Chipotle Mexican Grill (CMG)
Consumer · NYSE · US
Fundamentals
Valuation and ratings
Chipotle Mexican Grill trades at $34.20, which is 59% above the $14.10 our discounted cash flow model puts on the business. On that measure it screens as expensive, which is not the same as saying it will fall.
Our moat model scores it 61 out of 100, which is a moat, but not a deep one. A moat is a structural reason competitors cannot take the profits away, and it matters more to a long holding period than any single quarter's numbers do.
It changes hands at 32.3 times earnings. Be careful reading that in isolation: for a cyclical business a low P/E arrives at the top of the cycle, when profits are peaking and about to fall, which is exactly when the shares look cheapest and are not.
About Chipotle Mexican Grill
Chipotle Mexican Grill, Inc., together with its subsidiaries, owns and operates Chipotle Mexican Grill restaurants. The company sells food and beverages, such as burritos, burrito bowls, quesadillas, tacos, and salads, as well as kids' meals, chips, and sides. It also offers Mexican-inspired meals using responsibly sourced meats, such as chicken, beef, and pork under the Responsibly Raised brand. In addition, the company provides digital ordering through its website, mobile app, and third-party delivery platforms. It operates in the United States, Canada, France, Germany, and the United Kingdom. Chipotle Mexican Grill, Inc. was founded in 1993 and is headquartered in Newport Beach, California.
Smart money ownership
16 of the funds we track reported a position in their latest SEC 13F filing. Largest first:
- Arrowstreet Capital, ARROWSTREET CAPITAL, LIMITED PARTNERSHIP$527.47M · 0.3% of book
- D. E. Shaw, D. E. Shaw & Co., Inc.$459.55M · 0.3% of book
- Cliff Asness, AQR CAPITAL MANAGEMENT LLC$286.68M · 0.1% of book
- Two Sigma, TWO SIGMA INVESTMENTS, LP$262.98M · 0.2% of book
- Ken Griffin, CITADEL ADVISORS LLC$142.33M · 0.0% of book
A word of warning on reading these figures: a 13F reports the market value of a holding, so a fund that traded nothing at all still appears to have sold when the price fell. We found 102 companies where the standard reading gives the opposite answer. Only the share count is honest.
Common questions
Is Chipotle Mexican Grill (CMG) undervalued?
Against our discounted cash flow estimate of $14.10, CMG at $34.20 is 59% above fair value. That is one model's answer, not a recommendation, and most of a DCF's output sits in a terminal value nobody can forecast.
Which funds own CMG?
16 of the institutions we track reported a position in CMG in their most recent SEC 13F filing. A 13F is filed up to 45 days after quarter end, so it tells you what a fund held then, not what it holds now.
What is CMG's P/E ratio?
CMG trades at 32.3 times earnings. A low P/E is not automatically cheap: on a cyclical company it is usually a warning that earnings are at a peak.
The full research page for CMG, with financial statements, ownership detail, peer comparison and alerts, is free inside the app.
Data from company filings, exchange quotes and SEC EDGAR 13F disclosures. Quotes are delayed. Metrics we do not have are left out rather than estimated. Educational information, not financial advice.