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Chipotle Mexican Grill

C9F.DE
56
Restaurants · Consumer Cyclical
Exchange
Frankfurt Stock Exchange
Winston Score
56
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Good
Growth
Mixed
Cash Flow
Exceptional
Stability
Exceptional
Valuation
Good

Winston Score History

The full picture

Chipotle Mexican Grill is a fast-casual restaurant chain that serves Mexican-style food like burritos, tacos, burrito bowls, and salads. Customers build their own meals from a short menu of fresh ingredients, and the chain targets everyday diners looking for a quick but higher-quality meal than traditional fast food. Chipotle operates thousands of locations and is one of the largest fast-casual restaurant brands in the United States.

The company makes money primarily by selling food directly to customers in its restaurants, with a growing portion coming from digital orders through its app and website. Most locations are in the United States, though Chipotle has a small but expanding presence in Canada, Europe, and the Middle East. Its main competitive advantages are strong brand loyalty, a simple menu that keeps costs manageable, and a well-known commitment to avoiding artificial ingredients. The key growth driver is new restaurant openings, while rising food and labor costs remain the main ongoing risk to its profit margins.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+10.0% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-2.4% YoY

YoY Growth Rate

Earnings declining

Insider Activity

0.8%ownership

Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€811M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Chipotle Mexican Grill is a rare growth stock that's already generating positive cash flow while growing at 10%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
22.3%
Thin — 22.3% gross margin
Profit after running costs
Operating Margin
17.0%
Healthy — 17.0% operating margin
Return on the money invested
ROCE
76.5%
Exceptional — 76.5% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth
Sales YoY
+7.2%
Steady sales growth (+7.2% YoY)
Profit growth
EPS YoY
-4.9%
Earnings shrinking (-4.9% YoY)

Slight earnings drop. Typical near a cyclical low.

How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
164%
Turns 164% of profit into real cash
Spare cash per sale
FCF Margin
12.6%
Converts sales into free cash efficiently (12.6%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
0.14
Conservative — low debt load (0.14)
Covers its interest
Interest Cover
100.00x
Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
31.8x
no trend
Pricey — P/E 31.8

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
+7.7
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (31.8 → 24.1)

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Dividends

Not applicable for this business.
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