Spreadsheet: 0060a424-850c-4167-8f54-05532cba37e3
Sheet: Sheet1

CHIPOTLE MEXICAN GRILL, INC.  (CMG) | Unnamed: 1 | Unnamed: 2 | Unnamed: 3 | Unnamed: 4 | Unnamed: 5 | Unnamed: 6 | Unnamed: 7 | Unnamed: 8 | Unnamed: 9 | Unnamed: 10
Exchange | New York | Country | UNITED STATES | Industry | Travel & Leisure |  | Market [NAME] | 9476.47 | Scale | 1000000
CUSIP | 169656105 | Sedol | B0X7DZ3 | ISIN | US1696561059 |  | Shares Outstanding | 31.683
Annual Ratios
 |  | 12/31/2011 USD | 12/31/2010 USD | 12/31/2009 USD | 12/31/2008 USD | 12/31/2007 USD
Valuation Measures
Market [NAME] |  | 10555.05048 | 6608.19684 | 2775.54128 | 1994.88828 | 4824.63135
Net Sales or Revenues |  | 2269.548 | 1835.922 | 1518.417 | 1331.968 | 1085.782
Total Debt |  | 3.662 | 3.782 | 3.878 | 3.96 | 4.036
Net Assets |  | 1425.308 | 1121.605 | 961.505 | 824.985 | 722.115
Enterprise Value |  | 10102.46448 | 6262.37484 | 2509.85328 | 1810.81428 | 4657.49135
EBITDA |  | 427.588 | 358.251 | 265.938 | 180.278 | 157.893
EBIT |  | 352.65 | 289.33 | 204.63 | 127.508 | 114.298
Capital Expenditure |  | 151.147 | 113.215 | 117.198 | 152.101 | 140.545
Valuation
Price/Earnings |  | 49.96154 | 37.70567 | 22.31899 | 26.26271 | 69.04695
Price/Sales |  | 4.650728021614877 | 3.599388666838787 | 1.827917680057586 | 1.497699854651163 | 4.443462269590028
Price/Cash Flow |  | 34.29094 | 24.86824 | 13.01195 | 12.43931 | 38.96152
Price/Book Value |  | 10.10801 | 8.14949 | 3.94555 | 3.20418 | 8.58307
Price/Tangible BV |  | 10.32493872873084 | 8.555739237032116 | 4.106917752636468 | 3.355145205574369 | 8.988284733116942
Enterprise Value
Enterprise Value / Sales |  | 4.45131122144145 | 3.411024455287316 | 1.652940713914557 | 1.359502840909091 | 4.289527133439309
Enterprise Value/ EBITDA |  | 23.62663236573524 | 17.48041133171994 | 9.437738420233288 | 10.04456605908652 | 29.49776969213328
Enterprise Value / EBIT |  | 28.64728336877924 | 21.64440203228148 | 12.26532414601965 | 14.20157386203219 | 40.74866883060071
Enterprise Value / Cash Flow |  | 32.28036963190184 | 23.07595166942417 | - | 10.96446495068209 | 37.22479059767579
Enterprise Value / Free Cash Flow |  | 38.86325579248237 | 35.58652793562759 | 17.49331437532671 | 39.02112399258716 | 730.2432345562872
Credit Statistics
Total Debt/ Enterprise Value |  | 0.0003624858080174116 | 0.0006039242454544608 | 0.001545110238475772 | 0.002186861482006868 | 0.0008665609223300007
Net Debt / Enterprise Value |  | - | - | - | - | -
Total Debt / EBITDA |  | 0.008564318923823868 | 0.01055684422374257 | 0.01458234626115862 | 0.02196607461808984 | 0.02556161451109296
Net Debt / EBITDA |  | NEG | NEG | NEG | NEG | NEG
EBITDA / Interest Expense |  | 145.1911714770798 | 1331.788104089219 | 656.6370370370371 | 596.9470198675497 | 533.4222972972973
EBTIDA - Capex / Interest Expense |  | 93.8679117147708 | 910.914498141264 | - | 93.30132450331126 | 58.60810810810811
EBIT/ Interest Expense |  | 119.74533 | 1075.57621 | 505.25926 | 422.21192 | 386.14189
Liquidity Leverage
[NAME] |  | 2.95096 | 3.07824 | 2.68547 | 2.4999 | 2.53863
Current Ratio |  | 3.18312 | 3.30116 | 2.91185 | 2.74876 | 2.75363
Cash Flow/Current Liabilities |  | 2.610912462766667 | 2.35011458384124 | 2.55178996211565 | 2.585130489138928 | 2.004379203557932
Long Term Debt / Equity |  | 0.33795 | 0.45149 | 0.53763 | 0.62288 | 0.70449
Total Debt / Equity |  | 0.35069 | 0.46641 | 0.55127 | 0.63605 | 0.71801
Long Term Debt / Total Capital |  | 0.33682 | 0.44946 | 0.53475 | 0.61903 | 0.69956
Total Debt / Total Capital |  | 0.34946 | 0.46425 | 0.54825 | 0.63203 | 0.71289
Working Capital / Total Capital |  | 32.80719 | 34.76429 | 27.61441 | 21.43509 | 22.70797
Profitability Ratios
Gross Margin |  | 0.4021818 | 0.4097783 | 0.3991064 | 0.372566 | 0.3742713
