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Chipotle Mexican Grill

Chipotle Mexican Grill's net profit rose 83.5% yoy to USD 653 mil in 2021

By Helgi Analytics - May 10, 2022

Chipotle Mexican Grill made a net profit of USD 653 mil with revenues of USD 7,547 mil in 2021, up by 83.5% and up by 2...

Chipotle Mexican Grill's net profit rose 83.5% yoy to USD 653 mil in 2021

By Helgi Analytics - May 10, 2022

Chipotle Mexican Grill made a net profit of USD 653 mil in 2021, up 83.5% compared to the previous year. Total sales reached USD 7,5...

Chipotle Mexican Grill's price/earnings (P/E) fell 31.1% yoy to 76.3 in 2021

By Helgi Analytics - May 10, 2022

Chipotle Mexican Grill stock traded at USD 1,748 per share at the end 2021 translating into a market capitalization of USD 49,091 mil. ...

Profit Statement 2019 2020 2021
Sales USD mil 5,586 5,985 7,547
Gross Profit USD mil 1,142 1,041 1,707
EBITDA USD mil 962 859 1,419
EBIT USD mil 444 290 805
Financing Cost USD mil ... ... ...
Pre-Tax Profit USD mil 458 294 813
Net Profit USD mil 350 356 653
Dividends USD mil 0 0 0
Balance Sheet 2019 2020 2021
Total Assets USD mil 5,105 5,983 6,653
Non-Current Assets USD mil 4,032 4,563 5,271
Current Assets USD mil 1,072 1,420 1,382
Working Capital USD mil -9.18 8.96 -30.7
Shareholders' Equity USD mil 1,683 2,020 2,297
Liabilities USD mil 3,422 3,963 4,356
Total Debt USD mil 2,854 3,157 3,520
Net Debt USD mil 1,973 2,205 2,444
Ratios 2019 2020 2021
ROE % 22.4 19.2 30.2
ROCE % 12.9 8.28 13.3
Gross Margin % 20.5 17.4 22.6
EBITDA Margin % 17.2 14.4 18.8
EBIT Margin % 7.95 4.85 10.7
Net Margin % 6.27 5.94 8.65
Net Debt/EBITDA 2.05 2.57 1.72
Net Debt/Equity % 117 109 106
Cost of Financing % ... ... ...
Valuation 2019 2020 2021
Market Capitalisation USD mil 23,234 38,829 49,091
Enterprise Value (EV) USD mil 25,207 41,035 51,535
Number Of Shares mil 28.3 28.4 28.5
Share Price USD 837 1,387 1,748
EV/EBITDA 26.2 47.8 36.3
EV/Sales 4.51 6.86 6.83
Price/Earnings (P/E) 67.6 111 76.3
Price/Book Value (P/BV) 14.1 19.5 21.7
Dividend Yield % 0 0 0

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overview Unit 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
income statement                                  
Sales USD mil         4,501 3,904 4,476 4,865 5,586                
Gross Profit USD mil         1,174 498 756 911 1,142                
EBIT USD mil         764 34.6 271 258 444                
Net Profit USD mil         476 22.9 176 177 350                
                                     
ROE % ...       23.0 1.30 12.7 12.6 22.4                
EBIT Margin %         17.0 0.885 6.05 5.31 7.95                
Net Margin %         10.6 0.587 3.94 3.63 6.27                
Employees         59,330 64,570 68,890 73,000 83,000     ... ... ... ... ... ...
balance sheet                                  
Total Assets USD mil         2,725 2,026 2,046 2,266 5,105                
Non-Current Assets USD mil         1,910 1,504 1,416 1,451 4,032                
Current Assets USD mil         815 522 630 815 1,072                
                                     
Shareholders' Equity USD mil         2,128 1,402 1,364 1,441 1,683                
Liabilities USD mil         597 624 681 824 3,422                
Non-Current Liabilities USD mil         317 342 357 374 2,755                
Current Liabilities USD mil         280 282 324 450 667                
                                     
