CMG
Chipotle Mexican Grill
Dividend / Cash flow
★ Quality 80/100Price today
$36.96
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What this business is made of
The business
Chipotle is an assembly line that serves burritos the same way 3,700 times.
Chipotle sells burritos and bowls across more than 3,700 locations, nearly all company-owned — no franchises. Revenue of $11.9B in 2025, with store margins few in restaurants can match. They earn on volume and speed: the line moves, the ticket climbs.
The real moat is operational, not brand: brutal unit economics with stores that recover the investment fast and a short menu that simplifies the kitchen. It's not a monopoly — anyone can sell a burrito. The difference is doing it 3,700 times with the same discipline.
Revenue history
From $7.5B to $11.9B in 4 years. The business grows steadily.
Where each $100 of sales goes
Revenue $11.9B · FY2025
Of every $100 in sales, $87 goes to costs and operations; $13 is left as net profit (13% margin).
Catalysts and risks
Plan to reach 7,000 locations in North America — doubling the current base.
Chipotlanes (digital drive-thru) in most new openings, lifting margin per store.
Same-store sales growth with pricing and digital levers on the 35%+ of online orders.
Demanding valuation: the market is already paying for two decades of perfect growth.
Food safety risk — a serious outbreak cost them years of trust once.
Protein and labor inflation compresses margins if they can't raise prices without losing traffic.
Charlie's note
“An excellent business at an excellent-business price — that's the problem. Paying 16x for FCF growing at 12% leaves little margin for error, and I'd rather buy greatness when nobody wants the burrito.”
Analysis · June 2026
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