ACCT 2200

Financial Analysis Project

Step 1:
Steve Ells was a young chef residing in San Francisco, when he aspired to own and operate a
fine-dining restaurant. The first step he took towards achieving this goal was to open a burrito shop in
Denver, Colorado. In July of 1993, Ells found and renovated an ice cream shop near the University of
Denver campus. This would become the site of the first Chipotle Mexican Grill. He took out an eighty-
thousand-dollar loan from his father to fund this venture. The idea was that Chipotle could be a way to
help fund his fine dining establishment. Chipotle was supposed to be nothing more than a failsafe of
sorts, not the go-to meal for many people that it is today. Within in months of opening, Chipotle was
profitable enough to pay off the loan taken out just months earlier. Chipotle was an instant hit, which
led Ells to add two more locations by 1996. McDonald’s corporation became an investor in 1998 and
would invest over three-hundred-sixty million dollars into the company over the next seven years.
McDonald’s divested from Chipotle in 2006, right when Chipotle was gearing up for its initial public
offering. Chipotle would then go public in January of 2006 at a price of $22 per share. At the end of its
first day, the price doubled to $44 per share (Whitten, 2017). Chipotle would only continue to grow into
the empire it is today from this point. It would see its share of trouble with an E-Coli outbreak in 2015,
which would damage its reputation. Chipotle rebounded from this incident by implementing more
ethical policies in its restaurants. This has all influenced the healthy fast-food option label Chipotle has
today. What once was a backup plan for a young chef is now a thriving corporation with over two-
thousand-six-hundred locations to date (Whitten, 2017).
Chipotle is interesting to me because of their impact on the fast-food industry. Fast-food has a
certain stigma associated with it and deservedly so. Most people have seen Super-Size Me where
Morgan Spurlock eats McDonalds every day for a month. Halfway through the documentary, Spurlock’s
doctor recommended that he stop the experiment because of the negative health effects he was
experiencing. Fast-food is not good for you and is profitable because it is quick and cheap. Chipotle
applied those principles but with healthier food options. As a result, Chipotle helped pave the way for
the thriving healthy fast-food industry. Mad Greens, Modern Market and many others followed this
path and now it is a force in the market. This is the reason that chipotle is interesting to me, because of
the immense cultural impact it has had on the fast-food industry.
I chose Chipotle other the other options because I believe in its product. Not to say that
Microsoft, Nordstrom, or Netflix are bad companies that I will not patronize, but that Chipotle is great in
my mind. First off, Chipotle is a staple whenever I am choosing somewhere to eat out at. On top of that
I believe chipotle has the modern-day ethical code to succeed. Modern businesses need to be conscious
to changing environments and Chipotle does that well. After the E-Coli outbreak, Chipotle
acknowledged its faults and implemented meaningful change. People has largely forgot about that
incident as a result, and it shows in Chipotles success. I chose Chipotle because I believe it has what it
needs to survive in the future.

