation per share. There is no indication of significant volatility or decline in BVPS throughout the quarters, implying stable underlying equity growth.
- Price-to-Book Value Ratio (P/BV) Dynamics
- The P/BV ratio fluctuated substantially during the period, reflecting the interplay between share price volatility and steady growth in book value. Initially high at 14.72 in March 2020, the ratio peaked at 25.43 in March 2024, coinciding with the share price peak. Periods of falling share prices produced corresponding dips in the P/BV ratio, such as the observed decline from late 2023 into mid-2025, reaching 17.38. The P/BV generally remained elevated, often exceeding 17, indicating that the market valued the shares at a significant premium over book value, consistent with expectations of growth or intangible asset value.
- Overall Insights
- The data reflects a company whose market valuation has substantially increased over time, outpacing the growth in book value. The steady rise in book value per share conveys stable equity enhancement, while share price volatility and corresponding P/BV ratio fluctuations suggest market sensitivity to external factors or performance expectations. The elevated P/BV ratios indicate strong investor confidence or growth prospects priced into the shares, albeit with periodic corrections. In summary, the financial data depicts progressive shareholder value creation amidst typical market variability.