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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- Income Statement
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Operating Profit Margin since 2005
- Price to Earnings (P/E) 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: 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 for the company over the examined quarterly periods reveal several clear trends and fluctuations.
- Price to Earnings (P/E) Ratio
- The P/E ratio exhibits an overall decreasing trend from March 2021 through June 2025, starting at 102.77 and moving towards 39.78. Notable declines occur in the first year, dropping to around 49 by the end of 2022. After some volatility with intermediate increases in early 2023 and early 2024, the ratio resumes a downward trajectory, culminating in the lowest values observed in mid-2025. This decline may indicate growing earnings relative to the stock price or shifts in market valuation perceptions over time.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio follows a similar decreasing pattern, starting from 109.79 at the beginning of the period and declining steadily to 31.82 by June 2025. The most significant drop occurs within the first two years, with the ratio falling below 40 in the fourth quarter of 2022. Though there is some rebound in early 2023 and early 2024, the general trend remains downward, pointing towards improved operating profitability relative to price or revaluation by the market.
- Price to Sales (P/S) Ratio
- This ratio displays more variability compared to P/E and P/OP. Initially, it rises from 6.61 in March 2021 to a peak of 7.52 in June 2021, then declines to a low of 4.86 in September 2022. A marked increase is observed thereafter, reaching as high as 8.38 in the first quarter of 2024. Following this peak, the ratio decreases again towards 5.3 by mid-2025. This pattern suggests fluctuations in revenue valuation relative to market price, possibly driven by sales growth variability or changing investor sentiment.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio shows cyclical movements over the period. It starts at 19.92 in March 2021, rises to peak at 23.66 mid-2021, then declines to a trough of 17.58 in the third quarter of 2022. Subsequently, the ratio climbs again, reaching near 25.43 in early 2024, before gradually decreasing towards 17.38 by June 2025. This trend may reflect shifts in the company's equity valuation relative to its book value, influenced by changes in asset base, equity value, or overall market conditions.
In summary, the valuation multiples exhibit notable downward trends in P/E and P/OP ratios, indicating increased earnings and operating profit generation relative to stock price. In contrast, the P/S and P/BV ratios display more cyclical movements with peaks and troughs corresponding to changes in sales or equity valuation metrics. These patterns highlight evolving market perceptions and operational performance over the specified quarters.
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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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).
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 in the share price, earnings per share (EPS), and price-to-earnings (P/E) ratio over the observed periods.
- Share Price
- The share price demonstrated moderate fluctuations initially, starting around $29.68 and maintaining a generally stable range through 2021 and early 2022. A significant upward trend is observable beginning in early 2023, with the price peaking notably at $62.24 in March 2024. Following this peak, a gradual decline occurs throughout 2024 and into mid-2025, with the share price tapering to approximately $45.74 by June 2025. This pattern suggests a period of increased market confidence and value growth in early 2023 and 2024, followed by a correction or investor reassessment in the subsequent periods.
- Earnings Per Share (EPS)
- EPS shows a steady and continuous upward trajectory across the entire timeline. Beginning at $0.29 in the first quarter of 2021, it gradually increased to $1.15 by mid-2025. This positive trend in earnings per share indicates consistent improvement in profitability and operational efficiency. The growth rate appears particularly strong after 2022, with quarterly EPS figures progressively rising, reflecting sustained earnings enhancement that could positively influence investor sentiment.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio exhibits a declining trend from a very high level of 102.77 in early 2021 to a lower range around 40–50 by mid-2025. Early in the timeline, the ratio was elevated, suggesting the market was pricing the shares with high growth expectations relative to earnings. As EPS increased steadily, the P/E ratio decreased, indicating that share prices did not rise proportionally at times, or earnings growth outpaced price increases. Notably, after peaking share prices in early 2024, the P/E ratio temporarily increased to above 65, then declined again, suggesting market valuation adjustments possibly driven by changes in future growth expectations or risk perceptions.
In summary, the data reflects a company with progressively improving profitability as shown by rising EPS, while share prices experienced both strong growth and later declines. The P/E ratio’s decrease over time suggests a maturing market assessment of the company’s growth prospects, with valuations adjusting in response to earnings improvements and share price volatility. These patterns collectively indicate a dynamic valuation environment influenced by earnings trends and investor sentiment shifts.
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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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).
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.
The analysis of financial indicators over the observed periods reveals several key trends and changes.
- Share Price
- The share price exhibited moderate volatility throughout the timeline. Initially, there was an upward movement from approximately $29.68 to $36.62 within the first two quarters, followed by a slight decline towards the end of 2021, reaching about $31.23. Entering 2022, prices remained relatively stable in the low 30s but demonstrated a substantial increase starting in early 2023, peaking at $62.24 in March 2024. Subsequently, the share price experienced a gradual decline but remained elevated relative to the earlier years, ending around $45.74 in June 2025. This pattern suggests periods of investor optimism particularly around early 2023 to mid-2024.
