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Chipotle Mexican Grill, Inc.

$34.65 -$2.84 (-7.59%)
NYSE · 15 Sep 2026 17:35 UTC
Previous Close
$37.03
Day Range
$34.46$36.81
Year Range
$28.04$42.82
Market Cap
44.44B
AVG Volume
17.96M
Trailing/Forward PE
31.78/25.25
PEG ratio
1.64
Dividend Yield
-
Next Earnings Date
2026-10-28
Primary Exchange
New York Stock ExchangeUS
Revenue (USD)
01B2B3B4B24 Q124 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q2
CMG Revenue (USD) by quarter
PeriodRevenue (USD)
26 Q23.35B
26 Q13.09B
25 Q42.98B
25 Q33B
25 Q23.06B
25 Q12.88B
24 Q42.85B
24 Q32.79B
24 Q22.97B
24 Q12.7B
Net Income (USD)
0200M400M600M24 Q124 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q2
CMG Net Income (USD) by quarter
PeriodNet Income (USD)
26 Q2403.55M
26 Q1302.82M
25 Q4330.93M
25 Q3382.1M
25 Q2436.13M
25 Q1386.6M
24 Q4331.76M
24 Q3387.39M
24 Q2455.67M
24 Q1359.29M
Operating Income (USD)
0200M400M600M24 Q124 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q2
CMG Operating Income (USD) by quarter
PeriodOperating Income (USD)
26 Q2525.6M
26 Q1418.52M
25 Q4445.73M
25 Q3498.32M
25 Q2575.13M
25 Q1493.63M
24 Q4415.73M
24 Q3473.26M
24 Q2586.05M
24 Q1441.29M
EBITDA (USD)
0200M400M600M800M24 Q124 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q2
CMG EBITDA (USD) by quarter
PeriodEBITDA (USD)
26 Q2631.6M
26 Q1515.24M
25 Q4538.43M
25 Q3588.84M
25 Q2666.08M
25 Q1580.84M
24 Q4513.04M
24 Q3585.57M
24 Q2684.37M
24 Q1537.23M
Cash Flows (USD)
0200M400M600M24 Q124 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q2
CMG Cash Flows (USD) by quarter
PeriodCash Flows (USD)
26 Q2463.38M
26 Q1471.02M
25 Q4228.39M
25 Q3406.19M
25 Q2400.74M
25 Q1412.26M
24 Q4353.88M
24 Q3298.97M
24 Q2422.09M
24 Q1436.53M
EPS (USD)
00.10.20.30.424 Q124 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q2
CMG EPS (USD) by quarter
PeriodEPS (USD)
26 Q20.32
26 Q10.23
25 Q40.25
25 Q30.29
25 Q20.32
25 Q10.28
24 Q40.24
24 Q30.28
24 Q20.33
24 Q10.26
Expenses (USD)
0200M400M600MSG&ACapex24 Q124 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q2
CMG Expenses (USD) by quarter
PeriodExpenses (USD)
26 Q2407.74M
26 Q1384.05M
25 Q4357.8M
25 Q3310.23M
25 Q2332.74M
25 Q1317.59M
24 Q4364.1M
24 Q3274.14M
24 Q2315.52M
24 Q1337.33M
Cash & Debt (USD)
02B4B6BCashLong Term DebtShort Term Debt24 Q124 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q2
CMG Cash & Debt (USD) by quarter
PeriodCash & Debt (USD)
26 Q2677.86M
