Chipotle Mexican Grill (CMG 0.68%) has been one of the more stellar investments in the restaurant space over the past decade. It launched its initial public offering (IPO) 18 years ago at $22 per share, and as it expanded and deepened its footprint in the U.S., it has grown to nearly 3,400 locations across the country.
That impressive expansion has resulted in gains of more than 120-fold for shareholders who bought at the IPO and held. Despite that stunning growth, the restaurant stock will likely continue making its investors richer. Here’s why.
Chipotle’s continuing expansion
As of the end of 2023, Chipotle operated 3,437 locations, though all but 67 of these restaurants are in the U.S. The company added 250 net locations in 2023 — and despite that massive footprint, its North American expansion is not likely to level off anytime soon.
In the fourth quarter of 2023, the company…
