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Chefs' Warehouse

CHEF Nasdaq Food Distributors Financials FY2016–FY2025

Chefs' Warehouse's revenue rose 9.4% to $4.1 billion in fiscal 2025. Its operating margin was 3.5%, up from 3.4% a year earlier. Free cash flow was $88 million, down 15.2%. It paid out $15 million in dividends and buybacks, 17% of free cash flow.

Last close · Oct 23, 2026

$105.88

1.3%
Value it Compare
Revenue Total sales reported in the income statement.
$4.1B
9.4% vs prior year
Operating margin Operating income as a share of revenue.
3.5%
0.1 pts
Net income Profit after all expenses, interest and tax.
$72.4M
30.5%
Free cash flow Cash from operations minus capital spending.
$87.8M
15.2%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
8.5%
0.7 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$4.9B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
57.9x
On $1.83 EPS (TTM)

What Chefs' Warehouse does

No business description yet.

Legal name
CHEFS’ WAREHOUSE, INC.
Fiscal year ends
December 26, 2025
Latest annual report
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Accession · CIK
0001517175-26-000005
0001517175

Revenue and margins

Chefs' Warehouse had $4.1B of revenue in fiscal 2025, up 9.4% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 34.1% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $87.8M in fiscal 2025, 2.1% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Chefs' Warehouse returned $15.0M to shareholders in fiscal 2025, 17% of free cash flow. The diluted share count rose 0.0%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Chefs' Warehouse yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$638M and divides by 46.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 57.9x · peers 27.2x · sector 24.2x.

Balance sheet

Cash, debt and the ratios that show how comfortably Chefs' Warehouse can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $115M$159M$49.9M$115M$121M
Debt incl. finance leases $404M$686M$735M$720M$759M
Net debt / EBITDA 8.8x4.8x5.1x3.6x3.2x
Debt / equity 1.2x1.7x1.6x1.3x1.3x
Interest coverage 0.6x2.0x2.2x2.6x3.5x
Current ratio 2.4x2.5x1.9x2.0x2.1x
Quick ratio 1.7x1.7x1.2x1.3x1.2x
Total assets $1.1B$1.5B$1.7B$1.9B$2.0B
Total liabilities $724M$1.1B$1.3B$1.3B$1.4B
Shareholders' equity $350M$402M$455M$538M$604M
Net debt (− = net cash) $289M$527M$685M$606M$638M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$35.7M

5 insiders

Of sales under plans

1%

$0.5M

DateInsiderTradeSharesPriceValueFiling
Aug 14, 2026 Alexandros AldousGeneral Counsel Sold 35,000 $110.97 $3.9M Form 4
Aug 14, 2026 Christina PolychroniChief Human Resources Officer Sold 2,752 $112.00 $0.3M Form 4
Aug 14, 2026 Christopher PappasPresident and CEO, Director Sold 100,000 $110.11 $11.0M Form 4
May 19, 2026 Christina PolychroniChief Human Resources Officer Sold 4,500 $79.21 $0.4M Form 4
May 5, 2026 Christopher PappasPresident and CEO, Director Sold 125,000 $78.00 $9.8M Form 4
Mar 3, 2026 Christopher PappasPresident and CEO, Director Sold 95,908 $62.53 $6.0M Form 4
Mar 2, 2026 Christina PolychroniChief Human Resources Officer Sold 3,317 $65.45 $0.2M Form 4
Feb 27, 2026 Alexandros AldousGeneral Counsel Sold 29,500 $71.22 $2.1M Form 4
Feb 27, 2026 Christina PolychroniChief Human Resources Officer Sold 3,084 $71.33 $0.2M Form 4
Feb 18, 2026 Tim McCauleyChief Accounting Officer Sold plan 7,500 $70.00 $0.5M Form 4
Nov 4, 2025 James LeddyChief Financial Officer Sold 22,000 $62.11 $1.4M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✓
Current ratio rose ✕ ✓ ✓
Share count didn't rise ✕ ✕ ✕
Gross margin rose ✓ ✓ ✓
Revenue rose relative to assets ✕ ✕ ✓
F-score 5 / 97 / 98 / 9
Accruals ratio −1.7%−5.5%−2.9%
Altman Z'' 2.302.702.86

