Chipotle Mexican Grill, Inc. (CMG) Stock

Chipotle Mexican Grill, Inc. (CMG) is a Consumer Discretionary stock trading at $35.26 (as of 2026-08-20), with a market capitalization of $44.62B and a trailing P/E of 32.1. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Chipotle Mexican Grill, Inc., together with its subsidiaries, owns and operates Chipotle Mexican Grill restaurants. As of February 15, 2022, it operated approximately 3,000 restaurants across the United States, Canada, the United Kingdom, France, Germany, and other European locations.

Understand Chipotle Mexican Grill, Inc.: how it makes money

Chipotle Mexican Grill owns and operates Chipotle restaurants, selling Mexican-inspired food and making money from restaurant sales and delivery services.

Chipotle's profitability is structurally tied to restaurant productivity, with operating margin of 12.9% supported by throughput and store productivity initiatives (for example, throughput improvement of 1.2 incremental entrees and 80% store productivity), alongside a large digital sales mix (38.6%).

Revenue by segment (latest quarter)
Sales	$2.8B
Delivery	$0.0B

Business quality (Solid): Clear operating focus on restaurant execution and digital ordering, but the provided segment view is limited and the delivery line item is small, so diversification details are less visible in the given facts.

Valuation: At 30× earnings, CMG trades 9% above the Restaurants, Hotels & Motels average (27×). Note: one-time items can distort reported P/E.

Bull case

High digital engagement: Digital sales mix is 38.6%, and rewards scale shows 20,000,000 active or transacted rewards members.
Execution and productivity initiatives: Store productivity is at 80% for comparable restaurants open at, and throughput improvement is 1.2 incremental entrees.
Operational investment: High-efficiency equipment rollout is indicated by 600.0 equipment units, with High Efficiency Equipment Package equipped restaurants at 175.0.

Bear case

Limited visibility into non-core revenue: Delivery services revenue is only 0.02B, so a larger share of revenue drivers is not shown in the provided breakdown.
Dependence on consistent restaurant throughput: Key operating progress is tied to specific productivity initiatives (for example, throughput improvement and store productivity), which may be harder to sustain as restaurants scale.
Expansion and format execution risk: The business tracks multiple opening and format measures (restaurants opened 57.0, Chipotlanes included in openings 42.0, and Chipotle-lane openings 97.0), implying execution complexity during growth.

Valuation — source: SEC EDGAR (first-party)
Price	$35.26
Market Cap	$44.62B
P/E Ratio	32.1
EV / EBITDA	20.4
Price / Book	20.28
Price / Sales	3.56
FCF Yield	6.9%
DCF Value (model)	$34.30
DCF Upside vs Price	-2.7%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$11.93B
Net Margin	12.9%
Revenue Growth (YoY)	5.4%
EPS Growth (YoY)	2.7%
FCF Growth (YoY)	-4.2%

Financial Health — source: SEC EDGAR
Altman Z-Score	6.64 (safe)

Valuation vs Sector & Industry
Stock P/E	32.1
Sector P/E (Consumer Discretionary)	20.5
Industry P/E (Restaurants, Hotels & Motels)	26.6
vs Sector	56.6%
vs Industry	20.7%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	VANGUARD GROUP INC ($5.35B)
Institutional Holders Tracked	10
Congressional Trades (recent)	10

Company
Sector	Consumer Discretionary
Industry	Restaurants, Hotels & Motels
CEO	Scott Boatwright
Employees	130,504
Country	US
IPO Date	2006-01-26

Related Companies (Business model: Restaurant Operator / Franchisor; 8 closest by market cap; US-domiciled)

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.