Chefs' Warehouse (CHEF)
Market Price (9/10/2026): $109.36 | Market Cap: $4.3 BilSector: Consumer Staples | Industry: Food Distributors
Chefs' Warehouse (CHEF)
Market Price (9/10/2026): $109.36Market Cap: $4.3 BilSector: Consumer StaplesIndustry: Food Distributors
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 11% Low stock price volatilityVol 12M is 39% Megatrend and thematic driversMegatrends include Experience Economy & Premiumization, Health & Wellness Trends, and Vegan & Alternative Foods. Themes include Luxury Consumer Goods, Show more. | Meaningful short interestShort 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 14% | Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 26x, P/EPrice/Earnings or Price/(Net Income) is 46x Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 79% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.1% Key risksCHEF key risks include [1] intense competitive pressure on its low profit margins and [2] vulnerability to supply chain cost volatility, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 11% |
| Low stock price volatilityVol 12M is 39% |
| Megatrend and thematic driversMegatrends include Experience Economy & Premiumization, Health & Wellness Trends, and Vegan & Alternative Foods. Themes include Luxury Consumer Goods, Show more. |
| Meaningful short interestShort 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 14% |
| Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 26x, P/EPrice/Earnings or Price/(Net Income) is 46x |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 79% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.1% |
| Key risksCHEF key risks include [1] intense competitive pressure on its low profit margins and [2] vulnerability to supply chain cost volatility, Show more. |
Qualitative Assessment
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Chefs' Warehouse (CHEF) stock has gained about 45% since 5/31/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Financial Performance Significantly Exceeded Expectations.
The Chefs' Warehouse reported impressive results for its fiscal Q2 2026, which ended on June 26, 2026. The company posted an Adjusted Earnings Per Share (EPS) of $0.78, surpassing the consensus analyst estimate of $0.59 by $0.19. Net sales also rose 12.9% year-over-year to $1.17 billion, exceeding analysts' projections of $1.12 billion. This robust performance was driven by a 12.2% increase in organic sales, with organic case count up approximately 6.0% in the specialty category and organic pounds sold in the center-of-the-plate category increasing by about 8.8%. Gross profit grew 15.2% to $292.9 million, primarily due to higher sales volumes, price inflation, and strategic acquisitions.
2. Upgraded Fiscal 2026 Financial Guidance Boosted Investor Confidence.
Following the strong second-quarter results, The Chefs' Warehouse provided an optimistic full-year fiscal 2026 financial outlook. The company projected net sales to be in the range of $4.50 billion to $4.60 billion and adjusted EBITDA between $305 million and $315 million. This upward revision in guidance signaled continued operational strength and positive momentum, reassuring investors about future profitability and growth prospects.
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Chefs' Warehouse (CHEF) stock has gained about 45% since 5/31/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Financial Performance Significantly Exceeded Expectations.
The Chefs' Warehouse reported impressive results for its fiscal Q2 2026, which ended on June 26, 2026. The company posted an Adjusted Earnings Per Share (EPS) of $0.78, surpassing the consensus analyst estimate of $0.59 by $0.19. Net sales also rose 12.9% year-over-year to $1.17 billion, exceeding analysts' projections of $1.12 billion. This robust performance was driven by a 12.2% increase in organic sales, with organic case count up approximately 6.0% in the specialty category and organic pounds sold in the center-of-the-plate category increasing by about 8.8%. Gross profit grew 15.2% to $292.9 million, primarily due to higher sales volumes, price inflation, and strategic acquisitions.
2. Upgraded Fiscal 2026 Financial Guidance Boosted Investor Confidence.
Following the strong second-quarter results, The Chefs' Warehouse provided an optimistic full-year fiscal 2026 financial outlook. The company projected net sales to be in the range of $4.50 billion to $4.60 billion and adjusted EBITDA between $305 million and $315 million. This upward revision in guidance signaled continued operational strength and positive momentum, reassuring investors about future profitability and growth prospects.
3. Positive Analyst Revisions and Price Target Upgrades Followed Strong Results.
Several Wall Street analysts reacted to the better-than-expected fiscal Q2 2026 performance and improved outlook by raising their price targets and reaffirming "Buy" or "Strong Buy" ratings for CHEF. For instance, on July 30, 2026, UBS increased its price target from $114 to $125, Benchmark raised its target from $106 to $125, BTIG from $100 to $125, and TD Cowen from $110 to $123. The consensus rating among analysts shifted towards a "Strong Buy," with an average price target ranging from $114.33 to $119.44, indicating strong confidence in the stock's continued appreciation.