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Chefs' Warehouse CHEF $4.9B 9.4% 3.5% 2.1% 8.5% 57.9x 8
Andersons ANDE $2.2B −2.2% — −0.5% 9.3% 23.3x 5 Compare →
US Foods USFD $22.3B 4.1% 3.0% 2.4% 9.6% 31.1x 7 Compare →
Performance Food Group PFGC $14.9B 7.2% 1.3% 1.5% 5.7% 41.4x 5 Compare →
Sysco SYY $39.1B 3.9% 3.7% 2.3% 16.8% 22.2x 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $1.2B $1.3B $1.4B $1.6B $1.1B $1.7B $2.6B $3.4B $3.8B $4.1B
Gross profit $301M $329M $349M $387M $248M $391M $619M $815M $914M $1.0B
Operating income $47.2M $41.1M $48.6M $50.7M −$103M $10.8M $85.7M $101M $128M $145M
Interest expense $41.6M $22.7M $20.7M $18.3M $20.9M $17.6M $43.8M $45.5M $48.7M $41.6M
Pretax income $5.7M $18.4M $27.8M $32.4M −$124M −$6.8M $41.9M $55.5M $79.5M $104M
Income tax $2.7M $4.0M $7.4M $8.2M −$40.7M −$1.9M $14.1M $20.9M $24.1M $31.2M
Net income $3.0M $14.4M $20.4M $24.2M −$82.9M −$4.9M $27.8M $34.6M $55.5M $72.4M
Diluted EPS $0.12 $0.54 $0.70 $0.81 −$2.46 −$0.13 $0.73 $0.88 $1.32 $1.68
Diluted shares 0.03B 0.03B 0.03B 0.03B 0.03B 0.04B 0.04B 0.05B 0.05B 0.05B
Cash flow
Cash from operations $38.9M $31.5M $45.1M $45.0M $42.9M −$19.9M $23.1M $61.6M $153M $129M
Capital expenditure $16.6M $12.3M $19.8M $16.1M $7.0M $38.8M $45.8M $57.4M $49.5M $41.4M
Free cash flow $22.3M $19.2M $25.3M $28.9M $35.8M −$58.7M −$22.7M $4.2M $104M $87.8M
Depreciation and amortization $7.1M $8.5M $10.3M $13.3M $19.8M $22.0M $24.3M $32.9M $40.6M $53.7M
Stock-based compensation $2.6M $3.0M $4.1M $4.4M $9.3M $11.5M $13.6M $20.0M $17.8M $21.2M
Acquisitions $19.7M $30.1M $13.9M $28.1M $60.9M $10.2M $186M $122M $0.3M $4.6M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $17.4M $15.0M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $17.4M $15.0M
Balance sheet
Cash and short-term investments $32.9M $41.5M $42.4M $140M $193M $115M $159M $49.9M $115M $121M
Total debt $333M $318M $278M $392M $396M $393M $675M $713M $673M $651M
Finance lease liabilities $0.0M $0.0M $0.0M $3.9M $15.8M $11.6M $11.3M $21.9M $47.7M $109M
Current assets $265M $297M $329M $453M $406M $470M $721M $731M $868M $970M
Current liabilities $107M $108M $126M $150M $118M $197M $284M $386M $425M $474M
Inventory $87.5M $102M $113M $124M $82.5M $145M $246M $285M $316M $386M
