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Chipotle Mexican Grill Piotroski F-Score

: 8 (As of Today)
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Good Sign:

Piotroski F-Score is 8, indicating very healthy situation.

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Chipotle Mexican Grill has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.

The historical rank and industry rank for Chipotle Mexican Grill's Piotroski F-Score or its related term are showing as below:

CMG' s Piotroski F-Score Range Over the Past 10 Years
Min: 5   Med: 7   Max: 9
Current: 8

During the past 13 years, the highest Piotroski F-Score of Chipotle Mexican Grill was 9. The lowest was 5. And the median was 7.


Chipotle Mexican Grill Piotroski F-Score Historical Data

The historical data trend for Chipotle Mexican Grill's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Chipotle Mexican Grill Annual Data
Trend Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 9.00 7.00 6.00 5.00 8.00

Chipotle Mexican Grill Quarterly Data
Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 6.00 8.00 8.00 8.00 8.00

Competitive Comparison

For the Restaurants subindustry, Chipotle Mexican Grill's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

   

Chipotle Mexican Grill Piotroski F-Score Distribution

For the Restaurants industry and Consumer Cyclical sector, Chipotle Mexican Grill's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Chipotle Mexican Grill's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Mar22) TTM:Last Year (Mar21) TTM:
Net Income was 187.974 + 204.434 + 133.475 + 158.294 = $684 Mil.
Cash Flow from Operations was 256.885 + 280.803 + 438.42 + 282.902 = $1,259 Mil.
Revenue was 1892.538 + 1952.315 + 1960.633 + 2020.539 = $7,826 Mil.
Gross Profit was 462.882 + 459.353 + 396.018 + 418.946 = $1,737 Mil.
Average Total Assets from the begining of this year (Mar21)
to the end of this year (Mar22) was
(6149.059 + 6320.454 + 6627.567 + 6652.958 + 6467.257) / 5 = $6443.459 Mil.
Total Assets at the begining of this year (Mar21) was $6,149 Mil.
Long-Term Debt & Capital Lease Obligation was $3,331 Mil.
Total Current Assets was $1,096 Mil.
Total Current Liabilities was $834 Mil.
Net Income was 8.175 + 80.244 + 190.959 + 127.101 = $406 Mil.

Revenue was 1364.738 + 1601.414 + 1607.71 + 1741.575 = $6,315 Mil.
Gross Profit was 166.762 + 312.225 + 313.227 + 388.756 = $1,181 Mil.
Average Total Assets from the begining of last year (Mar20)
to the end of last year (Mar21) was
(5206.488 + 5370.129 + 5631.64 + 5982.896 + 6149.059) / 5 = $5668.0424 Mil.
Total Assets at the begining of last year (Mar20) was $5,206 Mil.
Long-Term Debt & Capital Lease Obligation was $3,040 Mil.
Total Current Assets was $1,457 Mil.
Total Current Liabilities was $834 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Chipotle Mexican Grill's current Net Income (TTM) was 684. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Chipotle Mexican Grill's current Cash Flow from Operations (TTM) was 1,259. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Mar21)
=684.177/6149.059
=0.11126532

ROA (Last Year)=Net Income/Total Assets (Mar20)
=406.479/5206.488
=0.07807163

Chipotle Mexican Grill's return on assets of this year was 0.11126532. Chipotle Mexican Grill's return on assets of last year was 0.07807163. ==> This year is higher. ==> Score 1.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

Chipotle Mexican Grill's current Net Income (TTM) was 684. Chipotle Mexican Grill's current Cash Flow from Operations (TTM) was 1,259. ==> 1,259 > 684 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Mar22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar21 to Mar22
=3331.319/6443.459
=0.51700787

Gearing (Last Year: Mar21)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar20 to Mar21
=3040.176/5668.0424
=0.53637143

Chipotle Mexican Grill's gearing of this year was 0.51700787. Chipotle Mexican Grill's gearing of last year was 0.53637143. ==> This year is lower or equal to last year. ==> Score 1.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Mar22)=Total Current Assets/Total Current Liabilities
=1096.493/833.738
=1.31515296

