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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. 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.

114.32 2.92 +2.62%
Market cap
$4.5B
P/E
47.4×
Fwd P/E
38.8×
Dividend yield
—
F-score
8/9
Altman Z
3.73
Beneish M
−2.57
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 35.74
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell 1 — — 3 1 — 2 — — 3 — —
Insider Ownership 5.06%

Capital & Financial Ratios $m

Market Cap 4,540.00
Revenue 4,391.51
Net Income 91.97
Free Cash Flow 125.77
Net Debt 589.22
Current Ratio 2.15 (at or above 1.5: strong)
Debt/Equity 1.12
P/E ratio 47.44 (above 35: high)
Fwd P/E 38.80 (above 35: high)
P/S ratio 1.01
P/B ratio 6.87 (above 6: high)
Past 5Y EPS Growth —
This Y EPS Growth 33.59% (at or above 15%: strong)
Next Y EPS Growth 20.50% (at or above 15%: strong)
Next Y revenue growth 10.47% (at or above 10%: strong)
Next 5Y EPS Growth 21.43% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.1×, 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 72.02%
10-year low 10-year high
P/S against its own 10 years 97.38%
10-year low 10-year high
P/B against its own 10 years 99.82%
10-year low 10-year high
EV/Sales against its own 10 years 96.75%
10-year low 10-year high
EV/FCF against its own 10 years 59.29%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2026 Powerpack
2025 Powerpack
2024 Powerpack
2023 Powerpack
2022 Powerpack
2021 Powerpack
2020 Powerpack
2019 Powerpack
2017 Powerpack
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 50 115 121 135
Receivables 334 366 392 396
Inventory 285 316 386 380
Other — — — —
731 868 970 976
2023 2024 2025 Q'26
Payables 201 267 276 246
ST’ Debt 53 18 28 31
Other — — — —
386 425 473 454

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%

Revenue $m

Mar Jun Sep Dec Year
’26 1,059 1,169 — — —
’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 — — —
’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 — — —
’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.

EPS $

Mar Jun Sep Dec Year
’26 0.40 0.76 — — —
’25 0.25 0.46 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.

Target Price Range

Analyst price targets

Recommendation Rating

1.2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 10.31 11.85 18.65 29.56 3.55 23.84 26.28 17.29 27.64 45.00

Analyst estimates 2026–2028

Powerpack
High 20.79 21.90 39.26 42.06 40.33 37.85 42.16 39.49 49.79 68.94
People
People Employees 1,948 1,994 2,316 2,447 2,221 2,712 4,124 4,873 5,029 5,156
Revenue/emp, $m 0.61 0.65 0.62 0.65 0.50 0.64 0.63 0.70 0.75 0.80
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
Gross margin, % 25.25 25.31 24.15 24.28 22.32 22.37 23.67 23.72 24.09 24.20
EBT 6 18 28 32 (124) (7) 42 55 80 104
EBT margin, % 0.48 1.41 1.93 2.04 (11.12) (0.39) 1.60 1.62 2.10 2.50
Net income 3 14 20 24 (83) (5) 28 35 55 72
Depreciation 20 23 25 28 37 35 38 56 65 78
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
Earnings 0.12 0.55 0.71 0.82 (2.46) (0.13) 0.75 0.92 1.46 1.87
Cash flow 1.50 1.21 1.57 1.52 1.27 (0.54) 0.62 1.64 4.04 3.34
Capex (0.62) (0.47) (0.69) (0.54) (0.21) (1.06) (1.24) (1.53) (1.31) (1.07)
Free cash flow 0.88 0.73 0.88 0.98 1.06 (1.60) (0.61) 0.11 2.73 2.27
Book value 7.48 9.52 10.75 11.38 10.22 9.53 10.82 12.08 14.18 15.61
Shares, m 26 26 29 30 34 37 37 38 38 39
Valuation, ×
Valuation, × P/E 142.27 38.55 45.69 46.48 0.00 0.00 44.60 32.43 33.78 32.63
P/S 0.34 0.43 0.64 0.71 0.78 0.70 0.47 0.32 0.49 0.58
P/B 2.09 2.23 2.97 3.35 2.51 3.49 3.09 2.44 3.48 3.99
EV/Sales 0.59 0.64 0.80 0.86 0.97 0.86 0.67 0.52 0.65 0.73
EV/FCF 30.88 43.26 45.61 47.43 30.05 (25.69) (76.95) 422.29 23.78 34.64
Cash, $m
Cash, $m Operating cash flow 39 31 45 45 43 (20) 23 62 153 129
Capex (16) (12) (20) (16) (7) (39) (46) (57) (50) (41)
Free cash flow 23 19 25 29 36 (59) (23) 4 104 88
Balance, $m
Balance, $m Working capital 157 189 203 303 288 273 437 345 443 496
Total debt 333 318 278 387 404 399 666 718 707 749
Net debt 300 276 236 247 211 284 507 668 592 628
Shareholders’ equity 194 249 309 336 345 350 402 455 538 604
Returns, %
Returns, % ROA 0.50 2.17 2.87 2.77 (8.34) (0.48) 2.15 2.15 3.11 3.72
ROIC 5.98 4.90 5.58 5.44 (11.55) 1.07 5.90 5.62 7.09 7.36
ROE 1.58 6.50 7.32 7.51 (24.36) (1.42) 7.38 8.08 11.18 12.67
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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 $38.5B 21.3× 15.8× +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. $21.0B 29.5× 21.6× +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 $14.9B 41.1× 23.7× +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 47.4× 38.8× +12.92% (above 0%: growing) +58.18% (above 0%: growing) +987.24% (above 0%: growing) 25.06% 5.02%
UNFI United Natural Foods, Inc. $2.7B 32.0× 19.2× −0.70% (below 0%: shrinking) n/m +11.82% (above 0%: growing) 13.74% 0.90% Compare
ANDE The Andersons, Inc. $2.3B 12.3× 13.8× −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 295× 21.0× +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 13.1× 17.7× +13.27% (above 0%: growing) −21.88% (below 0%: shrinking) +253.73% (above 0%: growing) 33.33% 15.77% Compare
HFFG HF FOODS GROUP INC. $86.8M — (loss-making) 62.3× +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 29.5× 20.1× +4.56% +26.13% +12.68% 15.37% 1.71%

All 12 Food Distribution stocks →

The Chefs' Warehouse, Inc. (CHEF) key facts

  • Strength: The Chefs' Warehouse, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $4.1 billion, up 9.36% from fiscal 2024.
  • Strength: Net income was $72.4 million, or $1.87 per share (basic), a net margin of 1.74%.
  • The Chefs' Warehouse, Inc. (CHEF) is a Food Distribution company in the Consumer Defensive sector, listed on Nasdaq.
  • As of October 9, 2026, CHEF traded at $114.32, a market capitalization of $4.5 billion.
  • At that price the stock trades at 47.4× trailing-twelve-month earnings and 1.0× sales; its P/E is higher than 72% of its own readings over the past ten years.
  • Return on equity was 12.7% and debt-to-equity 1.12.
  • Its Piotroski F-score is 8 out of 9 and its Altman Z-score is 3.73 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

The Chefs' Warehouse, Inc. (CHEF) Latest News

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stockrow.com/CHEF · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com