CHIPOTLE MEXICAN GRILL INC
CMG · Retail-Eating Places · 1.28B shares · +165%/yr ↑ dilution · EDGAR filings ↗
Net buyback after stock comp: $468M (gross $592M, SBC $124M)
Reference price $36.58 · est. market cap ~$46.9B — last insider sale, 2026-02-24 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
A86Dominant fast-casual franchise with top-decile margins, returns, and cash generation despite a soft sales year.
Strengths
- Net margin 91st pct, ROA 92nd pct, ROE 54%, debt-free, with FCF 89th pct
- Powerful brand, unit-growth runway (~350 openings/yr) and 37% digital mix
Risks
- Comparable sales -1.7% and transactions -2.9% signal demand softening
- Food-safety and brand-reputation tail risk; net income growth essentially flat (25th pct)
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Customer concentration~12% of revenue from one customer/distributor — 5 11
- Chronic dilutionShare count +165%/yr over 4y (dilution, book value/share -97%)
- Strong balance sheetStrong balance sheet — $1.2B cash & investments
- Insider sellingInsider selling — 2 open-market sale(s) by 2 insider(s) (cluster of 2 insiders, ~$3M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
16.2%
Net margin
12.9%
Return on equity
54.3%
Return on assets
17.1%
ROIC
54.0%
Revenue growth (QoQ)
3.5%
Net-income growth
0.1%
Debt / equity
0.0×
Net debt / EBITDA
-0.5×
Current ratio
1.2×
Free cash flow
$1.4B
EBITDA
$2.3B
Tangible book value
$2.8B
Cash & investments
$1.2B
Stock comp / revenue
1.0%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-11 | Gutierrez Mauricio | Grant | 6.9K | $31.25 |
| 2026-06-11 | Fuentes Laura | Grant | 6.9K | $31.25 |
| 2026-06-11 | weinstein joshua ian | Grant | 6.9K | $31.25 |
| 2026-06-11 | FILIKRUSHEL PATRICIA | Grant | 6.9K | $31.25 |
| 2026-06-11 | Carey Matt | Grant | 6.9K | $31.25 |
| 2026-06-11 | Baldocchi Albert S | Grant | 6.9K | $31.25 |
| 2026-06-11 | Maw Scott Harlan | Grant | 6.9K | $31.25 |
| 2026-06-11 | Hickenlooper Robin S | Grant | 6.9K | $31.25 |
| 2026-06-11 | WINSTON MARY A | Grant | 6.9K | $31.25 |
| 2026-05-20 | Baldocchi Albert S | Gift | 6.7K | — |
| 2026-02-24 | FILIKRUSHEL PATRICIA | Sell | 3.4K | $36.58 |
| 2026-02-15 | Schalow Laurie | Tax withheld | 37K | $35.84 |
| 2026-02-15 | Rymer Adam T | Grant | 26K | — |
| 2026-02-15 | Rymer Adam T | Tax withheld | 9.0K | $35.84 |
| 2026-02-15 | Garner Curtis E | Grant | 255K | — |
| 2026-02-15 | Garner Curtis E | Tax withheld | 134K | $35.84 |
| 2026-02-15 | Bush Matthew R | Grant | 6.4K | — |
| 2026-02-15 | Schalow Laurie | Grant | 77K | — |
| 2026-02-15 | Bush Matthew R | Tax withheld | 2.4K | $35.84 |
| 2026-02-15 | Boatwright Scott | Grant | 229K | — |
| 2026-02-15 | Boatwright Scott | Tax withheld | 121K | $35.84 |
| 2026-02-09 | Bush Matthew R | Tax withheld | 475 | $39.39 |
| 2026-02-09 | Garner Curtis E | Tax withheld | 659 | $39.39 |
| 2026-02-09 | Boatwright Scott | Tax withheld | 8.0K | $39.39 |
| 2026-02-09 | Schalow Laurie | Tax withheld | 182 | $39.39 |
| 2026-02-06 | Kidd Jason Allan | Grant | 17K | $39.39 |
| 2026-02-06 | Schalow Laurie | Grant | 8.9K | $39.39 |
| 2026-02-06 | Garner Curtis E | Option exercise | 86K | $11.65 |
| 2026-02-06 | Garner Curtis E | Tax withheld | 25K | $40.10 |
| 2026-02-06 | Garner Curtis E | Sell | 61K | $40.01 |
| 2026-02-06 | Eskenazi Ilene | Grant | 20K | $39.39 |
| 2026-02-06 | Bush Matthew R | Grant | 3.2K | $39.39 |
| 2025-12-12 | Garner Curtis E | Sell | 68K | $36.05 |
| 2025-12-12 | Garner Curtis E | Option exercise | 100K | $11.65 |
| 2025-12-12 | Garner Curtis E | Tax withheld | 32K | $36.03 |
| 2025-12-11 | Baldocchi Albert S | Other | 1.0M | — |
| 2025-12-11 | Baldocchi Albert S | Other | 1.0M | — |
| 2025-12-01 | Garner Curtis E | Tax withheld | 31K | $34.84 |
| 2025-12-01 | weinstein joshua ian | Grant | 3.4K | — |
| 2025-12-01 | Garner Curtis E | Sell | 62K | $34.67 |
| 2025-12-01 | Garner Curtis E | Option exercise | 93K | $11.66 |
| 2025-11-29 | Eskenazi Ilene | Tax withheld | 9.0K | $34.03 |
| 2025-10-31 | Bush Matthew R | Grant | 13K | $31.69 |
| 2025-08-25 | Eskenazi Ilene | Sell | 27K | $43.15 |
| 2025-08-22 | Rymer Adam T | Tax withheld | 8.5K | $42.91 |
| 2025-08-22 | McConnell Jamie | Tax withheld | 4.6K | $42.91 |
| 2025-08-22 | Theodoredis Roger E | Tax withheld | 30K | $42.91 |
| 2025-08-22 | Schalow Laurie | Tax withheld | 30K | $42.91 |
| 2025-08-22 | Garner Curtis E | Tax withheld | 41K | $42.91 |
| 2025-08-22 | Eskenazi Ilene | Tax withheld | 30K | $42.91 |
| 2025-08-22 | Brandt Christopher W | Tax withheld | 41K | $42.91 |
| 2025-08-22 | Boatwright Scott | Tax withheld | 82K | $42.91 |
| 2025-08-11 | Baldocchi Albert S | Gift | 5.3K | — |
| 2025-07-25 | Kidd Jason Allan | Grant | 16K | $46.76 |
| 2025-07-24 | Brandt Christopher W | Gift | 29K | — |
| 2025-07-24 | Brandt Christopher W | Gift | 29K | — |
| 2025-07-07 | Garner Curtis E | Sell | 16K | $56.32 |
| 2025-06-25 | Garner Curtis E | Sell | 63K | $55.14 |
| 2025-06-12 | FILIKRUSHEL PATRICIA | Sell | 2.1K | $51.13 |
| 2025-06-12 | Hickenlooper Robin S | Sell | 2.2K | $51.21 |
| 2025-06-11 | Gutierrez Mauricio | Grant | 4.2K | $51.79 |
| 2025-06-11 | WINSTON MARY A | Grant | 4.2K | $51.79 |
| 2025-06-11 | Maw Scott Harlan | Grant | 4.2K | $51.79 |
| 2025-06-11 | Hickenlooper Robin S | Grant | 4.2K | $51.79 |
| 2025-06-11 | Fuentes Laura | Grant | 4.2K | $51.79 |
| 2025-06-11 | FILIKRUSHEL PATRICIA | Grant | 4.2K | $51.79 |
| 2025-06-11 | Carey Matt | Grant | 4.2K | $51.79 |
| 2025-06-11 | Baldocchi Albert S | Grant | 4.2K | $51.79 |
| 2025-06-06 | Boatwright Scott | Sell | 19K | $52.48 |
| 2025-06-04 | Garner Curtis E | Sell | 23K | $52.14 |
| 2025-06-04 | Garner Curtis E | Tax withheld | 6.7K | $52.20 |
| 2025-06-04 | Garner Curtis E | Option exercise | 30K | $11.65 |
| 2025-06-02 | Theodoredis Roger E | Sell | 114K | $49.70 |
| 2025-06-02 | Theodoredis Roger E | Option exercise | 61K | $31.56 |
| 2025-06-02 | Theodoredis Roger E | Option exercise | 68K | $32.14 |
| 2025-06-02 | Theodoredis Roger E | Tax withheld | 82K | $49.71 |
| 2025-05-21 | Garner Curtis E | Tax withheld | 6.9K | $50.93 |
| 2025-05-21 | Garner Curtis E | Sell | 23K | $50.84 |
| 2025-05-21 | Garner Curtis E | Option exercise | 30K | $11.65 |
| 2025-05-14 | McConnell Jamie | Sell | 3.1K | $52.42 |
| 2025-03-13 | Garner Curtis E | Option exercise | 8.1K | $7.11 |
| 2025-03-13 | Garner Curtis E | Tax withheld | 1.2K | $48.52 |