Current Ratio (Last Year: Mar21)=Total Current Assets/Total Current Liabilities
=1456.851/834.004
=1.74681536

Chipotle Mexican Grill's current ratio of this year was 1.31515296. Chipotle Mexican Grill's current ratio of last year was 1.74681536. ==> Last year's current ratio is higher ==> Score 0.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

Chipotle Mexican Grill's number of shares in issue this year was 28.301. Chipotle Mexican Grill's number of shares in issue last year was 28.582. ==> There is smaller number of shares in issue this year, or the same. ==> Score 1.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=1737.199/7826.025
=0.22197719

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=1180.97/6315.437
=0.18699735

Chipotle Mexican Grill's gross margin of this year was 0.22197719. Chipotle Mexican Grill's gross margin of last year was 0.18699735. ==> This year's gross margin is higher. ==> Score 1.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Mar21)
=7826.025/6149.059
=1.27271913

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar20)
=6315.437/5206.488
=1.21299367

Chipotle Mexican Grill's asset turnover of this year was 1.27271913. Chipotle Mexican Grill's asset turnover of last year was 1.21299367. ==> This year's asset turnover is higher. ==> Score 1.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+1+1+1+0+1+1+1
=8

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Chipotle Mexican Grill has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.

Chipotle Mexican Grill  (NYSE:CMG) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


Chipotle Mexican Grill Piotroski F-Score Related Terms

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Chipotle Mexican Grill Business Description

Chipotle Mexican Grill logo
Industry
Consumer Cyclical » Restaurants NAICS : 722513 SIC : 5812
Address
610 Newport Center Drive, Suite 1400, Newport Beach, CA, USA, 92660
Chipotle Mexican Grill is the largest fast-casual chain restaurant in the United States, with systemwide sales of $7.5 billion over the last twelve months. The Mexican concept is entirely company-owned, with a footprint of nearly 3,000 stores at the end of 2021 heavily indexed to the United States, though the firm maintains a small presence in Canada, the U.K., France, and Germany. Chipotle sells burritos, burrito bowls, tacos, quesadillas, and beverages, with a selling proposition built around competitive prices, high-quality food sourcing, speed of service, and convenience. The company generates its revenue entirely from restaurant sales and delivery fees.
Executives
Engles Gregg L director 1225 SEVENTEENTH STREET SUITE 1000 DENVER CO 80202
Winston Mary A director 557 BROADWAY C/O SCHOLASTIC CORP NEW YORK NY 10012
Niccol Brian R director, officer: Chairman, CEO 1 GLEN BELL WAY IRVINE CA 92618
Baldocchi Albert S director 1601 HIGH STREET BOULDER CO 80304
Boatwright Scott officer: Chief Restaurant Officer 1401 WYNKOOP STREET SUITE 500 DENVER CO 80202
Pringle Robin S director 12300 LIBERTY BOULEVARD ENGLEWOOD CO 80112
Maw Scott Harlan director 1411 E. MISSION AVENUE SPOKANE WA 99202
Paull Matthew H director MCDONALDS CORP 2915 JORIE BLVD OAK BROOK IL 60523
Flanzraich Neil director 4400 BISCAYNE BLVD MIAMI FL 33137
Cappuccio Paul T director TIME WARNER INC. ONE TIME WARNER CENTER NEW YORK NY 10019
Filikrushel Patricia director DOLLAR GENERAL CORPORATION 100 MISSION RIDGE GOODLETTSVILLE TN 37072
Namvar Ali director C/O PERSHING SQUARE CAPITAL MANAGEMENT 888 SEVENTH AVENUE, 42ND FLOOR NEW YORK NY 10019
Garner Curtis E officer: Chief Technology Officer C/O AEROHIVE NETWORKS, INC. 330 GIBRALTAR DRIVE SUNNYVALE CA 94089
Andrada Marissa officer: Chief People Officer C/O KATE SPADE & COMPANY 2 PARK AVENUE NEW YORK NY 10016
Schalow Laurie officer: Chief Corp Reputation Officer 610 NEWPORT CENTER DRIVE SUITE 1300 NEWPORT BEACH CA 92660

Chipotle Mexican Grill Headlines

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