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: 2026-06-30), 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).
The valuation ratios exhibit a cyclical pattern characterized by a period of expansion peaking in the first quarter of 2024, followed by a significant contraction through late 2025 and a subsequent phase of stabilization. A strong positive correlation is observed across all four metrics, indicating that the market valuation shifted uniformly relative to earnings, operating profit, sales, and book value.
- Price to Earnings (P/E) and Price to Operating Profit (P/OP)
- Both profit-based ratios followed a nearly identical trajectory. The P/E ratio began at 61.35 in March 2022, experienced a volatility peak of 65.94 in March 2024, and then entered a steep decline to a period low of 27.99 in September 2025. Similarly, the P/OP ratio declined from an initial 50.34 to a low of 22.27 in September 2025. By June 2026, both ratios stabilized, with P/E at 33.18 and P/OP at 25.88, representing a significant compression of valuation multiples compared to the 2022-2024 period.
- Price to Sales (P/S)
- The revenue multiple remained relatively stable around 5.0 during 2022 before climbing to a peak of 8.38 in March 2024. Following this peak, the ratio underwent a sharp correction, reaching a minimum of 3.65 in September 2025. The ratio concluded the period at 3.79 in June 2026, suggesting a fundamental shift in how the market prices the company's top-line growth.
- Price to Book Value (P/BV)
- The P/BV ratio demonstrated higher volatility than the other metrics. While it shared the overall peak in March 2024 at 25.43 and the trough in September 2025 at 13.35, it showed a more aggressive recovery in the final year. By June 2026, the P/BV ratio rose to 21.41, indicating a return to valuation levels closer to those seen in 2022, despite the earnings and sales multiples remaining depressed.
Overall, the data indicates a valuation correction that occurred between March 2024 and September 2025. The convergence of the P/E and P/OP ratios at lower levels by 2026 suggests a market repricing toward a more conservative valuation framework, while the recovery in the P/BV ratio indicates a sustained premium over the company's accounting book value.
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Price to Earnings (P/E)
Chipotle Mexican Grill Inc., historical P/E calculation (quarterly data)
| 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 | 1,265,418,000 | 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) | 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 | 1.12 | 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 | 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 | 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. | 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. | 106.79 | 79.04 | 80.56 | 98.12 | 141.17 | 221.23 | 728.78 | — | — | — | — | — | — | — | — | — | — | — | ||||||
| McDonald’s Corp. | — | 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. | 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: 2026-06-30), 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 Q2 2026 Calculation
EPS
= (Net incomeQ2 2026
+ Net incomeQ1 2026
+ Net incomeQ4 2025
+ Net incomeQ3 2025)
÷ No. shares of common stock outstanding
= (403,547,000 + 302,824,000 + 330,932,000 + 382,103,000)
÷ 1,265,418,000 = 1.12
3 Closing price as at the filing date of Chipotle Mexican Grill Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/E ratio = Share price ÷ EPS
= 37.22 ÷ 1.12 = 33.18
5 Click competitor name to see calculations.
The financial trajectory from March 2022 through June 2026 is characterized by a divergence between consistent earnings growth and fluctuating market valuation. While profitability grew steadily over the period, the share price experienced significant volatility, resulting in a notable compression of the price-to-earnings (P/E) multiple in the latter stages of the analysis.
- Earnings Per Share (EPS) Trends
- A consistent upward trend in earnings per share is observed for the majority of the period. EPS grew from 0.49 in March 2022 to a peak of 1.18 in December 2025. This steady increase indicates a sustained improvement in bottom-line profitability, maintaining a growth trajectory even during periods of share price decline.
- Share Price Volatility
- The share price exhibited significant fluctuations, beginning at 30.02 in March 2022 and reaching a peak of 62.24 in March 2024. Following this peak, a general downward trend occurred, with prices falling to a low of 32.53 by September 2025, before stabilizing in the 33.00 to 37.00 range through June 2026.
