Andersons vs Chefs' Warehouse
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The short version
- Andersons is the larger business, with $11.0B of revenue in fiscal 2025 against $4.1B for Chefs' Warehouse, about 2.7 times as much.
- Chefs' Warehouse grew revenue faster (9.4%, against −2.2%).
- Chefs' Warehouse turned more of its sales into free cash flow (2.1% FCF margin, against −0.5%).
- Andersons earned a higher return on the capital invested in it (9.3%, against 8.5%).
| Latest fiscal year | ANDE · FY25 | CHEF · FY25 |
|---|---|---|
| Size | ||
| Market cap | $2.2B | $4.9B |
| Revenue | $11.0B | $4.1B |
| Free cash flow | −$56.1M | $87.8M |
| Net income | $95.7M | $72.4M |
| Growth | ||
| Revenue growth | −2.2% | 9.4% |
| 5-year growth | 6.4% | 30.1% |
| Share count change | 0.0% | 0.0% |
| Profitability | ||
| Gross margin | 6.5% | 24.2% |
| Operating margin | — | 3.5% |
| Net margin | 0.9% | 1.7% |
| FCF margin | −0.5% | 2.1% |
| Return on capital | 9.3% | 8.5% |
| Return on equity | 7.3% | 12.7% |
| Balance sheet | ||
| Net debt | $471M | $638M |
| Net debt / EBITDA | 1.5x | 3.2x |
| Dividends and buybacks | $42.2M | $15.0M |
| Valuation & quality | ||
| P/E | — | 57.9x |
| Piotroski F-score | 5 | 8 |
FY16
ANDE $3.9B
CHEF $1.2B
FY17
ANDE $3.7B
CHEF $1.3B
FY18
ANDE $3.0B
CHEF $1.4B
FY19
ANDE $8.0B
CHEF $1.6B
FY20
ANDE $8.1B
CHEF $1.1B
FY21
ANDE $12.6B
CHEF $1.7B
FY22
ANDE $17.3B
CHEF $2.6B
FY23
ANDE $14.8B
CHEF $3.4B
FY24
ANDE $11.3B
CHEF $3.8B
FY25
ANDE $11.0B
CHEF $4.1B
ANDE
CHEF
FY16
ANDE —
CHEF 4.0%
FY17
ANDE —
CHEF 3.2%
FY18
ANDE —
CHEF 3.4%
FY19
ANDE —
CHEF 3.2%
FY20
ANDE —
CHEF −9.2%
FY21
ANDE —
CHEF 0.6%
FY22
ANDE —
CHEF 3.3%
FY23
ANDE —
CHEF 2.9%
FY24
ANDE —
CHEF 3.4%
FY25
ANDE —
CHEF 3.5%
ANDE
CHEF
FY16
ANDE −$38.2M
CHEF $22.3M
FY17
ANDE $40.7M
CHEF $19.2M
FY18
ANDE −$178M
CHEF $25.3M
FY19
ANDE $183M
CHEF $28.9M
FY20
ANDE −$152M
CHEF $35.8M
FY21
ANDE −$127M
CHEF −$58.7M
FY22
ANDE $179M
CHEF −$22.7M
FY23
ANDE $796M
CHEF $4.2M
FY24
ANDE $182M
CHEF $104M
FY25
ANDE −$56.1M
CHEF $87.8M
ANDE
CHEF
FY16
ANDE 2.5%
CHEF 5.3%
FY17
ANDE 0.2%
CHEF 6.3%
FY18
ANDE 4.5%
CHEF 6.7%
FY19
ANDE 1.4%
CHEF 6.7%
FY20
ANDE 0.2%
CHEF −14.1%
FY21
ANDE 6.9%
CHEF 1.4%
FY22
ANDE 9.3%
CHEF 7.2%
FY23
ANDE —
CHEF 6.1%
FY24
ANDE —
CHEF 7.8%
FY25
ANDE 9.3%
CHEF 8.5%
ANDE
CHEF
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.