26 Q1871.42M
25 Q41.05B
25 Q31.42B
25 Q21.55B
25 Q11.41B
24 Q41.42B
24 Q31.37B
24 Q21.49B
24 Q11.42B
Debt ratios
0123424 Q124 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q2
CMG Debt ratios by quarter
PeriodDebt ratios
26 Q22.08
26 Q11.89
25 Q43.71
25 Q31.52
25 Q21.38
25 Q11.36
24 Q41.34
24 Q31.37
24 Q21.28
24 Q11.35
Margins
0%10%20%30%24 Q124 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q2
CMG Margins by quarter
PeriodMargins
26 Q225.22%
26 Q123.28%
25 Q423.42%
25 Q324.49%
25 Q227.36%
25 Q126.21%
24 Q424.75%
24 Q325.49%
24 Q228.91%
24 Q127.46%
Return on Capital
0%5%10%15%20%24 Q124 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q2
CMG Return on Capital by quarter
PeriodReturn on Capital
26 Q218.34%
26 Q112.58%
25 Q411.69%
25 Q311.86%
25 Q212.36%
25 Q111.07%
24 Q49.08%
24 Q310.72%
24 Q212.28%
24 Q110.69%
Shares Outstanding
0500M1B1.5B24 Q124 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q2
CMG Shares Outstanding by quarter
PeriodShares Outstanding
26 Q21.29B
26 Q11.3B
25 Q41.31B
25 Q31.33B
25 Q21.34B
25 Q11.35B
24 Q41.36B
24 Q31.37B
24 Q21.37B
24 Q11.37B
Book Value Per Share (USD)
012324 Q124 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q2
CMG Book Value Per Share (USD) by quarter
PeriodBook Value Per Share (USD)
26 Q21.71
26 Q11.85
25 Q42.15
25 Q32.41
25 Q22.62
25 Q12.58
24 Q42.69
24 Q32.64
24 Q22.7
24 Q12.45
Total Assets (USD)
02.5B5B7.5B10B24 Q124 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q2
CMG Total Assets (USD) by quarter
PeriodTotal Assets (USD)
26 Q28.86B
26 Q18.8B
25 Q48.99B
25 Q39.28B
25 Q29.27B
25 Q19.04B
24 Q49.2B
24 Q39.01B
24 Q28.92B
24 Q18.41B
Employee Count
050K100K150K2016201720182019202020212022202320242025
CMG Employee Count by quarter
PeriodEmployee Count
2025130.3K
2024130.5K
2023116.07K
2022104.96K
202197.66K
202088K
201983K
201873K
201768.89K
201664.57K
PE Ratio
203040506070med 35.23Dec 24Apr 25Jul 25Nov 25Feb 26Jun 26Sep 26
CMG PE Ratio by quarter
PeriodPE Ratio
Sep 2633.59
Sep 2632.84
Sep 2633.53
Aug 2634.5
Aug 2633.48
Aug 2630.39
Aug 2629.75
Jul 2633.77
Jul 2628.42
Jul 2630.79
Jul 2631.52
Jul 2631.64
Jun 2629.81
Jun 2629.05
Jun 2628.82
Jun 2626.23
May 2628.49
May 2629.41
May 2629.19
May 2629.05
May 2629.49
Apr 2629.29
Apr 2630.68
Apr 2629.19
Apr 2628.39
Mar 2626.42
Mar 2628.57
Mar 2627.84
Mar 2630.28
Feb 2631.87
Feb 2632.14
Feb 2631.08
Feb 2633.72
Jan 2633.77
Jan 2635.51
Jan 2634.72
Jan 2634.85
Jan 2632.57
Dec 2532.85