Step 2:
The Management Discussion and Analysis section of the 10-K is where the company leaders
discuss and interpret the financial statements for the previous year (Hargrave, 2020). It also includes
commentary on impending challenges the company faces. Management addresses how they plan on
handling challenges and outlines what goals or projects the company aspires to embark upon in the
upcoming year. The Management Discussion and Analysis is an important source of information for
investors who want to view the company’s financial fundamentals and management performance
(Hargrave, 2020).
The most interesting part of item #7 of the 10-K is the growth Chipotle realizes. Even during a
major reconstruction of the company in 2018. There were significant changes in the leadership
organization of the company, yet business carried on. This reconstruction saw a new headquarters
office in Newport Beach, California opened, consolidation of administrative functions in an existing office
in Columbus Ohio, and the closure of headquarters in New York, New York and Denver, Colorado. There
was a considerable amount of calamity within the company, yet it still saw an increase to revenue in
2018. The fact that the company was able to see gains in total current assets, revenue, net income,
earnings per share, and other positive metrics during this year was very interesting to me(Chipotle
Mexican Grill, Inc. Form 10K, 2020).
This information leads me to think that this company has a strong leadership and management
group. The company had an excellent year in 2015 and then proceeded to drop of significantly from
that high in 2016. When looking at the range of 2017-2018, however, the company has seen consistent
growth and profitability. The net income between 2017-2018 was slight but an increase none the less,
but that number more than doubled in 2019. The reconstruction Chipotle went through in 2018
obviously was incredibly beneficial to the company. Every positive metric; revenues, net income,
earnings per share, total current assets, etc. all saw drastic increases in 2019, fresh off the
reconstruction. This is what gives me confidence in Chipotles management group. They constructed an
ambitious plan for the reorganization of the company, executed it, and are now reaping the benefits of
that plan. This success speaks volume to the competence of the management team, and their ability to
continue to take the company in a positive direction (Chipotle Mexican Grill, Inc. Form 10K, 2020).
 Step 3:
The lowest price of the common stock of Chipotle ($CMG) in the last year was $415.00, and the
highest price of the common stock of Chipotle in the last year was $1384.46

(Yahoo Finance, 2020)

Step 4:
The overall trend in Chipotles stock price over the past year has been upward. There was the
steep dip in March due to the Covid-19 outbreak market crash but has since rebounded and continued a
similar trendline it began the year with.
On November 11th, 2020, Chipotle opened its first “digital-only” restaurant and saw a 4%
increase in morning trading this day (Lucas, 2020). This significance of this has massive implications on
the future direction of the company and provides insight on the company’s adaptiveness. The Covid-19
pandemic has ushered in a “Stay-at-Home economy” and because of this, there has been a sharp rise in
takeout popularity because of newfound seating restrictions in restaurants. Chipotle is adapting very
quickly to this trend and taking advantage of people utilizing its online tools more. Covid-19 produced
more traffic to chipotles online ordering systems, through their own app or a third party such as Door-
Dash or Uber Eats. Chipotle is capitalizing on these newfound skills of its consumers. By creating a
digital restaurant, they will be able to cut costs which in turn increases profit margins. They will be able
to use smaller buildings and reap the benefits of not having to maintain a dine-in establishment. This is
all a symptom of Chipotle’s customers becoming more comfortable with its online options. In addition
to this, Chipotle might once again be paving the path for the future of fast-food. This is where I believe
the 4% raise in stock price came from. Consumers have become accustomed to not eating inside
restaurants but have still been patronizing their favorite restaurants. The take-out boom caused by
Covid-19 may be here to stay. When the pandemic inevitably ends, will things truly go back to normal?
What permanent changes will be a result of the Pandemic? The lack of dine-in at fast-food restaurants
may very well be one of these changes. That is what that 4% increase represented in my opinion.
Investors wanted to buy into the potential that Chipotle leads this new fast-food trend and reaps large
benefits by being ahead of their competition (Lucas, 2020)

Step 5:
Chipotle has seen a growth in profits over the past two years. Chipotles net income in 2018 was
$176,553,000. In 2019, their net income would see an impressive increase to $350,158,000. The basic
earnings per share increased between the two years from $6.35 in 2018, to $12.62 in 2019. From item
#7, it shows that 43 restaurants were closed in 2018 compared to only 7 in 2019. I believe the actions
taken in 2018 overhauled and streamlined the company to allow it to produce the numbers it did. The
company only opened 3 more stores in 2019 than it did in 2018. Chipotle saw very solid results in 2018
despite what was happening behind the scenes. The 2017 numbers are very similar to the 2018
numbers, yet 2019 is vastly different. I would like to call back to the point I made on page two of this
report to explain the discrepancy in net income between the two years. The management team
constructed a vision with the goal of increasing profits through reorganization and executed their plan.
Net income and earnings per share nearly doubled their 2018 numbers in 2019. This is simply the
consequence of a plan that is working (Chipotle Mexican Grill, Inc. Form 10K, 2020).

