CMGCHIPOTLE MEXICAN GRILL INC

Retail-Eating Places

Revenue: $11.9B; 5.4% YoY
Operating margin: 16.2%; 4.2% YoY
EBITDA: $2.3B; 2.0% YoY
Market cap: $40.3B
Employees: 130,301; $92K revenue each
Net debt / EBITDA: -0.3×; −$634M net debt
AI in 10-K: 1.4; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersNo
1 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
138% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
115% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
95% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$92K · 52nd pct
Bottom quartile of its SIC industry
Quiet on AINo
1.4 per 10K words · 44th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.3× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$40.3B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$7M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$7.5B	$8.6B	$9.9B	$11.3B	$11.9B	5.4%
Operating income	$805M	$1.2B	$1.6B	$1.9B	$1.9B	1.0%
Net income	$653M	$899M	$1.2B	$1.5B	$1.5B	0.1%
Operating cash flow	$1.3B	$1.3B	$1.8B	$2.1B	$2.1B	0.4%
Capex	$442M	$479M	$561M	$594M	$666M	12%
Stock-based comp	$176M	$98M	$124M	$132M	$120M	9.3%
Buybacks	$466M	$830M	$592M	$1.0B	$2.4B	142%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Feb 26, 2020	Pershing Square Capital Management, L.P.	SC 13D/A	4.2%	Passive
Feb 10, 2020	Pershing Square Capital Management, L.P.	SC 13D/A	5.4%	Passive
Jun 28, 2019	Pershing Square Capital Management, L.P.	SC 13D/A	6.4%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $7M · 5
Net: −$7M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	133	124
FY2024	—	—	217	126
FY2023	—	—	165	123
FY2022	—	—	100	109
FY2021	—	—	126	121