Chefs' Warehouse (CHEF)


Market Price (8/3/2026): $115.4 | Market Cap: $4.5 BilSector: Consumer Staples | Industry: Food Distributors

Chefs' Warehouse (CHEF)


Market Price (8/3/2026): $115.4
Market Cap: $4.5 Bil
Sector: Consumer Staples
Industry: Food Distributors

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 11%

Low stock price volatility
Vol 12M is 39%

Megatrend and thematic drivers
Megatrends include Experience Economy & Premiumization, Health & Wellness Trends, and Vegan & Alternative Foods. Themes include Luxury Consumer Goods, Show more.

Trading close to highs
Dist 52W High is 0.0%, Dist 3Y High is 0.0%

Meaningful short interest
Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 13.16, Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 13%

Expensive valuation multiples
P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 28x, P/EPrice/Earnings or Price/(Net Income) is 49x

Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 89%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.4%

Key risks
CHEF key risks include [1] intense competitive pressure on its low profit margins and [2] vulnerability to supply chain cost volatility, Show more.

0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 11%
1 Low stock price volatility
Vol 12M is 39%
2 Megatrend and thematic drivers
Megatrends include Experience Economy & Premiumization, Health & Wellness Trends, and Vegan & Alternative Foods. Themes include Luxury Consumer Goods, Show more.
3 Trading close to highs
Dist 52W High is 0.0%, Dist 3Y High is 0.0%
4 Meaningful short interest
Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 13.16, Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 13%
5 Expensive valuation multiples
P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 28x, P/EPrice/Earnings or Price/(Net Income) is 49x
6 Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 89%
7 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.4%
8 Key risks
CHEF key risks include [1] intense competitive pressure on its low profit margins and [2] vulnerability to supply chain cost volatility, Show more.

CHEF in ETFs

Weight = CHEF's share of each fund

ITOT0.01%
IWM0.13%
IJR0.23%
IJT0.48%
SLYG0.46%
IWO0.28%
VTWO0.11%
DFAS0.10%
+7 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 8/1/2026

Chefs' Warehouse (CHEF) stock has gained about 50% since 4/30/2026 because of the following key factors:

1. Exceptional Fiscal Q2 2026 Earnings Beat and Significant Margin Expansion.

The Chefs' Warehouse reported strong financial results for its fiscal Q2 2026, which ended on June 26, 2026. The company's adjusted earnings per share (EPS) of $0.78 significantly surpassed the consensus estimate of $0.59 by 32.3%, representing a 50% year-over-year increase from $0.52. Additionally, quarterly revenue rose 12.9% year-over-year to $1.17 billion, exceeding analysts' expectations of approximately $1.12 billion. This robust performance was further highlighted by a 59% increase in net income to $33.8 million and a 35% rise in adjusted EBITDA to $88.1 million. A key driver was margin expansion, with the gross margin widening by 49 basis points to 25.1%, demonstrating improved operating leverage and profitability.

2. Raised Fiscal 2026 Guidance and Positive Long-Term Financial Outlook.

Following the impressive Q2 results, Chefs' Warehouse significantly increased its fiscal 2026 adjusted EBITDA guidance to a range of $305 million to $315 million, an upward revision from the prior estimate of $276 million to $286 million. The company also raised its net sales guidance for fiscal 2026 to between $4.5 billion and $4.6 billion. Management further bolstered investor confidence by setting ambitious long-term targets for 2030, projecting an annual revenue growth rate of 7% to 10% to reach $6 billion to $6.5 billion, and an adjusted EBITDA margin target of 7.5% to 8%.

Show more
Updated on 8/1/2026

Chefs' Warehouse (CHEF) stock has gained about 50% since 4/30/2026 because of the following key factors:

1. Exceptional Fiscal Q2 2026 Earnings Beat and Significant Margin Expansion.

The Chefs' Warehouse reported strong financial results for its fiscal Q2 2026, which ended on June 26, 2026. The company's adjusted earnings per share (EPS) of $0.78 significantly surpassed the consensus estimate of $0.59 by 32.3%, representing a 50% year-over-year increase from $0.52. Additionally, quarterly revenue rose 12.9% year-over-year to $1.17 billion, exceeding analysts' expectations of approximately $1.12 billion. This robust performance was further highlighted by a 59% increase in net income to $33.8 million and a 35% rise in adjusted EBITDA to $88.1 million. A key driver was margin expansion, with the gross margin widening by 49 basis points to 25.1%, demonstrating improved operating leverage and profitability.

