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Also traded in: Germany, Mexico

GuruFocus Financial Strength Rank measures how strong a company’s financial situation is. It is based on these factors

1. The debt burden that the company has as measured by its Interest coverage (current year).
2. Debt to revenue ratio. The lower, the better
3. Altman Z-score.

A company ranks high with financial strength is likely to withstand any business slowdowns and recessions.

Financial Strength : 9/10

vs
industry
vs
history
Cash-to-Debt No Debt
CMG's Cash-to-Debt is ranked higher than
99% of the 325 Companies
in the Global Restaurants industry.

( Industry Median: 0.67 vs. CMG: No Debt )
Ranked among companies with meaningful Cash-to-Debt only.
CMG' s Cash-to-Debt Range Over the Past 10 Years
Min: 0.42  Med: 2889.29 Max: No Debt
Current: No Debt
Equity-to-Asset 0.67
CMG's Equity-to-Asset is ranked higher than
79% of the 319 Companies
in the Global Restaurants industry.

( Industry Median: 0.50 vs. CMG: 0.67 )
Ranked among companies with meaningful Equity-to-Asset only.
CMG' s Equity-to-Asset Range Over the Past 10 Years
Min: 0.67  Med: 0.76 Max: 0.82
Current: 0.67
0.67
0.82
Interest Coverage No Debt
CMG's Interest Coverage is ranked higher than
99% of the 268 Companies
in the Global Restaurants industry.

( Industry Median: 23.34 vs. CMG: No Debt )
Ranked among companies with meaningful Interest Coverage only.
CMG' s Interest Coverage Range Over the Past 10 Years
Min: 119.04  Med: 5535 Max: No Debt
Current: No Debt
Piotroski F-Score: 9
Altman Z-Score: 12.12
Beneish M-Score: -3.52
WACC vs ROIC
2.84%
15.81%
WACC
ROIC
GuruFocus Profitability Rank ranks how profitable a company is and how likely the company’s business will stay that way. It is based on these factors:

1. Operating Margin
2. Trend of the Operating Margin (5-year average). The company with an uptrend profit margin has a higher rank.
••3. Consistency of the profitability
4. Piotroski F-Score
5. Predictability Rank•

The maximum rank is 10. A rank of 7 or higher means a higher profitability and may stay that way. A rank of 3 or lower indicates that the company has had trouble to make a profit.

Profitability Rank is not directly related to the Financial Strength Rank. But if a company is consistently profitable, its financial strength will be stronger.

Profitability & Growth : 8/10

vs
industry
vs
history
Operating Margin % 5.48
CMG's Operating Margin % is ranked higher than
51% of the 323 Companies
in the Global Restaurants industry.

( Industry Median: 5.00 vs. CMG: 5.48 )
Ranked among companies with meaningful Operating Margin % only.
CMG' s Operating Margin % Range Over the Past 10 Years
Min: 0.89  Med: 15.57 Max: 17.3
Current: 5.48
0.89
17.3
Net Margin % 3.37
CMG's Net Margin % is ranked higher than
53% of the 323 Companies
in the Global Restaurants industry.

( Industry Median: 2.91 vs. CMG: 3.37 )
Ranked among companies with meaningful Net Margin % only.
CMG' s Net Margin % Range Over the Past 10 Years
Min: 0.59  Med: 9.61 Max: 10.84
Current: 3.37
0.59
10.84
ROE % 10.47
CMG's ROE % is ranked higher than
55% of the 306 Companies
in the Global Restaurants industry.

( Industry Median: 7.82 vs. CMG: 10.47 )
Ranked among companies with meaningful ROE % only.
CMG' s ROE % Range Over the Past 10 Years
Min: 1.3  Med: 23.07 Max: 25.09
Current: 10.47
1.3
25.09
ROA % 7.21
CMG's ROA % is ranked higher than
67% of the 324 Companies
in the Global Restaurants industry.

( Industry Median: 3.71 vs. CMG: 7.21 )
Ranked among companies with meaningful ROA % only.
CMG' s ROA % Range Over the Past 10 Years
Min: 0.97  Med: 17.03 Max: 19.63
Current: 7.21
0.97
19.63
ROC (Joel Greenblatt) % 18.38
CMG's ROC (Joel Greenblatt) % is ranked higher than
50% of the 323 Companies
in the Global Restaurants industry.

( Industry Median: 17.30 vs. CMG: 18.38 )
Ranked among companies with meaningful ROC (Joel Greenblatt) % only.
CMG' s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 2.74  Med: 46.57 Max: 68.67
Current: 18.38
2.74
68.67
3-Year Revenue Growth Rate 8.50
CMG's 3-Year Revenue Growth Rate is ranked higher than
68% of the 282 Companies
in the Global Restaurants industry.

( Industry Median: 4.10 vs. CMG: 8.50 )
Ranked among companies with meaningful 3-Year Revenue Growth Rate only.
CMG' s 3-Year Revenue Growth Rate Range Over the Past 10 Years
Min: 8.5  Med: 21.1 Max: 32.3
Current: 8.5
8.5
32.3
3-Year EBITDA Growth Rate -32.90
CMG's 3-Year EBITDA Growth Rate is ranked lower than
93% of the 256 Companies
in the Global Restaurants industry.

( Industry Median: 5.10 vs. CMG: -32.90 )
Ranked among companies with meaningful 3-Year EBITDA Growth Rate only.
CMG' s 3-Year EBITDA Growth Rate Range Over the Past 10 Years
Min: -32.9  Med: 33.3 Max: 112.3
Current: -32.9
-32.9
112.3
3-Year EPS without NRI Growth Rate -58.10
CMG's 3-Year EPS without NRI Growth Rate is ranked lower than
97% of the 219 Companies
in the Global Restaurants industry.

( Industry Median: 6.70 vs. CMG: -58.10 )
Ranked among companies with meaningful 3-Year EPS without NRI Growth Rate only.
CMG' s 3-Year EPS without NRI Growth Rate Range Over the Past 10 Years
Min: -58.1  Med: 29.15 Max: 107
Current: -58.1
-58.1
107
GuruFocus has detected 3 Warning Signs with Chipotle Mexican Grill Inc CMG.
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» CMG's 30-Y Financials

Financials (Next Earnings Date: 2018-02-02)


Revenue & Net Income
Cash & Debt
Operating Cash Flow & Free Cash Flow
Operating Cash Flow & Net Income

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Guru Trades

Q4 2016

CMG Guru Trades in Q4 2016

Wallace Weitz 1,553 sh (New)
Jim Simons 83,300 sh (New)
Bill Ackman 2,882,463 sh (+420.10%)
Steven Cohen 97,900 sh (+389.50%)
Mario Cibelli 23,500 sh (+62.07%)
Mario Cibelli 70,000 sh (unchged)
Mario Gabelli Sold Out
Manning & Napier Advisors, Inc Sold Out
Ruane Cunniff 539,633 sh (-5.81%)
Frank Sands 1,668,312 sh (-8.84%)
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Q1 2017

CMG Guru Trades in Q1 2017

Louis Moore Bacon 47,500 sh (New)
Jim Simons 165,800 sh (+99.04%)
Bill Ackman 2,882,463 sh (unchged)
Mario Cibelli 23,500 sh (unchged)
Wallace Weitz Sold Out
Steven Cohen Sold Out
Ruane Cunniff 515,909 sh (-4.40%)
Frank Sands 1,589,687 sh (-4.71%)
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Q2 2017

CMG Guru Trades in Q2 2017

John Hussman 7,500 sh (New)
Ray Dalio 17,398 sh (New)
Paul Tudor Jones 4,272 sh (New)
Joel Greenblatt 1,659 sh (New)
Jim Simons 446,100 sh (+169.06%)
Mario Cibelli 23,500 sh (unchged)
Bill Ackman 2,882,463 sh (unchged)
Louis Moore Bacon Sold Out
Ruane Cunniff 507,937 sh (-1.55%)
Frank Sands 1,269,605 sh (-20.13%)
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Q3 2017

CMG Guru Trades in Q3 2017

Pioneer Investments 17,788 sh (New)
Joel Greenblatt 3,927 sh (+136.71%)
Frank Sands 2,112,291 sh (+66.37%)
Paul Tudor Jones 5,724 sh (+33.99%)
Jim Simons 507,200 sh (+13.70%)
Louis Moore Bacon 274,000 sh (unchged)
Steven Cohen 47,000 sh (unchged)
Bill Ackman 2,882,463 sh (unchged)
Ray Dalio Sold Out
Mario Cibelli Sold Out
John Hussman 5,200 sh (-30.67%)
Ruane Cunniff 152,944 sh (-69.89%)
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Insider Trades

Latest Guru Trades with CMG

(List those with share number changes of more than 20%, or impact to portfolio more than 0.1%)

GuruDate Trades Impact to Portfolio Price Range * (?) Current Price Change from Average Current Shares
Ruane Cunniff 2017-09-30 Reduce -69.89%1.37%$297.09 - $417.33 $ 312.12-8%152,944
Joel Greenblatt 2017-09-30 Add 136.71%0.01%$297.09 - $417.33 $ 312.12-8%3,927
Ruane Cunniff 2017-06-30 Reduce -1.55%0.03%$413.98 - $496.14 $ 312.12-33%507,937
Joel Greenblatt 2017-06-30 New Buy0.01%$413.98 - $496.14 $ 312.12-33%1,659
Ruane Cunniff 2017-03-31 Reduce -4.40%0.08%$374.77 - $445.52 $ 312.12-24%515,909
Wallace Weitz 2017-03-31 Sold Out 0.02%$374.77 - $445.52 $ 312.12-24%0
Bill Ackman 2016-12-31 Add 420.10%14.85%$359.92 - $437.88 $ 312.12-21%2,882,463
Ruane Cunniff 2016-12-31 Reduce -5.81%0.13%$359.92 - $437.88 $ 312.12-21%539,633
Wallace Weitz 2016-12-31 New Buy0.02%$359.92 - $437.88 $ 312.12-21%1,553
Mario Gabelli 2016-12-31 Sold Out $359.92 - $437.88 $ 312.12-21%0
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Business Description

Industry: Restaurants » Restaurants    NAICS: 722513    SIC: 5812
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Traded in other countries:C9F.Germany, CMG.Mexico,
Headquarter Location:USA
Chipotle Mexican Grill Inc together with its subsidiaries operates Chipotle Mexican Grill restaurants, which serves a menu of burritos, tacos, burrito bowls and salads, made using fresh ingredients.

Chipotle Mexican Grill is the largest player in the $10 billion-plus domestic fast-casual Mexican restaurant category. Its menu includes burritos, bowls, tacos, and salads, which are made from higher-quality ingredients than those typically found at quick-service restaurants. As of September, the firm operated 2,400 restaurants in the United States, Canada, the United Kingdom, France, and Germany.

Guru Investment Theses on Chipotle Mexican Grill Inc

Bill Ackman Comments on Chipotle - Nov 16, 2017

While the last six months have been challenging for Chipotle (NYSE:CMG)’s brand, shareholders, and other stakeholders, we believe the company’s significant long-term growth opportunity is one of the most attractive in the industry. Prior to making our initial investment, we understood that this investment could be a volatile journey, and this has certainly proven to be the case. As we have seen with many other restaurant companies in the past, brand and customer sentiment can change quickly, and we are confident that, with the right initiatives and execution, Chipotle will be able to stage a successful turnaround.

Management’s immediate focus has been on optimizing existing operations to allow its restaurants to deliver a consistently great guest experience. This effort is being led by the new Chief Restaurant Officer Scott Boatwright, who joined the company in May after a successful career at Arby’s. Near-term operational initiatives include eliminating layers in the upper management ranks to redeploy more resources directly overseeing the restaurant operations, restructuring operations support, and improving the hiring process. In response to tremendous customer demand for something new from Chipotle, the company launched all-natural queso nationwide on September 12, 2017, and is currently testing several other menu additions.

Chipotle’s digital initiatives, led by Chief Digital and Information Officer (and Starbucks veteran) Curt Garner, continue to progress. The first major mobile app revamp in many years was launched on November 6, 2017. The new app includes many new features that make it easier for guests to order from Chipotle, including: (1) quick reorder; (2) more precise customization of meals; (3) Apple and Android pay; and (4) the ability to receive, store, and redeem Chipotle offers. The company has also made further progress on integrating key third-party delivery partners, and soon will make its catering offering more accessible by lowering the minimum group size and entry price tier. These initiatives: (1) improving the guest experience; (2) growing digital opportunities; (3) driving menu innovation; and (4) expanding delivery and catering – will all be critical to enabling the turnaround at the company and increasing average unit volumes.

