CHIPOTLE MEXICAN GRILL INC (CMG)

Retail-Eating Places

Latest Price

$37.03

TTM P/E

33.97

Normalized P/E

2.03

Div Yield

Book Value

1.71

P/B Ratio

21.68

Valuation metrics

EPS: $1.14

Book value / share: $2.11

Formula: √(22.5 × EPS × BVPS)

Graham Number

$7.35

80% downside

Norm. op. income: $1.2B (median of 7yr)

Tax rate: 24%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$7.39

80% downside

Base FCF: $1.2B (median of recent 5yr)

Growth: 12%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$27.03

27% downside

EPS: $1.14

Target P/E: 2×

Formula: EPS × P/E

P/E Fair Value

$2.28

94% downside

91.3% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	129.93M	$4.42B	10.09%	+18.45M	2026-06-30
VANGUARD CAPITAL MANAGEMENT LLC	83.82M	$2.85B	6.51%	-857.9K	2026-06-30
JPMORGAN CHASE & CO	66.17M	$2.18B	5.14%	+13.84M	2026-06-30
VANGUARD PORTFOLIO MANAGEMENT LLC	60.32M	$2.05B	4.68%	-764.0K	2026-06-30
STATE STREET CORP	55.67M	$1.89B	4.32%	+827.0K	2026-06-30
Capital World Investors	45.81M	$1.56B	3.56%	-34.87M	2026-06-30
PRICE T ROWE ASSOCIATES INC /MD/	38.69M	$1.31B	3.00%	-15.06M	2026-06-30
GEODE CAPITAL MANAGEMENT, LLC	36.37M	$1.23B	2.82%	+6.11M	2026-06-30
FMR LLC	34.29M	$1.17B	2.66%	+3.94M	2026-06-30
Capital International Investors	30.13M	$1.02B	2.34%	-12.68M	2026-06-30