Detailed financial statements for The Chefs' Warehouse, Inc. (CHEF): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
The Chefs' Warehouse, Inc. (CHEF), operating through its various subsidiaries, focuses on supplying high-end and gourmet food products across both the United States and Canada. The company maintains an extensive catalog, featuring more than 50,000 distinct stock-keeping units.
Analysis Summary
The Chefs' Warehouse, Inc. reported revenue of $4.15B in the most recent fiscal year, growing at a 5-year CAGR of 30.1%.
Trailing-twelve-month margins: gross margin 24.7%, operating margin 4.3%, net margin 2.3%. Free cash flow grew at 19.6% CAGR over 5 years.
At $100.95 (closing price, November 3, 2026), CHEF trades at a P/E of 43.89 and an ROE of 16.08%. Market capitalisation stands at $4.4B.
Balance sheet quality for CHEF: debt-to-equity ratio of 1.38, current ratio of 2.21 over the last 12 months, net debt of $1.06B at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $87.8M represents 121% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.19B | $1.30B | $1.44B | $1.59B | $1.11B | $1.75B | $2.61B | $3.43B | $3.79B | $4.15B |
| Cost of Revenue | $891.6M | $972.1M | $1.08B | $1.19B | $863.5M | $1.36B | $1.99B | $2.62B | $2.88B | $3.15B |
| Gross Profit | $301.2M | $329.4M | $367.0M | $406.4M | $248.2M | $390.5M | $618.6M | $814.5M | $914.1M | $1.00B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $264.0M | $288.8M | $316.8M | $349.7M | $336.4M | $379.3M | $518.2M | $704.8M | $784.9M | $849.8M |
| Operating Expenses | $254.0M | $288.3M | $318.3M | $355.6M | $350.8M | $379.7M | $532.9M | $713.5M | $785.9M | $851.0M |
| Operating Income | $47.2M | $41.1M | $48.8M | $50.8M | -$102.7M | $10.8M | $85.7M | $100.9M | $128.2M | $153.1M |
| EBITDA | $43.5M | $61.7M | $71.0M | $76.8M | -$69.4M | $45.8M | $124.0M | $156.5M | $193.1M | $223.2M |
| Interest Expense | $41.6M | $22.7M | $20.7M | $18.3M | $20.9M | $17.6M | $43.8M | $45.5M | $48.7M | $41.6M |
| Pre-tax Income | $5.7M | $18.4M | $27.8M | $32.4M | -$123.6M | -$6.8M | $41.9M | $55.5M | $79.5M | $103.5M |
| 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 |
| EPS | $0.12 | $0.55 | $0.71 | $0.82 | -$2.46 | -$0.13 | $0.75 | $1.06 | $1.46 | $1.87 |
| EPS (Diluted) | $0.12 | $0.54 | $0.69 | $0.81 | -$2.46 | -$0.13 | $0.73 | $0.88 | $1.32 | $1.68 |
| Shares Outstanding (Diluted) | 26.0 M | 27.4 M | 29.7 M | 30.1 M | 33.7 M | 36.7 M | 38.7 M | 45.6 M | 46.0 M | 46.0 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $1.02B | $1.14B | $1.06B | $1.17B |
| Gross Profit | $247.2M | $276.6M | $257.4M | $292.9M |
| Operating Income | $38.9M | $51.2M | $33.1M | $58.6M |
| EBITDA | $58.7M | $64.1M | $53.6M | $79.5M |
| Net Income | $19.1M | $21.7M | $17.4M | $33.8M |
| EPS | $0.50 | $0.56 | $0.45 | $0.87 |
| EPS (Diluted) | $0.44 | $0.50 | $0.40 | $0.76 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $32.9M | $41.5M | $42.4M | $140.2M | $193.3M | $115.2M | $158.8M | $49.9M | $114.7M | $121.0M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $128.0M | $142.2M | $161.8M | $175.0M | $96.4M | $193.8M | $260.2M | $334.0M | $366.3M | $419.5M |
