CMG vs QSR
Chipotle Mexican Grill Inc. and Restaurant Brands International Inc., side by side — 10 fiscal years reported in USD, drawn from SEC filings.
Most recent reported year
| Metric | CMG | QSR |
|---|---|---|
| Revenue | $11.9B | $9.4B |
| Net income | $1.5B | $1.1B |
| Gross margin | · | · |
| Net margin | 12.9% | 11.4% |
| Return on equity | 47.4% | · |
| Diluted EPS | $1.14 | $2.35 |
| Dividend / share | · | $2.48 |
| Payout ratio | · | · |
| Free cash flow | $1.4B | $1.4B |
| Equity | $2.8B | $3.6B |
| Net debt / equity | −0.12× | 3.33× |
| Current ratio | 1.23× | 0.98× |
| Revenue CAGR 5y | 14.8% | 13.7% |
| Profit CAGR 5y | 34.0% | 7.5% |
CMG bills 1.3× the revenue of QSR, and keeps more of each dollar of revenue as profit (12.9% against 11.4%).
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner. "·" marks a figure not available in our data.
10 years side by side
| Fiscal year | CMG | QSR |
|---|---|---|
| FY2025 | $11.9B | $9.4B |
| FY2024 | $11.3B | $8.4B |
| FY2023 | $9.9B | $7.0B |
| FY2022 | $8.6B | $6.5B |
| FY2021 | $7.5B | $5.7B |
| FY2020 | $6.0B | $5.0B |
| FY2019 | $5.6B | $5.6B |
| FY2018 | $4.9B | $5.4B |
| FY2017 | $4.5B | $4.6B |
| FY2016 | $3.9B | $4.1B |
Bottom line
| Fiscal year | CMG | QSR |
|---|---|---|
| FY2025 | $1.5B | $1.1B |
| FY2024 | $1.5B | $1.4B |
| FY2023 | $1.2B | $1.7B |
| FY2022 | $899.1M | $1.5B |
| FY2021 | $653.0M | $1.3B |
| FY2020 | $355.8M | $750.0M |
| FY2019 | $350.2M | $1.1B |
| FY2018 | $176.6M | $1.1B |
| FY2017 | $176.3M | $1.2B |
| FY2016 | $22.9M | $956.0M |
10 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | +$2,491,601,000 | CMG |
| FY2024 | +$2,907,853,000 | CMG |
| FY2023 | +$2,849,649,000 | CMG |
| FY2022 | +$2,129,652,000 | CMG |
| FY2021 | +$1,808,061,000 | CMG |
| FY2020 | +$1,016,634,000 | CMG |
| FY2019 | −$16,631,000 | QSR |
| FY2018 | −$492,015,000 | QSR |
| FY2017 | −$99,588,000 | QSR |
| FY2016 | −$241,616,000 | QSR |
The higher-revenue side has changed between CMG and QSR over this period. The gap has widened since the earliest year compared.
10 of 14 comparable fiscal years — a year missing data on either side is not counted.
10 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | +1.5 pp | CMG |
| FY2024 | −3.6 pp | QSR |
| FY2023 | −12.0 pp | QSR |
| FY2022 | −12.4 pp | QSR |
| FY2021 | −13.2 pp | QSR |
| FY2020 | −9.2 pp | QSR |
| FY2019 | −13.6 pp | QSR |
| FY2018 | −17.7 pp | QSR |
| FY2017 | −23.1 pp | QSR |
| FY2016 | −22.5 pp | QSR |
The higher net margin has changed hands between CMG and QSR over this period.
10 of 14 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
QSR's net margin has been more volatile than CMG's over the 10 comparable fiscal years — 4.4 percentage points of standard deviation against 4.2.
10 of 14 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in net margin changed hands between CMG and QSR over these 10 fiscal years — CMG led in 1 and QSR in 9.
10 of 14 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
QSR's return on equity has been more volatile than CMG's over the 3 comparable fiscal years — 3.5 percentage points of standard deviation against 0.6.
3 of 18 comparable fiscal years — a year missing data on either side is not counted.
Year by year
CMG led in return on equity in every one of the 3 comparable fiscal years — a structural lead, not a recent swing.
3 of 18 comparable fiscal years — a year missing data on either side is not counted.