Shares of fast-food giant Chipotle Mexican Grill Inc. (NYSE: CMG) have not had the kind of year investors were hoping for. While much of the broader market has surged to record highs in 2025, Chipotle shares have spent much of the past year trending lower. The weakness has accelerated since late July, with the stock down 30% in just two months and back trading at 2023 levels. For a company that was once among the most reliable growth names in the restaurant space, the reversal has been jarring.
But with so much pain already baked in, there are signs that the worst may now be behind it. On Oct. 2, shares closed right around $40, and at that level, Chipotle is trading on a price-to-earnings (PE) ratio of just 35—its lowest multiple since December 2015.