2. Raised Fiscal 2026 Guidance and Positive Long-Term Financial Outlook.

Following the impressive Q2 results, Chefs' Warehouse significantly increased its fiscal 2026 adjusted EBITDA guidance to a range of $305 million to $315 million, an upward revision from the prior estimate of $276 million to $286 million. The company also raised its net sales guidance for fiscal 2026 to between $4.5 billion and $4.6 billion. Management further bolstered investor confidence by setting ambitious long-term targets for 2030, projecting an annual revenue growth rate of 7% to 10% to reach $6 billion to $6.5 billion, and an adjusted EBITDA margin target of 7.5% to 8%.

3. Robust Organic Sales Growth and Enhanced Operational Efficiencies.

The company's strong financial performance was underpinned by substantial organic sales growth, which increased by 12.2% in fiscal Q2 2026. This growth was driven by a 7.2% rise in unique customer placements and a 6% increase in specialty case volumes, indicating both expanding customer reach and a favorable shift towards higher-value product mixes. Operational efficiencies and cost controls also played a crucial role in improving profitability, contributing to the significant earnings outperformance and margin gains.

4. Positive Analyst Sentiment and Upgraded Price Targets.

In response to the strong fiscal Q2 2026 earnings and optimistic outlook, several investment firms upgraded their ratings and significantly raised price targets for Chefs' Warehouse stock. BTIG Research, for instance, increased its price target from $100.00 to $125.00 while maintaining a "Buy" rating. Benchmark also boosted its price target from $106.00 to $125.00 with a "Buy" rating. The overall analyst consensus shifted towards a "Strong Buy," with an average price target ranging from $107.43 to $113.56, reflecting increased market confidence in the company's continued growth trajectory.

Show less
Holding a concentrated position? Know your true downside before the momentum shifts.
Protect Your Wealth →

Stock Movement Drivers

Fundamental Drivers

The 48.6% change in CHEF stock from 4/30/2026 to 8/2/2026 was primarily driven by a 28.8% change in the company's P/E Multiple.
(LTM values as of)43020268022026Change
Stock Price ($)77.60115.3548.6%
Change Contribution By: 
Total Revenues ($ Mil)4,2584,3923.1%
Net Income Margin (%)1.9%2.1%12.2%
P/E Multiple37.948.828.8%
Shares Outstanding (Mil)3939-0.3%
Cumulative Contribution48.6%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 8/2/2026
ReturnCorrelation
CHEF48.6% 
Market (SPY)3.9%12.3%
Sector (XLP)0.9%24.0%

Fundamental Drivers

The 83.4% change in CHEF stock from 1/31/2026 to 8/2/2026 was primarily driven by a 50.1% change in the company's P/E Multiple.
(LTM values as of)13120268022026Change
Stock Price ($)62.90115.3583.4%
Change Contribution By: 
Total Revenues ($ Mil)4,0414,3928.7%
Net Income Margin (%)1.8%2.1%13.4%
P/E Multiple32.548.850.1%
Shares Outstanding (Mil)3939-0.9%
Cumulative Contribution83.4%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 8/2/2026
ReturnCorrelation
CHEF83.4% 
Market (SPY)8.3%20.6%
Sector (XLP)2.4%25.3%

Fundamental Drivers

The 68.2% change in CHEF stock from 7/31/2025 to 8/2/2026 was primarily driven by a 27.4% change in the company's P/E Multiple.
(LTM values as of)73120258022026Change
Stock Price ($)68.56115.3568.2%
Change Contribution By: 
Total Revenues ($ Mil)3,9514,39211.2%
Net Income Margin (%)1.8%2.1%19.0%
P/E Multiple38.348.827.4%
Shares Outstanding (Mil)3939-0.1%
Cumulative Contribution68.2%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2025 to 8/2/2026
ReturnCorrelation
CHEF68.2% 
Market (SPY)19.2%18.5%
Sector (XLP)8.8%18.1%

Fundamental Drivers

The 217.4% change in CHEF stock from 7/31/2023 to 8/2/2026 was primarily driven by a 112.8% change in the company's Net Income Margin (%).
(LTM values as of)73120238022026Change
Stock Price ($)36.34115.35217.4%
Change Contribution By: 
Total Revenues ($ Mil)2,8214,39255.7%
Net Income Margin (%)1.0%2.1%112.8%
P/E Multiple49.148.8-0.5%
Shares Outstanding (Mil)3839-3.7%
Cumulative Contribution217.4%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2023 to 8/2/2026
ReturnCorrelation
CHEF217.4% 
Market (SPY)68.9%35.4%
Sector (XLP)21.0%22.8%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
CHEF Return30%-0%-12%68%26%80%337%
Peers Return54%1%-2%37%10%32%202%
S&P 500 Return27%-19%24%23%16%9%98%