Step 6:
A simple google search directed me to a tab within Chipotles website that was dedicated to their
values. In short, I think this company is very ethical. I also believe the information is sufficient and they
are doing their part to create an ethical workplace. Chipotle maintains ethic practices through policies
such as; making food fresh everyday with no artificial ingredients, declaring all 53 of the ingredients they
use, being the first national restaurant to use responsibly raised meat with no added hormones,
utilization of organic ingredients, decreasing its landfill waste by 50% in 2020, and finally providing their
employees with great benefits. There were more ethical policies Chipotle values that were not included
on that list. They provide a comprehensive sustainability report and a detailed list of the benefits
offered to their employees. There are only five tabs on its website and their values are one of them.
The website states, “One meal might not change the world, but the way we make it might” (Chipotle,
2020). Chipotles values are the determining factor in how they make business decisions, and their values
are deeply rooted in ethically responsible places.

Step 7:
The first accounting policy I realized in Chipotles financial statement footnotes was that they use
first in first out when accounting for their inventory. Using FIFO makes perfect sense for Chipotle as
they have a very high inventory turnover ratio due to the limited shelf life of meat. It only makes sense
with perishables to sell them by the oldest items first, and the accounting policy should mirror that logic
as well. By using FIFO, the valuation of Chipotles inventory is more reflective of the market price, due to
the most recently purchased items being the bulk of the inventory. (Tardi, 2020). This allows
management to fluctuate their prices in response to fluctuations in the market quickly. FIFO will also
impact the income statement by showing higher inventory cost and therefore a higher cost of goods
sold. The second accounting policy I realized was that Chipotle uses the Allowance Method for its
accounts receivable. This method allows for bad debt expense to be estimated with an adjustment
made at the end of the accounting period. It is a two-step process where the first step consists of
management making an adjustment at the end of the accounting period for the estimated bad dept
expense. The second step consists of “writing off” these uncollectable bad debts. This is done by
decreasing Accounts Receivable and increasing Allowance for Doubtful Accounts. In 2019, Chipotles
allowance for doubtful accounts is $7,000. This means that they estimate $7,000 of bad debt expense in
that accounting period. When the accounting period ends, Chipotle will decrease accounts receivable
and increase allowance for doubtful accounts for uncollectable debts that incurred in that accounting
period. Management can use the bad debt estimations to help decide how they offer credit
transactions. Chipotles leadership does not want to risk taking on too much bad debt and the allowance
method aids them in that process.

Step 8:
The item I chose to describe on the operating activities cash flow statement was inventory.
Inventory represents the cash outflow from that company that was used in the purchase of inventory.
In the year of 2019, Chipotle saw a cash outflow of $4,530,000 in exchange for inventory items. This
means Chipotle spent 4.53 million dollars on inventory in 2019. Inventory refers to the 53 ingredients,
associated beverage options, and any other items purchased for the purpose of resale. These items
were what 4.54 million was spent on.
For an item from the investing activities cash flow statement, I chose proceeds from the sale of
equipment. This is a cash inflow in exchange for pieces of equipment. Chipotle saw a cash inflow of
$13,969,000 because of these transactions in 2019. Chipotle decided to sell their equipment for one of
many reasons including; purchase of newer equipment, equipment has reached the end of its useful life,
or maybe liquidation of a closing location. Whatever the reason, Chipotle was able to exchange their
equipment for cash.
Finally, I chose to use acquisition of treasury stock for the financing activities cash flow
statement. Treasury stock is the result of a company repurchasing common stock to be held by the
company. This involves the outflow of cash to reacquire common stock. Chipotle spent $190,617,000
on treasury stock in 2019. Chipotle’s reasoning for doing this could include; sending a message to
investors that the company is worth investing into, repurposed for a stock plan program, increase share
price to remain on common exchanges, and to use for payment for purchases of other companies.