Dec 2532.7
Dec 2531.4
Dec 2529.49
Nov 2529.99
Nov 2527.48
Nov 2527.43
Nov 2526.58
Oct 2527.53
Oct 2535.93
Oct 2536.51
Oct 2534.73
Oct 2536.43
Sep 2534.96
Sep 2534.3
Sep 2533.7
Sep 2535.82
Aug 2536.76
Aug 2538.07
Aug 2538.42
Aug 2536.15
Aug 2537.09
Jul 2540.79
Jul 2546.78
Jul 2548.58
Jul 2549.51
Jun 2547.76
Jun 2545.79
Jun 2543.58
Jun 2545.54
May 2543.44
May 2543.92
May 2545.39
May 2543.13
May 2544.73
Apr 2544.92
Apr 2542.75
Apr 2544.16
Apr 2541.96
Mar 2544.29
Mar 2543.07
Mar 2544.4
Mar 2544.57
Feb 2547.89
Feb 2545.71
Feb 2550.65
Feb 2550.82
Jan 2553.74
Jan 2552.22
Jan 2552.97
Jan 2552.03
Jan 2554.98
Dec 2455.97
Dec 2456.98
Dec 2459.48
Dec 2460.23
Nov 2456.65
Nov 2457.11
Nov 2453.99
Nov 2454.16
Nov 2453.96
Oct 2457.86
Free Cash Flow Yield
1%2%3%4%med 2.73%Dec 24Apr 25Jul 25Nov 25Feb 26Jun 26Sep 26
CMG Free Cash Flow Yield by quarter
PeriodFree Cash Flow Yield
Sep 263.29%
Sep 263.37%
Sep 263.3%
Aug 263.2%
Aug 263.3%
Aug 263.64%
Aug 263.72%
Jul 263.27%
Jul 263.65%
Jul 263.37%
Jul 263.29%
Jul 263.28%
Jun 263.48%
Jun 263.57%
Jun 263.6%
Jun 263.95%
May 263.64%
May 263.53%
May 263.55%
May 263.57%
May 263.52%
Apr 263.22%
Apr 263.07%
Apr 263.23%
Apr 263.32%
Mar 263.57%
Mar 263.3%
Mar 263.39%
Mar 263.11%
Feb 262.96%
Feb 262.93%
Feb 263.03%
Feb 262.79%
Jan 263.03%
Jan 262.88%
Jan 262.95%
Jan 262.94%
Jan 263.14%
Dec 253.12%
Dec 253.13%
Dec 253.26%
Dec 253.47%
Nov 253.41%
Nov 253.73%
Nov 253.73%
Nov 253.85%
Oct 253.72%
Oct 252.65%
Oct 252.6%
Oct 252.74%
Oct 252.61%
Sep 252.72%
Sep 252.77%
Sep 252.82%
Sep 252.65%
Aug 252.59%
Aug 252.5%
Aug 252.47%
Aug 252.63%
Aug 252.56%
Jul 252.33%
Jul 252.04%
Jul 251.96%
Jul 251.92%
Jun 251.99%
Jun 252.08%
Jun 252.19%
Jun 252.09%
May 252.19%
May 252.17%
May 252.1%
May 252.21%
May 252.13%
Apr 252.12%
Apr 252.3%
Apr 252.23%
Apr 252.35%
Mar 252.22%
Mar 252.29%
Mar 252.22%
Mar 252.21%
Feb 252.06%
Feb 252.16%
Feb 251.95%
Feb 251.94%
Jan 251.57%
Jan 251.61%
Jan 251.59%
Jan 251.62%
Jan 251.53%
Dec 241.51%
Dec 241.48%
Dec 241.42%
Dec 241.4%
Nov 241.49%
Nov 241.48%
Nov 241.56%
Nov 241.56%
Nov 241.56%
Oct 241.59%
Price to Sales
246810med 4.64Dec 24Apr 25Jul 25Nov 25Feb 26Jun 26Sep 26
CMG Price to Sales by quarter
PeriodPrice to Sales
Sep 263.84
Sep 263.75
Sep 263.83
Aug 263.94
Aug 263.82
Aug 263.47
Aug 263.4
Jul 263.86
Jul 263.4
Jul 263.68
Jul 263.77
Jul 263.78
Jun 263.57
Jun 263.47
Jun 263.45
Jun 263.14
May 263.41
May 263.52
May 263.49
May 263.47
May 263.53
Apr 263.77
Apr 263.95
Apr 263.76