- Operating Profit per Share
- Operating profit per share showed a consistent upward trajectory throughout the entire span. Starting from $0.27 in March 2021, it broadly doubled by the end of 2022 reaching approximately $0.84. This growth trend continued steadily, surpassing $1.0 in early 2023 and peaking near $1.45 in June 2025. The steady increase indicates an improvement in the company’s operating efficiency and profitability on a per-share basis over time.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio began very high at 109.79 in the first quarter of 2021, reflecting a premium valuation relative to operating profits. This ratio then steadily declined through 2021 and 2022, reaching a low near 34.15 by mid-2025, with some fluctuations along the way. Notably, there was a spike in P/OP around December 2023 at 46.13 and March 2024 at 52.39, coinciding with the peak in share price levels. The general downward trend in this ratio suggests that the increase in operating profit per share outpaced the share price growth overall, indicating improving valuation metrics and potentially enhanced market confidence in sustainable profitability.
In summary, the financial trends indicate sustained improvement in operational profitability and a share price that reflects periods of strong market confidence, especially in 2023 and early 2024. The decline in valuation multiples over time points to a maturing perception of earnings quality and growth stability by investors.
Price to Sales (P/S)
Chipotle Mexican Grill Inc., historical P/S calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| 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).
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 in the share price, sales per share, and price-to-sales (P/S) ratio over the examined periods.
- Share Price
- The share price demonstrates fluctuations with an overall upward trend from early 2021 to mid-2024. Beginning at approximately $29.68 in March 2021, the share price generally increased, with occasional declines during certain quarters such as late 2021 and mid-2025. Notably, there was a significant rise peaking at $62.24 in March 2024, followed by some volatility, including a drop to $45.74 by June 2025. This indicates periods of growth and correction typical of market dynamics.
- Sales Per Share
- Sales per share exhibit a consistent upward trajectory throughout the entire timeframe, increasing steadily from $4.49 in March 2021 to $8.63 by June 2025. This persistent growth trend reflects expanding revenue generation relative to the number of shares outstanding, indicating improving operational performance and possibly market penetration or pricing power improvements across the quarters.
- Price-to-Sales (P/S) Ratio
- The P/S ratio fluctuates more irregularly compared to sales per share, beginning at 6.61 in March 2021 and experiencing a decline until late 2022 when it hits a lower point around 4.86 to 5.15. Post that period, the ratio sees a substantial increase, peaking at 8.38 in March 2024, which corresponds approximately with the peak in share price. Subsequently, the P/S ratio decreases again to around 5.30 by June 2025. These shifts suggest varying market valuation sentiment relative to sales, potentially driven by changes in investor expectations, stock price volatility, or shifts in sales growth momentum.
In summary, the data indicate solid growth in sales per share, showing strengthening business fundamentals. However, share price and valuation multiples (P/S ratio) have been more volatile, reflecting changing market perceptions and cyclical dynamics. The peak periods for share price and P/S ratio around early 2024 may warrant further investigation regarding specific external or internal factors influencing investor valuation during that time.
Price to Book Value (P/BV)
Chipotle Mexican Grill Inc., historical P/BV calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| 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).
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.
The analysis of the financial data reveals several observable trends in the company’s share price, book value per share (BVPS), and price-to-book value (P/BV) ratio over the reported periods.
- Share Price
- The share price demonstrates significant fluctuations throughout the periods. Initially, it rose from $29.68 to a peak of $36.62 within the first half of 2021, then slightly declined and remained relatively stable around the $30 range for most of 2022. A pronounced increase occurred at the start of 2023, with the share price climbing sharply to a high of $62.24 by March 2024. Following this peak, a gradual decline is observed, with the price decreasing to $45.74 by June 2025. This indicates a period of volatility with a strong upward trend in early 2023 and a partial correction thereafter.
- Book Value Per Share (BVPS)
- The BVPS exhibits a steady upward trend over the examined periods. Starting at $1.49 in March 2021, it consistently increased with only minor fluctuations, reaching $2.63 by June 2025. This steady growth suggests gradual accumulation of equity or retained earnings, reflecting a solid improvement in the company’s net asset value on a per-share basis.
- Price-to-Book Value (P/BV) Ratio
- The P/BV ratio shows considerable variability, influenced by the fluctuations in share price relative to the steadily rising book value. Initially very high at 19.92 in March 2021, the ratio peaked at 23.66 in June 2021 before declining to a low of 17.38 by June 2025. Notable spikes were recorded around the end of 2023 and early 2024, paralleling the peak in the share price. Overall, the trend suggests that the market’s valuation relative to book value has been somewhat volatile but generally decreasing toward the later periods, indicating a possible revaluation or market correction despite the steady growth in book value.
In summary, the company experienced a strong rise and subsequent partial decline in share price amid steady growth in book value per share. The market premium relative to book value fluctuated significantly, reflecting changing investor sentiment and valuation multiples over the time span.