4. Sustained Organic Growth and Strategic Investments Support Long-Term Expansion.
The company demonstrated ongoing organic growth, with specialty sales rising 10%, driven by product placements, case growth, and price inflation. The Chefs' Warehouse aims for 7%-10% annual revenue growth through 2030, primarily through organic expansion. Strategic investments in additional distribution capacity, sales teams, product specialists, technology, and facility/route consolidation are intended to support this continued expansion, indicating a clear pathway for sustained market share gains and business development.
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Stock Movement Drivers
Fundamental Drivers
The 42.8% change in CHEF stock from 5/31/2026 to 9/9/2026 was primarily driven by a 23.8% change in the company's P/E Multiple.| (LTM values as of) | 5312026 | 9092026 | Change |
|---|---|---|---|
| Stock Price ($) | 76.54 | 109.29 | 42.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,258 | 4,392 | 3.1% |
| Net Income Margin (%) | 1.9% | 2.1% | 12.2% |
| P/E Multiple | 37.4 | 46.3 | 23.8% |
| Shares Outstanding (Mil) | 39 | 39 | -0.3% |
| Cumulative Contribution | 42.8% |
Market Drivers
5/31/2026 to 9/9/2026| Return | Correlation | |
|---|---|---|
| CHEF | 42.8% | |
| Market (SPY) | 0.8% | 0.0% |
| Sector (XLP) | 0.2% | 25.0% |
Fundamental Drivers
The 53.1% change in CHEF stock from 2/28/2026 to 9/9/2026 was primarily driven by a 21.1% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 9092026 | Change |
|---|---|---|---|
| Stock Price ($) | 71.39 | 109.29 | 53.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,150 | 4,392 | 5.8% |
| Net Income Margin (%) | 1.7% | 2.1% | 20.1% |
| P/E Multiple | 38.2 | 46.3 | 21.1% |
| Shares Outstanding (Mil) | 39 | 39 | -0.5% |
| Cumulative Contribution | 53.1% |
Market Drivers
2/28/2026 to 9/9/2026| Return | Correlation | |
|---|---|---|
| CHEF | 53.1% | |
| Market (SPY) | 11.4% | 19.4% |
| Sector (XLP) | -7.2% | 22.1% |
Fundamental Drivers
The 73.1% change in CHEF stock from 8/31/2025 to 9/9/2026 was primarily driven by a 31.1% change in the company's P/E Multiple.| (LTM values as of) | 8312025 | 9092026 | Change |
|---|---|---|---|
| Stock Price ($) | 63.14 | 109.29 | 73.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,951 | 4,392 | 11.2% |
| Net Income Margin (%) | 1.8% | 2.1% | 19.0% |
| P/E Multiple | 35.3 | 46.3 | 31.1% |
| Shares Outstanding (Mil) | 39 | 39 | -0.1% |
| Cumulative Contribution | 73.1% |
Market Drivers
8/31/2025 to 9/9/2026| Return | Correlation | |
|---|---|---|
| CHEF | 73.1% | |
| Market (SPY) | 19.2% | 16.1% |
| Sector (XLP) | 4.9% | 19.2% |
Fundamental Drivers
The 282.9% change in CHEF stock from 8/31/2023 to 9/9/2026 was primarily driven by a 208.8% change in the company's Net Income Margin (%).| (LTM values as of) | 8312023 | 9092026 | Change |
|---|---|---|---|
| Stock Price ($) | 28.54 | 109.29 | 282.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,055 | 4,392 | 43.8% |
| Net Income Margin (%) | 0.7% | 2.1% | 208.8% |
| P/E Multiple | 51.8 | 46.3 | -10.8% |
| Shares Outstanding (Mil) | 38 | 39 | -3.3% |
| Cumulative Contribution | 282.9% |
Market Drivers
8/31/2023 to 9/9/2026| Return | Correlation | |
|---|---|---|
| CHEF | 282.9% | |
| Market (SPY) | 75.3% | 33.7% |
| Sector (XLP) | 23.0% | 22.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CHEF Return | 30% | -0% | -12% | 68% | 26% | 75% | 324% |
| Peers Return | 54% | 1% | -2% | 37% | 10% | 22% | 180% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| CHEF Win Rate | 67% | 42% | 50% | 58% | 75% | 56% | |
| Peers Win Rate | 46% | 50% | 52% | 69% | 56% | 67% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| CHEF Max Drawdown | -25% | -29% | -54% | -16% | -26% | -20% | |
| Peers Max Drawdown | -27% | -29% | -31% | -23% | -22% | -21% | |
| 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 9/9/2026 (YTD)
How Low Can It Go
| Event | CHEF | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -25.2% | -18.8% |
| % Gain to Breakeven | 33.7% | 23.1% |
| Time to Breakeven | 90 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -52.8% | -9.5% |
| % Gain to Breakeven | 111.7% | 10.5% |
| Time to Breakeven | 138 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -19.6% | -6.7% |
| % Gain to Breakeven | 24.5% | 7.1% |
| Time to Breakeven | 135 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -21.5% | -24.5% |
| % Gain to Breakeven | 27.4% | 32.4% |
| Time to Breakeven | 43 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -90.2% | -33.7% |
| % Gain to Breakeven | 922.8% | 50.9% |
| Time to Breakeven | 768 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -15.7% | -19.2% |
| % Gain to Breakeven | 18.7% | 23.8% |
| Time to Breakeven | 26 days | 105 days |
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.
