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Chefs' Warehouse, Inc. (CHEF) stock

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NASDAQ: CHEF Nasdaq Food Distributors Next results ~February 10, 2027

B Fundamentals grade

Chefs' Warehouse, Inc. is a US-listed company in the food distributors industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: our cash-flow value ($76.33) was left out of our combined valuation (it is more than 3x away from the median of our other models), so it can't be the basis of a rating.

Price vs value

Under review: our cash-flow value ($76.33) was left out of our combined valuation (it is more than 3x away from the median of our other models), so it can't be the basis of a rating. We'll show the comparison once resolved.

Chefs' Warehouse, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 5 selling0 purchases and 18 sales by directors and officers, last 12 monthsInsider trades
  • Funds167 adding, 118 cuttingOf 47 active managers that changed their stake, 27 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Chefs' Warehouse files

10-Q filed October 28: Chefs' Warehouse

Revenue for the twelve months to September 2026 was $4.51bn, up 11.5% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin rose to 4.0% from 2.1% a year earlier. The diluted share count is down 3.6% on a year earlier, which lifts each remaining share. The rating stays Sell. At that price, our model says the market is pricing in about 17.2% a year of cash-flow growth for five years, slower than the 20.9% a year revenue growth it has delivered.

Our model value for Chefs' Warehouse is under review, so past values are not shown until it is resolved.

Source: 10-Q filed October 28, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-Q filed July 29: Chefs' Warehouse

Revenue for the twelve months to June 2026 reached $4.51bn, up 11.5% on a year earlier and roughly matching the pace set a quarter before. Free-cash-flow margin improved to 4.0% from 2.1%. With the diluted share count down 3.6% over the year, each remaining share now carries more of the business. The rating stays Sell. At that price, the model implies the market is pricing in about 20.2% a year of cash-flow growth over five years, close to the 20.9% a year revenue growth already delivered.

10-Q on SEC EDGAR

Where Chefs' Warehouse stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $4.39bn, up 11.2% on a year earlier, faster than the 10.0% growth a quarter earlier. Free-cash-flow margin held at 2.9%. The diluted share count is down 3.9% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 4 of our 7 financial-health checks. At that price, our model says the market is pricing in about 19.8% a year of cash-flow growth for five years, close to the 20.3% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 10, 2027 (estimated)

Chefs' Warehouse, Inc.'s trailing-twelve-month revenue grew 11.5% year on year, with a free-cash-flow margin of 4.0%. Where it stands out: revenue growth of 11.5% ranks 1 of 7 food distributors companies we cover. Where it lags: stock pay as % of revenue of 0.6% ranks 7 of 7 food distributors companies we cover.

Our discounted-cash-flow model values the business at ~$76 per share in the base case (~$54–$110 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 109.5% while net income grew 37.3%: a 72pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 3.6% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • High earnings multiple. The shares trade at 46 times the last 12 months' earnings, so expectations are demanding.
  • Insiders selling. 5 insiders sold $36M of stock over the past 365 days and none bought (2% under pre-set trading plans).
  • Below peers: stock pay as % of revenue. Stock pay as % of revenue of 0.6% ranks 7 of 7 food distributors companies we cover (median 0.1%).
  • Below peers: days sales outstanding. Days sales outstanding of 32 days ranks 5 of 5 food distributors companies we cover (median 16 days).

