Chefs' Warehouse, Inc.

Consumer Discretionary
Food Distributors
www.chefswarehouse.com

Earnings Score
Moat Score
Safety Score

Market Cap $2.35B
PE 37
Debt $721.62M
Cash $116.53M
EV $2.96B
FCF $126.94M

Earnings

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Sales & Net Margins

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Earnings	$63.84M
EBIT	$134.94M
ROE	12%
ROA	7%
FCF	$126.94M
Equity	$541.64M
Growth Stability	-422%
PE	36.87
PEG	1.25
PB	4.35
P/FCF	18.54
P/S	0.61
Price/Cash	0.05
Debt/Equity	1.33
Debt/FCF	5.68
Net Margins	1%
Gross Margins	24%
Op. Margins	3%
Earnings CAGR	17%
Sales Growth YoY	9%
Sales Growth QoQ	-8%
Sales CAGR	15%
FCF CAGR	2%
Equity CAGR	12%
Earnings Stability	0.27
Earnings Growth YoY	433%
Earnings Growth QoQ	-57%

Earnings CAGR 5Y	30%
Sales CAGR 5Y	35%
FCF CAGR 5Y	8%
Equity CAGR 5Y	10%
Earnings CAGR 3Y	23%
Sales CAGR 3Y	23%
FCF CAGR 3Y	143%
Equity CAGR 3Y	14%
Market Cap	$2.35B
Revenue	$3.87B
Assets	$1.84B
Total Debt	$721.62M
Cash	$116.53M
Shares Outstanding	38.7M
EV	2.96B
Earnings Score	16%
Moat Score	75%
Safety Score	50%
Final Score	47%
Working Capital	427.76M
Current Ratio	2.05
Gross Profit	$930.71M
Shares Growth 3y	1%
Equity Growth QoQ	1%
Equity Growth YoY	21%

Assets & ROA

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Stockholders Equity & ROE

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The Chefs' Warehouse Inc is a specialty food distributor in major metropolitan areas across the United States and Canada. The company's product portfolio is primarily comprised of imported and local specialty food products such as cheese, cooking oils, chocolates, dried food, baking products, meats, and other food products. The Chefs' Warehouse operates via one reporting segment called Food Product Distribution. Operations are concentrated on the east, mid and west coasts of the U.S. The company provides service primarily to restaurants, clubs, hotels, caterers, schools, bakeries, casinos and speciality food stores.

SEC Filings

Direct access to Chefs' Warehouse, Inc. (CHEF) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2025
- 10-Q Mar 28
2024
- 10-K Dec 27
- 10-Q Sep 27
- 10-Q Jun 28
- 10-Q Mar 29
2023
- 10-K Dec 29
- 10-Q Sep 29
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Chefs' Warehouse, Inc. compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Chefs' Warehouse, Inc. compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 17%

Stability 27%

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Chefs' Warehouse, Inc. Discounted Cash Flow

Fully customizable DCF calculator online for Chefs' Warehouse, Inc..

Years

Calculation mode

= $1.5B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$127M	$130M	$133M	$136M	$140M	$143M	$146M	$150M	$153M	$157M	$161M	$1.6B
DCF		$118M	$110M	$102M	$95M	$89M	$83M	$77M	$72M	$67M	$62M	$620M
Value	$1.5B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	TTM
Net Margins	2%	0%	1%	1%	2%	-7%	-0%	1%	1%	1%	1%
ROA	-	7%	6%	7%	5%	-11%	1%	6%	6%	7%	7%
ROE	-	2%	6%	7%	7%	-24%	-1%	7%	8%	10%	12%

Bad Net Margins (1.08%)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	TTM
Debt over FCF	-	15.98	17.18	11.25	13.58	11.45	-6.89	-30.25	183.09	7	5.68
Debt over Equity	1.5	1.84	1.33	0.92	1.17	1.19	1.15	1.71	1.7	1.35	1.33
Growth Stability	-	-	-	100%	100%	-422%	-	-	-	100%	-422%

Bad Debt/FCF ratio (5.68)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Neutral Debt/Equity ratio (1.33)

The company has a balance between equity and debt that is not too good nor too bad.

Bad Graham’s Stability (-422%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	CAGR 5Y
Revenue YoY growth	-	13%	9%	11%	10%	-30%	57%	50%	31%	10%	35%
Earnings YoY growth	-	-81%	375%	42%	19%	-443%	-94%	-664%	25%	60%	30%
Equity YoY growth	-	3%	28%	24%	9%	3%	2%	15%	13%	18%	10%
FCF YoY growth	-	39%	-14%	32%	15%	24%	-264%	-61%	-119%	2K%	8%