Monthly Win Rates [3]
CHEF Win Rate67%42%50%58%75%71% 
Peers Win Rate46%50%52%69%56%79% 
S&P 500 Win Rate75%42%67%75%67%43% 

Max Drawdowns [4]
CHEF Max Drawdown-25%-29%-54%-16%-26%-20% 
Peers Max Drawdown-27%-29%-31%-23%-22%-20% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: SYY, PFGC, USFD, UNFI.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/31/2026 (YTD)

How Low Can It Go

EventCHEFS&P 500
2025 US Tariff Shock
  % Loss-25.2%-18.8%
  % Gain to Breakeven33.7%23.1%
  Time to Breakeven90 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-52.8%-9.5%
  % Gain to Breakeven111.7%10.5%
  Time to Breakeven138 days24 days
2023 SVB Regional Banking Crisis
  % Loss-19.6%-6.7%
  % Gain to Breakeven24.5%7.1%
  Time to Breakeven135 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-21.5%-24.5%
  % Gain to Breakeven27.4%32.4%
  Time to Breakeven43 days427 days
2020 COVID-19 Crash
  % Loss-90.2%-33.7%
  % Gain to Breakeven922.8%50.9%
  Time to Breakeven768 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-15.7%-19.2%
  % Gain to Breakeven18.7%23.8%
  Time to Breakeven26 days105 days

Compare to SYY, PFGC, USFD, UNFI

In The Past

Chefs' Warehouse's stock fell -25.2% during the 2025 US Tariff Shock. Such a loss loss requires a 33.7% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventCHEFS&P 500
2025 US Tariff Shock
  % Loss-25.2%-18.8%
  % Gain to Breakeven33.7%23.1%
  Time to Breakeven90 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-52.8%-9.5%
  % Gain to Breakeven111.7%10.5%
  Time to Breakeven138 days24 days
2022 Inflation Shock & Fed Tightening
  % Loss-21.5%-24.5%
  % Gain to Breakeven27.4%32.4%
  Time to Breakeven43 days427 days
2020 COVID-19 Crash
  % Loss-90.2%-33.7%
  % Gain to Breakeven922.8%50.9%
  Time to Breakeven768 days140 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-24.7%-12.2%
  % Gain to Breakeven32.9%13.9%
  Time to Breakeven8 days62 days
2014-2016 Oil Price Collapse
  % Loss-31.7%-6.8%
  % Gain to Breakeven46.4%7.3%
  Time to Breakeven25 days15 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-33.1%-17.9%
  % Gain to Breakeven49.6%21.8%
  Time to Breakeven88 days123 days

Compare to SYY, PFGC, USFD, UNFI

In The Past

Chefs' Warehouse's stock fell -25.2% during the 2025 US Tariff Shock. Such a loss loss requires a 33.7% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Chefs' Warehouse (CHEF)

The Chefs' Warehouse, Inc. (CHEF) is a leading distributor of high-quality specialty food products across the United States and Canada. The company primarily serves the demanding culinary needs of upscale food service establishments, providing a vast portfolio designed for sophisticated menus and discerning chefs.

Its extensive product range, spanning approximately 50,000 unique items, includes premium specialty foods such as artisan charcuterie, fine cheeses, truffles, caviar, unique oils and powders, and a variety of chocolate and pastry products. CHEF also supplies "center-of-the-plate" items like custom-cut beef, fresh seafood, and hormone-free poultry, alongside essential culinary staples such as cooking oils, butter, and flour. A niche direct-to-consumer channel is also maintained for its center-of-the-plate offerings through mail and e-commerce.

CHEF's primary clientele comprises menu-driven independent restaurants, fine dining establishments, hotels, country clubs, caterers, culinary schools, bakeries, and specialty food stores. This focus on premium ingredients and bespoke service positions The Chefs' Warehouse as a critical partner for businesses requiring high-quality, specialized food products to meet the expectations of their sophisticated customers.

AI Analysis | Feedback

Here are 1-3 brief analogies for Chefs' Warehouse (CHEF):

  • Sysco for fine dining and specialty ingredients.
  • A Whole Foods Market for restaurants and professional chefs.

AI Analysis | Feedback

  • Specialty Food Products: A diverse range of high-quality artisan ingredients, including charcuterie, cheeses, unique oils and vinegars, truffles, caviar, chocolate, and pastry items.
  • Center-of-the-Plate Products: Premium protein options such as custom-cut beef, fresh seafood, and hormone-free poultry.
  • General Food Products: Essential kitchen staples like cooking oils, butter, eggs, milk, and flour.