Step 9:
The Balance Sheet reports a company’s assets, liabilities, and stockholders’ equity. This is
important because it tells a potential investor what a company owns, how much debt they are in, and
the ownership dynamic of a company. The Balance Sheet is important because it provides a
consolidated overview of all a company’s operations and can be used to analyze a company’s future
potential. The balance sheet uses the fundamental accounting equation of Assets = Liabilities +
Shareholders’ Equity and is the result of the accounting cycle within a company.
The Income Statement reports a company’s financial performance over a specific period, or
accounting period. (Chen, 2020). Simply put, the income statement reports a company’s profit and loss
over an accounting period. The income statement reports profit and lost by analyzing the revenues and
expenses of that accounting period. Revenues minus Expenses provides you with Net Income which is
the purpose of the income statement. Once Net Income is known, it is used to provide an accurate
measure of a company’s operating performance. If net income is positive, then revenues exceed
expenses and the company operated at a profit for that accounting period. If net income is negative,
then expenses were greater than revenues and the company operated at a loss for that accounting
period. The Income Statement provides that information and is why it is important (Chen, 2020).
The Statement of Cash Flows catalogs all cash flows from operating, investing, and financing
activities. The overall purpose of collecting a company’s inflows and outflows of cash is to analyze the
overall net change in cash. After adding or subtracting this net change from the beginning balance of
cash, the new balance is added to the balance sheet. This is important because if operating cash flows
are negative in the long run, then a company cannot be successful. Long run operational cash flows
need to be positive for a company to succeed. Overall, the Statement of Cash Flows records the cash
transactions a company makes.
The Notes to the Financial Statements detail the processes that were utilized when preparing
the Balance Sheet, Income Statement, and Statement of Cash Flows. These notes can include; whether
the accountant used cash or accrual basis account for preparation, whether the accountant used FIFO,
LIFO or weighted average, or a note that explains how an accountant consolidated sections of the
financial statements (Loughran, 2020). There are other notes as well but notes to the financial
statements are small footnote style explanations by the accountant or company (Loughran, 2020).
As mentioned in step 7, I was able to identify that Chipotle used FIFO when evaluating their
inventory’s value. There was also a note that outlined that the company uses “chipotle”, “we”, “us”,
and “our” when talking about themselves in the financial statements. They also outlined how many
domestic and international Chipotle’s they operate, in addition to the three Pizza Locale restaurants
they operate. The Notes to the Financial Statements for Chipotle provided valuable insight into how the
company operates in addition to some explanations behind rationale when preparing the financial
statements.

Step 10:
The data contained within the Balance Sheet and Income Statement can be used to determine
how a company is preforming. These performance metrics are commonly known as ratios and six of the
most common ratios include; Net Profit Margin, Gross Profit Margin, Return On Equity (ROE), Current
Ratio, Days to Collect, Days to Sell, and Debt to Assets. I preformed all six of these calculations based on
Chipotles 10K items. The results are shown below.

Calculation Name Formula 2019 2018

Net Profit Margin Net Income/Revenues 6.27% 3.63%
 Gross Profit Margin (Net Sales Revenue - COGS) / Net Sales Revenue 20.45% 18.73%
ROE Net Income /Average Common Stockholders' Equity 22.41% 12.58%
Current Ratio Current Assets / Current Liabilities 1.61 1.81
Days to Collect 365 / Receivables Turnover 4.67 3.86
Days to Sell 365/Inventory Turnover 1.96 1.91
Debt to Assets Total Liabilities / Total Assets 0.67 0.36
The data contained within the Balance Sheet and Income Statement can be used to determine
how a company is preforming. These performance metrics are commonly known as ratios. Commonly
used ratios include; Net Profit Margin, Gross Profit Margin, Return On Equity (ROE), Current Ratio, Days
to Collect, Days to Sell, and Debt to Assets. I preformed all six of these calculations based on Chipotles
10K items. The results are shown below.