Chipotle stock has been highly volatile, increasing to $499 per share in May of this year as sales trends improved, and then declining more recently to a low of $263 per share after a food safety incident in July in one store, and a below expectation quarter. At first glance, this is a surprising degree of volatility for a company with a substantial net cash position and no debt. We believe the volatility is driven by the fact that the value of the company is highly dependent on investors’ estimates of future growth, average unit volumes, and store margins. When these investor estimates change, the associated discounted cash flow calculations lead to widely varying estimates of intrinsic value, which ultimately drive the stock price. If the company begins to show progress on these metrics, we would expect the stock price to respond accordingly to the upside.

Like ADP and Howard Hughes, we expect that Chipotle will be a substantial beneficiary of lower US corporate tax rates.

From Bill Ackman (Trades, Portfolio)'s third quarter 2017 shareholder letter.

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Bill Ackman Comments on Chipotle - Aug 18, 2017

Although Chipotle (NYSE:CMG) has made significant progress in improving its business and driving a sales recovery since early 2016, the company suffered an unfortunate setback in mid-July in the form of a norovirus incident at a single restaurant in Virginia. Norovirus is a common and highly contagious illness affecting nearly 20 million Americans each year and is unrelated to Chipotle’s food supply chain. The incident in Virginia was the result of a failure in one restaurant to comply with the company’s procedures used to minimize the risk of a norovirus outbreak. While Chipotle has already implemented a robust and advanced food safety program, the company will continue to build a culture of compliance in its operations through relentless training and enforcement of its policies.

Despite this setback, we are pleased that Chipotle has taken a number of significant steps since Pershing Square’s initial investment to position the company for long-term success. These steps include (1) the dismantling of the co-CEO structure and the appointment of Steve Ells as sole CEO; (2) a major board refresh that reconstituted half of the current board with new directors, including investment team partner Ali Namvar and Pershing Square advisory board member Matthew Paull; (3) a renewed focus on simplifying operations and delivering an excellent guest experience which has led to improvements in key performance metrics; (4) the strengthening of the leadership team with the additions of a proven restaurant operations executive from Arby’s in the newly created role of Chief Restaurant Officer and a seasoned communications executive with over 20 years of public affairs experience at Yum! Brands as the first-ever Chief Communications Officer; and (5) the opening of the Chipotle NEXT Kitchen to explore the operational impact of potential menu innovation.

Potential new menu additions in various stages of testing include queso, the single most requested item by guests, frozen margaritas, new salad greens served with an avocado citrus dressing, and buñuelos, a crispy cinnamon dessert served with a Chipotle-infused chocolate dipping sauce. On the technology front, the company is on track to launch a new mobile app later this year which will provide substantial improvements to the digital experience for its customers.

We made our investment in Chipotle anticipating that the sales recovery would be neither smooth nor predictable, but with a belief that the key drivers of Chipotle’s powerful economic moat and long-term success would remain intact. With the steps that the company has taken to improve its business, we continue to believe there is an enormous long-term growth opportunity for Chipotle given: (1) the significant potential to drive sales per restaurant higher through mobile and digital ordering, menu innovation, catering, and improved operations, (2) the opportunity to expand its vastly underpenetrated restaurant base in the U.S., and (3) the considerable potential to build the brand internationally.

From Bill Ackman (Trades, Portfolio)'s second quarter 2017 shareholder letter.

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Bill Ackman Comments on Chipotle - May 12, 2017

Since Steve Ells returned to the role of sole CEO in December of last year, Chipotle (NYSE:CMG) has implemented significant organizational and operational changes predominantly aimed at elevating the guest experience. This renewed focus on delivering a great guest experience has re-energized and motivated the organization, leading to better customer service scores, lower restaurant manager turnover, and improvements in many other key performance metrics.

We saw some early indication of these improvements when Chipotle reported first quarter 2017 results with same-store sales increasing 17.8% year-over-year. This was the first quarter in which Chipotle fully lapped sales declines relating to food safety issues that began in late 2015. On a two-year cumulative basis that incorporates the impact of these declines as well as the ongoing recovery, same-store sales improved throughout the quarter from a 21% decline in January to a 16% decline in March. Online sales in the quarter increased significantly over the prior year.

As part of the company’s mission to make better food made from whole, unprocessed ingredients accessible to everyone, Chipotle announced in late March that it is the only national restaurant chain with no added colors, flavors or preservatives in any of the ingredients it uses to prepare its delicious food. This milestone achievement was made possible by the successful completion of a multi-year initiative to remove additives from its tortillas. Today, the whole Chipotle menu is prepared with just 51 recognizable, high-quality ingredients that you can find at grocery stores or farmers markets. In support of this important achievement, the company recently launched its largest advertising campaign to date, entitled “As Real as it Gets.”

In December of last year, four new independent directors joined Chipotle’s board of directors, including investment team partner Ali Namvar and Pershing Square advisory board member Matt Paull. The refreshed board is working well together. While the timing and pace of Chipotle’s full recovery from its 2015 food safety incidents remains difficult to predict, we are optimistic about the initiatives that Chipotle’s executive team has put in place to enhance the guest experience, differentiate the brand, increase sales through opportunities like mobile ordering and catering, and improve restaurant margins, over the long-term.



From Bill Ackman (Trades, Portfolio)'s first quarter 2017 shareholder letter.


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Bill Ackman Comments on Chipotle Mexican Grill - May 08, 2017

On September 6, 2016, we announced a 9.9% stake in Chipotle Mexican Grill (NYSE:CMG) which we purchased at an average price of $405 per share. Chipotle has built a superb brand pioneering the “fast casual” restaurant industry with the success of its outstanding product offering, unique culture, and powerful economic model. We have followed the business for years, noting how it has disrupted the fast food industry with its high quality, delicious and customizable hot meals that are prepared quickly and sold at affordable prices. The company has been significantly negatively impacted by food safety issues beginning in the fourth quarter of 2015 which caused a peak decline in average unit sales of 36%. In response, the company has implemented enhanced food safety protocols over the past year, and worked to win back lost customers. While traffic and sales have begun to recover, average unit volumes were still 19% below peak levels as of the fourth quarter of 2016.