| Inventory | $87.5M | $102.1M | $112.6M | $124.1M | $82.5M | $144.5M | $245.7M | $284.5M | $316.0M | $385.7M |
| Total Current Assets | $264.5M | $296.8M | $328.7M | $453.2M | $405.7M | $470.0M | $720.9M | $730.9M | $868.0M | $969.9M |
| Property, Plant & Equipment | $62.2M | $68.4M | $72.8M | $220.5M | $230.7M | $264.3M | $338.4M | $427.1M | $467.2M | $547.3M |
| Goodwill | $163.8M | $173.2M | $184.3M | $197.7M | $214.9M | $221.8M | $287.1M | $356.0M | $356.3M | $362.7M |
| Intangible Assets | $137.1M | $146.4M | $142.5M | $138.8M | $111.7M | $104.7M | $155.7M | $184.9M | $160.4M | $137.3M |
| Total Assets | $633.5M | $687.7M | $732.4M | $1.01B | $974.3M | $1.07B | $1.51B | $1.71B | $1.86B | $2.03B |
| Accounts Payable | $65.5M | $70.0M | $87.8M | $94.1M | $57.5M | $118.3M | $163.4M | $200.5M | $266.8M | $275.6M |
| Short-term Debt | $14.8M | $3.8M | $61,000 | $721,000 | $6.1M | $1.7M | $12.4M | $47.8M | $8.0M | $28.2M |
| Total Current Liabilities | $107.3M | $108.3M | $125.5M | $150.2M | $118.1M | $197.0M | $283.7M | $385.8M | $425.4M | $473.5M |
| Long-term Debt | $317.7M | $314.0M | $278.2M | $386.1M | $398.1M | $386.0M | $645.4M | $648.3M | $651.1M | $921.9M |
| Total Liabilities | $439.8M | $439.1M | $423.7M | $677.7M | $629.7M | $723.6M | $1.10B | $1.25B | $1.32B | $1.42B |
| Retained Earnings | $68.5M | $82.9M | $103.3M | $125.4M | $42.5M | $37.6M | $65.4M | $100.0M | $141.9M | $201.6M |
| Total Equity | $193.8M | $248.6M | $308.7M | $335.9M | $344.6M | $350.2M | $401.5M | $454.7M | $537.6M | $604.3M |
| Total Debt | $332.5M | $317.8M | $278.2M | $524.9M | $530.5M | $542.5M | $840.0M | $926.3M | $915.8M | $1.18B |
| Net Debt | $299.7M | $276.3M | $235.8M | $384.6M | $337.2M | $427.3M | $681.2M | $876.4M | $801.2M | $1.06B |
| Working Capital | $157.2M | $188.6M | $203.2M | $303.0M | $287.6M | $272.9M | $437.1M | $345.2M | $442.6M | $496.4M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $65.1M | $121.0M | $122.7M | $135.5M |
| Total Assets | $1.92B | $2.03B | $1.99B | $2.03B |
| Total Liabilities | $1.34B | $1.42B | $1.38B | $1.38B |
| Total Equity | $576.6M | $604.3M | $608.6M | $648.2M |
| Total Debt | $954.1M | $1.18B | $978.2M | $946.6M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $3.0M | $14.4M | $20.4M | $24.2M | -$82.9M | -$4.9M | $27.8M | $34.6M | $55.5M | $72.4M |
| Depreciation & Amortization | $18.5M | $20.5M | $22.2M | $26.0M | $33.3M | $35.0M | $38.2M | $55.6M | $64.9M | $78.1M |
| Stock-based Compensation | $2.6M | $3.0M | $4.1M | $4.4M | $9.3M | $11.5M | $13.6M | $20.0M | $17.8M | $21.2M |
| Change in Working Capital | -$7.7M | -$11.4M | -$13.5M | -$26.8M | $63.3M | -$62.3M | -$97.9M | -$75.2M | -$1.5M | -$75.6M |
| Operating Cash Flow | $38.9M | $31.5M | $45.1M | $45.0M | $42.9M | -$19.9M | $23.1M | $61.6M | $153.1M | $129.2M |
| Capital Expenditure | -$16.6M | -$12.3M | -$19.8M | -$16.1M | -$7.0M | -$38.8M | -$45.8M | -$57.4M | -$49.5M | -$41.4M |
| Acquisitions | -$19.7M | -$30.1M | -$13.9M | -$28.1M | -$60.9M | -$10.2M | -$186.2M | -$121.9M | -$315,000 | -$4.6M |