Each individual ratio provides valuable insight into different aspects of Chipotles yearly performance.

Net Profit Margin refers to how much of each dollar in revenue translates into profit (Murphy,
2020). The 6.27% and 3.63% respectively for 2019 and 2018 highlights growth in profitability from year
to year. In 2018 Chipotle received $0.0362 of profit for each dollar spent. In 2019, Chipotle received
$0.0627 of profit for each dollar spent. Chipotle nearly doubled its Net Profits Margin from 2018 to
2019. This means that Chipotle received nearly double the amount of profit per dollar of net revenue
between 2018 and 2019. Therefore, Net Profit Margin is very useful when analyzing a company. Net
Profit Margin essentially refers to how efficient a company is (Murphy, 2020).
Gross Profit Margin is the percentage of money left over after subtracting the Cost of Goods
Sold from the Net Revenue. It is the percentage of Net Revenue minus the initial cost of the items that
were sold/utilized to acquire the net profit. Chipotles growth from 18.73% in 2018 and 20.45% in 2019
shows increased profitability. This means that if Chipotle had $100,000 of Net Revenue in both 2018
and 2019, that $20,450 would be left over after subtracting Cost of Goods Sold in 2019 and $18,730
would be left over in 2018. Gross Profit Margin assesses a company’s financial health and the margin of
profitability (Bloomenthal, 2020).
Return on Equity (ROE) represents the returns that stockholders realize based on the company’s
success or lack thereof. By dividing net income by the average stockholders’ equity there is a return
percentage that is found. This percentage constitutes the amount of growth a shareholder’s equity
experiences each year. In 2019 the ROE for Chipotle was 22.41% and in 2018 it was 12.58%. This means
the in the year 2018 the stockholders’ equity of Chipotle increased by 12.58% and in 2019 the
stockholder total equity increased by 22.41%. This increased percentage shows that Chipotles overall
value is not only increasing year to year but increasing at a higher level each year. This increase in year-
to-year ROE shows profitability of Chipotle in relation to the Stockholder Equity (Fernando, 2020). The
company is growing and increasing in value each year, and therefore the owners of the company see
their equity’s value increase as well (Fernando, 2020).
Current Ratio is a measure of whether a company has the assets to cover its liabilities that are
due inside of a year. Chipotle’s Current Ratio decreased from 2018 to 2019 but remained well in the
positive. The decrease from 1.81 in 2018 and 1.61 in 2019 means that either Chipotle’s assets
decreased and/or liabilities increased between the two years. Both ratios being well over 1.0 is
excellent overall, however, because this means Chipotle has more then enough assets to cover its
liabilities. Companies do not want to see a decrease in current ratio numbers, but Chipotle is in a good
situation regarding current assets to current liabilities ratio.
Days to Collect is the average number of days it takes for a company to collect payment for sales
on account. The lower the ratio the better because this means there is not a lot of assets wrapped up in
accounts receivable. Instead, the company has more cash and cash equivalents. Chipotle saw their
Days to Collect ratio increase from 3.86 in 2018 to 4.67. This change is not catastrophic but still
significant. The higher the ratio is the longer it takes a company to convert accounts receivables into
cash which can hinder business operations if the cash flow is slow. 4.67 Days to Collect is low and
should not hurt the company too much, unless this number continues to increase each year.
Days to Sell is the average number of days between when inventory is purchased by the
company and when it is then sold to a customer. Since Chipotle deals largely in perishable items, their
inventory management needs to be very efficient. Efficiency in the case of Chipotle means their Days to
Sell should be as low as possible. Chipotles Days to Sell ratio was 1.91 in 2018 and 1.96 in 2019. Once
again, an increase in this ratio from year to year is not good. In Chipotles case, however, their increase
was minimal and overall, they have a very low Days to Sell ratio. It can be inferred that chipotle is very
efficient in their inventory management even though there was an increase of the Days to Sell ratio.
Debt to Asset is like Current Ratio, but in a different way. The Debt to Assets ratio assess how
much debt a company has in comparison to the amount of assets it has. Debt to Assets can be used to
gauge the financial stability of the company (Kenton, 2020). A Debt to Assets ratio above 1.0 shows that
a company has a larger portion of its assets funded by debts. A ratio below 1.0 means that a company’s
assets are funded by equity rather than debt (Kenton, 2020). Chipotle saw a large jump from 0.36 in
2018 to 0.67 in 2019. While this number infers that Chipotle has more assets funded by equity rather
than debt, the ratio more than doubled from 2018 to 2019. Chipotles ratio is still well below 1.0 and
overall, they are in a good Debt to Assets position. If the drastic rises in this ratio from year to year does
not become a trend, Chipotle will be in a solid financial position (Kenton, 2020).

