Common Stock Valuation Ratios (Price Multiples)
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).
Current Valuation Ratios
Chipotle Mexican Grill Inc., current price multiples
| Chipotle Mexican Grill Inc. | Airbnb Inc. | Booking Holdings Inc. | DoorDash, Inc. | McDonald’s Corp. | Starbucks Corp. | Consumer Services | Consumer Discretionary | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | |||||||||||
| Current share price (P) | $39.39 | ||||||||||
| No. shares of common stock outstanding | 1,302,423,000 | ||||||||||
| Growth rate (g) | 40.41% | ||||||||||
| Earnings per share (EPS) | $1.18 | ||||||||||
| Next year expected EPS | $1.66 | ||||||||||
| Operating profit per share | $1.49 | ||||||||||
| Sales per share | $9.16 | ||||||||||
| Book value per share (BVPS) | $2.17 | ||||||||||
| Valuation Ratios (Price Multiples) | |||||||||||
| Price to earnings (P/E) | 33.41 | 28.40 | 24.43 | 639.38 | 28.33 | 61.03 | 31.35 | 40.05 | |||
| Price to next year expected earnings | 23.79 | 32.41 | 16.00 | 716.47 | — | — | 8.33 | 32.82 | |||
| Price-earnings-growth (PEG) | 0.83 | — | 0.46 | — | — | — | 0.11 | 1.82 | |||
| Price to operating profit (P/OP) | 26.50 | 29.46 | 19.02 | — | 19.89 | 38.58 | 23.88 | 32.03 | |||
| Price to sales (P/S) | 4.30 | 6.77 | 6.05 | 7.33 | 8.99 | 3.05 | 5.84 | 3.51 | |||
| Price to book value (P/BV) | 18.12 | 8.94 | — | 10.08 | — | — | 150.96 | 11.28 | |||
Based on: 10-K (reporting date: 2025-12-31).
If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.
Historical Valuation Ratios (Summary)
Chipotle Mexican Grill Inc., historical price multiples
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
The valuation ratios exhibit varied trends over the five-year period. Generally, a decreasing trend is apparent across most ratios, suggesting a potential shift in market perception of the company’s value relative to its financial performance.
- Price to Earnings (P/E)
- The Price to Earnings ratio decreased from 67.03 in 2021 to 33.86 in 2025. This represents a substantial decline, indicating that the market is willing to pay less for each dollar of earnings over time. The ratio experienced an initial drop to 49.37 in 2022, followed by a rise to 58.48 in 2023, before resuming its downward trajectory.
- Price to Operating Profit (P/OP)
- Similar to the P/E ratio, the Price to Operating Profit ratio also demonstrates a declining trend, moving from 54.38 in 2021 to 26.87 in 2025. This pattern mirrors the P/E ratio’s behavior, with a decrease in 2022, a subsequent increase in 2023, and a final decline through 2025. The magnitude of the decrease is significant, suggesting a changing relationship between the company’s market price and its operational profitability.
- Price to Sales (P/S)
- The Price to Sales ratio fluctuated over the period. It decreased from 5.80 in 2021 to 5.14 in 2022, then increased to a peak of 7.28 in 2023, before declining to 4.36 in 2025. This indicates a more volatile relationship between the company’s market capitalization and its revenue generation compared to the earnings and operating profit ratios. The 2025 value represents the lowest point in the observed period.
- Price to Book Value (P/BV)
- The Price to Book Value ratio showed some variability. It decreased slightly from 19.05 in 2021 to 18.74 in 2022, increased to 23.47 in 2023, and then decreased to 18.37 in 2025. While not as dramatic as the declines in the P/E and P/OP ratios, the P/BV ratio suggests a shifting perception of the company’s net asset value relative to its market price. The 2025 value is near the lowest observed during the period.
Overall, the observed trends suggest a decreasing valuation multiple across most metrics, particularly for earnings and operating profit. This could be attributable to various factors, including changes in investor sentiment, competitive pressures, or shifts in the company’s growth prospects. The Price to Sales ratio exhibited more fluctuation, while the Price to Book Value ratio showed a less pronounced trend.
