If there's any important takeaway investors should have gotten from the past few years, it's just how resilient Chipotle Mexican Grill's (NYSE: CMG) business really is. The company's competitive position was strengthened because of the pandemic, and as inflation remains elevated, the fast-casual restaurant chain is proving that it has pricing power.  

After falling 21% in 2022, the stock is up 16% so far this year. So, are Chipotle shares overvalued as we look ahead in 2023?  

As of this writing, Chipotle stock currently trades at a price-to-earnings (P/E) ratio of 56, which is more expensive than restaurant peers like Starbucks and Domino's Pizza. That valuation comes as Chipotle has crushed the market historically, rising almost fivefold over the past five years. 

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Source Fool.com