AI Analysis | Feedback

The Chefs' Warehouse (CHEF) primarily sells its specialty food and center-of-the-plate products to other businesses. The company's description does not identify specific major customer companies by name or public symbol. Instead, it details the various categories of businesses that constitute its customer base, which include:

  • Menu-driven independent restaurants
  • Fine dining establishments
  • Country clubs
  • Hotels
  • Caterers
  • Culinary schools
  • Bakeries
  • Patisseries
  • Chocolatiers
  • Cruise lines
  • Casinos
  • Specialty food stores

Additionally, the company markets some of its center-of-the-plate products directly to consumers through a mail and e-commerce platform, serving individuals, but its primary focus is on the aforementioned business categories.

AI Analysis | Feedback

null

AI Analysis | Feedback

Christopher Pappas, Chairman, President and Chief Executive Officer

Christopher Pappas is the founder of The Chefs' Warehouse, Inc. and has served as its Chief Executive Officer since 1985. He has also been a director on the Board and the Board chairman since the company's IPO, and previously served as a director and chairman of the board of its predecessor company, Chefs' Warehouse Holdings, LLC. Prior to founding the company, Mr. Pappas played professional basketball in Europe for several years. He also serves as President, Chief Executive Officer, and Director at Dairyland USA Corp. and Chairman, President, and Chief Executive Officer at Qzina Specialty Foods, Inc.

James Leddy, Chief Financial Officer and Assistant Secretary

James Leddy serves as the Chief Financial Officer and Assistant Secretary for The Chefs' Warehouse, Inc. Previously, Mr. Leddy held corporate risk and treasury management positions at First Union National Bank and Dai-ichi Kangyo Bank.

John Pappas, Vice Chairman and Chief Operating Officer

John Pappas is a co-founder of The Chefs' Warehouse, Inc. and currently serves as its Vice Chairman and Chief Operating Officer. He has held the position of Vice Chairman since March 1, 2011, and Chief Operating Officer since February 24, 2022, having previously served as Chief Operating Officer from the company's founding in 1985 until March 1, 2011. Mr. Pappas has over 35 years of leadership experience in logistics, facility management, and global procurement, overseeing the company's entire network of distribution centers in North America.

Alexandros Aldous, General Counsel, Corporate Secretary, Chief Government Relations Officer & Chief Administrative Officer

Alexandros Aldous joined The Chefs' Warehouse, Inc. in March 2011. His prior work experience includes serving as an attorney with Barclays Capital, the investment banking division of Barclays Bank PLC, in London, where he focused primarily on mergers and acquisitions and capital markets. Before that, he worked as an attorney with Shearman & Sterling LLP in New York, specializing in mergers and acquisitions. He is also an adjunct Professor of Law at the Washington College of Law, American University.

Christina Polychroni, Chief Human Resources Officer

Christina Polychroni became the Chief Human Resources Officer of The Chefs' Warehouse, Inc. on December 31, 2022. Prior to this role, she served as the company's Chief Talent Officer from November 1, 2021, through December 30, 2022.

AI Analysis | Feedback

The Chefs' Warehouse, Inc. (CHEF) faces several key risks inherent in the specialty food distribution industry.

The most significant risk to the business is cost inflation and volatility in critical inputs. The company is highly exposed to fluctuating costs in commodities, fuel, and labor, which can significantly pressure its operating margins in the foodservice distribution sector.

Secondly, the company operates within a low-margin business model, highly sensitive to general economic conditions and consumer discretionary spending. Given that its primary customers are menu-driven independent restaurants, fine dining establishments, and hotels, a downturn in the economy or changes in consumer dining habits can directly lead to reduced sales and profitability for Chefs' Warehouse.

A third key risk stems from its reliance on third-party suppliers and potential supply chain disruptions. The Chefs' Warehouse depends on a vast network of external suppliers for its specialty food products. This reliance exposes the company to risks such as supply interruptions, unexpected cost increases, and the challenge of maintaining product availability, especially since the company does not utilize financial instruments to hedge against market fluctuations in food prices.

AI Analysis | Feedback

The clear emerging threat for Chefs' Warehouse is the increasing adoption of digital B2B marketplaces and direct-to-chef platforms in the food industry. These platforms facilitate direct sourcing of specialty food products from producers to restaurants, potentially disintermediating traditional distributors like Chefs' Warehouse. This shift empowers chefs with greater transparency, direct access to a wider array of unique products, and potentially more competitive pricing or specific origin traceability, challenging the conventional distribution model.

AI Analysis | Feedback

The addressable markets for The Chefs' Warehouse (symbol: CHEF), a distributor of specialty food products and center-of-the-plate items primarily to foodservice establishments and specialty food stores in the United States and Canada, are substantial.

