Chipotle's Strong Value Proposition Underpins a Durable Long-Term Growth Narrative

Chipotle's business strategy rests on five pillars: running successful restaurants; attracting and retaining diverse talent; making the brand visible, relevant, and loved; investing heavily in restaurant tech and innovation; and improving access and convenience for customers. In our view, the company has carved out an enduring niche in the U.S. restaurant landscape, with competitive menu prices, extreme convenience, and "food with integrity" allowing the firm to lure away customers from both casual dining and traditional fast-food competitors.