We have always believed that a good time to buy a great business is when it is in temporary trouble. While Chipotle’s reputation has been bruised, we think that with the passage of time and improved operations, marketing, technology, and governance initiatives, the business will not only recover but become much stronger. Chipotle’s sales recovery will be neither smooth nor predictable over the next few quarters; yet, we believe that all of the key drivers of Chipotle’s powerful economic moat and long-term success remain intact. These drivers include:

  1. A strong and relevant brand built by visionary leadership;

  2. A differentiated product offering with a highly attractive value proposition;

  3. Substantial scale in the fast casual industry and first-mover advantage in real estate;

  4. Strong unit economics and extremely high returns on capital, driven by a well-honed model that facilitates best-in-class throughput; and

  5. Enormous growth opportunities including new units and operating enhancements such as mobile ordering and catering.

Strong Brand

The Chipotle brand was developed by founder Steve Ells with the philosophy that food served fast does not have to be a traditional “fast-food” experience. This vision later evolved into an ambition to change the way the world thinks about and eats fast food. Chipotle’s authentic brand developed a loyal following, which allowed the company to grow from one restaurant to more than 2,200 relying primarily on customer word of mouth, supplemented by non-traditional marketing techniques including digital and social media, owned content, and local events. Today, we believe that Chipotle is one of the most compelling and authentic large-scale food brands in the U.S.

Differentiated Product Offering

Chipotle’s product offering is differentiated by the fact that it successfully competes in all of the desirable attributes of out-of-home fast food. As part of our research, we compared Chipotle’s customer value proposition to those of fast casual, quick service, and casual dining competitors across six key metrics: food quality, taste, in-store experience, customization ability, speed, and value. We believe Chipotle’s food quality is superlative given the focus on cooking from scratch with the best available and simplest ingredients. Chipotle’s “burrito line” service format engages customers from the moment they walk in the door, allows exact customization of each order to accommodate individual preferences, and facilitates the fastest throughput in the industry. The product price point offers outstanding value given the quality and quantity of food served. While some other concepts can successfully compete on one or more of these attributes, we believe that few are able to replicate the Chipotle offering at comparable price points at scale.

Enormous Growth Opportunity

Prior to the recent food safety issues, Chipotle’s average unit volumes were approximately $2.5 million, among the highest in the industry, despite only serving two day-parts, and with limited store hours, i.e., 11 versus as much as 24 hours for other fast food competitors. We believe that initiatives such as mobile and digital ordering as well as catering will drive an accelerated rate of same-store sales growth for the foreseeable future, incremental to the impact of recovering lost customers. Returns on capital for new units remain extremely compelling even at today’s lower sales levels. Management believes that the U.S. can ultimately support more than double the current store base of approximately 2,200.

Food Safety

We have researched the initiatives that Chipotle has taken to enhance its food safety policies and procedures. While food safety risk can never be completely eliminated in any restaurant, we believe the company has done an excellent job of significantly reducing the risk of another incident while maintaining the quality and taste of its food.

Chipotle has a number of other attractive attributes which include limited global macroeconomic sensitivity and foreign currency exposure, a simple business model with limited non-GAAP earnings adjustments, a high effective tax rate of nearly 40% (which means the company will be a big beneficiary in the event of U.S. corporate tax reform), and an unlevered balance sheet with a strong net cash position.

Management and Board Developments

On December 12, 2016, Chipotle named Steve Ells sole CEO concurrent with the resignation of former co-CEO Monty Moran. In conjunction with this leadership change, Chipotle announced a renewed focus on delivering an excellent guest experience and removing unnecessary complexity from restaurant operations. The company also announced an expanded company mission to “ensure that better food, prepared from whole, unprocessed ingredients is accessible to everyone.”

On December 16, 2016, Chipotle announced a board refresh in which four new directors were named including Pershing Square partner and investment team member Ali Namvar and Pershing Square advisory board member and former McDonald’s CFO Matthew Paull. On March 17, 2017, the company announced that four incumbent directors will not stand for election at the upcoming annual meeting. The new board will have eight members including the four recent appointees.

Chipotle’s total shareholder return was -6.3% from the inception of the position in August through year-end 2016.

From 2016 annual letter to shareholders of Pershing Square by Bill Ackman (Trades, Portfolio).

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Bill Ackman Comments on Chipotle Mexican Grill - Mar 30, 2017

On September 6, 2016, we announced a 9.9% stake in Chipotle Mexican Grill (NYSE:CMG) which we purchased at an average price of $405 per share. Chipotle has built a superb brand pioneering the “fast casual” restaurant industry with the success of its outstanding product offering, unique culture, and powerful economic model. We have followed the business for years, noting how it has disrupted the fast food industry with its high quality, delicious and customizable hot meals that are prepared quickly and sold at affordable prices. The company has been significantly negatively impacted by food safety issues beginning in the fourth quarter of 2015 which caused a peak decline in average unit sales of 36%. In response, the company has implemented enhanced food safety protocols over the past year, and worked to win back lost customers. While traffic and sales have begun to recover, average unit volumes were still 19% below peak levels as of the fourth quarter of 2016.



We have always believed that a good time to buy a great business is when it is in temporary trouble. While Chipotle’s reputation has been bruised, we think that with the passage of time and improved operations, marketing, technology, and governance initiatives, the business will not only recover but become much stronger. Chipotle’s sales recovery will be neither smooth nor predictable over the next few quarters; yet, we believe that all of the key drivers of Chipotle’s powerful economic moat and long-term success remain intact. These drivers include:



  1. A strong and relevant brand built by visionary leadership;

  2. A differentiated product offering with a highly attractive value proposition;

  3. Substantial scale in the fast casual industry and first-mover advantage in real estate;

  4. Strong unit economics and extremely high returns on capital, driven by a well-honed model that facilitates best-in-class throughput; and

  5. Enormous growth opportunities including new units and operating enhancements such as mobile ordering and catering.

Strong Brand



The Chipotle brand was developed by founder Steve Ells with the philosophy that food served fast does not have to be a traditional “fast-food” experience. This vision later evolved into an ambition to change the way the world thinks about and eats fast food. Chipotle’s authentic brand developed a loyal following, which allowed the company to grow from one restaurant to more than 2,200 relying primarily on customer word of mouth, supplemented by non-traditional marketing techniques including digital and social media, owned content, and local events. Today, we believe that Chipotle is one of the most compelling and authentic large-scale food brands in the U.S.