Net Debt/EBITDA         -0.738 -2.29 -1.17 -1.47 2.05                
Net Debt/Equity %         -31.0 -29.6 -37.1 -46.8 117                
Cost of Financing % ... ... ... ... 0 0 ... ... ... ... ... ... ... ... ... ... ...
cash flow                                  
Total Cash From Operations USD mil         683 355 468 622 722                
Total Cash From Investing USD mil         -464 327 -86.6 -388 -292                
Total Cash From Financing USD mil         -386 -836 -286 -167 -202                
Net Change In Cash USD mil         -171 -154 97.8 66.0 228                
valuation                                  
Market Capitalisation USD mil ... ... ... ... ... ... 8,100 11,959 23,234                
Enterprise Value (EV) USD mil ... ... ... ... ... ... 7,594 11,285 25,207                
Number Of Shares mil ... ... ... ... ... ... 28.6 28.0 28.3                
Share Price USD ... ... ... ... ... ... 289 432 837                
Price/Earnings (P/E) ... ... ... ... ... ... 46.8 68.4 67.6                
Price/Cash Earnings (P/CE) ... ... ... ... ... ... ... ... ... ... ...            
EV/EBITDA ... ... ... ... ... ... 17.5 24.5 26.2                
Price/Book Value (P/BV) ... ... ... ... ... ... 6.05 8.38 14.1                
Dividend Yield % ... ... ... ... ... ... 0 0 0                
income statement Unit 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
income statement                                  
Sales USD mil         4,501 3,904 4,476 4,865 5,586                
Cost of Goods & Services USD mil         3,327 3,406 3,720 3,954 4,444                
Gross Profit USD mil         1,174 498 756 911 1,142                
Selling, General & Admin USD mil         319 379 403 487 620     ... ... ... ... ... ...
Research & Development USD mil         0 0 0 0 0     ... ... ... ... ... ...
Other Operating Expense USD mil         -39.1 -61.9 -80.7 -36.5 -135     ... ... ... ... ... ...
Other Operating Cost (Income) USD mil         0 0 0 0 0     ... ... ... ... ... ...
EBITDA USD mil         894 181 434 460 962                
Depreciation USD mil ... ... ... ... ... ... ... ... ... ... ...            
EBIT USD mil         764 34.6 271 258 444                
Net Financing Cost USD mil         -6.28 -4.17 -4.95 -10.1 -14.3                
Financing Cost USD mil ... ... ... ... 0 0 ... ... ... ... ... ... ... ... ... ... ...
Financing Income USD mil ... ... ... ... ... 4.17 4.95 ... ... ... ... ... ... ... ... ... ...
FX (Gain) Loss USD mil         0 0 0 0 0     ... ... ... ... ... ...
Extraordinary Cost USD mil         0 0 0 0 0     ... ... ... ... ... ...
Pre-Tax Profit USD mil         770 38.7 276 268 458                
Tax USD mil         294 15.8 99.5 91.9 108                
Minorities USD mil         0 0 0 0 0                
Net Profit USD mil         476 22.9 176 177 350                
Net Profit Avail. to Common USD mil         476 22.9 176 177 350                
Dividends USD mil         0 0 0 0 0                
growth rates                                  
Total Revenue Growth % ...       9.56 -13.3 14.7 8.68 14.8                
Operating Cost Growth % ...       0.920 12.9 4.70 34.4 7.03     ... ... ... ... ... ...
EBITDA Growth % ...       8.85 -79.8 140 6.04 109                
EBIT Growth % ...       7.43 -95.5 683 -4.59 71.8                
Pre-Tax Profit Growth % ...       7.78 -95.0 612 -2.65 70.7                
Net Profit Growth % ...       6.79 -95.2 668 0.170 98.3                
ratios                                  
ROE % ...       23.0 1.30 12.7 12.6 22.4                
ROA % ...       18.1 0.966 8.66 8.19 9.50                
ROCE % ...       27.0 1.37 12.3 12.5 12.9                
Gross Margin %         26.1 12.8 16.9 18.7 20.5                
EBITDA Margin %         19.9 4.63 9.70 9.46 17.2                
EBIT Margin %         17.0 0.885 6.05 5.31 7.95                
Net Margin %         10.6 0.587 3.94 3.63 6.27                
Payout Ratio %         0 0 0 0 0                
Cost of Financing % ... ... ... ... 0 0 ... ... ... ... ... ... ... ... ... ... ...
Net Debt/EBITDA         -0.738 -2.29 -1.17 -1.47 2.05                
balance sheet Unit 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
balance sheet                                  
Cash & Cash Equivalents USD mil         663 418 509 677 881                
Receivables USD mil         38.3 40.5 40.5 62.3 80.5                
Inventories USD mil         15.0 15.0 19.9 21.6 26.1                
Other ST Assets USD mil         98.1 49.2 60.3 54.1 84.8                
Current Assets USD mil         815 522 630 815 1,072                
Property, Plant & Equipment USD mil         1,217 1,304 1,338 1,379 3,964                
LT Investments & Receivables USD mil         623 125 0 0 0                
Intangible Assets USD mil         21.9 21.9 21.9 21.9 21.9                
Goodwill USD mil         21.9 21.9 21.9 21.9 21.9                
Non-Current Assets USD mil         1,910 1,504 1,416 1,451 4,032                
Total Assets USD mil         2,725 2,026 2,046 2,266 5,105                
                                     