Property and equipment, net $62.2M $68.4M $85.3M $92.8M $115M $134M $186M $235M $276M $342M
Total assets $634M $688M $732M $1.0B $974M $1.1B $1.5B $1.7B $1.9B $2.0B
Total liabilities $440M $439M $424M $678M $630M $724M $1.1B $1.3B $1.3B $1.4B
Shareholders' equity $194M $249M $309M $336M $345M $350M $402M $455M $538M $604M
Margins
Gross margin 25.3% 25.3% 24.2% 24.3% 22.3% 22.4% 23.7% 23.7% 24.1% 24.2%
Operating margin 4.0% 3.2% 3.4% 3.2% −9.2% 0.6% 3.3% 2.9% 3.4% 3.5%
EBITDA margin 4.6% 3.8% 4.1% 4.0% −7.5% 1.9% 4.2% 3.9% 4.5% 4.8%
Net margin 0.3% 1.1% 1.4% 1.5% −7.5% −0.3% 1.1% 1.0% 1.5% 1.7%
FCF margin 1.9% 1.5% 1.8% 1.8% 3.2% −3.4% −0.9% 0.1% 2.7% 2.1%
Returns
Return on capital 5.3% 6.3% 6.7% 6.7% −14.1% 1.4% 7.2% 6.1% 7.8% 8.5%
Return on capital employed 9.4% 7.4% 8.2% 6.9% −11.9% 1.3% 8.2% 7.9% 9.3% 9.7%
Return on equity 1.6% 6.5% 7.3% 7.5% −24.4% −1.4% 7.4% 8.1% 11.2% 12.7%
Return on assets 0.5% 2.2% 2.9% 2.8% −8.3% −0.5% 2.2% 2.2% 3.1% 3.7%
Growth
Revenue growth 14.0% 9.1% 11.0% 10.2% −30.2% 57.0% 49.7% 31.4% 10.5% 9.4%
Net income growth −81.4% 375.2% 42.0% 18.6% −442.7% — — 24.7% 60.4% 30.4%
EPS growth −81.0% 350.0% 29.6% 15.7% −403.7% — — 20.6% 50.0% 27.3%
FCF growth 38.7% −13.9% 31.7% 14.5% 23.9% −263.8% — — 2,358.6% −15.2%
Share count change −1.8% 5.4% 8.2% 1.3% 12.1% 9.0% 5.4% 17.8% 0.8% 0.0%
Financial health
Net debt / EBITDA 5.5x 5.6x 4.0x 4.0x — 8.8x 4.8x 5.1x 3.6x 3.2x
Debt / equity 1.7x 1.3x 0.9x 1.2x 1.2x 1.2x 1.7x 1.6x 1.3x 1.3x
Interest coverage 1.1x 1.8x 2.3x 2.8x −4.9x 0.6x 2.0x 2.2x 2.6x 3.5x
Current ratio 2.5x 2.7x 2.6x 3.0x 3.4x 2.4x 2.5x 1.9x 2.0x 2.1x
Quick ratio 1.7x 1.8x 1.7x 2.2x 2.7x 1.7x 1.7x 1.2x 1.3x 1.2x
Capital allocation
Capex / revenue 1.4% 1.0% 1.4% 1.0% 0.6% 2.2% 1.8% 1.7% 1.3% 1.0%
Stock comp / revenue 0.2% 0.2% 0.3% 0.3% 0.8% 0.7% 0.5% 0.6% 0.5% 0.5%
Payouts / FCF 0.0% 0.0% 0.0% 0.0% 0.0% — — 0.0% 16.8% 17.1%
Quality scores
Piotroski F-score 6.0 7.0 6.0 7.0 4.0 4.0 6.0 5.0 7.0 8.0
Altman Z'' 2.9 3.2 3.5 3.2 1.9 2.4 2.8 2.3 2.7 2.9
Accruals ratio −5.9% −2.6% −3.5% −2.4% −12.7% 1.5% 0.4% −1.7% −5.5% −2.9%

Source: SEC EDGAR XBRL filings (CIK 0001517175). Data updated October 20, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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