Differentiated Product Offering



Chipotle’s product offering is differentiated by the fact that it successfully competes in all of the desirable attributes of out-of-home fast food. As part of our research, we compared Chipotle’s customer value proposition to those of fast casual, quick service, and casual dining competitors across six key metrics: food quality, taste, in-store experience, customization ability, speed, and value. We believe Chipotle’s food quality is superlative given the focus on cooking from scratch with the best available and simplest ingredients. Chipotle’s “burrito line” service format engages customers from the moment they walk in the door, allows exact customization of each order to accommodate individual preferences, and facilitates the fastest throughput in the industry. The product price point offers outstanding value given the quality and quantity of food served. While some other concepts can successfully compete on one or more of these attributes, we believe that few are able to replicate the Chipotle offering at comparable price points at scale.



Enormous Growth Opportunity



Prior to the recent food safety issues, Chipotle’s average unit volumes were approximately $2.5 million, among the highest in the industry, despite only serving two day-parts, and with limited store hours, i.e., 11 versus as much as 24 hours for other fast food competitors. We believe that initiatives such as mobile and digital ordering as well as catering will drive an accelerated rate of same-store sales growth for the foreseeable future, incremental to the impact of recovering lost customers. Returns on capital for new units remain extremely compelling even at today’s lower sales levels. Management believes that the U.S. can ultimately support more than double the current store base of approximately 2,200.



Food Safety



We have researched the initiatives that Chipotle has taken to enhance its food safety policies and procedures. While food safety risk can never be completely eliminated in any restaurant, we believe the company has done an excellent job of significantly reducing the risk of another incident while maintaining the quality and taste of its food.



Chipotle has a number of other attractive attributes which include limited global macroeconomic sensitivity and foreign currency exposure, a simple business model with limited non-GAAP earnings adjustments, a high effective tax rate of nearly 40% (which means the company will be a big beneficiary in the event of U.S. corporate tax reform), and an unlevered balance sheet with a strong net cash position.



Management and Board Developments



On December 12, 2016, Chipotle named Steve Ells sole CEO concurrent with the resignation of former co-CEO Monty Moran. In conjunction with this leadership change, Chipotle announced a renewed focus on delivering an excellent guest experience and removing unnecessary complexity from restaurant operations. The company also announced an expanded company mission to “ensure that better food, prepared from whole, unprocessed ingredients is accessible to everyone.”



On December 16, 2016, Chipotle announced a board refresh in which four new directors were named including Pershing Square partner and investment team member Ali Namvar and Pershing Square advisory board member and former McDonald’s CFO Matthew Paull. On March 17, 2017, the company announced that four incumbent directors will not stand for election at the upcoming annual meeting. The new board will have eight members including the four recent appointees.



Chipotle’s total shareholder return was -6.3% from the inception of the position in August through year-end 2016.






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Ruane Cunniff Comments on Chipotle - Feb 07, 2017

Chipotle (NYSE:CMG) has been a weak performer, down 13% since purchase through the end of 2016. We knew Chipotle faced a long road to recovery after several outbreaks of food-borne illnesses frightened customers away, but we were attracted by the enormous potential of the business, which could grow for many years and generate high returns if the executive team manages the recovery adeptly. Chipotle is making changes to management and its board of directors, including adding a director who played a key role in the turnaround at McDonald’s a decade ago. Recently reported sales figures for December showed encouraging gains in customer traffic, but we are watching carefully, as the pace of recovery thus far has fallen short of our initial expectations.

From Ruane Cunniff (Trades, Portfolio)'s Sequoia Fund 4th quarter shareholder letter.


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Bill Ackman Comments on Chipotle Mexican Grill - Dec 09, 2016

On September 6th, we announced a 9.9% stake in Chipotle Mexican Grill (NYSE:CMG) which we purchased at an average price of $405 per share. Chipotle has built a superb brand pioneering the “fast casual” restaurant industry with the success of its outstanding product offering, unique culture and powerful economic model. We have followed the business for years, noting how it has disrupted the fast food industry with its high quality, delicious and customizable hot meals that are prepared quickly and sold at affordable prices. The company has been significantly negatively impacted by food safety issues beginning in the fourth quarter of 2015 which caused a peak decline in average unit sales of 36%. In response, the company has implemented best-in-class food safety protocols over the past year, and worked to win back lost customers. While traffic and sales have begun to recover, average unit volumes are still 19% below peak levels.

We have always believed that a good time to buy a great business is when it is in temporary trouble. While Chipotle’s reputation has been bruised, we think that with the passage of time and improved marketing, technology and governance initiatives, the business will not only recover but become much stronger. Chipotle’s sales recovery will be neither smooth nor predictable over the next few quarters; yet, we believe that all of the key drivers of Chipotle’s powerful economic moat and long-term success remain intact. These drivers include:

  1. A strong and relevant brand built by visionary leadership

  2. A differentiated product offering with a highly attractive value proposition

  3. Substantial scale in the fast casual industry and first-mover advantage in real estate

  4. Strong unit economics and extremely high returns on capital, driven by a well-honed model that facilitates best-in-class throughput

  5. Enormous growth opportunities including new units and operating enhancements such as mobile ordering and catering

Strong Brand

The Chipotle brand was developed by founder Steve Ells with the philosophy that food served fast does not have to be a traditional “fast-food” experience. This vision later evolved into an ambition to change the way the world thinks about and eats fast food. Chipotle’s authentic brand developed a loyal following, which allowed the company to grow from one restaurant to more than 2,100 relying primarily on customer word of mouth, supplemented by non-traditional marketing techniques including digital and social media, owned content, and local events. Today, we believe that Chipotle is one of the most compelling and authentic large-scale food brands in the U.S.

Differentiated Product Offering

Chipotle’s product offering is differentiated by the fact that it successfully competes in all the desirable attributes of out-of-home fast food. As part of our research, we compared Chipotle’s customer value proposition to those of fast casual, quick service, and casual dining competitors across six key metrics: food quality, taste, in-store experience, customization ability, speed, and value. We believe Chipotle’s food quality is superlative given the focus on cooking from scratch with the best available ingredients. Chipotle’s “burrito line” service format engages customers from the moment they walk in the door, allows exact customization of each order to accommodate individual preferences, and facilitates the fastest throughput in the industry. The product price point offers outstanding value given the quality and quantity of food served. While some other concepts can successfully compete on one or more of these attributes, we believe that few are able to replicate the Chipotle offering at comparable price points at scale.