Price to Earnings (P/E)
Chipotle Mexican Grill Inc., historical P/E calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,302,423,000 | 1,355,337,000 | 1,371,058,450 | 1,381,092,350 | 1,401,597,400 | |
| Selected Financial Data (US$) | ||||||
| Net income (in thousands) | 1,535,761) | 1,534,110) | 1,228,737) | 899,101) | 652,984) | |
| Earnings per share (EPS)2 | 1.18 | 1.13 | 0.90 | 0.65 | 0.47 | |
| Share price1, 3 | 39.93 | 57.51 | 52.41 | 32.14 | 31.23 | |
| Valuation Ratio | ||||||
| P/E ratio4 | 33.86 | 50.81 | 58.48 | 49.37 | 67.03 | |
| Benchmarks | ||||||
| P/E Ratio, Competitors5 | ||||||
| Airbnb Inc. | — | 33.58 | 20.59 | 44.53 | — | |
| Booking Holdings Inc. | — | 28.00 | 31.09 | 29.87 | 86.68 | |
| DoorDash, Inc. | — | 728.78 | — | — | — | |
| McDonald’s Corp. | — | 27.00 | 25.23 | 31.22 | 24.15 | |
| Starbucks Corp. | 51.93 | 29.62 | 29.09 | 34.26 | 30.95 | |
| P/E Ratio, Sector | ||||||
| Consumer Services | — | 34.04 | 30.62 | 39.20 | 46.48 | |
| P/E Ratio, Industry | ||||||
| Consumer Discretionary | — | 39.33 | 33.63 | 46.01 | 39.27 | |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
EPS = Net income ÷ No. shares of common stock outstanding
= 1,535,761,000 ÷ 1,302,423,000 = 1.18
3 Closing price as at the filing date of Chipotle Mexican Grill Inc. Annual Report.
4 2025 Calculation
P/E ratio = Share price ÷ EPS
= 39.93 ÷ 1.18 = 33.86
5 Click competitor name to see calculations.
The price to earnings (P/E) ratio exhibited fluctuations over the five-year period. Initially, the P/E ratio decreased from 2021 to 2022, then increased in 2023, followed by a slight decrease in 2024, and a substantial decrease in 2025.
- P/E Ratio Trend
- The P/E ratio began at 67.03 in 2021. A notable decline to 49.37 was observed in 2022. The ratio then rose to 58.48 in 2023, indicating increased investor willingness to pay for each dollar of earnings. In 2024, the P/E ratio decreased slightly to 50.81. The most significant change occurred in 2025, with the P/E ratio falling to 33.86, representing a considerable reduction in valuation.
- Share Price and EPS Relationship
- The share price generally increased from 2021 to 2023, aligning with the increase in earnings per share (EPS). However, while the share price continued to rise in 2024, EPS also increased, resulting in a smaller increase in the P/E ratio. In 2025, the share price decreased significantly while EPS remained relatively stable, leading to the substantial decline in the P/E ratio.
The decreasing P/E ratio in 2025 suggests that the market may be anticipating lower future earnings growth, or that the share price decreased to a level more reflective of the company’s earnings. The earlier fluctuations indicate periods of changing investor sentiment and valuation levels relative to earnings.
- Key Observations
- The largest year-over-year change in the P/E ratio occurred between 2024 and 2025, decreasing by 16.95. This suggests a significant shift in market perception or underlying fundamentals during that period.
Price to Operating Profit (P/OP)
Chipotle Mexican Grill Inc., historical P/OP calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,302,423,000 | 1,355,337,000 | 1,371,058,450 | 1,381,092,350 | 1,401,597,400 | |
| Selected Financial Data (US$) | ||||||
| Income from operations (in thousands) | 1,935,798) | 1,916,333) | 1,557,813) | 1,160,403) | 804,943) | |
| Operating profit per share2 | 1.49 | 1.41 | 1.14 | 0.84 | 0.57 | |
| Share price1, 3 | 39.93 | 57.51 | 52.41 | 32.14 | 31.23 | |
| Valuation Ratio | ||||||
| P/OP ratio4 | 26.87 | 40.67 | 46.13 | 38.25 | 54.38 | |
| Benchmarks | ||||||
| P/OP Ratio, Competitors5 | ||||||
| Airbnb Inc. | — | 34.83 | 65.01 | 46.78 | 232.24 | |
| Booking Holdings Inc. | — | 21.80 | 22.85 | 17.91 | 40.46 | |
| DoorDash, Inc. | — | — | — | — | — | |
| McDonald’s Corp. | — | 18.95 | 18.35 | 20.58 | 17.59 | |
| Starbucks Corp. | 32.83 | 20.60 | 20.44 | 24.35 | 26.68 | |
| P/OP Ratio, Sector | ||||||
| Consumer Services | — | 25.92 | 26.47 | 26.12 | 32.01 | |
| P/OP Ratio, Industry | ||||||
| Consumer Discretionary | — | 31.45 | 29.18 | 27.24 | 41.03 | |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
Operating profit per share = Income from operations ÷ No. shares of common stock outstanding