Trade Payables USD mil         85.7 78.4 82.0 113 116                
Short-Term Debt USD mil         0 0 0 0 173                
Other ST Liabilities USD mil         0 0 0 70.5 95.2                
Current Liabilities USD mil         280 282 324 450 667                
Long-Term Debt USD mil         3.06 2.85 2.63 2.39 2,681                
Other LT Liabilities USD mil         314 339 355 372 74.2                
Non-Current Liabilities USD mil         317 342 357 374 2,755                
Liabilities USD mil         597 624 681 824 3,422                
Preferred Equity and Hybrid Capital USD mil         0 0 0 0 0                
Share Capital USD mil         1,173 1,239 1,305 1,375 1,466                
Treasury Stock USD mil         1,235 2,049 2,334 2,501 2,699                
Equity Before Minority Interest USD mil         2,128 1,402 1,364 1,441 1,683                
Minority Interest USD mil         0 0 0 0 0                
Equity USD mil         2,128 1,402 1,364 1,441 1,683                
growth rates                                  
Total Asset Growth % ...       7.82 -25.6 0.967 10.7 125                
Shareholders' Equity Growth % ...       5.74 -34.1 -2.71 5.64 16.8                
Net Debt Growth % ...       -12.5 -37.2 22.0 33.2 -393                
Total Debt Growth % ...       -5.35 -6.73 -7.85 -9.13 119,310                
ratios                                  
Total Debt USD mil         3.06 2.85 2.63 2.39 2,854                
Net Debt USD mil         -660 -415 -506 -674 1,973                
Working Capital USD mil         -32.4 -22.9 -21.7 -29.2 -9.18                
Capital Employed USD mil         1,878 1,481 1,394 1,422 4,023                
Net Debt/Equity %         -31.0 -29.6 -37.1 -46.8 117                
Current Ratio         2.91 1.85 1.94 1.81 1.61                
Quick Ratio         2.51 1.63 1.70 1.64 1.44                
cash flow Unit 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
cash flow                                  
Net Profit USD mil         476 22.9 176 177 350                
Depreciation USD mil ... ... ... ... ... ... ... ... ... ... ...            
Non-Cash Items USD mil         41.0 111 95.4 159 143                
Change in Working Capital USD mil         36.3 74.8 33.2 83.9 15.4                
Total Cash From Operations USD mil         683 355 468 622 722                
                                     