Specialty Food Market:

  • In 2025, the North American gourmet food market reached approximately USD 150.63 billion.
  • The U.S. gourmet food market alone was estimated to be USD 126.11 billion in 2025.
  • The global gourmet food market size was valued at USD 542.43 billion in 2025 and is projected to grow to USD 931.15 billion by 2034. Other estimates place the global gourmet food market at US$ 481.6 billion in 2026, projected to reach US$ 728.9 billion by 2033, or USD 523.47 billion in 2025, growing to USD 702.11 billion by 2030.
  • The specialty food stores market in Canada is estimated at USD 7.0 billion in 2025.

Foodservice Distribution Market:

  • The North America foodservice market size was valued at USD 1,087.43 billion in 2024 and is projected to grow from USD 1,164.80 billion in 2025 to USD 1,886.64 billion by 2032.
  • The U.S. foodservice distribution industry posted sales of USD 382 billion in 2022. An earlier analysis from early 2025 noted the U.S. foodservice distribution market as very large at USD 354 billion, providing ample scope for growth.
  • The United States foodservice market is expected to grow from US$ 846 billion in 2024 to US$ 1,970.47 billion in 2033.
  • The Canada foodservice market size is expected to grow from USD 135.63 billion in 2025 to USD 583.47 billion by 2034.

AI Analysis | Feedback

The Chefs' Warehouse, Inc. (NASDAQ: CHEF) is expected to drive future revenue growth over the next 2-3 years through a combination of organic expansion, strategic acquisitions, geographic market penetration, and technology-driven initiatives. The company forecasts 2026 revenue growth of 6-8%, with net sales projected between $4.35 billion and $4.45 billion.

  • Organic Sales Growth: A primary driver of revenue growth is the continued expansion of organic sales. The Chefs' Warehouse achieved 9.7% organic net sales growth in Q4 2025 and 9.1% for the full year 2025. This growth is fueled by a healthy demand from its core customer base of upscale-casual and fine-dining restaurants, alongside efforts to increase its unique customer count in the mid-to-high single digits and expand product categories for existing clients.

  • Strategic Acquisitions: Acquisitions are a consistent contributor to the company's revenue growth. In Q4 2025, acquisitions accounted for approximately 0.8% of sales growth. The acquisition of companies like Atalco is intended to help The Chefs' Warehouse gain market share in new regions and complement its high-end product catalog.

  • Geographic Expansion and Facility Investments: The Chefs' Warehouse is actively investing in new and existing markets to foster long-term growth. Significant facility and team investments have been made in regions such as Florida, California, and Richmond, VA, yielding positive returns. The company is also in the "first inning" of growth opportunities in Texas following an acquisition and is expanding its operating capacity in the Middle East, a region experiencing "nice double-digit growth."

  • Technology Initiatives: The implementation of technology, including artificial intelligence (AI), is anticipated to enhance revenue generation. The company is deploying AI for dynamic pricing strategies and customer behavior analysis. Furthermore, increasing digital penetration among specialty product customers, which was already over 60% in Q3 2025, and arming sales representatives with real-time data, are expected to improve customer experience and drive sales efficiency.

  • Pricing Power and Inflation Management: The Chefs' Warehouse operates in a resilient luxury market segment, allowing for strong pricing power. While protein margins saw a year-over-year decrease in Q3 2025, the company achieved good gross profit dollar growth by strategically passing on price increases to customers. Management's 2026 outlook assumes a 2-4% inflation rate, suggesting that controlled price increases will continue to be a component of revenue growth.

AI Analysis | Feedback

Share Repurchases

  • The company completed a share repurchase program, buying back 667,433 shares for $32.4 million in early 2026.
  • The forecast for diluted share count for fiscal year 2026 assumes no future share repurchases.
  • Management indicates it is actively weighing share repurchases against potential accretive acquisitions as part of its capital allocation strategy.

Share Issuance

  • The projected full-year diluted share count for fiscal year 2026 includes approximately 6.5 million shares that could be issued upon the conversion of the company's senior convertible notes due in 2028.

Outbound Investments

  • The Chefs' Warehouse acquired Italco Food Products for $16.5 million, issuing an $11.0 million unsecured note in connection with the acquisition in October 2025.
  • In November 2022, the company acquired Chef Middle East, a specialty food distributor operating in the United Arab Emirates, Qatar, and Oman.
  • The company has been actively expanding its distribution network and product offerings through strategic acquisitions like Hardie's, integral for growth and operational leverage, and continually evaluates new accretive, low-risk opportunities.

Capital Expenditures

  • Capital expenditures for fiscal year 2025 amounted to $41.426 million.
  • Expected capital expenditures for fiscal year 2026 are projected to be between $45.0 million and $55.0 million, excluding acquisitions.
  • The primary focus of capital expenditures includes investments in facilities, technology, and expanding distribution capacity, such as consolidating operations in Dallas with a new facility for Hardie's, retrofitting the Italco facility, and planning new facilities in New England and for Sid Wainer & Son, as well as facility expansions in Texas and the Middle East.