Latest results: FY2026 Q3

Filed October 28, 2026
Earnings per share
$0.66 against an average estimate of $0.59: beat by 12.3%
Revenue
$1.14bn, up 11.2% on a year earlier
Share reaction
-6.8% in the first session after the results on October 28, 2026, against 0.0% for the S&P 500
Guidance given
net sales $4.56bn to $4.61bn (fiscal 2026); gross profit $1.13bn to $1.14bn (fiscal 2026)
Next report
October 28, 2026; average EPS estimate $0.74

Chefs' Warehouse's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-1.0%
  • 1 week-2.9%
  • 1 month-11.3%
  • This year+65.6%
  • 1 year+75.0%
  • 5 years+186.0%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$4.5B
Operating margin
4.1%
Net margin
2.3%
EPS (TTM, diluted)
$2.22

Growth

Revenue growth
+11.5%
Change in growth rate
+0.4 pts
Share count change
−3.6%

Cash

Free cash flow (TTM)
$182M
FCF margin
4.0%
Stock pay % of revenue
0.6%

Earnings

Last results
October 28, 2026
Next results (est.)
February 10, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance
  3. Our research
  4. Agreement
  5. Insider trade
  6. Insider trade
  7. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Chefs' Warehouse, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: our cash-flow value ($76.33) was left out of our combined valuation (it is more than 3x away from the median of our other models), so it can't be the basis of a rating.

Our value per share comes from a discounted-cash-flow model of Chefs' Warehouse, Inc.'s free cash flow after stock-based pay ( $134M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Chefs' Warehouse, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 8.8%: the 10-year Treasury yield (4.9%) plus a beta of 0.87 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$76 ~$54–$110 Left out: far from the other models (more than 3x away from their median)
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: This model is withheld pending its input or assumption review.
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$25 ~$17–$38 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$25 ~$21–$30 Included
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Chefs' Warehouse, Inc. with Food Distributors in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$17.37$15.80$20.50$31.33$37.97$23.89$32.57$33.28$29.43$48.68$63.53$103.23
Market value$460m$411m$562m$930m$1.1bn$805m$1.2bn$1.3bn$1.3bn$2.2bn$2.9bn$4.8bn
+ Net debt (− = net cash)$279m$323m$288m$236m$252m$211m$284m$516m$668m$592m$628m$564m
Enterprise value$739m$735m$850m$1.2bn$1.4bn$1.0bn$1.5bn$1.8bn$2.0bn$2.8bn$3.6bn$5.3bn
Multiples
Price / sales 0.4x0.3x0.4x0.6x0.7x0.7x0.7x0.5x0.4x0.6x0.7x1.1x
Price / earnings 28.4x136.0x39.1x45.6x47.2x——46.5x38.8x40.3x40.4x46.5x
Price / free cash flow 28.7x18.4x29.3x36.8x39.5x22.5x——n/m21.6x33.3x26.2x
EV / EBITDA 15.9x13.5x17.1x19.8x21.8x—45.1x16.4x15.0x16.8x17.9x21.6x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

27 /100

Weak moat

How hard Chefs' Warehouse's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Cash operating profit has been a median 2.1% of total assets over 7 years.

  • Pricing power 9 / 20

    Gross margin has been a median 24.1%, moving by 1.0 percentage points (standard deviation) across 10 years.

  • Durability 0 / 20

    Operating margin has been a median 3.2%; its worst year was -3.6%.

  • Cash conversion 8 / 20

    Free cash flow was positive in 7 of 10 years, at a median 1.8% of revenue.

  • Discipline 10 / 20

    The diluted share count rose 25.6% over five years; stock-based pay has been a median 0.5% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $2.57 +35% $4.6bn +11%
Next $3.07 +20% $5.0bn +9%

Next year's EPS estimate has moved +1.8% in 90 days, across 8 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +1.2% on 90 days ago. In the last 30 days, 1 analyst raised Chefs' Warehouse, Inc.'s forecast and 0 cut it.

