As of Q4'25, Chipotle Mexican Grill's EV/Sales ratio stands at 19.49, marking a notable decrease from its recent peak of 32.90 in Q1'24. The latest data point reflects a continued downward adjustment in valuation relative to sales over the past few quarters. From Q1'23 to Q4'25, the EV/Sales ratio for CMG has exhibited significant volatility, peaking at 32.90 in Q1'24 before trending downward to 15.74 in Q3'25 and slightly rebounding to 19.49 in Q4'25. This pattern suggests a period of elevated market expectations followed by a correction, with the ratio now at its lowest level in the observed period. The overall trend indicates a normalization of valuation multiples after a sharp run-up, likely reflecting shifts in investor sentiment or changes in sales growth outlook.