Better Bets vs. Chefs' Warehouse (CHEF)

Latest Trefis Analyses

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

CHEFSYYPFGCUSFDUNFIMedian
NameChefs' W.Sysco Performa.US Foods United N. 
Mkt Price115.3585.24114.39100.5950.83100.59
Mkt Cap4.540.917.922.13.117.9
Rev LTM4,39283,56766,75039,68331,20639,683
Op Inc LTM1822,9998321,227208832
FCF LTM1261,8211,006848329848
FCF 3Y Avg961,962783867169783
CFO LTM1622,6561,4551,2725031,272
CFO 3Y Avg1432,8011,2071,2334291,207

Growth & Margins

CHEFSYYPFGCUSFDUNFIMedian
NameChefs' W.Sysco Performa.US Foods United N. 
Rev Chg LTM11.2%3.4%8.4%3.7%-3.2%3.7%
Rev Chg 3Y Avg13.0%3.4%5.5%4.5%1.3%4.5%
Rev Chg Q12.9%4.7%6.4%2.8%-4.2%4.7%
QoQ Delta Rev Chg LTM3.1%1.1%1.5%0.7%-1.1%1.1%
Op Inc Chg LTM28.8%-5.6%0.2%4.6%28.4%4.6%
Op Inc Chg 3Y Avg26.9%2.0%8.6%18.0%191.0%18.0%
Op Mgn LTM4.1%3.6%1.2%3.1%0.7%3.1%
Op Mgn 3Y Avg3.6%3.9%1.3%3.0%0.4%3.0%
QoQ Delta Op Mgn LTM0.3%-0.1%-0.1%-0.0%0.1%-0.0%
CFO/Rev LTM3.7%3.2%2.2%3.2%1.6%3.2%
CFO/Rev 3Y Avg3.6%3.5%1.9%3.2%1.4%3.2%
FCF/Rev LTM2.9%2.2%1.5%2.1%1.1%2.1%
FCF/Rev 3Y Avg2.3%2.4%1.3%2.3%0.5%2.3%

Valuation

CHEFSYYPFGCUSFDUNFIMedian
NameChefs' W.Sysco Performa.US Foods United N. 
Mkt Cap4.540.917.922.13.117.9
P/S1.00.50.30.60.10.5
P/Op Inc24.713.621.518.014.918.0
P/EBIT25.813.921.118.542.921.1
P/E48.823.554.432.7-81.332.7
P/CFO27.815.412.317.46.115.4
Total Yield2.0%6.8%1.8%3.1%-1.2%2.0%
Dividend Yield0.0%2.5%0.0%0.0%0.0%0.0%
FCF Yield 3Y Avg3.7%5.2%5.9%5.0%7.3%5.2%
D/E0.20.40.40.21.00.4
Net D/E0.20.30.40.21.00.3

Returns

CHEFSYYPFGCUSFDUNFIMedian
NameChefs' W.Sysco Performa.US Foods United N. 
1M Rtn20.6%0.5%1.1%-3.5%11.5%1.1%
3M Rtn46.3%15.9%29.0%8.1%-0.8%15.9%
6M Rtn83.4%3.1%19.8%20.3%36.5%20.3%
12M Rtn71.1%9.7%13.8%20.8%88.2%20.8%
3Y Rtn282.7%24.8%91.8%140.0%146.4%140.0%
1M Excs Rtn20.9%2.6%1.6%-1.4%11.2%2.6%
3M Excs Rtn44.8%11.0%22.4%3.7%-2.3%11.0%
6M Excs Rtn75.7%-4.7%9.1%11.9%28.9%11.9%
12M Excs Rtn54.7%-8.3%-5.7%1.5%64.5%1.5%
3Y Excs Rtn138.8%-41.2%20.4%68.1%79.8%68.1%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Center-of-the-Plate1,6091,4551,3521,126877
Dry Goods657604545380239
Pastry562465411286178
Produce517535445279121
Dairy and Eggs29725522915380
Cheese and Charcuterie293272253216143
Oils and Vinegars13613112911371
Kitchen Supplies8076705937
Total4,1503,7943,4342,6131,746


Price Behavior

Price Behavior
Market Price$115.35 
Market Cap ($ Bil)4.5 
First Trading Date07/28/2011 
Distance from 52W High0.0% 
   50 Days200 Days
DMA Price$90.36$70.79
DMA Trendupup
Distance from DMA27.6%63.0%
 3M1YR
Volatility34.5%38.7%
Downside Capture-39.177.55
Upside Capture137.1967.89
Correlation (SPY)11.7%18.5%
CHEF Betas & Captures as of 7/31/2026