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| Event | CHEF | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -25.2% | -18.8% |
| % Gain to Breakeven | 33.7% | 23.1% |
| Time to Breakeven | 90 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -52.8% | -9.5% |
| % Gain to Breakeven | 111.7% | 10.5% |
| Time to Breakeven | 138 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -21.5% | -24.5% |
| % Gain to Breakeven | 27.4% | 32.4% |
| Time to Breakeven | 43 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -90.2% | -33.7% |
| % Gain to Breakeven | 922.8% | 50.9% |
| Time to Breakeven | 768 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -24.7% | -12.2% |
| % Gain to Breakeven | 32.9% | 13.9% |
| Time to Breakeven | 8 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -31.7% | -6.8% |
| % Gain to Breakeven | 46.4% | 7.3% |
| Time to Breakeven | 25 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -33.1% | -17.9% |
| % Gain to Breakeven | 49.6% | 21.8% |
| Time to Breakeven | 88 days | 123 days |
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.
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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.
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- 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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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."
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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.
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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.
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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.
Peer Outperformance in Food Distributors
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Food Distributors ← | 8 | 3.2% | 48.3% | 69.0% | CHEF 299% · USFD 201% · ANDE 163% |
| Consumer Staples Merchandise Retail | 12 | 10.4% | 37.3% | 44.7% | NGVC 199% · VLGEA 137% · WMT 132% |
| Tobacco | 6 | -33.1% | 17.2% | 42.5% | PM 127% · MO 97% · TPB 59% |
| Food Retail | 6 | -14.7% | 56.1% | 34.8% | CASY 240% · SFM 216% · KR 47% |
| Soft Drinks & Non-alcoholic Beverages | 12 | -6.7% | -13.6% | 4.2% | COKE 408% · BRFH 207% · CCHGY 122% |
| Brewers | 3 | -18.7% | -32.6% | -0.4% | BUD 46% · TAP 0% · SAM -70% |
| Agricultural Products & Services | 11 | 5.1% | 8.5% | -4.4% | BG 85% · ADM 66% · INGR 34% |
| Household Products | 19 | -1.8% | -8.4% | -21.9% | IPAR 78% · ACU 69% · CL 29% |
| Personal Care Products | 4 | -7.9% | -26.4% | -27.4% | ELF 231% · PG 13% · COTY -67% |
| Packaged Foods & Meats | 47 | -23.7% | -31.8% | -38.2% | MAMA 458% · LWAY 379% · SENEA 294% |
| Distillers & Vintners | 5 | -43.8% | -60.4% | -75.1% | STZ -38% · BF-B -59% · MGPI -75% |
| Drug Retail | 3 | -39.8% | -84.2% | -93.2% | HITI -66% · PETS -93% · SCNX -99% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 95.63 |
| Mkt Cap | 14.9 |
| Rev LTM | 40,133 |
| Op Inc LTM | 888 |
| FCF LTM | 946 |
| FCF 3Y Avg | 830 |
| CFO LTM | 1,369 |
| CFO 3Y Avg | 1,252 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 3.9% |
| Rev Chg 3Y Avg | 4.7% |
| Rev Chg Q | 4.7% |
| QoQ Delta Rev Chg LTM | 1.2% |
| Op Inc Chg LTM | 8.7% |
| Op Inc Chg 3Y Avg | 11.7% |
| Op Mgn LTM | 3.2% |
| Op Mgn 3Y Avg | 3.1% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 3.1% |
| CFO/Rev 3Y Avg | 3.2% |