= 1,935,798,000 ÷ 1,302,423,000 = 1.49
3 Closing price as at the filing date of Chipotle Mexican Grill Inc. Annual Report.
4 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 39.93 ÷ 1.49 = 26.87
5 Click competitor name to see calculations.
The Price to Operating Profit (P/OP) ratio exhibited fluctuating behavior over the five-year period. Initially, the ratio decreased, then increased, followed by a substantial decline in the most recent year presented.
- Overall Trend
- The P/OP ratio began at 54.38 in 2021, decreased to 38.25 in 2022, and then rose to 46.13 in 2023. A further decrease to 40.67 was observed in 2024, culminating in a significant drop to 26.87 in 2025. This indicates increasing volatility in the market’s valuation of each dollar of operating profit generated by the company.
- Share Price Influence
- The share price demonstrated an initial increase from US$31.23 in 2021 to US$32.14 in 2022, followed by a substantial rise to US$52.41 in 2023 and a further increase to US$57.51 in 2024. However, the share price experienced a considerable decline to US$39.93 in 2025. This share price volatility directly influences the P/OP ratio, contributing to the observed fluctuations.
- Operating Profit per Share Influence
- Operating profit per share consistently increased from US$0.57 in 2021 to US$1.49 in 2025. This consistent growth in operating profitability would typically suggest a rising P/OP ratio, however, the share price movements appear to have had a more dominant effect on the overall ratio, particularly in the final year.
- Recent Developments
- The most pronounced change occurred between 2024 and 2025. While operating profit per share continued to grow, the substantial decrease in share price resulted in a significant reduction in the P/OP ratio. This suggests a shift in investor sentiment or external factors impacting the company’s valuation relative to its operating performance.
In summary, the P/OP ratio’s trajectory was not solely determined by the growth in operating profit per share. Share price fluctuations played a critical role, especially in the latter part of the period, leading to a notable decrease in the ratio by 2025.
Price to Sales (P/S)
Chipotle Mexican Grill Inc., historical P/S calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,302,423,000 | 1,355,337,000 | 1,371,058,450 | 1,381,092,350 | 1,401,597,400 | |
| Selected Financial Data (US$) | ||||||
| Revenue (in thousands) | 11,925,601) | 11,313,853) | 9,871,649) | 8,634,652) | 7,547,061) | |
| Sales per share2 | 9.16 | 8.35 | 7.20 | 6.25 | 5.38 | |
| Share price1, 3 | 39.93 | 57.51 | 52.41 | 32.14 | 31.23 | |
| Valuation Ratio | ||||||
| P/S ratio4 | 4.36 | 6.89 | 7.28 | 5.14 | 5.80 | |
| Benchmarks | ||||||
| P/S Ratio, Competitors5 | ||||||
| Airbnb Inc. | — | 8.01 | 9.95 | 10.04 | 16.64 | |
| Booking Holdings Inc. | — | 6.94 | 6.24 | 5.35 | 9.22 | |
| DoorDash, Inc. | — | 8.36 | 5.40 | 3.23 | 7.30 | |
| McDonald’s Corp. | — | 8.56 | 8.38 | 8.32 | 7.85 | |
| Starbucks Corp. | 2.59 | 3.08 | 3.34 | 3.49 | 4.47 | |
| P/S Ratio, Sector | ||||||
| Consumer Services | — | 6.34 | 6.15 | 5.69 | 7.25 | |
| P/S Ratio, Industry | ||||||
| Consumer Discretionary | — | 3.45 | 2.63 | 2.27 | 3.57 | |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
Sales per share = Revenue ÷ No. shares of common stock outstanding
= 11,925,601,000 ÷ 1,302,423,000 = 9.16
3 Closing price as at the filing date of Chipotle Mexican Grill Inc. Annual Report.
4 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= 39.93 ÷ 9.16 = 4.36
5 Click competitor name to see calculations.
The price-to-sales ratio exhibited fluctuating behavior over the five-year period. Initial observations reveal an increase followed by a decrease, and then another increase before a final decline.
