Chefs' Warehouse vs Performance Food Group
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The short version
- Performance Food Group is the larger business, with $67.8B of revenue in fiscal 2026 against $4.1B for Chefs' Warehouse, about 16 times as much.
- Chefs' Warehouse grew revenue faster (9.4%, against 7.2%).
- Chefs' Warehouse kept more of each dollar of sales as operating profit (3.5% operating margin, against 1.3%).
- Chefs' Warehouse turned more of its sales into free cash flow (2.1% FCF margin, against 1.5%).
- Chefs' Warehouse earned a higher return on the capital invested in it (8.5%, against 5.7%).
| Latest fiscal year | CHEF · FY25 | PFGC · FY26 |
|---|---|---|
| Size | ||
| Market cap | $4.9B | $14.9B |
| Revenue | $4.1B | $67.8B |
| Free cash flow | $87.8M | $1.0B |
| Net income | $72.4M | $359M |
| Growth | ||
| Revenue growth | 9.4% | 7.2% |
| 5-year growth | 30.1% | 17.4% |
| Share count change | 0.0% | 0.4% |
| Profitability | ||
| Gross margin | 24.2% | 11.9% |
| Operating margin | 3.5% | 1.3% |
| Net margin | 1.7% | 0.5% |
| FCF margin | 2.1% | 1.5% |
| Return on capital | 8.5% | 5.7% |
| Return on equity | 12.7% | 7.7% |
| Balance sheet | ||
| Net debt | $638M | $6.7B |
| Net debt / EBITDA | 3.2x | 4.0x |
| Dividends and buybacks | $15.0M | $1.5M |
| Valuation & quality | ||
| P/E | 57.9x | — |
| Piotroski F-score | 8 | 5 |
Revenue
FY17
CHEF $1.3B
PFGC $16.8B
FY18
CHEF $1.4B
PFGC $17.6B
FY19
CHEF $1.6B
PFGC $19.7B
FY20
CHEF $1.1B
PFGC $25.1B
FY21
CHEF $1.7B
PFGC $30.4B
FY22
CHEF $2.6B
PFGC $50.9B
FY23
CHEF $3.4B
PFGC $57.3B
FY24
CHEF $3.8B
PFGC $58.3B
FY25
CHEF $4.1B
PFGC $63.3B
FY26
CHEF —
PFGC $67.8B
CHEF
PFGC
Operating margin
FY17
CHEF 3.2%
PFGC 1.3%
FY18
CHEF 3.4%
PFGC 1.4%
FY19
CHEF 3.2%
PFGC 1.4%
FY20
CHEF −9.2%
PFGC −0.4%
FY21
CHEF 0.6%
PFGC 0.7%
FY22
CHEF 3.3%
PFGC 0.6%
FY23
CHEF 2.9%
PFGC 1.3%
FY24
CHEF 3.4%
PFGC 1.4%
FY25
CHEF 3.5%
PFGC 1.3%
FY26
CHEF —
PFGC 1.3%
CHEF
PFGC
Free cash flow
FY17
CHEF $19.2M
PFGC $61.5M
FY18
CHEF $25.3M
PFGC $227M
FY19
CHEF $28.9M
PFGC $178M
FY20
CHEF $35.8M
PFGC $466M
FY21
CHEF −$58.7M
PFGC −$124M
FY22
CHEF −$22.7M
PFGC $61.0M
FY23
CHEF $4.2M
PFGC $562M
FY24
CHEF $104M
PFGC $767M
FY25
CHEF $87.8M
PFGC $704M
FY26
CHEF —
PFGC $1.0B
CHEF
PFGC
Return on capital
FY17
CHEF 6.3%
PFGC 6.4%
FY18
CHEF 6.7%
PFGC 11.5%
FY19
CHEF 6.7%
PFGC 8.9%
FY20
CHEF −14.1%
PFGC −2.3%
FY21
CHEF 1.4%
PFGC 3.4%
FY22
CHEF 7.2%
PFGC 3.6%
FY23
CHEF 6.1%
PFGC 7.3%
FY24
CHEF 7.8%
PFGC 7.6%
FY25
CHEF 8.5%
PFGC 6.2%
FY26
CHEF —
PFGC 5.7%
CHEF
PFGC
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.