Consensus EPS forecast Chefs' Warehouse, Inc., last 90 days
$2.40 $2.60 $2.80 $3.00 $3.20 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $2.54 Current fiscal year, 60 days ago: $2.54 Current fiscal year, 30 days ago: $2.54 Current fiscal year, 7 days ago: $2.55 Current fiscal year, Now: $2.57 $2.57 Next fiscal year, 90 days ago: $3.01 Next fiscal year, 60 days ago: $3.07 Next fiscal year, 30 days ago: $3.06 Next fiscal year, 7 days ago: $3.11 Next fiscal year, Now: $3.07 $3.07

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $2.54$3.01
60 days ago $2.54$3.07
30 days ago $2.54$3.06
7 days ago $2.55$3.11
Now $2.57$3.07

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.59 $0.66 +12.3%
Jun 2026 $0.59 $0.78 +32.3%
Mar 2026 $0.25 $0.40 +59.9%
Dec 2025 $0.62 $0.68 +8.8%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 28, 2026
  • Net sales fiscal 2026 $4.56bn to $4.61bn Raised
    “Net sales in the range of $4.56 billion to $4.61 billion,” source
  • Gross profit fiscal 2026 $1.13bn to $1.14bn Raised
    “Gross profit to be between $1.130 billion and $1.140 billion and” source
  • Adjusted EBITDA fiscal 2026 $317m to $321m Non-GAAP Raised
    “Adjusted EBITDA 1 to be between $317 million and $321 million.” source
  • Net income fiscal 2026 $108,500k to $110,000k GAAP Raised
    “Net income: $ 108,500 $ 110,000” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Chefs' Warehouse, Inc.'s revenue by +9.3% next year and +10.5% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+9.0%, weight 44%) , management guidance (+8.5%, weight 34%) and the company's own record (+11.4%, weight 23%) . How the weights are set.

Analyst recommendations

8 analysts, Oct 2026
Buy788%
Hold113%
Sell00%

Monthly trend

  1. Oct 2026718
  2. Sep 2026718
  3. Aug 2026729
  4. Jul 2026729

Counts of recommendations published by analysts covering Chefs' Warehouse, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
9.9%
of tradable shares
Days to cover
4.96
at average volume
Short interest, 1 month
−34%
to October 15, 2026
Held by institutions
95%
of shares
Held by insiders
9.5%
of shares
Employees
5,156
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +75.0%

$59.00 on October 31, 2025 to $103.23

ThenNowEffect
Revenue (last 12 months) $4.0bn $4.4bn +11.2%
Net margin 1.8% 2.1% +19.0%
P/E multiple 40.6x 51.6x +27.2%
Share count 48m 46m +4.1%

Biggest factor: p/e multiple.

Last 3 years +333.0%

$23.84 on November 3, 2023 to $103.23

ThenNowEffect
Revenue (last 12 months) $3.1bn $4.4bn +43.8%
Net margin 0.7% 2.1% +208.8%
P/E multiple 45.8x 51.6x +12.6%
Share count 40m 46m −13.4%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
CHEF+30%−0%−12%+68%+26%+66%
Industry peers (median)+10%−4%+13%+15%+3%+15%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
CHEF67%42%50%58%75%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
CHEF−25%−29%−54%−17%−26%−21%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 91% from September 17, 2019 to March 18, 2020. Getting back needed a 1044% gain, reached on July 5, 2024, 1570 days after the low.

Price behaviour

52-week range
$57.27 – $116.42
From 52-week high
−11.3%
vs 50-day average
−6.7%
vs 200-day average
+18.4%
Volatility (1 year)
38%
Beta vs S&P 500
0.52