 1M2M3M6M1Y3Y
Beta0.360.210.310.630.550.90
Up Beta2.181.931.931.901.670.94
Down Beta-2.17-1.54-1.47-0.15-0.010.90
Up Capture214%192%150%109%58%105%
Bmk +ve Days11223567138427
Stock +ve Days13283974139404
Down Capture-81%-104%-44%-30%8%90%
Bmk -ve Days11212859114326
Stock -ve Days9152452113343

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with CHEF
CHEF72.7%38.6%1.49-
Sector ETF (XLP)7.9%14.2%0.3117.7%
Equity (SPY)18.8%12.9%1.0718.3%
Gold (GLD)23.6%28.1%0.741.6%
Commodities (DBC)30.2%19.7%1.22-13.2%
Real Estate (VNQ)13.7%13.9%0.699.8%
Bitcoin (BTCUSD)-46.8%43.0%-1.341.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with CHEF
CHEF32.9%40.1%0.82-
Sector ETF (XLP)6.2%13.6%0.2427.2%
Equity (SPY)12.6%17.1%0.5641.4%
Gold (GLD)17.1%18.5%0.752.9%
Commodities (DBC)9.0%19.5%0.355.3%
Real Estate (VNQ)2.5%18.9%0.0332.2%
Bitcoin (BTCUSD)13.4%53.3%0.4317.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with CHEF
CHEF21.1%59.6%0.58-
Sector ETF (XLP)7.2%14.9%0.3526.3%
Equity (SPY)15.0%17.9%0.7143.5%
Gold (GLD)11.3%16.1%0.574.2%
Commodities (DBC)7.3%18.0%0.3217.2%
Real Estate (VNQ)4.9%20.7%0.2043.0%
Bitcoin (BTCUSD)57.6%66.2%0.9813.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date7152026
Short Interest: Shares Quantity4.9 Mil
Short Interest: % Change Since 63020264.6%
Average Daily Volume0.4 Mil
Days-to-Cover Short Interest13.2 days
Basic Shares Quantity38.9 Mil
Short % of Basic Shares12.7%

Earnings Returns History

Updated 8/3/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/29/20265.4%  
4/29/202617.8%23.0%21.3%
2/11/2026-1.9%6.0%-2.1%
10/29/20256.4%6.0%5.8%
7/30/20258.7%6.4%1.7%
4/30/20256.9%14.7%20.4%
2/12/20259.4%20.4%-4.4%
7/31/20240.9%-9.6%2.3%
...
SUMMARY STATS   
# Positive151211
# Negative689
Median Positive6.9%8.2%12.3%
Median Negative-5.0%-7.7%-7.7%
Max Positive17.8%23.0%46.6%
Max Negative-16.6%-20.0%-21.2%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/29/20265.4%  
4/29/202617.8%23.0%21.3%
2/11/2026-1.9%6.0%-2.1%
10/29/20256.4%6.0%5.8%
7/30/20258.7%6.4%1.7%
4/30/20256.9%14.7%20.4%
2/12/20259.4%20.4%-4.4%
7/31/20240.9%-9.6%2.3%
5/1/20245.6%17.1%16.4%
2/14/20247.6%8.5%13.0%
8/2/2023-13.1%-20.0%-21.2%
5/3/2023-0.4%-2.4%-6.4%
2/15/20230.6%-5.8%-15.1%
7/27/20222.1%-4.4%-7.7%
4/27/20222.3%6.5%-7.3%
2/9/202211.9%8.0%-8.7%
10/27/202112.1%18.3%11.5%
7/28/202112.3%4.5%12.3%
4/28/2021-7.1%-10.4%-10.9%
2/10/2021-2.8%-2.9%10.2%
10/28/2020-16.6%-13.2%46.6%
SUMMARY STATS   
# Positive151211
# Negative689
Median Positive6.9%8.2%12.3%
Median Negative-5.0%-7.7%-7.7%
Max Positive17.8%23.0%46.6%
Max Negative-16.6%-20.0%-21.2%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202607/29/202610-Q
03/31/202604/29/202610-Q
12/31/202502/24/202610-K
09/30/202510/29/202510-Q
06/30/202507/30/202510-Q
03/31/202504/30/202510-Q
12/31/202402/25/202510-K
09/30/202410/30/202410-Q
06/30/202407/31/202410-Q
03/31/202405/01/202410-Q
12/31/202302/27/202410-K
09/30/202311/03/202310-Q
06/30/202308/02/202310-Q
03/31/202305/10/202310-Q
12/31/202202/28/202310-K
09/30/202210/26/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202607/29/202610-Q
03/31/202604/29/202610-Q
12/31/202502/24/202610-K
09/30/202510/29/202510-Q
06/30/202507/30/202510-Q
03/31/202504/30/202510-Q
12/31/202402/25/202510-K
09/30/202410/30/202410-Q
06/30/202407/31/202410-Q
03/31/202405/01/202410-Q
12/31/202302/27/202410-K
09/30/202311/03/202310-Q
06/30/202308/02/202310-Q
03/31/202305/10/202310-Q
12/31/202202/28/202310-K
09/30/202210/26/202210-Q
06/30/202207/27/202210-Q
03/31/202204/27/202210-Q
12/31/202102/22/202210-K
09/30/202110/27/202110-Q
06/30/202107/28/202110-Q
03/31/202104/28/202110-Q
12/31/202002/23/202110-K
09/30/202010/28/202010-Q
06/30/202007/29/202010-Q
03/31/202005/06/202010-Q
12/31/201902/24/202010-K
09/30/201910/30/201910-Q

