Chipotle Mexican Grill Inc (CMG)

Debt-to-capital ratio

		Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Long-term debt	US$ in thousands	—	—	—	—	—
Total stockholders’ equity	US$ in thousands	3,655,550	3,062,210	2,368,020	2,297,370	2,020,140
Debt-to-capital ratio		0.00	0.00	0.00	0.00	0.00

December 31, 2024 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $—K ÷ ($—K + $3,655,550K)
= 0.00

The debt-to-capital ratio for Chipotle Mexican Grill Inc has consistently been at 0.00 from December 31, 2020, to December 31, 2024. This indicates that the company has been utilizing a strategy of financing its operations with equity rather than debt. A debt-to-capital ratio of 0.00 implies that the company's capital structure consists entirely of equity, with no debt obligations. This may suggest that Chipotle Mexican Grill Inc has been managing its finances in a conservative manner, avoiding the risks associated with high levels of debt. Additionally, a low debt-to-capital ratio can provide financial flexibility and resilience, as the company is not burdened with significant interest payments and debt repayment obligations. Overall, the consistent 0.00 debt-to-capital ratio reflects a strong financial position and prudent capital management by Chipotle Mexican Grill Inc.