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
9 up, 3 down
typical move ±9.6%
After a week
9 up, 2 down
typical move ±13.3%
After a month
8 up, 3 down
typical move ±10.8%
Results releasedNext dayS&P 500 next day5 days21 days
October 28, 2026 −6.8% 0.0% — —
July 29, 2026 +12.0% +0.1% +8.3% +11.1%
April 29, 2026 +20.8% +1.0% +24.8% +19.1%
February 11, 2026 +3.7% −1.6% +6.3% −1.2%
October 29, 2025 +2.3% −1.1% +8.4% +4.6%
July 30, 2025 +11.4% −0.5% +6.8% +2.2%
April 30, 2025 +8.2% +0.7% +16.3% +19.7%
February 12, 2025 +16.0% +0.7% +19.2% −3.7%
July 31, 2024 −1.5% +0.2% −10.9% +3.1%
May 1, 2024 +11.7% +0.6% +15.7% +19.2%
February 14, 2024 +3.7% +1.6% +9.4% +12.8%
August 2, 2023 −17.2% −1.7% −20.6% −21.6%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Chefs' Warehouse, Inc. in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Chefs' Warehouse, Inc.
$3B $3.5B $4B $4.5B $5B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $3.4B Revenue (TTM), FY24 Q1: $3.6B Revenue (TTM), FY24 Q2: $3.7B Revenue (TTM), FY24 Q3: $3.7B Revenue (TTM), FY24 Q4: $3.8B Revenue (TTM), FY25 Q1: $3.9B Revenue (TTM), FY25 Q2: $4B Revenue (TTM), FY25 Q3: $4B Revenue (TTM), FY25 Q4: $4.1B Revenue (TTM), FY26 Q1: $4.3B Revenue (TTM), FY26 Q2: $4.4B Revenue (TTM), FY26 Q3: $4.5B $4.5B

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $3.4B
FY24 Q1 $3.6B
FY24 Q2 $3.7B
FY24 Q3 $3.7B
FY24 Q4 $3.8B
FY25 Q1 $3.9B
FY25 Q2 $4B
FY25 Q3 $4B
FY25 Q4 $4.1B
FY26 Q1 $4.3B
FY26 Q2 $4.4B
FY26 Q3 $4.5B
Revenue growth, TTM YoY Chefs' Warehouse, Inc.
0% 10% 20% 30% 40% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 31.4% Revenue growth, TTM YoY, FY24 Q1: 27.2% Revenue growth, TTM YoY, FY24 Q2: 19.9% Revenue growth, TTM YoY, FY24 Q3: 13.3% Revenue growth, TTM YoY, FY24 Q4: 10.5% Revenue growth, TTM YoY, FY25 Q1: 7.9% Revenue growth, TTM YoY, FY25 Q2: 7.9% Revenue growth, TTM YoY, FY25 Q3: 8.9% Revenue growth, TTM YoY, FY25 Q4: 9.4% Revenue growth, TTM YoY, FY26 Q1: 10.0% Revenue growth, TTM YoY, FY26 Q2: 11.2% Revenue growth, TTM YoY, FY26 Q3: 11.5% 11.5%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 31.4%
FY24 Q1 27.2%
FY24 Q2 19.9%
FY24 Q3 13.3%
FY24 Q4 10.5%
FY25 Q1 7.9%
FY25 Q2 7.9%
FY25 Q3 8.9%
FY25 Q4 9.4%
FY26 Q1 10.0%
FY26 Q2 11.2%
FY26 Q3 11.5%
Operating margin (TTM) Chefs' Warehouse, Inc.
2.5% 3% 3.5% 4% 4.5% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 2.9% Operating margin (TTM), FY24 Q1: 2.9% Operating margin (TTM), FY24 Q2: 3.1% Operating margin (TTM), FY24 Q3: 3.2% Operating margin (TTM), FY24 Q4: 3.4% Operating margin (TTM), FY25 Q1: 3.5% Operating margin (TTM), FY25 Q2: 3.6% Operating margin (TTM), FY25 Q3: 3.7% Operating margin (TTM), FY25 Q4: 3.5% Operating margin (TTM), FY26 Q1: 3.7% Operating margin (TTM), FY26 Q2: 4.0% Operating margin (TTM), FY26 Q3: 4.1% 4.1%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 2.9%
FY24 Q1 2.9%
FY24 Q2 3.1%
FY24 Q3 3.2%
FY24 Q4 3.4%
FY25 Q1 3.5%
FY25 Q2 3.6%
FY25 Q3 3.7%
FY25 Q4 3.5%
FY26 Q1 3.7%
FY26 Q2 4.0%
FY26 Q3 4.1%
FCF margin (TTM) Chefs' Warehouse, Inc.
0% 2% 4% 6% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 0.1% FCF margin (TTM), FY24 Q1: 0.8% FCF margin (TTM), FY24 Q2: 1.2% FCF margin (TTM), FY24 Q3: 1.6% FCF margin (TTM), FY24 Q4: 2.7% FCF margin (TTM), FY25 Q1: 3.3% FCF margin (TTM), FY25 Q2: 3.0% FCF margin (TTM), FY25 Q3: 2.1% FCF margin (TTM), FY25 Q4: 2.1% FCF margin (TTM), FY26 Q1: 1.9% FCF margin (TTM), FY26 Q2: 2.9% FCF margin (TTM), FY26 Q3: 4.0% 4.0%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 0.1%
FY24 Q1 0.8%
FY24 Q2 1.2%
FY24 Q3 1.6%
FY24 Q4 2.7%
FY25 Q1 3.3%
FY25 Q2 3.0%
FY25 Q3 2.1%
FY25 Q4 2.1%
FY26 Q1 1.9%
FY26 Q2 2.9%
FY26 Q3 4.0%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Chefs' Warehouse took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $4.1B
  2. Cost of revenue $3.1B · 75.8%
  3. Gross profit $1B · 24.2%
  4. Selling, general and admin $850M · 20.5%
  5. Operating income $145M · 3.5%
  6. Income tax $31.2M · 0.8%
  7. Interest and other $41.6M · 1.0%
  8. Net income $72.4M · 1.7%