Recent Forward Guidance

Updated 7/30/2026

Latest: Q2 2026 Earnings Reported 7/29/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Revenue4.50 Bil4.55 Bil4.60 Bil3.4% RaisedGuidance: 4.40 Bil for 2026
2026 Gross Profit1.10 Bil1.11 Bil1.12 Bil4.6% RaisedGuidance: 1.06 Bil for 2026
2026 Adjusted EBITDA305.00 Mil310.00 Mil315.00 Mil10.3% RaisedGuidance: 281.00 Mil for 2026

Prior: Q1 2026 Earnings Reported 4/29/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Net sales4.35 Bil4.40 Bil4.45 Bil0 AffirmedGuidance: 4.40 Bil for 2026
2026 Gross profit1.05 Bil1.06 Bil1.08 Bil0 AffirmedGuidance: 1.06 Bil for 2026
2026 Adjusted EBITDA276.00 Mil281.00 Mil286.00 Mil0 AffirmedGuidance: 281.00 Mil for 2026

Q4 2025 Earnings Reported 2/11/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Net sales4.35 Bil4.40 Bil4.45 Bil7.3% Higher NewActual: 4.10 Bil for 2025
2026 Gross profit1.05 Bil1.06 Bil1.08 Bil7.4% Higher NewActual: 991.00 Mil for 2025
2026 Adjusted EBITDA276.00 Mil281.00 Mil286.00 Mil12.4% Higher NewActual: 250.00 Mil for 2025

Q3 2025 Earnings Reported 10/29/2025

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2025 Net Sales4.08 Bil4.10 Bil4.12 Bil1.7% RaisedGuidance: 4.03 Bil for 2025
2025 Gross Profit987.00 Mil991.00 Mil995.00 Mil2.0% RaisedGuidance: 971.50 Mil for 2025
2025 Adjusted EBITDA247.00 Mil250.00 Mil253.00 Mil2.0% RaisedGuidance: 245.00 Mil for 2025

Insider Activity

Updated 6/3/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Polychroni, ChristinaChief Human Resources OfficerDirectSell520202679.214,500356,4281,951,802Form
2Pappas, ChristopherPresident and CEODirectSell505202678.00125,0009,750,000170,777,334Form
3Pappas, ChristopherPresident and CEODirectSell303202662.5395,9085,997,127149,979,581Form
4Polychroni, ChristinaChief Human Resources OfficerDirectSell303202665.453,317217,0981,972,728Form
5Polychroni, ChristinaChief Human Resources OfficerDirectSell303202671.333,084219,9822,415,519Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Polychroni, ChristinaChief Human Resources OfficerDirectSell520202679.214,500356,4281,951,802Form
2Pappas, ChristopherPresident and CEODirectSell505202678.00125,0009,750,000170,777,334Form
3Pappas, ChristopherPresident and CEODirectSell303202662.5395,9085,997,127149,979,581Form
4Polychroni, ChristinaChief Human Resources OfficerDirectSell303202665.453,317217,0981,972,728Form
5Polychroni, ChristinaChief Human Resources OfficerDirectSell303202671.333,084219,9822,415,519Form
6Aldous, AlexandrosGeneral CounselDirectSell303202671.2229,5002,100,9905,129,051Form
7McCauley, TimChief Accounting OfficerDirectSell226202670.007,500525,0003,126,340Form
8Leddy, JamesChief Financial OfficerDirectSell1105202562.1122,0001,366,4207,819,152Form
9McCauley, TimChief Accounting OfficerDirectSell715202565.0717,5001,138,6753,386,745Form
Core Cache Last Updated: 8/2/2026