Chipotle Mexican Grill (CMG)
What the price implies
A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.
At a market value of $39.9B, Chipotle Mexican Grill's free cash flow of $1.4B (fiscal 2025) would need to grow about 9% a year for the stock to be worth today's price. That is slower than the company has grown its free cash flow over the last 9 years.
Assumes a 9% discount rate and 3% growth after year 10, on free cash flow (operating cash flow minus capital spending) from Chipotle Mexican Grill's SEC filings. Change any assumption, or model revenue and margins instead, in the Modeling tab, or try your own numbers in the reverse DCF calculator.
Fundamental grade
Five factors scored 1 to 9 from CMG's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.
Key numbers
Results from SEC filings
Fiscal years, from Chipotle Mexican Grill's 10-K filings. The deep dive has 15+ years, quarters and every line.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $7.5B | $8.6B | $9.9B | $11.3B | $11.9B |
| Net income | $653M | $899M | $1.2B | $1.5B | $1.5B |
| Free cash flow | $840M | $844M | $1.2B | $1.5B | $1.4B |
| EPS (diluted) | $0.46 | $0.64 | $0.89 | $1.11 | $1.14 |
| Operating margin | 10.7% | 13.4% | 15.8% | 16.9% | 16.2% |
Where the revenue comes from
Revenue by products, fiscal 2025.
Superinvestors who own CMG
From each investor's latest 13F filing (what a 13F shows). 5 of the investors we track hold it.
| Investor | Last quarter | Value | % of portfolio | Quarter |
|---|---|---|---|---|
| Hersh Cohen ClearBridge Investments |
Trimmed | $340M | 0.28% | Q2 2026 |
| Cliff Asness AQR Capital Management |
Trimmed | $154M | 0.05% | Q2 2026 |
| Joel Greenblatt Gotham Asset Management |
Trimmed | $10M | 0.02% | Q2 2026 |
| Sean Stannard-Stockton Ensemble Capital Management |
Trimmed | $2M | 0.16% | Q3 2024 |
| Ron Baron Baron Capital (BAMCO) |
Trimmed | $463,862 | 0.00% | Q2 2026 |
Insider buying
Open-market purchases by Chipotle Mexican Grill's executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you.
| Date | Insider | Shares | Price | Value |
|---|---|---|---|---|
| Jan 29, 2026 | Ro Khanna |
0 | $39.09 | — |
| Jan 29, 2026 | Ro Khanna |
0 | $39.09 | — |
| Nov 18, 2025 | Gilbert Ray Cisneros, Jr. |
0 | $30.79 | — |
| Nov 18, 2025 | Gilbert Ray Cisneros, Jr. |
0 | $30.79 | — |
| Nov 3, 2025 | Ro Khanna |
0 | $31.46 | — |
| Nov 3, 2025 | Ro Khanna |
0 | $31.46 | — |
| Oct 9, 2025 | Byron Donalds |
0 | $40.88 | — |
| Oct 9, 2025 | Byron Donalds |
0 | $40.88 | — |
| Oct 7, 2025 | Ro Khanna |
0 | $40.94 | — |
| Oct 7, 2025 | Ro Khanna |
0 | $40.94 | — |
Get an alert at your buy price
Pick the price you'd be interested at. We'll email you when CMG trades at or below it.
Free accounts get 3 price alerts. No card needed.
In the full deep dive
Questions
What growth does Chipotle Mexican Grill's stock price imply?
At a market value of $39.9B, Chipotle Mexican Grill would need its free cash flow to grow about 9% a year for 10 years (discounted at 9%, 3% growth after that) to be worth today's price. Over the last 9 years its free cash flow grew 35% a year.
Are Chipotle Mexican Grill insiders buying the stock?
10 open-market insider purchases of CMG in the last 12 months, from SEC Form 4 filings.
Which superinvestors own Chipotle Mexican Grill?
5 of the superinvestors Investingly tracks hold CMG in their latest 13F, including Hersh Cohen, Cliff Asness, Joel Greenblatt.
Prices and ratios as of Oct 7, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.