Capital Expenditures USD mil         -257 -259 -217 -287 -320                
Net Change in LT Investment USD mil         0 0 0 0 0     ... ... ... ... ... ...
Net Cash From Acquisitions USD mil         0 0 0 0 0     ... ... ... ... ... ...
Other Investing Activities USD mil         -207 586 130 -100 28.0                
Total Cash From Investing USD mil         -464 327 -86.6 -388 -292                
                                     
Dividends Paid USD mil         0 0 0 0 0                
Issuance Of Shares USD mil         -386 -838 -286 -166 -201                
Issuance Of Debt USD mil         0 0 0 0 0                
Other Financing Activities USD mil         -0.207 1.37 0.026 -0.187 -0.698     ... ... ... ... ... ...
Total Cash From Financing USD mil         -386 -836 -286 -167 -202                
                                     
Effect of FX Rates USD mil         -4.20 0.110 2.06 -1.46 0.406     ... ... ... ... ... ...
Net Change In Cash USD mil         -171 -154 97.8 66.0 228                
ratios                                  
Days Sales Outstanding days         3.10 3.78 3.30 4.68 5.26                
Days Sales Of Inventory days         1.65 1.61 1.95 1.99 2.14                
Days Payable Outstanding days         9.40 8.40 8.05 10.4 9.51                
Cash Conversion Cycle days         -4.65 -3.01 -2.80 -3.77 -2.11                
Cash Earnings USD mil ... ... ... ... ... ... ... ... ... ... ...            
Free Cash Flow USD mil         219 682 382 234 430                
Capital Expenditures (As % of Sales) %         5.72 6.63 4.84 5.91 5.73                
other ratios Unit 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
                                   
Employees         59,330 64,570 68,890 73,000 83,000     ... ... ... ... ... ...
Operating Cost (As % of Sales) %         9.12 11.9 10.8 13.4 12.5     ... ... ... ... ... ...
Research & Development (As % of Sales) %         0 0 0 0 0     ... ... ... ... ... ...
Effective Tax Rate %         38.2 40.8 36.1 34.2 23.6                
Total Revenue Growth (5-year average) % ... ... ... ... ... 11.5 10.4 8.64 6.34                
Total Revenue Growth (10-year average) % ... ... ... ... ... ... ... ... ... ...              
valuation Unit 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
                                   
Market Capitalisation USD mil ... ... ... ... ... ... 8,100 11,959 23,234                
Enterprise Value (EV) USD mil ... ... ... ... ... ... 7,594 11,285 25,207                
Number Of Shares mil ... ... ... ... ... ... 28.6 28.0 28.3                
Share Price USD ... ... ... ... ... ... 289 432 837                
EV/EBITDA ... ... ... ... ... ... 17.5 24.5 26.2                
Price/Earnings (P/E) ... ... ... ... ... ... 46.8 68.4 67.6                
Price/Cash Earnings (P/CE) ... ... ... ... ... ... ... ... ... ... ...            
P/FCF ... ... ... ... ... ... 21.6 51.6 55.1                
Price/Book Value (P/BV) ... ... ... ... ... ... 6.05 8.38 14.1                
Dividend Yield % ... ... ... ... ... ... 0 0 0                
Free Cash Flow Yield % ... ... ... ... ... ... 4.71 1.96 1.85                
Earnings Per Share (EPS) USD ... ... ... ... ... ... 6.17 6.31 12.4                
Cash Earnings Per Share USD ... ... ... ... ... ... ... ... ... ... ...            
Free Cash Flow Per Share USD ... ... ... ... ... ... 13.4 8.37 15.2                
Book Value Per Share USD ... ... ... ... ... ... 47.8 51.5 59.5                
Dividend Per Share USD ... ... ... ... ... ... 0 0 0                
EV/Sales ... ... ... ... ... ... 1.70 2.32 4.51                
EV/EBIT ... ... ... ... ... ... 28.0 43.7 56.8                
EV/Free Cash Flow ... ... ... ... ... ... 19.9 48.2 58.7                
EV/Capital Employed ... ... ... ... ... ... 5.45 7.94 6.27                
Earnings Per Share Growth % ... ... ... ... ... ... ... 2.27 96.2                
Cash Earnings Per Share Growth % ... ... ... ... ... ... ... ... ... ... ... ...          
Book Value Per Share Growth % ... ... ... ... ... ... ... 7.90 15.4                

