CMG vs DRI: Chipotle Mexican Grill and Darden Restaurants compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Chipotle Mexican Grill is the larger company, worth $40.1B, about 1.7 times Darden Restaurants.
- Chipotle Mexican Grill grew revenue faster over the last year (+9.3% vs +5.1%).
- Chipotle Mexican Grill keeps more of each dollar of revenue as operating profit (14.7% vs 11.7%).
- On earnings, Darden Restaurants is the cheaper stock (21.2x vs 28.7x).
- Chipotle Mexican Grill's price assumes faster free cash flow growth: about 9% a year, against 5% for Darden Restaurants (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | CMG | DRI |
|---|---|---|
| Market cap | $40.1B | $23.0B |
| Share price | $30.77 | $197.66 |
| Revenue (last fiscal year) | $11.9B | $13.2B |
| Free cash flow (last fiscal year) | $1.4B | $1.1B |
| Revenue growth, last year | +9.3% | +5.1% |
| Revenue growth per year, last 5 fiscal years | +12.1% | +8.2% |
| Operating margin | 14.7% | 11.7% |
| Net margin | 11.4% | 8.8% |
| Return on equity | 64.5% | 57.2% |
| P/E (trailing) | 28.7x | 21.2x |
| Price / free cash flow | 27.7x | 22.2x |
| EV / EBITDA | 19.7x | 15.0x |
| FCF growth the price implies | 9.3% | 5.4% |
| Dividend yield | — | 3.0% |
| Debt / equity | 3.03x | 5.39x |
| Fundamental grade | C | D |
| Superinvestors holding it | 5 | 3 |
| Insider purchases, last 12 months | 6 | 8 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Chipotle Mexican Grill
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $7.5B | $840M | 10.7% |
| 2022 | $8.6B | $844M | 13.4% |
| 2023 | $9.9B | $1.2B | 15.8% |
| 2024 | $11.3B | $1.5B | 16.9% |
| 2025 | $11.9B | $1.4B | 16.2% |
Darden Restaurants
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $9.6B | $888M | 12.1% |
| 2023 | $10.5B | $988M | 11.5% |
| 2024 | $11.4B | $1.0B | 11.5% |
| 2025 | $12.1B | $1.1B | 11.3% |
| 2026 | $13.2B | $1.1B | 12.0% |
Where the revenue comes from
Chipotle Mexican Grill · by products, 2025
Food and beverage revenue$11.9B100%
Delivery service revenue$60M0%
Darden Restaurants · by segments, 2026
Olive Garden$5.6B42%
LongHorn Steakhouse$3.4B26%
Other Business$2.8B21%
Fine Dining$1.4B10%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open CMG in InvestinglyQuestions
Which is bigger, Chipotle Mexican Grill or Darden Restaurants?
Chipotle Mexican Grill (CMG), at $40.1B against $23.0B.
Is CMG or DRI cheaper?
By trailing P/E, Darden Restaurants (21.2x) is cheaper than Chipotle Mexican Grill (28.7x). A lower multiple can also mean the market expects less growth.
Which grows faster, CMG or DRI?
Chipotle Mexican Grill: revenue grew +9.3% over the last year, against +5.1%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.