A Business at a Glance
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Chefs' Warehouse, Inc.
CHEF
$4.1B
Mkt Cap
$94.86
+0.40%
Chefs' Warehouse, Inc. (CHEF) has a current P/E ratio of 56.5, compared to its historical median P/E of 37.8. The stock is currently considered Expensive based on its historical valuation range.
Chefs' Warehouse, Inc. (CHEF) has a 5-year average return on invested capital (ROIC) of 5.8%. This is below average and may indicate limited pricing power.
Chefs' Warehouse, Inc. (CHEF) has a market capitalization of $3.9B. It is classified as a mid-cap stock.
Chefs' Warehouse, Inc. (CHEF) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 0.65%.
Based on historical P/E analysis, Chefs' Warehouse, Inc. (CHEF) appears expensive. The current P/E of 56.5 is 49% above its historical median of 37.8. The estimated fair value CAGR (P/E method) is 10.6%.
Chefs' Warehouse, Inc. (CHEF) operates in the Wholesale-Groceries, General Line industry, within the Consumer Defensive sector.
Chefs' Warehouse, Inc. (CHEF) reported annual revenue of $4.1 billion in its most recent fiscal year, based on SEC EDGAR filings.
We are a premier distributor of specialty food and center-of-the-plate products in the United States, the Middle East, and Canada. We are focused on serving the specific needs of chefs who own and/or operate some of the leading menu-driven independent restaurants, fine dining establishments, country clubs, hotels, caterers, culinary schools, bakeries, patisseries, chocolateries, cruise lines, casinos and specialty food stores in the United States, the Middle East, and Canada (collectively, our “Core Customers”). We believe that we have a distinct competitive advantage in serving these customers as a result of our extensive selection of distinctive and hard-to-find specialty and center-of-the-plate food products, our product knowledge and our customer service. We define specialty food products as gourmet foods and ingredients that are of the highest grade, quality or style as measured by their uniqueness, exotic origin or particular processing method.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 4.3B | 4.1B | 3.8B | 3.4B | 2.6B | 1.7B |
| Net Income | 79M | 72M | 55M | 35M | 28M | -4.9M |
| EPS | $1.95 | $1.68 | $1.32 | $0.88 | $0.73 | $-0.13 |
| Free Cash Flow | 81M | 88M | 104M | 4.2M | -23M | -59M |
| ROIC | 8.8% | 7.8% | 7.3% | 5.6% | 6.6% | 1.6% |
| Gross Margin | 24.3% | 24.2% | 24.1% | 23.7% | 23.7% | 22.4% |
| Debt/Equity | 1.23 | 1.61 | 1.70 | 2.04 | 2.09 | 1.55 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 156M | 145M | 128M | 101M | 86M | 11M |
| Operating Margin | 3.7% | 3.5% | 3.4% | 2.9% | 3.3% | 0.6% |
| ROE | 13.1% | 12.7% | 11.2% | 8.1% | 7.4% | -1.4% |
| Shares Outstanding | 41M | 43M | 42M | 39M | 38M | 38M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 833M | 1.0B | 1.2B | 1.3B | 1.4B | 1.6B | 1.1B | 1.7B | 2.6B | 3.4B | 3.8B | 4.1B | 4.3B |
| Gross Margin | 24.6% | 25.7% | 25.3% | 25.3% | 24.2% | 24.3% | 22.3% | 22.4% | 23.7% | 23.7% | 24.1% | 24.2% | 24.3% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 172M | 228M | 254M | 288M | 298M | 330M | 336M | 379M | 518M | 705M | 785M | 850M | 871M |