Shares of revenue. Source: Chefs' Warehouse's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 271 330 401 480 674 833 1,047 1,193 1,302 1,445 1,592 1,112 1,746 2,613 3,434 3,794 4,150 4,506
Gross profit 71 86 106 125 172 205 269 301 329 349 387 248 390 619 814 914 1,004 1,111
EBITDA 15 23 30 33 39 36 46 54 50 59 64 −83 33 110 134 169 199 247
Operating income 13 22 28 29 37 33 40 47 41 49 51 −103 11 86 101 128 145 186
Net income 9 16 8 15 17 14 16 3 14 20 24 −83 −5 28 35 55 72 102
Diluted EPS $0.11 −$0.50 $0.43 $0.69 $0.77 $0.57 $0.63 $0.12 $0.54 $0.70 $0.81 −$2.46 −$0.13 $0.73 $0.88 $1.32 $1.68 $2.22
Growth (year on year)
Revenue — +21.8% +21.4% +19.9% +40.2% +23.6% +25.7% +13.9% +9.1% +11.0% +10.2% −30.2% +57.0% +49.7% +31.4% +10.5% +9.4% +11.5%
EBITDA — +54.6% +28.6% +10.8% +18.1% −6.4% +28.3% +17.2% −8.6% +18.6% +8.7% −229.5% — — +21.6% +26.1% +17.8% +24.4%
Operating income — +61.8% +28.9% +3.5% +27.2% −9.8% +22.4% +16.9% −12.9% +18.1% +4.3% −302.6% — — +17.7% +27.0% +13.2% +25.7%
Net income — +77.1% −51.5% — +17.1% −16.3% — — — — — — — — — — — —
Diluted EPS — −554.5% — — +11.6% −26.0% — — — — — — — — — — — —
Margins
Gross margin 26.3% 26.0% 26.4% 26.0% 25.6% 24.6% 25.7% 25.3% 25.3% 24.2% 24.3% 22.3% 22.4% 23.7% 23.7% 24.1% 24.2% 24.7%
EBITDA margin 5.5% 7.0% 7.4% 6.8% 5.7% 4.3% 4.4% 4.6% 3.8% 4.1% 4.0% −7.5% 1.9% 4.2% 3.9% 4.4% 4.8% 5.5%
Operating margin 4.9% 6.5% 6.9% 6.0% 5.4% 4.0% 3.9% 4.0% 3.2% 3.4% 3.2% −9.2% 0.6% 3.3% 2.9% 3.4% 3.5% 4.1%
Net margin 3.3% 4.8% 1.9% 3.0% 2.5% 1.7% 1.5% 0.3% 1.1% 1.4% 1.5% −7.5% −0.3% 1.1% 1.0% 1.5% 1.7% 2.3%
Free-cash-flow margin 4.0% 3.8% 3.7% 1.1% −0.2% −1.7% 1.5% 1.9% 1.5% 1.7% 1.8% 3.2% −3.4% −0.9% 0.1% 2.7% 2.1% 4.0%
Cash flow
Cash from operations 12 14 17 8 11 10 38 39 31 45 45 43 −20 23 62 153 129 215
Capital spending 1 1 2 3 12 24 22 17 12 20 16 7 39 46 57 50 41 33
Free cash flow 11 12 15 5 −1 −14 16 22 19 25 29 36 −59 −23 4 104 88 182
Stock-based pay — — 2 2 1 1 4 3 3 4 4 9 11 14 20 18 21 29
Free cash flow after stock pay — — 13 4 −2 −16 13 20 16 21 25 27 −70 −36 −16 86 67 153
Balance sheet
Cash 1 2 2 0 20 3 2 33 42 42 140 193 115 159 50 115 121 165
Total debt 0 100 46 125 148 144 281 356 330 278 392 404 399 675 718 707 749 729
Net debt (negative = net cash) −1 98 44 124 128 140 279 323 288 236 252 211 284 516 668 592 628 564
Diluted shares 24m 21m 18m 21m 22m 25m 27m 26m 27m 30m 30m 34m 37m 39m 46m 46m 46m 46m
Returned to shareholders
Dividends 0 2 — — — — — — — — — — — — — — — —
Buybacks — — — — — — — — — — — — — 0 0 17 15 10
Total returned 0 2 — — — — — — — — — — — 0 0 17 15 10