Apr 263.66
Mar 263.4
Mar 263.68
Mar 263.59
Mar 263.9
Feb 264.1
Feb 264.14
Feb 264
Feb 264.34
Jan 264.4
Jan 264.63
Jan 264.53
Jan 264.54
Jan 264.25
Dec 254.28
Dec 254.26
Dec 254.09
Dec 253.84
Nov 253.91
Nov 253.58
Nov 253.58
Nov 253.46
Oct 253.59
Oct 254.79
Oct 254.86
Oct 254.63
Oct 254.85
Sep 254.66
Sep 254.57
Sep 254.49
Sep 254.77
Aug 254.9
Aug 255.07
Aug 255.12
Aug 254.81
Aug 254.94
Jul 255.43
Jul 256.36
Jul 256.6
Jul 256.73
Jun 256.49
Jun 256.22
Jun 255.92
Jun 256.19
May 255.91
May 255.97
May 256.17
May 255.86
May 256.08
Apr 256.11
Apr 255.8
Apr 255.99
Apr 255.69
Mar 256.01
Mar 255.84
Mar 256.02
Mar 256.04
Feb 256.49
Feb 256.2
Feb 256.87
Feb 256.89
Jan 257.26
Jan 257.06
Jan 257.16
Jan 257.03
Jan 257.43
Dec 247.56
Dec 247.7
Dec 248.04
Dec 248.14
Nov 247.66
Nov 247.72
Nov 247.3
Nov 247.32
Nov 247.29
Oct 247.65
EV/EBITDA
1020304050med 24.83Dec 24Apr 25Jul 25Nov 25Feb 26Jun 26Sep 26
CMG EV/EBITDA by quarter
PeriodEV/EBITDA
Sep 2623.05
Sep 2622.58
Sep 2623.01
Aug 2623.62
Aug 2622.98
Aug 2621.06
Aug 2620.65
Jul 2623.16
Jul 2619.77
Jul 2621.26
Jul 2621.72
Jul 2621.8
Jun 2620.64
Jun 2620.17
Jun 2620.02
Jun 2618.39
May 2619.81
May 2620.39
May 2620.26
May 2620.17
May 2620.44
Apr 2622.65
Apr 2623.55
Apr 2622.59
Apr 2622.07
Mar 2620.8
Mar 2622.19
Mar 2621.72
Mar 2623.3
Feb 2624.32
Feb 2624.5
Feb 2623.81
Feb 2625.52
Jan 2623.61
Jan 2624.74
Jan 2624.23
Jan 2624.31
Jan 2622.82
Dec 2523.01
Dec 2522.91
Dec 2522.06
Dec 2520.81
Nov 2521.14
Nov 2519.49
Nov 2519.46
Nov 2518.9
Oct 2519.53
Oct 2525
Oct 2525.38
Oct 2524.21
Oct 2525.32
Sep 2524.36
Sep 2523.93
Sep 2523.53
Sep 2524.92
Aug 2525.54
Aug 2526.4
Aug 2526.63
Aug 2525.14
Aug 2525.76
Jul 2528.19
Jul 2532.26
Jul 2533.45
Jul 2534.06
Jun 2532.91
Jun 2531.61
Jun 2530.15
Jun 2531.45
May 2530.06
May 2530.37
May 2531.34
May 2529.85
May 2530.91
Apr 2531.03
Apr 2529.61
Apr 2530.54
Apr 2529.09
Mar 2530.63
Mar 2529.82
Mar 2530.7
Mar 2530.82
Feb 2533.01
Feb 2531.57
Feb 2534.83
Feb 2534.95
Jan 2536.41
Jan 2535.42
Jan 2535.91
Jan 2535.3
Jan 2537.22
Dec 2437.87
Dec 2438.53
Dec 2440.16
Dec 2440.65
Nov 2438.32
Nov 2438.61
Nov 2436.58
Nov 2436.69
Nov 2436.56
Oct 2438.69
Price/Operating Cashflow
1020304050med 25.69Dec 24Apr 25Jul 25Nov 25Feb 26Jun 26Sep 26
CMG Price/Operating Cashflow by quarter
PeriodPrice/Operating Cashflow
Sep 2620.49
Sep 2620.03
Sep 2620.45
Aug 2621.04
Aug 2620.42
Aug 2618.54
Aug 2618.14
Jul 2620.59
Jul 2618.69
Jul 2620.25
Jul 2620.72
Jul 2620.81
Jun 2619.6