Enormous Growth Opportunity

Prior to the recent food safety issues, Chipotle’s average unit volumes were approximately $2.5 million, nearly the highest in the industry, despite only serving two day-parts, and with limited store hours, i.e., 11 versus as much as 24 hours for other fast food competitors. We believe that initiatives such as mobile and digital ordering, loyalty program development, catering, and menu innovation including dessert will drive an accelerated rate of same-store sales growth for the foreseeable future, incremental to the impact of recovering lost customers. Returns on capital for new units remain extremely compelling even at today’s lower sales levels. We believe that the U.S. can support about 3,000 additional Chipotle restaurants, a total of 5,000 units representing 2.3 times the current store base.

Food Safety

We have researched the initiatives that Chipotle has taken to address food safety. While food safety risk can never be completely eliminated in any restaurant, we think the company has done an excellent job of significantly reducing the risk of another incident while maintaining the freshness and taste of its food.

Chipotle has a number of other attractive attributes which include limited global macroeconomic sensitivity and foreign currency exposure, a simple business model with limited non-GAAP earnings adjustments, a high effective tax rate of nearly 40% (which means the company will be a big beneficiary of lower U.S. tax rates if implemented by the Trump administration) and an unlevered balance sheet with a strong net cash position.

Valuation

Given Chipotle’s depressed near-term earnings due to the recent decline in sales and its detrimental impact on operating margins, we do not believe it is appropriate to value Chipotle using a multiple of next year’s earnings based on comparables or estimated growth rates. To estimate the intrinsic value of Chipotle shares, we have valued the discounted cash flows of the business over its life using reasonable assumptions. In our base case, we have assumed a long-term restaurant count of 5,000 units, some recovery of lost customers over the next several years, and moderate same-store sales growth over the long-term driven by the impact of new technology initiatives (like mobile, online ordering and loyalty) and day-part extension initiatives (like catering). We conservatively have assumed that profit margins will be at a discount to peak levels reflecting the cost of new food safety procedures as well as increased investments, offset over time by thoughtful management of overhead costs and increased operating leverage.

From Bill Ackman (Trades, Portfolio)'s Pershing Square third-quarter shareholder letter.

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Ruane Cunniff Comments on Chipotle Mexican Grill - Jul 13, 2016

In the latter half of 2015, a series of pathogen outbreaks at Chipotle Mexican Grill (NYSE:CMG) caused a precipitous drop in traffic at the Mexican-themed restaurant chain. The ensuing negative publicity caused Chipotle’s stock to drop into the low $400 range from a high of $757 per share. Prior to the outbreaks, Chipotle was one of the most successful restaurant concepts of the past thirty years. CEO Steve Ells, a classically trained chef, helped pioneer the concept of high-quality food made from fresh ingredients in a fast casual environment. Chipotle’s high quality product, simple menu, and efficient service combined to make its restaurants extraordinarily profitable, and this in turn has allowed Chipotle to expand its footprint at a rapid pace without resorting to franchising or borrowing money.

In the wake of the pathogen outbreaks we contacted a number of food safety experts to verify that Chipotle management had established industry leading food safety practices in all of its stores. Wereviewed the history of outbreaks at public and private restaurant chains and tallied the long term impact each outbreak had on each chain’s franchise value. Most importantly, we held conversations with dozens of industry veterans to develop a timeline for Chipotle’s recovery. While we expect Chipotle to suffer through a slow and bumpy recovery, we believe the company has an opportunity to more than double its U.S. store base over time at terrific unit economics.

From Ruane Cunniff (Trades, Portfolio)'s Sequoia Fund second quarter 2016 shareholder letter.

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Top Ranked Articles about Chipotle Mexican Grill Inc

Leadership Changes at Chipotle Could Be Beneficial A new CEO is more likely to make tough decisions in favor of long-term investors
Chipotle Mexican Grill Inc. (NYSE:CMG) took a crucial step in pitching itself as a turnaround candidate by announcing founder, chairman and CEO Steve Ells will step down. The changes at the top should assuage the concerns of long-time Chipotle investors, as new CEOs generally enjoy a honeymoon period, allowing them enough elbow room to make tough decisions that can help the company in the long run. Read more...
Stock and options reports released for Alcoa, Chipotle Mexican Grill, Dave & Buster's, Regal Entertainment Group and Toll Brothers Inc.
CEO Steps Down at Ackman’s Chipotle Market, Ackman respond positively
Chipotle (NYSE:CMG) CEO Steve Ells announced Nov. 29 that he would step down at the company he founded in 1993. Read more...
Bill Ackman Comments on Chipotle Guru stock highlight
While the last six months have been challenging for Chipotle (NYSE:CMG)’s brand, shareholders, and other stakeholders, we believe the company’s significant long-term growth opportunity is one of the most attractive in the industry. Prior to making our initial investment, we understood that this investment could be a volatile journey, and this has certainly proven to be the case. As we have seen with many other restaurant companies in the past, brand and customer sentiment can change quickly, and we are confident that, with the right initiatives and execution, Chipotle will be able to stage a successful turnaround.

Management’s immediate focus has been on optimizing existing operations to allow its restaurants to deliver a consistently great guest experience. This effort is being led by the new Chief Restaurant Officer Scott Boatwright, who joined the company in May after a successful career at Arby’s. Near-term operational initiatives include eliminating layers in the upper management ranks to redeploy more resources directly overseeing the restaurant operations, restructuring operations support, Read more...
The Fate of Chipotle The benchmark for fast casual is losing its fans
I’ve covered Chipotle (NYSE:CMG) for a while now. First, in December 2015, anticipating the fall below $400 and then in August 2016 calling it a buy before its bounce back. That was before the company-wide problems really started to be felt on the books. Read more...
New Research Coverage Highlights Rent-A-Center, Match Group, GoDaddy, Church & Dwight, Chipotle, and F.N.B. – Consolidated Revenues, Company Growth, and Expectations for 2018
US Market Indexes Lower on Wednesday Dow Jones down 112 points to close at 23,329.46
U.S. market indexes were lower Wednesday. The Dow Jones Industrial Average closed at 23,329.46 for a loss of -112.30 points or -0.48%. The S&P 500 closed at 2,557.15 for a loss of -11.98 points or -0.47%. The Nasdaq Composite closed at 6,563.89 for a loss of -34.54 points or -0.52%. The VIX Volatility Index was higher for the day, closing at 11.23 for a gain of 0.07 points or 0.63%. Read more...
5 Stocks Tanking Chipotle, Dr Pepper, Juniper Networks, Advanced Micro Devices and Rent-A-Center fall in early trading
U.S. stock market dips early Wednesday were fueled by earnings reports from companies such as Chipotle Mexican Grill Inc. (NYSE:CMG), Dr Pepper Snapple Group Inc. (NYSE:DPS), Juniper Networks Inc. (NYSE:JNPR) and Advanced Micro Devices Inc. (NASDAQ:AMD). Read more...
Some Thoughts on Chipotle's 3rd Quarter A quick review of the company's quarterly and year-to-date results
Chipotle Mexican Grill Inc. (NYSE:CMG) reported third-quarter results after the close on Tuesday. I wrote a short article about the company back in July, so I thought I would provide an update. Read more...
Wall Street Opens Lower on Wednesday Boeing beats estimates, raises guidance
Wall Street is in the red on some companies reporting financial results. The S&P 500, Nasdaq Composite and Dow Jones Industrial Average all fell. Read more...

