• Chipotle Mexican Grill average return on tangible equity for 2023 was 44.79, a 25.89% decline from 2022.
• Chipotle Mexican Grill average return on tangible equity for 2022 was 35.58, a 25.06% increase from 2021.
• Chipotle Mexican Grill average return on tangible equity for 2021 was 28.45, a 61.65% increase from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.