Jun 2619.1
Jun 2618.95
Jun 2617.25
May 2618.73
May 2619.34
May 2619.2
May 2619.1
May 2619.39
Apr 2621.28
Apr 2622.29
Apr 2621.2
Apr 2620.63
Mar 2619.2
Mar 2620.76
Mar 2620.23
Mar 2622
Feb 2623.15
Feb 2623.35
Feb 2622.58
Feb 2624.5
Jan 2623.43
Jan 2624.63
Jan 2624.09
Jan 2624.18
Jan 2622.6
Dec 2522.79
Dec 2522.69
Dec 2521.78
Dec 2520.46
Nov 2520.81
Nov 2519.06
Nov 2519.03
Nov 2518.44
Oct 2519.1
Oct 2526.49
Oct 2526.92
Oct 2525.6
Oct 2526.85
Sep 2525.77
Sep 2525.28
Sep 2524.84
Sep 2526.4
Aug 2527.1
Aug 2528.06
Aug 2528.32
Aug 2526.65
Aug 2527.34
Jul 2530.07
Jul 2534.9
Jul 2536.24
Jul 2536.94
Jun 2535.63
Jun 2534.16
Jun 2532.51
Jun 2533.98
May 2532.41
May 2532.77
May 2533.86
May 2532.18
May 2533.37
Apr 2533.51
Apr 2531.15
Apr 2532.18
Apr 2530.58
Mar 2532.28
Mar 2531.38
Mar 2532.35
Mar 2532.48
Feb 2534.9
Feb 2533.31
Feb 2536.91
Feb 2537.04
Jan 2543.26
Jan 2542.04
Jan 2542.65
Jan 2541.89
Jan 2544.26
Dec 2445.06
Dec 2445.87
Dec 2447.89
Dec 2448.49
Nov 2445.61
Nov 2445.98
Nov 2443.47
Nov 2443.6
Nov 2443.44
Oct 2443.46
Price to Book
10152025med 17.96Dec 24Apr 25Jul 25Nov 25Feb 26Jun 26Sep 26
CMG Price to Book by quarter
PeriodPrice to Book
Sep 2621.68
Sep 2621.19
Sep 2621.64
Aug 2622.26
Aug 2621.6
Aug 2619.61
Aug 2619.2
Jul 2621.79
Jul 2617.14
Jul 2618.57
Jul 2619.01
Jul 2619.08
Jun 2617.98
Jun 2617.52
Jun 2617.38
Jun 2615.82
May 2617.18
May 2617.73
May 2617.61
May 2617.52
May 2617.78
Apr 2615.89
Apr 2616.64
Apr 2615.84
Apr 2615.4
Mar 2614.34
Mar 2615.5
Mar 2615.11
Mar 2616.43
Feb 2617.29
Feb 2617.44
Feb 2616.86
Feb 2618.3
Jan 2616.11
Jan 2616.93
Jan 2616.56
Jan 2616.62
Jan 2615.53
Dec 2515.67
Dec 2515.6
Dec 2514.97
Dec 2514.06
Nov 2514.3
Nov 2513.11
Nov 2513.08
Nov 2512.68
Oct 2513.13
Oct 2515.7
Oct 2515.96
Oct 2515.18
Oct 2515.92
Sep 2515.28
Sep 2514.99
Sep 2514.73
Sep 2515.65
Aug 2516.06
Aug 2516.64
Aug 2516.79
Aug 2515.8
Aug 2516.21
Jul 2517.83
Jul 2520.93
Jul 2521.73
Jul 2522.14
Jun 2521.36
Jun 2520.48
Jun 2519.49
Jun 2520.37
May 2519.43
May 2519.65
May 2520.3
May 2519.29
May 2520.01
Apr 2520.09
Apr 2517.94
Apr 2518.53
Apr 2517.61
Mar 2518.59
Mar 2518.07
Mar 2518.63
Mar 2518.71
Feb 2520.1
Feb 2519.18
Feb 2521.26
Feb 2521.33
Jan 2522.07
Jan 2521.45
Jan 2521.76
Jan 2521.37
Jan 2522.58
Dec 2422.99
Dec 2423.4
Dec 2424.43
Dec 2424.74
Nov 2423.27
Nov 2423.46
Nov 2422.18
Nov 2422.25
Nov 2422.16
Oct 2421.98
Chipotle Mexican Grill, Inc.
CMG
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News: CMG