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

4 of 7 checks passed · September 25, 2026
What it owns · $2.1bn
Short-term assets $1.0bnLonger-term assets $1.0bn
What it owes, and who funded it · $2.1bn
Short-term liabilities $471mLonger-term liabilities $926mShareholders' equity $687m
  • Short-term assets cover short-term liabilities $1.0bn of assets due within a year against $471m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.0bn short-term assets against $926m of longer-dated liabilities.
  • More cash than debt $165m of cash against $729m of debt.
  • Debt below 40% of shareholders' equity Debt is 106% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 111% to 106% over five years.
  • A year's operating cash flow covers at least 20% of debt $215m of operating cash flow against $729m of debt.
  • Operating profit covers interest at least five times over Operating income of $186m against $39m of interest.

From Chefs' Warehouse, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$10M
Returned to shareholders
6%
of free cash flow
Buybacks, last 3 fiscal years
$32.4M
Diluted share count
−3.6%
year over year
Total shareholder yield
0.2%
dividends 0.0% + buybacks 0.2% of market value
Sales & admin spending
20.3%
of revenue
Days sales outstanding
32 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in food distributors
Last 12 months unless stated CHEF DIT HFFG UNFI USFD PFGC Median
Revenue, last 12 months $4.5bn $3.0bn $1.3bn $31.2bn $40.1bn $67.8bn $31.2bn
Revenue growth, last 12 months 11.5% 7.5% 2.8% −2.0% 3.8% 7.2% 3.9%
Revenue growth, 3-year average 11.2% 6.7% 2.0% 1.0% 4.7% 5.8% 4.7%
Revenue growth, latest quarter 11.2% 12.9% 2.8% −0.7% 4.5% 6.4% 4.7%
Gross margin 24.7% 6.3% 16.6% 13.5% 17.6% 11.9% 16.6%
Operating margin 4.1% 0.4% −2.8% 0.7% 3.1% 1.3% 1.3%
Operating margin, 3-year average 3.7% 0.6% −1.5% 0.2% 3.0% 1.3% 1.3%
Net margin 2.3% 0.1% −2.8% 0.3% 1.8% 0.5% 0.5%
Cash from operations / revenue 4.8% 0.5% 2.3% 1.7% 3.4% 2.1% 2.3%
Free-cash-flow margin 4.0% 0.1% −0.3% 1.0% 2.4% 1.5% 1.5%
Free-cash-flow margin, 3-year average 2.6% 0.5% −0.1% 0.5% 2.3% 1.3% 1.3%
Stock pay / revenue 0.6% 0.1% 0.1% 0.2% 0.2% 0.0% 0.1%
Change in share count −3.6% 1.5% 0.9% 4.3% −5.3% 0.4% 0.4%

