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The Chefs' Warehouse, Inc.

CHEF Consumer Defensive Food Distribution

The Chefs' Warehouse, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $4.1 billion, up 9.36% from fiscal 2024.

Revenue
+11.2%
EPS
+44.0%
Free cash flow
+987.2%
Total debt
−0.61%

Quarter to September 2026, against a year earlier

103.21 1.02 −0.98%
Market cap
$4.5B
P/E
39.1×
Fwd P/E
41.2×
Dividend yield
—
F-score
8/9
Altman Z
3.73
Beneish M
−2.57
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 34.37
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — 3 1 — 2 — — 3 — — —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Size
Market Cap 4,530.00
Revenue ttm 4,505.57
Net income ttm 102.44
Free cash flow ttm 181.51
Net debt Q 564.15
Valuation
P/E 39.05 (above 35: high)
Forward P/E 41.20 (above 35: high)
Price / sales 0.89
Forward P/S Powerpack
Price / FCF 22.07
Price / book 5.84
Financial health
Current ratio Q 2.21 (at or above 1.5: strong)
Debt / equity Q 1.06
Interest coverage Q 5.72
Growth
Revenue growth Q +11.17% (above 0%: growing)
Operating income growth Q +32.23% (above 0%: growing)
EPS, this year +34.92% (at or above 15%: strong)
EPS, next year A +19.73% (at or above 15%: strong)
Revenue, next year A +10.95% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +24.28% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.0×, against a ten-year median of 0.7×; over the ten years it ranged from 0.4× in 2020 to 1.4× in 2021.
P/E against its own 10 years 40.32%
10-year low 10-year high
P/S against its own 10 years 92.88%
10-year low 10-year high
P/B against its own 10 years 96.99%
10-year low 10-year high
EV/Sales against its own 10 years 90.09%
10-year low 10-year high
EV/FCF against its own 10 years 28.80%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 50 115 121 165
Receivables 334 366 392 399
Inventory 285 316 386 404
Other — — — —
731 868 970 1,042
2023 2024 2025 Q'26
Payables 201 267 276 254
ST’ Debt 53 18 28 32
Other — — — —
386 425 473 471

Compound Annual Growth %

10y 5y 3y
Sales 14.77% 30.14% 16.66%
Cash Flow 13.10% 24.68% 77.43%
Earnings 16.14% 0.00% 37.64%
Book Value 12.39% 11.89% 14.60%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.59 Actual 0.66

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.62 0.68 Beat by 0.06
Q1 FY26 0.23 0.40 Beat by 0.17
Q2 FY26 0.64 0.78 Beat by 0.14
Q3 FY26 0.59 0.66 Beat by 0.07
Q4 FY26 0.76 — Reports 10 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.40 0.76 0.64 — —
’25 0.25 0.49 0.44 0.50 1.68
’24 0.05 0.37 0.34 0.55 1.32
’23 0.04 0.25 0.19 0.38 0.88
’22 0.04 0.42 0.21 0.03 0.73
’21 (0.49) 0.03 0.09 0.22 (0.13)
’20 (0.48) (0.57) (0.31) (1.02) (2.46)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 1,059 1,169 1,135 — —
’25 951 1,035 1,021 1,143 4,150
’24 874 955 931 1,034 3,794
’23 720 882 882 950 3,434
’22 512 648 662 791 2,613
’21 280 423 484 558 1,746
’20 375 200 254 282 1,112
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 38 58 44 — —
’25 50 15 (9) 74 129
’24 31 29 20 73 153
’23 (2) 13 9 42 62
’22 10 9 12 (9) 23
’21 (12) (12) (2) 6 (20)
’20 22 26 6 (11) 43
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 31 49 36 — —
’25 37 5 (20) 66 88
’24 14 13 12 65 104
’23 (11) (1) (3) 19 4
’22 (4) 0 4 (23) (23)
’21 (15) (19) (11) (14) (59)
’20 19 24 5 (13) 36
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 1,193 1,302 1,445 1,592 1,112 1,746 2,613 3,434 3,794 4,150 4,506 +14.9% 4,604 5,009 5,410 +9.2%
Gross margin, % 25.25 25.31 24.15 24.28 22.32 22.37 23.67 23.72 24.09 24.20 24.66 (1.1) pt
EBT 6 18 28 32 (124) (7) 42 55 80 104 148 +38.1%
EBT margin, % 0.48 1.41 1.93 2.04 (11.12) (0.39) 1.60 1.62 2.10 2.50 3.28 +2.0 pt
Net income 3 14 20 24 (83) (5) 28 35 55 72 102 +42.3%
Per share, $
Per share, $ Revenue 46.02 49.83 50.33 53.90 32.97 47.51 70.45 91.24 100.07 107.17 116.08 +9.8%
Earnings 0.12 0.55 0.71 0.82 (2.46) (0.13) 0.75 0.92 1.46 1.87 2.64 +35.7%
Cash flow 1.50 1.21 1.57 1.52 1.27 (0.54) 0.62 1.64 4.04 3.34 5.54 +9.3%
Capex (0.62) (0.47) (0.69) (0.54) (0.21) (1.06) (1.24) (1.53) (1.31) (1.07) (0.86) +6.2%
Free cash flow 0.88 0.73 0.88 0.98 1.06 (1.60) (0.61) 0.11 2.73 2.27 4.68 +11.1%
Book value 7.48 9.52 10.75 11.38 10.22 9.53 10.82 12.08 14.18 15.61 17.69 +8.5%
Shares, m 26 26 29 30 34 37 37 38 38 39 39 +4.6%
Valuation, ×
Valuation, × P/E 142.27 38.55 45.69 46.48 0.00 0.00 44.60 32.43 33.78 32.63 39.05 41.6
P/S 0.34 0.43 0.64 0.71 0.78 0.70 0.47 0.32 0.49 0.58 0.89 0.5
P/B 2.09 2.23 2.97 3.35 2.51 3.49 3.09 2.44 3.48 3.99 5.84 3.0
EV/Sales 0.59 0.64 0.80 0.86 0.97 0.86 0.67 0.52 0.65 0.73 1.01 0.7
EV/FCF 30.88 43.26 45.61 47.43 30.05 (25.69) (76.95) 422.29 23.78 34.64 25.18 57.5
Cash, $m
Cash, $m Operating cash flow 39 31 45 45 43 (20) 23 62 153 129 215 +14.3%
Capex (16) (12) (20) (16) (7) (39) (46) (57) (50) (41) (33) +11.1%
Free cash flow 23 19 25 29 36 (59) (23) 4 104 88 182 +16.1%
Balance, $m
Balance, $m Working capital 157 189 203 303 288 273 437 345 443 496 571 +13.6%
Net debt 300 276 236 247 211 284 507 668 592 628 564 +8.6%
Shareholders’ equity 194 249 309 336 345 350 402 455 538 604 687 +13.5%
Returns, %
Returns, % ROA 0.50 2.17 2.87 2.77 (8.34) (0.48) 2.15 2.15 3.11 3.72 5.12 +3.2 pt
ROIC 5.98 4.90 5.58 5.44 (11.55) 1.07 5.90 5.62 7.09 7.36 9.32 +1.4 pt
ROE 1.58 6.50 7.32 7.51 (24.36) (1.42) 7.38 8.08 11.18 12.67 16.22 +11.1 pt
People
People Employees 1,948 1,994 2,316 2,447 2,221 2,712 4,124 4,873 5,029 5,156 — +11.4%
Revenue/emp, $m 0.61 0.65 0.62 0.65 0.50 0.64 0.63 0.70 0.75 0.80 — +3.1%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

