Chipotle Mexican Grill's (NYSE:CMG) (NYSE:CMG-B) spicy second-quarter results may have left its shares hotter than a habanero -- and just as potentially painful.

Second-quarter net income skyrocketed 44.7% to $35.4 million, or $1.10 per share. Chipotle was able to increase restaurant-level operating margin by 360 basis points, to 26%. Revenue increased 14.1% to $388.8 million, with same-store sales up 1.7%.

Comps increases are no small feat in these tough times. Still, bear in mind that restaurants like Chipotle and Panera (NASDAQ:PNRA) have mostly achieved these gains by hiking menu prices, even as customer traffic falters. Sooner or later, they'll need to start luring diners back.

In the earnings press release, founder and co-CEO Steve Ells talked up the highest margins Chipotle has ever achieved. However, he also discussed growing awareness of how food is raised here in the U.S., thanks to the movie Food Inc., which Chipotle's been promoting in its stores. Ellis hopes the documentary will increase consumers' awareness of Chipotle's "Food With Integrity" program. Chipotle was once owned by McDonald's (NYSE:MCD), but its efforts to stuff its burritos with as many organic, sustainable ingredients as possible seem closer to the spirit exuded by Whole Foods Market (NASDAQ:WFMI).

That distinction helps the company stand out against cheaper fast-food rivals like Yum! Brands' (NYSE:YUM) Taco Bell. It may also explain Chipotle's selection for our paradigm-busting Motley Fool Rule Breakers service. (Its thriftier B-shares have also made it a Motley Fool Hidden Gems pick.)

Still, Chipotle's one of the priciest restaurant stocks around, now trading at more than 30 times earnings. I always used to complain about Panera's high multiple, but the bakery chain's now trading at just 23 times earnings. And you can buy shares of Chipotle's former parent, McDonald's, for around 15 times earnings.

All chains aren't created equal, and I believe Chipotle has a bright future ahead. But personally, I'd rather wait for cheaper shares of this chain before snapping up its spicy goodness.

Further Foolishness with a side of guacamole:

Chipotle Mexican Grill has been recommended by both Motley Fool Rule Breakers and Motley Fool Hidden Gems. Whole Foods Market is a Motley Fool Stock Advisor recommendation. The Fool owns shares of Chipotle. Try any of our Foolish newsletter services free for 30 days.

Alyce Lomaxowns shares of Whole Foods Market. The Fool's disclosure policy still sizzles when others get soggy.