Chipotle Falls 5%: Profit Taking After a Strong Month, or the Salmonella Headline Again?

247wallst.com · 15 Sep 2026

Chipotle Falls 5%: Profit Taking After a Strong Month, or the Salmonella Headline Again?

Chipotle Mexican Grill (NYSE:CMG | CMG Price Prediction) stock is down 5% to $35.32 in Tuesday morning trading, a sharp break from a stretch that had the shares grinding higher through the first half of September.

CHIPOTLE EXPANDS RESTAURANT LEADERSHIP PIPELINE, AIMS TO PLACE AN APPRENTICE IN EVERY RESTAURANT BY THE END OF 2027

gurufocus.com · 15 Sep 2026

CHIPOTLE EXPANDS RESTAURANT LEADERSHIP PIPELINE, AIMS TO PLACE AN APPRENTICE IN EVERY RESTAURANT BY THE END OF 2027

CHIPOTLE EXPANDS RESTAURANT LEADERSHIP PIPELINE, AIMS TO PLACE AN APPRENTICE IN EVERY RESTAURANT BY THE END OF 2027PR NewswireNEWPORT BEACH, Calif., Sept. 15, 2

CHIPOTLE EXPANDS RESTAURANT LEADERSHIP PIPELINE, AIMS TO PLACE AN APPRENTICE IN EVERY RESTAURANT BY THE END OF 2027

prnewswire.com · 15 Sep 2026

CHIPOTLE EXPANDS RESTAURANT LEADERSHIP PIPELINE, AIMS TO PLACE AN APPRENTICE IN EVERY RESTAURANT BY THE END OF 2027

Enhanced Apprentice program supports Chipotle's long-term goal of developing restaurant leaders from within The company's decade-long partnership with Guild has helped nearly 25,000 employees pursue debt-free education, supporting career advancement and Chipotle's long-term growth NEWPORT BEACH, Calif., Sept. 15, 2026 /PRNewswire/ -- Chipotle Mexican Grill (NYSE: CMG) today announced enhancements to its Apprentice program that place greater emphasis on developing talent, strengthening restaurant operations and preparing leaders to support the company's continued growth.

CHIPOTLE APPOINTS SABIR SAMI TO ITS BOARD OF DIRECTORS

prnewswire.com · 14 Sep 2026

CHIPOTLE APPOINTS SABIR SAMI TO ITS BOARD OF DIRECTORS

NEWPORT BEACH, Calif., Sept. 14, 2026 /PRNewswire/ -- Chipotle Mexican Grill (NYSE:CMG) today announced a new addition to its board of directors, Sabir Sami, effective immediately.

2 Monster Stocks to Buy and Hold for at Least the Next 5 Years

fool.com · 13 Sep 2026

2 Monster Stocks to Buy and Hold for at Least the Next 5 Years

Because of an international push, these two companies are poised for five years of growth.

Chipotle Mexican Grill, Inc. $CMG Shares Acquired by California State Teachers Retirement System

defenseworld.net · 12 Sep 2026

Chipotle Mexican Grill, Inc. $CMG Shares Acquired by California State Teachers Retirement System

California State Teachers Retirement System raised its position in Chipotle Mexican Grill, Inc. (NYSE: CMG) by 3,133.9% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 66,453,578 shares of the restaurant operator's stock after purchasing an additional 64,398,656

CMG Margins Under Pressure: Can Pricing Offset Rising Costs?

zacks.com · 10 Sep 2026

CMG Margins Under Pressure: Can Pricing Offset Rising Costs?

CMG's Q2 growth has come with margin pressure as inflation and higher costs outweigh pricing gains, putting productivity and easing inflation in focus.

Chipotle's Business Is Bottoming Out, But The Fundamentals Are High (Upgrade)

seekingalpha.com · 10 Sep 2026

Chipotle's Business Is Bottoming Out, But The Fundamentals Are High (Upgrade)

Chipotle Mexican Grill has stabilized comp sales, with Q2 growth of 2.2% after a previous decline. I upgraded CMG from sell to hold, citing a revamped rewards program and signs of business bottoming, but remain cautious due to valuation. CMG's TTM GAAP P/E of ~34 and P/S of ~3.9 are difficult to justify amid compressed margins and only moderate growth.

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