- Price-to-Earnings (P/E) Ratio Analysis
- The P/E ratio reflects a shift in market sentiment and valuation. An initial period of high valuation peaked at 65.94 in March 2024, coinciding with the share price peak. Subsequently, a significant contraction is observed, with the ratio dropping to a low of 27.99 in September 2025. This compression suggests that while earnings increased, the market's willingness to pay a premium for those earnings diminished.
- Correlation and Valuation Insights
- The data reveals a transition from a high-growth valuation model to a more conservative one. In the 2022 to 2024 period, the P/E ratio remained largely above 45, indicating high growth expectations. By 2025 and 2026, the P/E ratio stabilized between 30.03 and 33.18, suggesting a realignment of the stock's value closer to its actual earnings performance.
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Price to Operating Profit (P/OP)
Chipotle Mexican Grill Inc., historical P/OP calculation (quarterly data)
| 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 | 1,265,418,000 | 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) | 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 | 1.44 | 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 | 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 | 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. | 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. | 126.14 | 101.79 | 104.18 | 122.18 | 203.41 | 421.34 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| McDonald’s Corp. | — | 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. | 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: 2026-06-30), 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 Q2 2026 Calculation
Operating profit per share
= (Income from operationsQ2 2026
+ Income from operationsQ1 2026
+ Income from operationsQ4 2025
+ Income from operationsQ3 2025)
÷ No. shares of common stock outstanding
= (525,595,000 + 397,063,000 + 420,319,000 + 477,172,000)
÷ 1,265,418,000 = 1.44
3 Closing price as at the filing date of Chipotle Mexican Grill Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 37.22 ÷ 1.44 = 25.88
5 Click competitor name to see calculations.
The financial data from March 2022 through June 2026 reveals a divergence between consistent operational growth and volatile equity valuation. While operational efficiency improved steadily over the period, the market valuation multiple experienced significant compression.
- Operating Profit Performance
- A sustained and nearly linear increase in operating profit per share is observed, rising from 0.60 US$ in March 2022 to 1.44 US$ by June 2026. This growth trajectory indicates a strong and consistent improvement in the underlying operational profitability of the business throughout the analyzed timeframe.
- Share Price Volatility
- The share price exhibited significant fluctuations, characterized by a strong bullish trend reaching a peak of 62.24 US$ in March 2024. Following this peak, a general downward correction occurred, with the price fluctuating between 32.53 US$ and 57.51 US$ before settling at 37.22 US$ in June 2026.
- Price to Operating Profit (P/OP) Trend
- The P/OP ratio demonstrates a clear pattern of multiple compression. The ratio began at a high of 50.34 in March 2022 and reached a secondary peak of 52.39 in March 2024. Subsequently, a sharp decline is observed, with the ratio dropping to 22.27 by September 2025. For the final three quarters of the period, the ratio stabilized within a narrower range between 23.52 and 25.88.
The overall trend indicates that while the company successfully increased its operating profit per share by approximately 140%, the market's willingness to pay a premium for those profits declined. The reduction in the P/OP ratio suggests that the share price decreased more rapidly than the operating profit grew during the 2024-2025 period, leading to a more conservative valuation by the end of the series.
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Price to Sales (P/S)
Chipotle Mexican Grill Inc., historical P/S calculation (quarterly data)
| 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 | 1,265,418,000 | 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) | 3,348,562) | 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 | 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 | 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 | 3.79 | 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. | 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. | 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. | — | 7.34 | 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. | 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: 2026-06-30), 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 Q2 2026 Calculation
Sales per share
= (RevenueQ2 2026
+ RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025)
÷ No. shares of common stock outstanding
= (3,348,562,000 + 3,088,242,000 + 2,983,511,000 + 3,003,444,000)
÷ 1,265,418,000 = 9.82
3 Closing price as at the filing date of Chipotle Mexican Grill Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= 37.22 ÷ 9.82 = 3.79
5 Click competitor name to see calculations.
The valuation profile of the equity reflects a period of significant multiple expansion followed by a sustained contraction, despite a consistent and linear increase in underlying sales performance per share. The divergence between share price volatility and steady revenue growth indicates that the Price to Sales (P/S) ratio was driven primarily by market sentiment and price fluctuations rather than fundamental changes in sales velocity.
