Chipotle Mexican Grill vs Yum China
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The short version
- Chipotle Mexican Grill is the larger business, with $11.9B of revenue in fiscal 2025 against $11.8B for Yum China.
- Chipotle Mexican Grill grew revenue faster (5.4%, against 4.4%).
- Chipotle Mexican Grill kept more of each dollar of sales as operating profit (16.2% operating margin, against 10.9%).
- Chipotle Mexican Grill turned more of its sales into free cash flow (12.1% FCF margin, against 7.1%).
- Investors pay more for each dollar of Chipotle Mexican Grill’s earnings: a P/E of 25.2x against 16.3x for Yum China.
| Latest fiscal year | CMG · FY25 | YUMC · FY25 |
|---|---|---|
| Size | ||
| Market cap | $35.2B | $15.5B |
| Revenue | $11.9B | $11.8B |
| Free cash flow | $1.4B | $840M |
| Net income | $1.5B | $929M |
| Growth | ||
| Revenue growth | 5.4% | 4.4% |
| 5-year growth | 14.8% | 7.4% |
| Share count change | −2.5% | −4.9% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 16.2% | 10.9% |
| Net margin | 12.9% | 7.9% |
| FCF margin | 12.1% | 7.1% |
| Return on capital | 73.7% | — |
| Return on equity | 47.4% | 16.7% |
| Balance sheet | ||
| Net debt | −$1.0B | — |
| Net debt / EBITDA | −0.5x | — |
| Dividends and buybacks | $2.4B | $1.5B |
| Valuation & quality | ||
| P/E | 25.2x | 16.3x |
| Piotroski F-score | 4 | — |
Revenue
FY16
CMG $3.9B
YUMC $7.1B
FY17
CMG $4.5B
YUMC $7.8B
FY18
CMG $4.9B
YUMC $8.4B
FY19
CMG $5.6B
YUMC $8.8B
FY20
CMG $6.0B
YUMC $8.3B
FY21
CMG $7.5B
YUMC $9.9B
FY22
CMG $8.6B
YUMC $9.6B
FY23
CMG $9.9B
YUMC $11.0B
FY24
CMG $11.3B
YUMC $11.3B
FY25
CMG $11.9B
YUMC $11.8B
CMG
YUMC
Operating margin
FY16
CMG 0.9%
YUMC 9.0%
FY17
CMG 6.1%
YUMC 10.0%
FY18
CMG 5.3%
YUMC 11.2%
FY19
CMG 8.0%
YUMC 10.3%
FY20
CMG 4.9%
YUMC 11.6%
FY21
CMG 10.7%
YUMC 14.1%
FY22
CMG 13.4%
YUMC 6.6%
FY23
CMG 15.8%
YUMC 10.1%
FY24
CMG 16.9%
YUMC 10.3%
FY25
CMG 16.2%
YUMC 10.9%
CMG
YUMC
Free cash flow
FY16
CMG $96.3M
YUMC $430M
FY17
CMG $251M
YUMC $469M
FY18
CMG $334M
YUMC $863M
FY19
CMG $388M
YUMC $750M
FY20
CMG $291M
YUMC $695M
FY21
CMG $840M
YUMC $442M
FY22
CMG $844M
YUMC $734M
FY23
CMG $1.2B
YUMC $763M
FY24
CMG $1.5B
YUMC $714M
FY25
CMG $1.4B
YUMC $840M
CMG
YUMC
Return on capital
FY16
CMG —
YUMC —
FY17
CMG —
YUMC —
FY18
CMG —
YUMC —
FY19
CMG —
YUMC —
FY20
CMG 31.0%
YUMC —
FY21
CMG 56.4%
YUMC —
FY22
CMG 65.6%
YUMC —
FY23
CMG 73.0%
YUMC —
FY24
CMG 73.1%
YUMC —
FY25
CMG 73.7%
YUMC —
CMG
YUMC
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.