What Are Chipotle Investors Betting On?

Chipotle Mexican Grill (CMG) stock currently trades at 24.3 times its adjusted earnings over the last twelve months. Those earnings add back stock-based pay after tax, and the valuation looks steep for a burrito chain whose reported net income fell over those same months. Yet the current price reads differently when set against the profit expected for fiscal 2027. So what growth are buyers at today's price counting on.