Chipotle Mexican Grill vs Restaurant Brands International
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KIRA’s take AI analyst
I put Chipotle Mexican Grill and Restaurant Brands International side by side, using each one’s latest annual report. Here is what stands out:
- Chipotle Mexican Grill is the larger business, with $11.9B of revenue in fiscal 2025 against $9.4B for Restaurant Brands International.
- Restaurant Brands International grew revenue faster (12.2%, against 5.4%).
- Restaurant Brands International kept more of each dollar of sales as operating profit (23.3% operating margin, against 16.2%).
- Restaurant Brands International turned more of its sales into free cash flow (15.4% FCF margin, against 12.1%).
- Chipotle Mexican Grill earned a higher return on the capital invested in it (73.7%, against 9.0%).
- Investors pay more for each dollar of Chipotle Mexican Grill’s earnings: a P/E of 25.2x against 20.3x for Restaurant Brands International.
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
Chipotle Mexican Grill
CMG
6/10
5-year growthNet marginReturn on capitalReturn on equityNet debt / EBITDAShare count change
Restaurant Brands International
QSR
4/10
Revenue growthOperating marginFCF marginPiotroski F-score
Side by side
Best in the row
| Latest fiscal year | CMG FY25 | QSR FY25 |
|---|---|---|
| Size | ||
| Market cap | $35.2B | $34.7B |
| Revenue | $11.9B | $9.4B |
| Free cash flow | $1.4B | $1.4B |
| Net income | $1.5B | $1.1B |
| Growth | ||
| Revenue growth | 5.4% | 12.2% |
| 5-year growth | 14.8% | 13.7% |
| Share count change | −2.5% | 0.7% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 16.2% | 23.3% |
| Net margin | 12.9% | 11.4% |
| FCF margin | 12.1% | 15.4% |
| Return on capital | 73.7% | 9.0% |
| Return on equity | 47.4% | 31.9% |
| Balance sheet | ||
| Net debt | −$1.0B | $12.4B |
| Net debt / EBITDA | −0.5x | 5.0x |
| Dividends and buybacks | $2.4B | $1.1B |
| Valuation & quality | ||
| P/E | 25.2x | 20.3x |
| Piotroski F-score | 4 | 6 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.