- Sales per Share Growth
- A consistent upward trajectory is observed in sales per share, which rose from 5.60 US$ in March 2022 to 9.82 US$ by June 2026. This represents a steady growth pattern with no quarterly declines throughout the analyzed period, suggesting stable operational expansion and increasing revenue efficiency per share.
- Share Price Dynamics
- The share price experienced a period of aggressive appreciation between December 2022 (32.14 US$) and March 2024, where it reached a peak of 62.24 US$. Following this peak, a general downward trend occurred, characterized by heightened volatility and a decline to 37.22 US$ by June 2026, effectively erasing much of the gains seen in the 2023-2024 window.
- Price to Sales (P/S) Ratio Trends
- The P/S ratio shifted from a relatively stable range of 4.86 to 5.36 in 2022 to a peak valuation of 8.38 in March 2024. This expansion reflects a period where the market assigned a significantly higher premium to each dollar of sales. Subsequently, the ratio underwent a sharp contraction, falling to a low of 3.59 in March 2026. The final observed ratio of 3.79 in June 2026 suggests a valuation reset to levels considerably lower than those seen at the start of the reporting period, despite the significantly higher sales per share.
Overall, the analysis indicates a decoupling of valuation from fundamental sales growth. While the company successfully increased its sales per share every quarter, the market multiple contracted, leading to a lower P/S ratio by the end of the period compared to the beginning.
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Price to Book Value (P/BV)
Chipotle Mexican Grill Inc., historical P/BV calculation (quarterly data)
| 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 | 1,265,418,000 | 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) | 2,199,791) | 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 | 1.74 | 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 | 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 | 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. | 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: 2026-06-30), 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 Q2 2026 Calculation
BVPS = Shareholders’ equity ÷ No. shares of common stock outstanding
= 2,199,791,000 ÷ 1,265,418,000 = 1.74
3 Closing price as at the filing date of Chipotle Mexican Grill Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= 37.22 ÷ 1.74 = 21.41
5 Click competitor name to see calculations.
The Price to Book Value (P/BV) ratio for the period between March 31, 2022, and June 30, 2026, exhibits significant volatility, reflecting fluctuations in both market sentiment and the underlying equity value per share. The ratio moved from a baseline of approximately 19.67 to a peak of 25.43 before experiencing a sharp contraction and a subsequent partial recovery.
- Share Price Trends
- An upward trajectory in share price is observed from March 2022 (30.02) through March 2024, where the price reached a maximum of 62.24. Following this peak, a general downward correction occurred, characterized by intermittent volatility, eventually settling at 37.22 by June 2026.
- Book Value per Share (BVPS) Evolution
- The book value per share showed steady growth for the first half of the period, rising from 1.53 in March 2022 to a peak of 2.71 in June 2024. A reversal is noted after this point, with the BVPS declining steadily to 1.74 by June 2026, indicating a reduction in the net asset value attributed to each share.
- P/BV Ratio Analysis
- The P/BV ratio experienced three distinct phases. First, a period of relative stability occurred through 2022, with values ranging between 17.58 and 19.67. Second, a valuation expansion took place between March 2023 and March 2024, peaking at 25.43, which suggests the market assigned a higher premium to the company's assets. Third, a significant compression occurred, reaching a period low of 13.35 in September 2025, before climbing back to 21.41 by June 2026.
- Correlation Insights
- The peak P/BV ratio in March 2024 coincided with the highest recorded share price, suggesting that market price appreciation outpaced the growth of book value during this window. Conversely, the decline in the ratio toward late 2025 was driven by a simultaneous drop in both share price and book value per share, although the share price decline was more pronounced relative to the equity base at that time.
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