Median of all 7 companies we cover in food distributors. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

7 food distributors companies
Measure Company Peer median Rank
Revenue growth Growth 11.5% 3.9% 1 of 7
Change in growth rate Growth +0.4pp +0.4pp 4 of 7
Gross margin Profitability 24.7% 16.6% 1 of 7
Operating margin Profitability 4.1% 1.3% 1 of 7
Net margin Profitability 2.3% 0.5% 1 of 7
Free-cash-flow margin Cash generation 4.0% 1.5% 1 of 7
Stock pay as % of revenue Cash generation 0.6% 0.1% 7 of 7
Long-term debt as % of assets Balance sheet 33.4% 26.6% 5 of 7
Change in share count Balance sheet -3.6% 0.4% 2 of 7
Days sales outstanding Balance sheet 32 days 16 days 5 of 5

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 26, 2025
Products and services
Line of business Revenue YoY
Total Specialty $2.5B ▲ 8.6%
Center of The Plate Product $1.6B ▲ 10.6%
Dry Goods Product $657M ▲ 8.7%
Pastry Product $562M ▲ 20.9%
Produce $517M ▼ 3.5%
Dairy and Eggs Product $297M ▲ 16.2%
Cheese and Charcuterie Product $293M ▲ 7.8%
Oils and Vinegar Product $136M ▲ 3.3%
Kitchen Supplies Product $80M ▲ 5.0%

These categories overlap or exclude eliminations, so shares aren't shown.

From Chefs' Warehouse, Inc.'s 10-K filed February 24, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$3.8B
Institutions reporting
285
Shares held vs prior quarter
▲ 0.1%
Positions opened / closed
66 / 28

Top buyers and sellers, Q2 2026: 167 institutions bought and 118 sold ; the biggest buyer was Voya Investment Management LLC (+402K shares) and the biggest seller Wellington Management Group LLP (−979K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $580M 6.0M 15.2% ▲ 4.4%
Wellington Management Group LLP $230M 2.4M 6.0% ▼ 29.0%
Vanguard Capital Management LLC $156M 1.6M 4.1% ▲ 0.2%
Jpmorgan Chase & Co $149M 1.6M 3.9% ▼ 17.3%
State Street Corp $145M 1.5M 3.8% ▲ 6.8%
Victory Capital Management Inc $130M 1.4M 3.4% ▼ 20.9%
Vanguard Portfolio Management LLC $96.2M 1.0M 2.5% ▲ 5.6%
Dimensional Fund Advisors LP $95.4M 993K 2.5% ▲ 1.6%
Geode Capital Management, LLC $92.6M 964K 2.4% ▲ 6.3%
FMR LLC $91.1M 948K 2.4% ▲ 11.4%
Massachusetts Financial Services Co $90.6M 943K 2.4% ▼ 19.8%
Nomura Asset Management International Inc. $86.4M 899K 2.3% ▼ 30.2%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Chefs' Warehouse, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $35.7M 18 trades by 5 insiders · 2% under pre-set plans
Net ▼ $35.7M net selling
Insider Date Trade Shares Price Value
Pappas Christopher President and CEO August 14, 2026 Sell 50,000 $110.47 $5.5M
Pappas Christopher President and CEO August 14, 2026 Sell 50,000 $109.75 $5.5M
Polychroni Christina Chief Human Resources Officer August 14, 2026 Sell 2,752 $112.00 $308,224
Aldous Alexandros General Counsel August 14, 2026 Sell 9,514 $110.93 $1.1M
Aldous Alexandros General Counsel August 14, 2026 Sell 300 $106.93 $32,079
Aldous Alexandros General Counsel August 14, 2026 Sell 3,057 $107.65 $329,086
Aldous Alexandros General Counsel August 14, 2026 Sell 4,213 $108.78 $458,290
Aldous Alexandros General Counsel August 14, 2026 Sell 3,380 $110.16 $372,341
Aldous Alexandros General Counsel August 14, 2026 Sell 8,364 $112.16 $938,106
Aldous Alexandros General Counsel August 14, 2026 Sell 6,172 $113.19 $698,609
Polychroni Christina Chief Human Resources Officer May 19, 2026 Sell 4,500 $79.21 $356,445
Pappas Christopher President and CEO May 5, 2026 Sell 125,000 $78.00 $9.8M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around February 10, 2027 estimated from the company's past filing pattern, not announced

