As of Q4'25, Chipotle Mexican Grill (CMG) reports a P/E ratio of 36.75, reflecting a notable decrease from the recent peak of 65.94 in Q1'24. This latest figure suggests a significant moderation in valuation compared to earlier quarters within the period covered. Examining the trend from Q1'23 to Q4'25, the P/E ratio initially fluctuated, peaking sharply at 65.94 in Q1'24 before entering a steady downward trajectory. After this high point, the ratio declined consistently, reaching a low of 27.99 in Q3'25, before rebounding slightly to 36.75 by Q4'25. This pattern indicates a period of elevated valuation followed by a correction and stabilization, suggesting shifting investor sentiment and possible changes in earnings expectations over the observed timeframe.