The Chefs' Warehouse, Inc. vs peers in Food Distribution (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
SYY Sysco Corporation $40.8B 22.7× 17.2× +4.67% (above 0%: growing) +4.55% (above 0%: growing) +13.54% (above 0%: growing) 18.69% 4.45% Compare
USFD US Foods Holding Corp. $22.4B 31.4× 26.1× +4.46% (above 0%: growing) +29.90% (above 0%: growing) +36.02% (above 0%: growing) 18.22% 4.21% Compare
PFGC Performance Food Group Company $15.6B 42.9× 26.0× +6.43% (above 0%: growing) +22.35% (above 0%: growing) +6.02% (above 0%: growing) 12.03% 1.80% Compare
CHEF The Chefs' Warehouse, Inc. $4.5B 43.2× 41.2× +12.92% (above 0%: growing) +58.18% (above 0%: growing) +987.24% (above 0%: growing) 25.06% 5.02%
UNFI United Natural Foods, Inc. $2.8B 33.0× 16.2× −0.70% (below 0%: shrinking) n/m +11.82% (above 0%: growing) 13.74% 0.90% Compare
ANDE The Andersons, Inc. $2.2B 12.3× 11.7× −1.22% (below 0%: shrinking) +621.74% (above 0%: growing) +64.62% (above 0%: growing) 7.22% 1.61% Compare
AVO Mission Produce, Inc. $1.0B 288× 84.1× +25.80% (above 0%: growing) n/m −161.50% (below 0%: shrinking) 9.93% 0.11% Compare
WILCF G. Willi-Food International, Ltd. $397.9M 12.8× 17.7× +13.27% (above 0%: growing) −26.56% (below 0%: shrinking) +253.73% (above 0%: growing) 33.33% 15.77% Compare
HFFG HF FOODS GROUP INC. $78.2M — (loss-making) 13.2× +2.84% (above 0%: growing) +150.00% (above 0%: growing) −1,361.99% (below 0%: shrinking) 17.00% 0.87% Compare
Median of peers $2.5B 31.4× 17.5× +4.56% +26.13% +12.68% 15.37% 1.71%

All 12 Food Distribution stocks →

Pay and ownership Proxy statement filed 25 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 21.96m 23.55m 266.00
2024 5.79m 13.77m 204.00
2023 5.03m 5.26m 124.00
2022 5.09m 6.11m 139.00
2021 6.44m 8.40m 136.00

Ownership

Directors and executive officers, together 11.10%
BlackRock, Inc. 13.10%
Wellington Management Group LLP 7.20%
Christopher Pappas 6.70%
The Vanguard Group, Inc. 6.70%
Wellington Management Company LLP 6.00%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

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stockrow.com/CHEF · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com