| 2025-03-13 | Garner Curtis E | Sell | 6.9K | $48.56 |
| 2025-03-12 | Garner Curtis E | Option exercise | 8.1K | $7.11 |
| 2025-03-12 | Garner Curtis E | Tax withheld | 1.1K | $50.14 |
| 2025-03-12 | Garner Curtis E | Sell | 6.9K | $50.21 |
| 2025-03-11 | Garner Curtis E | Option exercise | 8.1K | $7.11 |
| 2025-03-11 | Garner Curtis E | Tax withheld | 1.1K | $50.60 |
| 2025-03-11 | Garner Curtis E | Sell | 6.9K | $50.53 |
| 2025-03-05 | Gutierrez Mauricio | Buy | 9.4K | $53.00 |
| 2025-02-25 | Garner Curtis E | Option exercise | 24K | $7.11 |
| 2025-02-25 | Garner Curtis E | Tax withheld | 3.3K | $52.37 |
| 2025-02-25 | Garner Curtis E | Sell | 21K | $52.36 |
| 2025-02-15 | Garner Curtis E | Grant | 50K | — |
| 2025-02-15 | Theodoredis Roger E | Grant | 35K | — |
| 2025-02-15 | Theodoredis Roger E | Tax withheld | 19K | $58.13 |
| 2025-02-15 | Schalow Laurie | Grant | 16K | — |
| 2025-02-15 | Schalow Laurie | Tax withheld | 6.2K | $58.13 |
| 2025-02-15 | Rymer Adam T | Grant | 5.7K | — |
| 2025-02-15 | Rymer Adam T | Tax withheld | 2.0K | $58.13 |
| 2025-02-15 | McConnell Jamie | Grant | 4.7K | — |
| 2025-02-15 | McConnell Jamie | Tax withheld | 1.6K | $58.13 |
| 2025-02-15 | Hartung Jack | Grant | 50K | — |
| 2025-02-15 | Hartung Jack | Tax withheld | 21K | $58.13 |
| 2025-02-15 | Garner Curtis E | Tax withheld | 26K | $58.13 |
| 2025-02-15 | Brandt Christopher W | Grant | 46K | — |
| 2025-02-15 | Brandt Christopher W | Tax withheld | 24K | $58.13 |
| 2025-02-15 | Boatwright Scott | Grant | 46K | — |
| 2025-02-15 | Boatwright Scott | Tax withheld | 24K | $58.13 |
| 2025-02-10 | McConnell Jamie | Option exercise | 12K | $31.56 |
| 2025-02-10 | McConnell Jamie | Option exercise | 12K | $32.14 |
| 2025-02-10 | McConnell Jamie | Sell | 11K | $58.70 |
| 2025-02-10 | Maw Scott Harlan | Gift | 1.6K | — |
| 2025-02-10 | McConnell Jamie | Tax withheld | 13K | $58.89 |
| 2025-02-09 | Brandt Christopher W | Tax withheld | 7.5K | $57.32 |
| 2025-02-09 | Boatwright Scott | Tax withheld | 7.4K | $57.32 |
| 2025-02-07 | Garner Curtis E | Sell | 16K | $57.31 |
| 2025-02-07 | Theodoredis Roger E | Grant | 14K | $57.27 |
| 2025-02-07 | Hartung Jack | Grant | 23K | $57.27 |
| 2025-02-07 | Eskenazi Ilene | Grant | 12K | $57.27 |
| 2025-02-07 | Brandt Christopher W | Grant | 17K | $57.27 |
| 2025-01-24 | Brandt Christopher W | Gift | 145K | — |
| 2025-01-24 | Brandt Christopher W | Gift | 145K | — |
| 2025-01-07 | Garner Curtis E | Sell | 16K | $58.24 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-17 | 2026-06-11 | 0001058090-26-000056 ↗ |
| 10-Q | 2026-04-30 | 2026-03-31 | 0001058090-26-000028 ↗ |
| 8-K | 2026-04-29 | 2026-04-29 | 0001058090-26-000027 ↗ |
| 8-K | 2026-04-27 | 2026-04-27 | 0001058090-26-000024 ↗ |
| 10-K | 2026-02-04 | 2025-12-31 | 0001058090-26-000009 ↗ |
| 8-K | 2026-02-03 | 2026-02-03 | 0001058090-26-000007 ↗ |
| 8-K | 2026-01-12 | 2026-01-12 | 0001058090-26-000002 ↗ |
| 8-K | 2025-12-08 | 2025-12-04 | 0001058090-25-000101 ↗ |
| 8-K | 2025-11-25 | 2025-11-24 | 0001058090-25-000092 ↗ |
| 10-Q | 2025-10-30 | 2025-09-30 | 0001058090-25-000088 ↗ |
| 8-K | 2025-10-29 | 2025-10-29 | 0001058090-25-000086 ↗ |
| 8-K | 2025-09-15 | 2025-09-03 | 0001058090-25-000075 ↗ |