Ratios

vs
industry
vs
history
PE Ratio 60.61
CMG's PE Ratio is ranked lower than
88% of the 230 Companies
in the Global Restaurants industry.

( Industry Median: 25.04 vs. CMG: 60.61 )
Ranked among companies with meaningful PE Ratio only.
CMG' s PE Ratio Range Over the Past 10 Years
Min: 16.51  Med: 45.42 Max: 534.51
Current: 60.61
16.51
534.51
Forward PE Ratio 33.67
CMG's Forward PE Ratio is ranked lower than
88% of the 59 Companies
in the Global Restaurants industry.

( Industry Median: 18.90 vs. CMG: 33.67 )
Ranked among companies with meaningful Forward PE Ratio only.
N/A
PE Ratio without NRI 60.61
CMG's PE Ratio without NRI is ranked lower than
88% of the 233 Companies
in the Global Restaurants industry.

( Industry Median: 24.68 vs. CMG: 60.61 )
Ranked among companies with meaningful PE Ratio without NRI only.
CMG' s PE Ratio without NRI Range Over the Past 10 Years
Min: 16.51  Med: 45.42 Max: 534.51
Current: 60.61
16.51
534.51
Price-to-Owner-Earnings 50.07
CMG's Price-to-Owner-Earnings is ranked lower than
84% of the 141 Companies
in the Global Restaurants industry.

( Industry Median: 24.86 vs. CMG: 50.07 )
Ranked among companies with meaningful Price-to-Owner-Earnings only.
CMG' s Price-to-Owner-Earnings Range Over the Past 10 Years
Min: 18.21  Med: 40.74 Max: 159.5
Current: 50.07
18.21
159.5
PB Ratio 6.37
CMG's PB Ratio is ranked lower than
83% of the 303 Companies
in the Global Restaurants industry.

( Industry Median: 2.92 vs. CMG: 6.37 )
Ranked among companies with meaningful PB Ratio only.
CMG' s PB Ratio Range Over the Past 10 Years
Min: 2.05  Med: 8.12 Max: 12.01
Current: 6.37
2.05
12.01
PS Ratio 2.05
CMG's PS Ratio is ranked lower than
73% of the 316 Companies
in the Global Restaurants industry.

( Industry Median: 1.12 vs. CMG: 2.05 )
Ranked among companies with meaningful PS Ratio only.
CMG' s PS Ratio Range Over the Past 10 Years
Min: 1.03  Med: 3.46 Max: 5.88
Current: 2.05
1.03
5.88
Price-to-Free-Cash-Flow 41.66
CMG's Price-to-Free-Cash-Flow is ranked lower than
84% of the 126 Companies
in the Global Restaurants industry.

( Industry Median: 26.64 vs. CMG: 41.66 )
Ranked among companies with meaningful Price-to-Free-Cash-Flow only.
CMG' s Price-to-Free-Cash-Flow Range Over the Past 10 Years
Min: 18.97  Med: 44.61 Max: 795.18
Current: 41.66
18.97
795.18
Price-to-Operating-Cash-Flow 20.14
CMG's Price-to-Operating-Cash-Flow is ranked lower than
78% of the 172 Companies
in the Global Restaurants industry.

( Industry Median: 11.51 vs. CMG: 20.14 )
Ranked among companies with meaningful Price-to-Operating-Cash-Flow only.
CMG' s Price-to-Operating-Cash-Flow Range Over the Past 10 Years
Min: 6.81  Med: 25.78 Max: 37.63
Current: 20.14
6.81
37.63
EV-to-EBIT 34.24
CMG's EV-to-EBIT is ranked lower than
80% of the 248 Companies
in the Global Restaurants industry.

( Industry Median: 17.54 vs. CMG: 34.24 )
Ranked among companies with meaningful EV-to-EBIT only.
CMG' s EV-to-EBIT Range Over the Past 10 Years
Min: 8.5  Med: 26.65 Max: 355.4
Current: 34.24
8.5
355.4
EV-to-EBITDA 20.59
CMG's EV-to-EBITDA is ranked lower than
71% of the 269 Companies
in the Global Restaurants industry.

( Industry Median: 13.53 vs. CMG: 20.59 )
Ranked among companies with meaningful EV-to-EBITDA only.
CMG' s EV-to-EBITDA Range Over the Past 10 Years
Min: 6.1  Med: 21.1 Max: 67.9
Current: 20.59
6.1
67.9
EV-to-Revenue 1.88
CMG's EV-to-Revenue is ranked lower than
68% of the 321 Companies
in the Global Restaurants industry.

( Industry Median: 1.22 vs. CMG: 1.88 )
Ranked among companies with meaningful EV-to-Revenue only.
CMG' s EV-to-Revenue Range Over the Past 10 Years
Min: 0.9  Med: 3.3 Max: 5.7
Current: 1.88
0.9
5.7
Shiller PE Ratio 39.88
CMG's Shiller PE Ratio is ranked lower than
72% of the 72 Companies
in the Global Restaurants industry.

( Industry Median: 28.48 vs. CMG: 39.88 )
Ranked among companies with meaningful Shiller PE Ratio only.
CMG' s Shiller PE Ratio Range Over the Past 10 Years
Min: 34.93  Med: 63.15 Max: 128.4
Current: 39.88
34.93
128.4
Current Ratio 2.03
CMG's Current Ratio is ranked higher than
83% of the 316 Companies
in the Global Restaurants industry.