| EBIT | 33M | 40M | 47M | 41M | 49M | 51M | -103M | 11M | 86M | 101M | 128M | 145M | 156M |
| Op. Margin | 4.0% | 3.9% | 4.0% | 3.2% | 3.4% | 3.2% | -9.2% | 0.6% | 3.3% | 2.9% | 3.4% | 3.5% | 3.7% |
| Net Income | 14M | 16M | 3.0M | 14M | 20M | 24M | -83M | -4.9M | 28M | 35M | 55M | 72M | 79M |
| Net Margin | 1.7% | 1.5% | 0.3% | 1.1% | 1.4% | 1.5% | -7.5% | -0.3% | 1.1% | 1.0% | 1.5% | 1.7% | 1.9% |
| Non-Recurring | 5K | 295K | 69K | -10K | -169K | -101K | 24M | 404K | -17K | 1.8M | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 7.2% | 6.6% | 5.9% | 6.3% | 6.7% | 6.0% | -11.3% | 1.6% | 6.6% | 5.6% | 7.3% | 7.8% | 8.8% |
| ROE | 10.2% | 9.7% | 1.6% | 6.5% | 7.3% | 7.5% | -24.4% | -1.4% | 7.4% | 8.1% | 11.2% | 12.7% | 13.1% |
| ROA | 3.9% | 3.4% | 0.5% | 2.2% | 2.9% | 2.8% | -8.3% | -0.5% | 2.1% | 2.2% | 3.1% | 3.7% | 4.0% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 9.8M | 38M | 39M | 31M | 45M | 45M | 43M | -20M | 23M | 62M | 153M | 129M | 118M |
| Free Cash Flow | -14M | 16M | 22M | 19M | 25M | 29M | 36M | -59M | -23M | 4.2M | 104M | 88M | 81M |
| Owner Earnings | 5.3M | 28M | 29M | 20M | 31M | 27M | 14M | -53M | -15M | 8.7M | 95M | 54M | 40M |
| CapEx | 24M | 22M | 17M | 12M | 20M | 16M | 7.0M | 39M | 46M | 57M | 50M | 41M | 37M |
| Maint. CapEx | 3.1M | 6.0M | 7.1M | 8.5M | 10M | 13M | 20M | 22M | 24M | 33M | 41M | 54M | 56M |
| Growth CapEx | 21M | 16M | 9.5M | 3.8M | 9.5M | 2.7M | 0 | 17M | 22M | 25M | 8.9M | 0 | 0 |
| D&A | 3.1M | 6.0M | 7.1M | 8.5M | 10M | 13M | 20M | 22M | 24M | 33M | 41M | 54M | 56M |
| CapEx/OCF | 247.1% | 57.4% | 42.7% | 39.1% | 44.0% | 35.7% | 16.4% | N/A | 198.2% | 93.2% | 32.3% | 32.1% | 31.2% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 17M | 15M | 25M |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.9% | 0.5% | 0.6% |
| Stock-Based Comp | 1.4M | 3.5M | 2.6M | 3.0M | 4.1M | 4.4M | 9.3M | 11M | 14M | 20M | 18M | 21M | 22M |
| Debt Repayment | 7.1M | 24M | 159M | 13M | 49M | 1.9M | 40M | 33M | 328M | 29M | 23M | 13M | 13M |
| Balance Sheet | |||||||||||||
| Net Debt | 140M | 271M | 301M | 278M | 236M | 386M | 338M | 428M | 678M | 877M | 802M | 855M | 628M |
| Cash & Equiv. | 3.3M | 2.5M | 33M | 42M | 42M | 140M | 193M | 115M | 159M | 50M | 115M | 121M | 123M |
| Long-Term Debt | 136M | 267M | 318M | 314M | 278M | 386M | 398M | 394M | 654M | 665M | 689M | 720M | 721M |
| Debt/Equity | 0.98 | 1.46 | 1.72 | 1.28 | 0.90 | 1.57 | 1.54 | 1.55 | 2.09 | 2.04 | 1.70 | 1.61 | 1.23 |
| Interest Coverage | 4.0 | 3.1 | 1.1 | 1.8 | 2.3 | 2.8 | -4.9 | 0.6 | 2.0 | 2.2 | 2.6 | 3.5 | 25.8 |
| Equity | 147M | 188M | 194M | 249M | 309M | 336M | 345M | 350M | 402M | 455M | 538M | 604M | 609M |
| Total Assets | 376M | 580M | 634M | 688M | 732M | 1.0B | 974M | 1.1B | 1.5B | 1.7B | 1.9B | 2.0B | 2.0B |
| Total Liabilities | 229M | 392M | 440M | 439M | 424M | 678M | 630M | 724M | 1.1B | 1.3B | 1.3B | 1.4B | 1.4B |
| Intangibles | 50M | 132M | 131M | 140M | 130M | 139M | 112M | 105M | 156M | 185M | 160M | 137M | 132M |
| Retained Earnings | 49M | 65M | 69M | 83M | 103M | 125M | 43M | 38M | 65M | 100M | 142M | 202M | 211M |
| Working Capital | 112M | 125M | 157M | 189M | 203M | 303M | 288M | 273M | 437M | 345M | 443M | 496M | 503M |
