Chipotle Mexican Grill (CMG) trades at about 28.4 times its trailing adjusted earnings, the basis that adds stock-based compensation back to normalized net income. That is a steep price for a chain whose existing restaurants are guided to low single-digit sales growth for 2026. On what analysts expect Chipotle to earn by 2027, the same price is about 24.1 times. Those forward multiples sit on analyst-consensus earnings, which are not defined the same way as the trailing adjusted figure, so part of the drop from 28.4 times is the change of measure rather than earnings growth.

What You Are Paying For Chipotle Today

Revenue grew 7.3% over the trailing twelve months, and 9.3% in fiscal Q2 2026. That is not the growth a…