Gross Margin - 5 Yr Average |  | 0.3915808 | 0.4401175 | 0.4847778 | 0.5301988 | 0.5796137
EBITDA Margin |  | 0.1884022721704939 | 0.1951341070045459 | 0.1751416112965015 | 0.1353470954257159 | 0.1454186936235819
EBITDA Margin - 5 Yr Average |  | 0.1728439122531892 | 0.1615065855003602 | 0.1421892658933183 | 0.1217131402485679 | 0.1069180364576687
EBIT Margin |  | 0.1553833626783835 | 0.1575938411326843 | 0.1347653510201743 | 0.09572902652315972 | 0.1052679082909829
EBIT Margin - 5 Yr Average |  | 0.1353475666708159 | 0.1219544629060204 | 0.1013575426710369 | 0.0801270587237526 | 0.06395049972190855
Pre-Tax Margin |  | 0.1540857 | 0.1574473 | 0.1344986 | 0.09550230000000001 | 0.1049953
Pre-Tax Margin - 5 Yr Average |  | 0.1293058 | 0.115077 | 0.0932228 | 0.0689259 | 0.0449357
Net Margin |  | 0.0947083 | 0.0974883 | 0.0835377 | 0.0587116 | 0.0649882
Net Margin - 5 Yr Average |  | 0.0798868 | 0.0710124 | 0.0635256 | 0.0494209 | 0.0327889
Efficiency Ratios
Sales Per Employee |  | 0.07335319974 | 0.06928007547 | 0.06824346067 | 0.06529254901999999 | 0.0577543617
Operating Profit Per Employee |  | 0.01139786683904331 | 0.01091811320754717 | 0.00919685393258427 | 0.006250392156862745 | 0.00607968085106383
Net Income Per Employee |  | 0.00694715578539108 | 0.006754 | 0.005700898876404494 | 0.00383343137254902 | 0.003753351063829787
Assets Per Employee |  | 0.04606683904 | 0.04232471698 | - | 0.04044044118 | 0.03841037234
Total Asset Turnover |  | 1.59232 | 1.63687 | - | 1.61454 | 1.50361
Inventory Turnover |  | 160.11979 | 159.64128 | - | 171.68118 | 162.25852
Receivable Turnover |  | 120.8009580838323 | 108.1576482370615 | 349.4228512254056 | 141.427904013591 | 76.04580473455665
Payable Turnover |  | 32.01116286038933 | 34.43386782048019 | 34.6538680781759 | 35.77573680603153 | 32.23616498086039
Management Effectiveness
Return on Equity |  | 0.2317343 | 0.2363825 | 0.1913124 | 0.1320199 | 0.1362132
Return on Equity - 5 Yr Average |  | 0.1855325 | 0.1603384 | 0.1337458 | 0.0998752 | -
Return On Assets |  | 0.1702918 | 0.1720081 | 0.1422994 | 0.1013487 | 0.1066941
Return On Assets - 5 Yr Average |  | 0.1385284 | 0.1213955 | 0.1046013 | 0.0795285 | -
Return On Invested Capital |  | 0.2328636 | 0.2354225 | 0.1905829 | 0.131464 | 0.1355195
Return On Invested Capital - 5 Yr Average |  | 0.1851705 | 0.1596353 | 0.1332227 | 0.0990704 | -
Dividend Ratios
Dividend Per Share |  | 0 | 0 | - | 0 | 0
Dividend Yield |  | 0 | 0 | - | 0 | 0
Dividend [NAME] |  | 0 | 0 | - | 0 | 0
Growth Rates
Sales |  | 0.2361898 | 0.2091026 | 0.1399801 | 0.2267361 | 0.3194099
Sales - 5 Yr |  | 0.2249414 | 0.2394275 | 0.2639372 | 0.3338082 | 0.3962021
EBITDA |  | 0.1935430745482916 | 0.3471222615797667 | 0.4751550383296907 | 0.1417732261721545 | 0.5362379474406251
EBITDA - 5 Yr |  | 0.3299160402770254 | 0.434117306249129 | 0.5673143333641608 | 0.8936306057873948 | 0.9560493424234207
Net Income |  | 0.2009375 | 0.4110213 | 0.6220173 | 0.1082579 | 0.7034739000000001
Net Income - 5 Yr |  | 0.3900076 | 0.3655334 | 0.8332398000000001 | - | -
EPS |  | 0.1985816 | 0.4278481 | 0.6737287999999999 | 0.1079812 | 0.6640625
EPS - 5 Yr |  | 0.3949137 | - | - | - | -
Capital Expenditure |  | 0.3350439429404231 | - | - | 0.0822227756234657 | 0.4442720322262415
Capital Expenditure - 5 Yr |  | 0.09206031830476058 | 0.06396541258785415 | - | 0.1205177026121895 | 0.2366136582366092
Research & Development |  | - | - | - | - | -
Research & Development - 5 Yr |  | - | - | - | - | -
Stock Performance
Price Close |  | 337.74 | 212.66 | 88.16 | 61.98 | 147.07
% Change |  | 0.588168908116242 | 1.412205081669692 | 0.4223943207486287 | -0.578568028829809 | 1.580175438596491
Total Return |  | 0.5881689 | 1.4122051 | 0.4223943 | -0.578568 | 1.5801754