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. In the quarter to June 2026, revenue grew 12.9%, EPS grew 58.2%, free cash flow grew 987.2% and total debt rose 2.17%, each against the same quarter a year earlier. Revenue growth for five consecutive years.
Follow CHEF
The Chefs' Warehouse, Inc. (CHEF) Altman Z-score
The Chefs' Warehouse, Inc.'s Altman Z-score for fiscal 2025 is 3.73, in the safe zone (above 2.99).
Altman Z-score, annual
Embed this chart
Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 3.73 | 0.22 |
| FY2024 | 3.51 | 0.45 |
| FY2023 | 3.07 | 0.07 |
| FY2022 | 3.00 | (0.03) |
| FY2021 | 3.03 | 0.99 |
| FY2020 | 2.03 | (1.23) |
| FY2019 | 3.26 | (0.76) |
| FY2018 | 4.02 | 0.70 |
| FY2017 | 3.32 | 0.18 |
| FY2016 | 3.14 | 0.03 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.24 | — | 0.29 | |
| Retained earnings / total assets | 0.10 | — | 0.14 | |
| EBIT / total assets | 0.07 | — | 0.24 | |
| Market value of equity / total liabilities | 1.70 | — | 1.02 | |
| Sales / total assets | 2.05 | — | 2.05 | |
| Altman Z-score | Safe zone | 3.73 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 2.86 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| WILCF G. Willi-Food International, Ltd. compare | 14.7× |
| UNFI United Natural Foods, Inc. compare | 5.2× |
| SYY Sysco Corporation compare | 5.1× |
| PFGC Performance Food Group Company compare | 4.8× |
| USFD US Foods Holding Corp. compare | 4.5× |
| ANDE The Andersons, Inc. compare | 4.1× |
| CHEF The Chefs' Warehouse, Inc. | 3.7× |
| AVO Mission Produce, Inc. compare | 3.6× |
| HFFG HF FOODS GROUP INC. compare | 1.3× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets