Chipotle Mexican Grill vs Restaurant Brands International
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The short version
- 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.
| 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 |
Revenue
FY16
CMG $3.9B
QSR $4.1B
FY17
CMG $4.5B
QSR $4.6B
FY18
CMG $4.9B
QSR $5.4B
FY19
CMG $5.6B
QSR $5.6B
FY20
CMG $6.0B
QSR $5.0B
FY21
CMG $7.5B
QSR $5.7B
FY22
CMG $8.6B
QSR $6.5B
FY23
CMG $9.9B
QSR $7.0B
FY24
CMG $11.3B
QSR $8.4B
FY25
CMG $11.9B
QSR $9.4B
CMG
QSR
Operating margin
FY16
CMG 0.9%
QSR 40.2%
FY17
CMG 6.1%
QSR 37.9%
FY18
CMG 5.3%
QSR 35.8%
FY19
CMG 8.0%
QSR 35.8%
FY20
CMG 4.9%
QSR 28.6%
FY21
CMG 10.7%
QSR 32.7%
FY22
CMG 13.4%
QSR 29.2%
FY23
CMG 15.8%
QSR 29.2%
FY24
CMG 16.9%
QSR 28.8%
FY25
CMG 16.2%
QSR 23.3%
CMG
QSR
Free cash flow
FY16
CMG $96.3M
QSR $1.2B
FY17
CMG $251M
QSR $1.4B
FY18
CMG $334M
QSR $1.1B
FY19
CMG $388M
QSR $1.4B
FY20
CMG $291M
QSR $804M
FY21
CMG $840M
QSR $1.6B
FY22
CMG $844M
QSR $1.4B
FY23
CMG $1.2B
QSR $1.2B
FY24
CMG $1.5B
QSR $1.3B
FY25
CMG $1.4B
QSR $1.4B
CMG
QSR
Return on capital
FY16
CMG —
QSR 12.6%
FY17
CMG —
QSR 13.4%
FY18
CMG —
QSR 10.6%
FY19
CMG —
QSR 10.4%
FY20
CMG 31.0%
QSR 8.8%
FY21
CMG 56.4%
QSR 11.1%
FY22
CMG 65.6%
QSR 11.7%
FY23
CMG 73.0%
QSR 12.4%
FY24
CMG 73.1%
QSR 11.3%
FY25
CMG 73.7%
QSR 9.0%
CMG
QSR
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.