CMG vs QSR: Chipotle Mexican Grill and Restaurant Brands International 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 1.3 times Restaurant Brands International.
- Chipotle Mexican Grill grew revenue faster over the last year (+9.3% vs +4.6%).
- Restaurant Brands International keeps more of each dollar of revenue as operating profit (26.9% vs 14.7%).
- On earnings, Restaurant Brands International is the cheaper stock (22.6x vs 28.7x).
- Chipotle Mexican Grill's price assumes faster free cash flow growth: about 9% a year, against 6% for Restaurant Brands International (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 | QSR |
|---|---|---|
| Market cap | $40.1B | $32.1B |
| Share price | $30.77 | $70.95 |
| Revenue (last fiscal year) | $11.9B | $9.4B |
| Free cash flow (last fiscal year) | $1.4B | $1.4B |
| Revenue growth, last year | +9.3% | +4.6% |
| Revenue growth per year, last 5 fiscal years | +12.1% | +13.2% |
| Operating margin | 14.7% | 26.9% |
| Net margin | 11.4% | 13.1% |
| Return on equity | 64.5% | 33.1% |
| P/E (trailing) | 28.7x | 22.6x |
| Price / free cash flow | 27.7x | 22.1x |
| EV / EBITDA | 19.7x | 16.0x |
| FCF growth the price implies | 9.3% | 6.3% |
| Dividend yield | — | 3.6% |
| Debt / equity | 3.03x | 5.10x |
| Fundamental grade | C | C |
| Superinvestors holding it | 5 | 6 |
| Insider purchases, last 12 months | 6 | 0 |
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% |
Restaurant Brands International
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $5.7B | $1.6B | 32.7% |
| 2022 | $6.5B | $1.4B | 29.2% |
| 2023 | $7.0B | $1.2B | 29.2% |
| 2024 | $8.4B | $1.3B | 28.8% |
| 2025 | $9.4B | $1.4B | 23.3% |
Where the revenue comes from
Chipotle Mexican Grill · by products, 2025
Food and beverage revenue$11.9B100%
Delivery service revenue$60M0%
Restaurant Brands International · by segments, 2025
TH$4.2B45%
RH$1.8B20%
BK$1.3B14%
INTL$998M11%
PLK$800M8%
FHS$232M2%
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 Restaurant Brands International?
Chipotle Mexican Grill (CMG), at $40.1B against $32.1B.
Is CMG or QSR cheaper?
By trailing P/E, Restaurant Brands International (22.6x) is cheaper than Chipotle Mexican Grill (28.7x). A lower multiple can also mean the market expects less growth.
Which grows faster, CMG or QSR?
Chipotle Mexican Grill: revenue grew +9.3% over the last year, against +4.6%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.