Step 11:
Chipotle is a strong company overall. Upon reviewing Chipotles overall outlook, I would invest in this
company. The ratios and percentages exemplify Chipotles competent leadership and powerful brand.
The jump in Net Profit Margin form 3.63% in 2018 to 6.27% in 2019 is phenomenal. Between the two
years the company increased its net profits by 2.64%, and they did this while increasing their Gross
Profit Margin as well. Their Gross Profit Margin grew from 18.73% in 2018 to 20.45% in 2019. Chipotle
grew their net profits by 2.64% and lost 1.72% less to Cost of Goods Sold in 2019. This increase to
profits and decrease to their overall materials, labor and overhead costs shows that their management
team knows how to lead the company. In addition to this, the drastic increase to ROE is significant.
When a company is producing consistent growth, that leads to more investor confidence in that
company. Chipotle has been able to produce high levels of ROE which exhibits the company’s
profitability and increasing investor confidence. Current Ratio did increase from 2018 to 2019 which by
itself is not the most ideal. However, Chipotle’s leadership had the Current Ratio at such an upstanding
level that the increase of liabilities lowered the ratio, but the ratio is still at an proficent level. This is of
limited concern to me because Chipotles assets still outweigh liabilities by a substantial margin. This
lends once again to the competence of management. This increase in liabilities is meant to increase
assets in the future and it not at a significant risk to the company. Days to Collect, Days to Sell, and Debt
to Assets are like Current Ratio in this sense. All three ratios increased from 2018 to 2019, which is not
indicative of progress in a company. Chipotle again had all three of these ratios at very advantageous
levels that it gave management the opportunity to inflate them for the sake of increased efficiency in
the future. The inflated 2019 ratios are still well within acceptable levels even after the inflation. The
ratios indicate that Chipotle is ran effectively and efficiency. While Chipotles books are incredibly sound,
there is another reason why I would Invest in Chipotle. This reason is the cultural impact Chipotle has
produced. Chipotle combined healthy with the expedition of fast-food with progressive forward-
thinking management. Chipotle is the go-to meal for many people as a result. It is healthier than
traditional fast food, still very affordable, and people appreciate their values. Their commitment to
offering responsible ingredients, resource sustainability, and overall ethic conduct are highly valued by
consumers. This is shown in Chipotles increasing cultural influence. A third reason I would invest in
Chipotle is because of their restructure in 2018. The leadership of the company shuffled around and
reorganized, yet the company still showed decent numbers for that year. The significant book increases
in 2019 is a symptom of this reorganization, in my opinion. It is more tangible proof that Chipotle has a
solid management team. They envisioned a plan and executed it to much success. The leadership set
the company up for future success while the strong brand allowed for profits even during this time. This
combination shows great promise for the future. Chipotle has the leadership and vision to succeed and
that is shown in their actions and in their books. I believe Chipotle will be a major player in the
restaurant industry for years to come. Due to these reasons, I would definitely invest into Chipotle.
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