Discounted Cash Flow

Chipotle Mexican Grill Inc.

CMG · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $3.9b $22.9m $90.4m 0.6% $0.78
2017 $4.5b (14.7%) $176.3m (668.4%) $250.3m (176.9%) 3.9% (570.2%) $6.19 (693.6%)
2018 $4.9b (8.7%) $176.6m (0.2%) $334.2m (33.5%) 3.6% (-7.8%) $6.35 (2.6%)
2019 $5.6b (14.8%) $350.2m (98.3%) $387.7m (16.0%) 6.3% (72.7%) $12.62 (98.7%)
2020 $6.0b (7.1%) $355.8m (1.6%) $290.5m (-25.1%) 5.9% (-5.2%) $12.74 (1.0%)
2021 $7.5b (26.1%) $653.0m (83.5%) $839.6m (189.0%) 8.7% (45.5%) $23.21 (82.2%)
2022 $8.6b (14.4%) $899.1m (37.7%) $844.0m (0.5%) 10.4% (20.3%) $32.28 (39.1%)
2023 $9.9b (14.3%) $1.2b (36.7%) $1.2b (44.9%) 12.4% (19.5%) $44.59 (38.1%)
2024 $11.3b (14.6%) $1.5b (24.9%) $1.5b (23.6%) 13.6% (8.9%) $1.12 (-97.5%)
2025 $11.9b (5.4%) $1.5b (0.1%) $1.4b (-4.2%) 12.9% (-5.0%) $1.15 (2.7%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model