- Overall Trend
- The price-to-sales ratio began at 5.80 in 2021, decreased to 5.14 in 2022, then increased significantly to 7.28 in 2023. It subsequently decreased to 6.89 in 2024, and experienced a substantial decline to 4.36 in 2025.
- Relationship to Share Price
- The price-to-sales ratio’s increase in 2023 aligns with a considerable increase in the share price, rising from US$32.14 in 2022 to US$52.41 in 2023. The subsequent decrease in the ratio in 2024 corresponds with a further increase in share price, though at a slower rate. The significant drop in the ratio in 2025 is concurrent with a substantial decrease in the share price, falling to US$39.93.
- Relationship to Sales per Share
- Sales per share consistently increased throughout the period, moving from US$5.38 in 2021 to US$9.16 in 2025. Despite this consistent growth in sales per share, the price-to-sales ratio did not follow a consistently upward trajectory, indicating that market valuation did not solely depend on sales growth. The ratio’s fluctuations suggest other factors influenced investor sentiment.
The most pronounced changes occurred between 2022 and 2023, and again between 2024 and 2025, indicating periods of significant shifts in market perception or company performance relative to its sales.
Price to Book Value (P/BV)
Chipotle Mexican Grill Inc., historical P/BV calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,302,423,000 | 1,355,337,000 | 1,371,058,450 | 1,381,092,350 | 1,401,597,400 | |
| Selected Financial Data (US$) | ||||||
| Shareholders’ equity (in thousands) | 2,830,607) | 3,655,546) | 3,062,207) | 2,368,023) | 2,297,374) | |
| Book value per share (BVPS)2 | 2.17 | 2.70 | 2.23 | 1.71 | 1.64 | |
| Share price1, 3 | 39.93 | 57.51 | 52.41 | 32.14 | 31.23 | |
| Valuation Ratio | ||||||
| P/BV ratio4 | 18.37 | 21.32 | 23.47 | 18.74 | 19.05 | |
| Benchmarks | ||||||
| P/BV Ratio, Competitors5 | ||||||
| Airbnb Inc. | — | 10.57 | 12.09 | 15.16 | 20.88 | |
| Booking Holdings Inc. | — | — | — | 32.84 | 16.35 | |
| DoorDash, Inc. | — | 11.49 | 6.85 | 3.15 | 7.65 | |
| McDonald’s Corp. | — | — | — | — | — | |
| Starbucks Corp. | — | — | — | — | — | |
| P/BV Ratio, Sector | ||||||
| Consumer Services | — | 163.88 | 264.40 | 198.47 | 74.08 | |
| P/BV Ratio, Industry | ||||||
| Consumer Discretionary | — | 11.08 | 10.06 | 9.41 | 13.21 | |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
BVPS = Shareholders’ equity ÷ No. shares of common stock outstanding
= 2,830,607,000 ÷ 1,302,423,000 = 2.17
3 Closing price as at the filing date of Chipotle Mexican Grill Inc. Annual Report.
4 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= 39.93 ÷ 2.17 = 18.37
5 Click competitor name to see calculations.
The price-to-book value ratio exhibited fluctuations over the five-year period. Initially, the ratio demonstrated a slight decrease, followed by an increase, and then a subsequent decline.
- Price-to-Book Value (P/BV) Trend
- The P/BV ratio began at 19.05 in 2021 and decreased marginally to 18.74 in 2022. A notable increase was observed in 2023, with the ratio reaching 23.47. This was followed by a decrease to 21.32 in 2024, and a further decline to 18.37 in 2025.
The share price generally increased from 2021 to 2023, rising from 31.23 to 52.41. However, the share price decreased significantly in 2025, falling to 39.93. This decrease in share price contributed to the decline in the P/BV ratio observed in that year.
- Book Value per Share (BVPS) Trend
- Book value per share showed a consistent upward trend from 2021 to 2024, increasing from 1.64 to 2.70. In 2025, BVPS decreased to 2.17, which partially offset the impact of the declining share price on the P/BV ratio.
The interplay between share price and book value per share significantly influenced the P/BV ratio. The increase in the ratio in 2023 was driven by a substantial increase in share price, while the decrease in 2025 was influenced by both a declining share price and a decreasing book value per share.
- Ratio Relationship
- The P/BV ratio’s movements generally mirrored the share price fluctuations, indicating that changes in market perception of the company’s value, as reflected in the share price, were a primary driver of the ratio. The book value per share provided a moderating influence, particularly in 2025.