DuPont Analysis
Breaks return on equity into profitability, efficiency, and financial leverage components.
Equity Research & Valuation
Chipotle Valuation
A financial analysis project applying financial statement analysis, profitability decomposition, ratio analysis, and valuation methods to Chipotle Mexican Grill.
This academic project is presented for educational and portfolio purposes only and does not constitute investment advice.
Project scope
Model sections
Ratio Analysis
Reviews liquidity, profitability, operating efficiency, leverage, and market-related measures across the model’s periods.
Valuation
Presents the workbook’s valuation assumptions, calculations, and estimated outputs.
Interactive workbook
Financial model viewer
Values are displayed from the source workbook. Calculations are not recomputed or reinterpreted in the browser.
Average of Valuations
$43.11
Displayed workbook output
Average excluding P/B
$56.25
Displayed workbook output
Current Share Price
$31.63
Displayed workbook output
Source range A1:L35
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| Purpose: To break down each company’s ROE into Net Margin, Asset Turnover, and Equity Multiplier to understand what is driving performance over time. | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| CMG | Year | Net Margin | Asset Turnover | Equity Multiplier | ROE | ||||||
| 2024 | 13.56% | 1.076284 | 2.875273523 | 41.96% | Revenue | x14 | |||||
| 2023 | 12.45% | 1.072767 | 3.005225343 | 40.13% | Net Income | x46 | |||||
| 2022 | 10.41% | 1.080688 | 3.374155405 | 37.97% | Total Assets | x104 | |||||
| 2021 | 8.65% | 0.987323 | 3.327818894 | 28.43% | Total Equity | x137 | |||||
| 2020 | 5.95% | 0.869097 | 3.408910891 | 17.61% | |||||||
| SHAK | Year | Net Margin | Asset Turnover | Equity Multiplier | ROE | ||||||
| 2024 | 0.82% | 0.736050065 | 3.447730956 | 2.07% | Revenue | x228 | |||||
| 2023 | 1.86% | 0.675358629 | 3.430549638 | 4.32% | Net Income | x268 | |||||
| 2022 | -2.36% | 0.594147532 | 3.46978022 | -4.86% | Total Assets | x327 | |||||
| 2021 | -1.17% | 0.50649644 | 3.353535354 | -1.99% | Total Equity | x362 | |||||
| 2020 | -8.06% | 0.455263387 | 2.643268124 | -9.70% | |||||||
| WING | Year | Net Margin | Asset Turnover | Equity Multiplier | ROE | ||||||
| 2024 | 17.37% | 0.843693967 | -1.097912966 | -16.09% | Revenue | x460 | |||||
| 2023 | 15.25% | 1.169267524 | -0.860209882 | -15.34% | Net Income | x495 | |||||
| 2022 | 14.81% | 0.813118333 | -1.124814531 | -13.55% | Total Assets | x554 | |||||
| 2021 | 15.10% | 1.080760549 | -0.844555735 | -13.78% | Total Equity | x587 | |||||
| 2020 | 9.37% | 1.13229271 | -0.643832406 | -6.83% | |||||||
| YUM | Year | Net Margin | Asset Turnover | Equity Multiplier | ROE | ||||||
| 2024 | 19.68% | 1.122194143 | -0.87957636 | -19.43% | Revenue | x685 | |||||
| 2023 | 22.57% | 1.135612261 | -0.79294986 | -20.32% | Net Income | x727 | |||||
| 2022 | 19.37% | 1.170372905 | -0.658630014 | -14.93% | Total Assets | x790 | |||||
| 2021 | 23.92% | 1.103586993 | -0.712528365 | -18.81% | Total Equity | x824 | |||||
| 2020 | 15.99% | 0.96582365 | -0.741604359 | -11.46% | |||||||
| Concluding Statement: CMG shows the strongest and most consistent ROE drivers. SHAK’s weaker margins limit its ROE, while WING and YUM have negative equity that makes ROE less meaningful. | |||||||||||
| Overall, CMG demonstrates the healthiest financial performance. | |||||||||||
Supporting document
Valuation report
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