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Chipotle Mexican Grill's ROCE rose 60.8% yoy to 13.3% in 2021

By Helgi Analytics - May 10, 2022

Chipotle Mexican Grill made a net profit of USD 653 mil in 2021, up 83.5% compared to the previous year. Historically, between 2011 and 2021, the company's net profit reached a high of USD 653 mil in 2021 and a low of USD 22.9 mil in 2016. The result impl...

Chipotle Mexican Grill's Capital Expenditures fell 17.4% yoy to USD 438 mil in 2021

By Helgi Analytics - May 10, 2022

Chipotle Mexican Grill invested a total of USD 438 mil in 2021, up 17.4% compared to the previous year. Historically, between 2011 - 2021, the company's investments stood at a high of USD 438 mil in 2021 and a low of USD 151 mil in 2011. ...

Chipotle Mexican Grill's Net Margin rose 45.5% yoy to 8.65% in 2021

By Helgi Analytics - May 10, 2022

Chipotle Mexican Grill made a net profit of USD 653 mil with revenues of USD 7,547 mil in 2021, up by 83.5% and up by 26.1%, respectively, compared to the previous year. This translates into a net margin of 8.65%. Historically, between 2011 and 2021, ...

Chipotle Mexican Grill's P/FCF fell 61.5% yoy to 65.6 in 2021

By Helgi Analytics - May 10, 2022

Chipotle Mexican Grill stock traded at USD 1,748 per share at the end 2021 translating into a market capitalization of USD 49,091 mil. Since the end of 2016, the stock has appreciated by 0% representing an annual average growth of %. At the end of 2021, ...

Chipotle Mexican Grill's Net Debt/EBITDA fell 32.9% yoy to 1.72 in 2021

By Helgi Analytics - May 10, 2022

Chipotle Mexican Grill's net debt stood at USD 2,444 mil and accounted for 106% of equity at the end of 2021. The ratio is down 2.79 pp compared to the previous year. Historically, the firm’s net debt to equity reached a high of 117% in 2019 and ...

Chipotle Mexican Grill's Share Price rose 26.1% yoy to USD 1,748 in 2021

By Helgi Analytics - May 10, 2022

Chipotle Mexican Grill stock traded at USD 1,748 per share at the end 2021 implying a market capitalization of USD 49,091 mil. Since the end of 2016, stock has appreciated by % implying an annual average growth of % In absolute terms, the value of the company ...

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Finance

Chipotle Mexican Grill has been growing its sales by 13.5% a year on average in the last 5 years. EBITDA has grown on average by 21.2% a year during that time to total of USD 3,839 mil in 2027, or 23.2% of sales. That’s compared to 21.3% average margin seen in last five years.

The company netted USD 2,530 mil in 2027 implying ROE of 28.1% and ROCE of 34.6%. Again, the average figures were 35.0% and 27.5%, respectively when looking at the previous 5 years.

Chipotle Mexican Grill’s net debt amounted to USD 1,330 mil at the end of 2027, or 13.4% of equity. When compared to EBITDA, net debt was 0.346x, down when compared to average of 0.623x seen in the last 5 years.

Valuation

Chipotle Mexican Grill stock traded at USD 1,328 per share at the end of 2027 resulting in a market capitalization of USD 37,863 mil. Over the previous five years, stock price grew by 0% or 0% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 10.2x and price to earnings (PE) of 15.0x as of 2027.