| Current Assets | 189M | 229M | 264M | 297M | 329M | 453M | 406M | 470M | 721M | 731M | 868M | 970M | 931M |
| Current Liabilities | 77M | 103M | 107M | 108M | 126M | 150M | 118M | 197M | 284M | 386M | 425M | 473M | 428M |
| Per Share Data | |||||||||||||
| EPS | 0.57 | 0.63 | 0.12 | 0.54 | 0.70 | 0.81 | -2.46 | -0.13 | 0.73 | 0.88 | 1.32 | 1.68 | 1.95 |
| Owner EPS | 0.21 | 1.10 | 1.16 | 0.75 | 1.05 | 0.91 | 0.41 | -1.41 | -0.39 | 0.22 | 2.25 | 1.26 | 0.98 |
| Book Value | 5.89 | 7.31 | 7.69 | 9.34 | 10.59 | 11.25 | 10.23 | 9.25 | 10.56 | 11.57 | 12.79 | 14.03 | 14.94 |
| Cash Flow/Share | 0.39 | 1.47 | 1.54 | 1.18 | 1.55 | 1.51 | 1.27 | -0.53 | 0.61 | 1.57 | 3.64 | 3.00 | 3.33 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 24.9M | 25.7M | 25.2M | 26.6M | 29.1M | 29.9M | 33.7M | 37.9M | 38.0M | 39.3M | 42.0M | 43.1M | 40.7M |
| Valuation | |||||||||||||
| P/E Ratio | 38.6 | 27.4 | 131.7 | 37.8 | 44.8 | 46.9 | N/A | N/A | 44.9 | 34.5 | 36.9 | 37.8 | 48.6 |
| P/FCF | N/A | 27.6 | 17.9 | 28.3 | 36.1 | 39.2 | 23.0 | N/A | N/A | 283.7 | 19.8 | 31.2 | 47.6 |
| EV/EBIT | 21.0 | 17.8 | 14.4 | 19.0 | 22.7 | 24.5 | N/A | 131.6 | 18.7 | 18.5 | 19.8 | 22.5 | 28.9 |
| Price/Book | 3.7 | 2.4 | 2.1 | 2.2 | 3.0 | 3.4 | 2.4 | 3.6 | 3.1 | 2.6 | 3.8 | 4.5 | 6.4 |
| Price/Sales | 0.6 | 0.5 | 0.3 | 0.3 | 0.6 | 0.7 | 0.6 | 0.7 | 0.5 | 0.4 | 0.4 | 0.6 | 0.9 |
| FCF Yield | -2.6% | 3.6% | 5.6% | 3.5% | 2.8% | 2.6% | 4.4% | -4.7% | -1.8% | 0.4% | 5.1% | 3.2% | 2.1% |
| Market Cap | 549M | 444M | 398M | 543M | 913M | 1.1B | 824M | 1.2B | 1.2B | 1.2B | 2.0B | 2.7B | 3.9B |
| Avg. Price | 19.70 | 19.03 | 14.93 | 16.38 | 28.30 | 34.87 | 19.36 | 30.88 | 34.08 | 30.76 | 38.72 | 59.70 | 94.86 |
| Year-End Price | 22.03 | 17.25 | 15.80 | 20.40 | 31.33 | 37.97 | 24.45 | 32.97 | 32.78 | 30.40 | 48.68 | 63.53 | 94.86 |
Chefs' Warehouse, Inc. passes 2 of 9 quality checks, indicating weak fundamentals.
Chefs' Warehouse, Inc. trades at 56.5x trailing earnings, compared to its 15-year median P/E of 37.8x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 44.0x vs a median of 28.3x. The company's 5-year average ROIC is 5.8% with a gross margin of 23.6%. Total shareholder yield (buybacks) is 0.6%. At current prices, the estimated annualized return to fair value is +14.2%.
Chefs' Warehouse, Inc. (CHEF) has a net profit margin of 1.7%. This is a modest margin.
Chefs' Warehouse, Inc. (CHEF) generated $88 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Chefs' Warehouse, Inc. (CHEF) has a debt-to-equity ratio of 1.61. This indicates higher leverage, which may increase financial risk.
Chefs' Warehouse, Inc. (CHEF) reported earnings per share (EPS) of $1.68 in its most recent fiscal year.
Chefs' Warehouse, Inc. (CHEF) has a return on equity (ROE) of 12.7%. This indicates moderate shareholder returns.
Chefs' Warehouse, Inc. (CHEF) has a 5-year average gross margin of 23.6%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 16 years of financial data for Chefs' Warehouse, Inc. (CHEF), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Chefs' Warehouse, Inc. (CHEF) has a book value per share of $14.03, based on its most recent annual SEC filing.