( Industry Median: 1.16 vs. CMG: 2.03 )
Ranked among companies with meaningful Current Ratio only.
CMG' s Current Ratio Range Over the Past 10 Years
Min: 0.2  Med: 3.04 Max: 4.43
Current: 2.03
0.2
4.43
Quick Ratio 1.96
CMG's Quick Ratio is ranked higher than
83% of the 316 Companies
in the Global Restaurants industry.

( Industry Median: 1.04 vs. CMG: 1.96 )
Ranked among companies with meaningful Quick Ratio only.
CMG' s Quick Ratio Range Over the Past 10 Years
Min: 0.2  Med: 2.98 Max: 4.35
Current: 1.96
0.2
4.35
Days Inventory 1.84
CMG's Days Inventory is ranked higher than
96% of the 305 Companies
in the Global Restaurants industry.

( Industry Median: 12.85 vs. CMG: 1.84 )
Ranked among companies with meaningful Days Inventory only.
CMG' s Days Inventory Range Over the Past 10 Years
Min: 1.59  Med: 1.71 Max: 1.87
Current: 1.84
1.59
1.87
Days Sales Outstanding 1.98
CMG's Days Sales Outstanding is ranked higher than
86% of the 271 Companies
in the Global Restaurants industry.

( Industry Median: 8.17 vs. CMG: 1.98 )
Ranked among companies with meaningful Days Sales Outstanding only.
CMG' s Days Sales Outstanding Range Over the Past 10 Years
Min: 1  Med: 2.03 Max: 3.78
Current: 1.98
1
3.78
Days Payable 8.62
CMG's Days Payable is ranked lower than
97% of the 252 Companies
in the Global Restaurants industry.

( Industry Median: 39.76 vs. CMG: 8.62 )
Ranked among companies with meaningful Days Payable only.
CMG' s Days Payable Range Over the Past 10 Years
Min: 8.08  Med: 8.87 Max: 10.76
Current: 8.62
8.08
10.76

Buy Back

vs
industry
vs
history
3-Year Average Share Buyback Ratio 2.40
CMG's 3-Year Average Share Buyback Ratio is ranked higher than
85% of the 204 Companies
in the Global Restaurants industry.

( Industry Median: -0.80 vs. CMG: 2.40 )
Ranked among companies with meaningful 3-Year Average Share Buyback Ratio only.
CMG' s 3-Year Average Share Buyback Ratio Range Over the Past 10 Years
Min: -16.6  Med: 0.2 Max: 2.4
Current: 2.4
-16.6
2.4

Valuation & Return

vs
industry
vs
history
Price-to-Tangible-Book 6.47
CMG's Price-to-Tangible-Book is ranked lower than
80% of the 249 Companies
in the Global Restaurants industry.

( Industry Median: 3.24 vs. CMG: 6.47 )
Ranked among companies with meaningful Price-to-Tangible-Book only.
CMG' s Price-to-Tangible-Book Range Over the Past 10 Years
Min: 3  Med: 7.97 Max: 11.54
Current: 6.47
3
11.54
Price-to-Intrinsic-Value-Projected-FCF 1.87
CMG's Price-to-Intrinsic-Value-Projected-FCF is ranked higher than
67% of the 168 Companies
in the Global Restaurants industry.

( Industry Median: 2.40 vs. CMG: 1.87 )
Ranked among companies with meaningful Price-to-Intrinsic-Value-Projected-FCF only.
CMG' s Price-to-Intrinsic-Value-Projected-FCF Range Over the Past 10 Years
Min: 1.84  Med: 3.47 Max: 6.37
Current: 1.87
1.84
6.37
Price-to-Median-PS-Value 0.59
CMG's Price-to-Median-PS-Value is ranked higher than
90% of the 280 Companies
in the Global Restaurants industry.

( Industry Median: 1.10 vs. CMG: 0.59 )
Ranked among companies with meaningful Price-to-Median-PS-Value only.
CMG' s Price-to-Median-PS-Value Range Over the Past 10 Years
Min: 0.42  Med: 0.97 Max: 1.6
Current: 0.59
0.42
1.6
Price-to-Graham-Number 4.18
CMG's Price-to-Graham-Number is ranked lower than
87% of the 167 Companies
in the Global Restaurants industry.

( Industry Median: 2.16 vs. CMG: 4.18 )
Ranked among companies with meaningful Price-to-Graham-Number only.
CMG' s Price-to-Graham-Number Range Over the Past 10 Years
Min: 1.76  Med: 4.12 Max: 12.85
Current: 4.18
1.76
12.85
Earnings Yield (Greenblatt) % 2.92
CMG's Earnings Yield (Greenblatt) % is ranked lower than
62% of the 322 Companies
in the Global Restaurants industry.

( Industry Median: 4.30 vs. CMG: 2.92 )
Ranked among companies with meaningful Earnings Yield (Greenblatt) % only.
CMG' s Earnings Yield (Greenblatt) % Range Over the Past 10 Years
Min: 0.3  Med: 3.8 Max: 11.8
Current: 2.92
0.3
11.8
Forward Rate of Return (Yacktman) % -7.18
CMG's Forward Rate of Return (Yacktman) % is ranked lower than
76% of the 183 Companies
in the Global Restaurants industry.

( Industry Median: 7.96 vs. CMG: -7.18 )
Ranked among companies with meaningful Forward Rate of Return (Yacktman) % only.
CMG' s Forward Rate of Return (Yacktman) % Range Over the Past 10 Years
Min: -7.3  Med: 28.3 Max: 52.8
Current: -7.18
-7.3
52.8

More Statistics

Revenue (TTM) (Mil) $4,400.87
EPS (TTM) $ 5.15
Beta0.08
Short Percentage of Float23.30%
52-Week Range $263.00 - 499.00
Shares Outstanding (Mil)28.23

Analyst Estimate

Dec17 Dec18 Dec19
Revenue (Mil $) 4,489 4,921 5,372
EPS ($) 6.71 9.40 11.30
EPS without NRI ($) 6.71 9.40 11.30
EPS Growth Rate
(Future 3Y To 5Y Estimate)
90.88%
Dividends per Share ($)

Piotroski F-Score Details

Piotroski F-Score: 99
Positive ROAY
Positive CFROAY
Higher ROA yoyY
CFROA > ROAY
Lower Leverage yoyY
Higher Current Ratio yoyY
Less Shares Outstanding yoyY
Higher Gross Margin yoyY
Higher Asset Turnover yoyY

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