  • October 28, 2026
  • July 29, 2026
  • April 29, 2026
  • February 11, 2026
  • October 29, 2025
  • July 30, 2025

Recent SEC filings

Data status

When each part of this page on Chefs' Warehouse, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Chefs' Warehouse, Inc. in brief

What does Chefs' Warehouse, Inc. do?
Chefs' Warehouse, Inc. is a US-listed company in the food distributors industry. Its financial year ends in December.
What is Chefs' Warehouse, Inc.'s stock ticker?
Chefs' Warehouse, Inc. trades under the ticker CHEF on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Chefs' Warehouse, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Chefs' Warehouse, Inc. reported revenue of $4.5B, 11.5% higher than a year earlier, according to its SEC filings.
What is Chefs' Warehouse, Inc.'s free cash flow?
Chefs' Warehouse, Inc.'s free-cash-flow margin is 4.0% of revenue over the trailing twelve months, ranking 1 of the 7 food distributors companies we cover.
Who are Chefs' Warehouse, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Wellington Management Group LLP and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Chefs' Warehouse, Inc. buying back stock, and does it pay a dividend?
Chefs' Warehouse, Inc. spent $10M on share repurchases over the trailing twelve months, and its diluted share count fell 3.6% over the year.
What is Chefs' Warehouse, Inc.'s market cap?
On November 2, 2026, Chefs' Warehouse, Inc.'s market capitalisation was about $4.8B, with a price-to-earnings ratio of 46.5 and net debt of $564M. Market figures come from third-party market data and may be delayed.
How much debt does Chefs' Warehouse, Inc. have?
Chefs' Warehouse, Inc.'s debt-to-equity ratio is 106.2%, from its latest balance sheet (111.0% five years earlier). The financial health section below sets out its other solvency checks.
Who are Chefs' Warehouse, Inc.'s competitors?
In our Food Distributors peer group, the companies closest to Chefs' Warehouse, Inc. are Amcon Distributing Co, HF Foods Group Inc., United Natural Foods Inc, US Foods Holding Corp. and Performance Food Group Co. The side-by-side comparison below sets their revenue, margins and growth against Chefs' Warehouse, Inc.'s.
Are insiders buying or selling Chefs' Warehouse, Inc. stock?
Over the last 12 months, Chefs' Warehouse, Inc.'s directors and officers reported 0 open-market purchases and 18 sales on Form 4. The insider trading page charts every trade.
When is Chefs' Warehouse, Inc.'s next earnings date?
Around February 10, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Chefs' Warehouse, Inc. announces its own schedule.