| Stock Repurchased | -$569,000 | -$500,000 | -$764,000 | -$1.0M | -$3.7M | -$1.8M | -$2.7M | -$2.1M | -$24.8M | -$15.0M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $22.3M | $19.2M | $25.3M | $28.9M | $35.8M | -$58.7M | -$22.7M | $4.2M | $103.6M | $87.8M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$8.7M | $73.9M | $38.3M | $58.4M |
| Capital Expenditure | -$11.0M | -$8.1M | -$7.7M | -$9.2M |
| Free Cash Flow | -$19.7M | $65.8M | $30.6M | $49.2M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $4.9M | $6.7M | $5.3M | $7.5M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +9.1% | +11.0% | +10.2% | -30.2% | +57.0% | +49.7% | +31.4% | +10.5% | +9.4% | |
| Net Income Growth (YoY) | +375.2% | +42.0% | +18.6% | -442.7% | +94.1% | +663.7% | +24.6% | +60.4% | +30.4% | |
| EPS Growth (YoY) | +358.3% | +29.1% | +15.5% | -400.0% | +94.7% | +676.9% | +41.3% | +37.7% | +28.1% | |
| Shares Change (YoY) | +5.4% | +8.2% | +1.3% | +12.1% | +9.0% | +5.4% | +17.8% | +0.8% | +0.1% | |
| FCF Growth (YoY) | -13.9% | +31.7% | +14.5% | +23.9% | -263.8% | +61.3% | +118.5% | +2,358.6% | -15.2% | |
| Gross Margin | 25.3% | 25.3% | 25.4% | 25.5% | 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% | 3.7% |
| EBITDA Margin | 3.6% | 4.7% | 4.9% | 4.8% | -6.2% | 2.6% | 4.7% | 4.6% | 5.1% | 5.4% |
| 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% | 1.7% | 1.8% | 3.2% | -3.4% | -0.9% | 0.1% | 2.7% | 2.1% |
| Effective Tax Rate | 46.7% | 22.0% | 26.7% | 25.3% | 32.9% | 27.3% | 33.8% | 37.6% | 30.2% | 30.1% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.86 | $0.70 | $0.85 | $0.96 | $1.06 | -$1.60 | -$0.59 | $0.09 | $2.25 | $1.91 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 25.9 M | 26.1 M | 28.7 M | 29.5 M | 33.7 M | 36.7 M | 37.1 M | 37.6 M | 37.9 M | 38.7 M |
What to look at in Consumer Defensive companies
- Gross margin (stable 5y) (Stable >=35%) — Brand pricing power — Coca-Cola does not drop margins.
- ROE / ROIC stable (ROE >=15% stable) — Defensive businesses have high consistent ROEs — Lynch's stalwarts.
- FCF / Net Income (>=90%) — Earnings to cash conversion — best names exceed 95%.
- Dividend growth 10y (>=6%/year) — Dividend Aristocrats raise 25+ years — moat signal.
- Payout Ratio (<75%) — >80% = dividend at risk. <60% comfortable.
- Net Debt / EBITDA (<2.5x) — Defensive with high debt loses its essence.
Profitability
| Return on Equity | 16.08% |
| Return on Invested Capital | 8.09% |
| Return on Assets | 4.92% |
| Gross Margin | 24.66% |
| Operating Margin | 4.32% |
| Net Margin | 2.27% |
Financial Health
| Debt / Equity | 1.38 |
| Current Ratio | 2.21 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 3.77 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 131.67 | 37.27 | 45.04 | 46.48 | -10.44 | -256.15 | 44.37 | 27.76 | 33.34 | 33.97 |
| P/B | 2.11 | 2.15 | 2.97 | 3.35 | 2.51 | 3.49 | 3.07 | 2.44 | 3.43 | 4.07 |
| P/S | 0.34 | 0.41 | 0.64 | 0.71 | 0.78 | 0.70 | 0.47 | 0.32 | 0.49 | 0.59 |
| Gross Margin | 25.3% | 25.3% | 25.4% | 25.5% | 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% | 3.7% |
| Net Margin | 0.3% | 1.1% | 1.4% | 1.5% | -7.5% | -0.3% | 1.1% | 1.0% | 1.5% | 1.7% |
Related companies: SYY · USFD · PFGC · UNFI
Explore sector: Consumer Defensive · Food Distribution
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