Chipotle (CMG -1.34%) stock briefly touched a new high in the second half of 2021, thanks to soaring consumer spending as the world emerged from the worst of the pandemic. Shares are down about 20% since that period, compared to a 9% drop in the S&P 500.

Does that drop represent a screaming buy opportunity, or should investors ignore this stock in favor of other fast-food giants like McDonald's (MCD 0.37%)? Let's take a closer look.

The latest trends

Chipotle's latest operating trends look strong, although investors are bracing for a slowdown ahead. Comparable-store sales in the most recent quarter were up about 8% and total revenue increased about 14% with help from an expanding store base.

That 8% comp figure marked a deceleration from the 10% increase investors saw in the previous quarter. McDonald's is growing a bit faster overall, with global comps growth hitting 10% in Q3. But the burger titan's U.S. division is expanding more slowly, too, at 6%.

Chipotle has done a good job cushioning profitability as consumer preferences shift. Operating profit margin rose by nearly 2 full percentage points in Q3 thanks to cost cuts and rising menu prices. Still, the chain remains far less profitable than McDonald's, which benefits from its massive sales base and heavily franchised operations.

The strategy for 2023

Chipotle executives have a plan to deal with the new economic realities. The company is pushing new store openings toward more rural locations, for example, and is emphasizing its drive-thru platform. "These formats continue to perform very well," management said in late October, "and are helping ... increase new restaurant sales, margins, and returns."

Investors will want to keep a close eye on profit margin as the year progresses. Chipotle fans might become more price sensitive as economic pressures increase. This trend would show up in slowing sales volumes and falling operating margin.

McDonald's has more of a value-focused menu, and so it tends to perform better in a wider range of economic conditions. The fast-food leader also pays a generous -- and growing -- dividend, which makes it an especially attractive holding during volatile periods like this.

Is Chipotle a buy?

Chipotle's shares look much cheaper today compared to late 2021. You can buy the restaurant stock for around 5 times annual sales compared to its previous valuation of nearly 8. McDonald's is going for nearly 9 times revenue today.

Sure, Chipotle is less profitable and is much more exposed to an economic slowdown, particularly in the U.S. market. If that's a key concern for you, then you might want to simply watch the stock for now until it becomes clearer that the economy is on a stronger footing.

On the other hand, Chipotle is likely to generate solid returns for investors who can hold through the current uptick in volatility. Its growth through the pandemic and the immediate aftermath demonstrates the enduring appeal of its menu.

Management's success at boosting profitability, meanwhile, bodes well for earnings in 2023 and beyond. This business is highly efficient and can generate solid returns even through periods of weaker customer traffic. That's why growth stock investors should consider buying Chipotle shares now that they have become cheaper over the last two years.