| FCF/Rev LTM | 2.3% |
| FCF/Rev 3Y Avg | 2.3% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Center-of-the-Plate | 1,609 | 1,455 | 1,352 | 1,126 | 877 |
| Dry Goods | 657 | 604 | 545 | 380 | 239 |
| Pastry | 562 | 465 | 411 | 286 | 178 |
| Produce | 517 | 535 | 445 | 279 | 121 |
| Dairy and Eggs | 297 | 255 | 229 | 153 | 80 |
| Cheese and Charcuterie | 293 | 272 | 253 | 216 | 143 |
| Oils and Vinegars | 136 | 131 | 129 | 113 | 71 |
| Kitchen Supplies | 80 | 76 | 70 | 59 | 37 |
| Total | 4,150 | 3,794 | 3,434 | 2,613 | 1,746 |
Price Behavior
| Market Price | $109.29 | |
| Market Cap ($ Bil) | 4.3 | |
| First Trading Date | 07/28/2011 | |
| Distance from 52W High | -5.4% | |
| 50 Days | 200 Days | |
| DMA Price | $104.35 | $77.73 |
| DMA Trend | up | up |
| Distance from DMA | 4.7% | 40.6% |
| 3M | 1YR | |
| Volatility | 37.1% | 38.8% |
| Downside Capture | -19.43 | 5.91 |
| Upside Capture | 99.87 | 66.11 |
| Correlation (SPY) | 9.0% | 16.1% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.74 | -0.16 | -0.02 | 0.59 | 0.48 | 0.84 |
| Up Beta | -1.53 | 0.01 | 0.92 | 1.51 | 1.37 | 0.92 |
| Down Beta | -1.09 | -1.92 | -1.53 | 0.26 | -0.06 | 0.85 |
| Up Capture | -37% | 84% | 116% | 77% | 60% | 96% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 11 | 24 | 39 | 72 | 139 | 406 |
| Down Capture | 1% | -61% | -86% | -21% | 4% | 83% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 10 | 18 | 25 | 55 | 112 | 339 |
[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 | |
|---|---|---|---|---|
| CHEF | 68.9% | 38.7% | 1.43 | - |
| Sector ETF (XLP) | 5.2% | 14.5% | 0.13 | 19.5% |
| Equity (SPY) | 18.6% | 12.8% | 1.06 | 15.9% |
| Gold (GLD) | 20.6% | 29.2% | 0.64 | 0.1% |
| Commodities (DBC) | 46.3% | 20.4% | 1.76 | -14.5% |
| Real Estate (VNQ) | 7.3% | 13.6% | 0.27 | 11.0% |
| Bitcoin (BTCUSD) | -29.8% | 43.8% | -0.68 | 0.2% |
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 | |
|---|---|---|---|---|
| CHEF | 27.9% | 39.6% | 0.72 | - |
| Sector ETF (XLP) | 5.4% | 13.7% | 0.18 | 28.0% |
| Equity (SPY) | 12.5% | 17.2% | 0.55 | 41.2% |
| Gold (GLD) | 18.9% | 18.8% | 0.82 | 2.4% |
| Commodities (DBC) | 11.1% | 19.5% | 0.44 | 4.2% |
| Real Estate (VNQ) | 1.2% | 18.9% | -0.04 | 32.6% |
| Bitcoin (BTCUSD) | 10.8% | 52.6% | 0.39 | 16.8% |
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 | |
|---|---|---|---|---|
| CHEF | 24.6% | 58.8% | 0.63 | - |
| Sector ETF (XLP) | 7.0% | 14.9% | 0.34 | 26.5% |
| Equity (SPY) | 15.1% | 17.9% | 0.72 | 44.0% |
| Gold (GLD) | 12.3% | 16.3% | 0.62 | 4.0% |
| Commodities (DBC) | 8.1% | 18.1% | 0.37 | 17.9% |
| Real Estate (VNQ) | 4.7% | 20.7% | 0.19 | 43.4% |
| Bitcoin (BTCUSD) | 63.6% | 66.2% | 1.03 | 14.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/31/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/29/2026 | 5.4% | 9.8% | 11.8% |
| 4/29/2026 | 17.8% | 23.0% | 21.3% |
| 2/11/2026 | -1.9% | 6.0% | -2.1% |
| 10/29/2025 | 6.4% | 6.0% | 5.8% |
| 7/30/2025 | 8.7% | 6.4% | 1.7% |
| 4/30/2025 | 6.9% | 14.7% | 20.4% |
| 2/12/2025 | 9.4% | 20.4% | -4.4% |
| 7/31/2024 | 0.9% | -9.6% | 2.3% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 13 | 12 |
| # Negative | 6 | 8 | 9 |
| Median Positive | 6.9% | 8.5% | 12.1% |
| Median Negative | -5.0% | -7.7% | -7.7% |
| Max Positive | 17.8% | 23.0% | 46.6% |
| Max Negative | -16.6% | -20.0% | -21.2% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/29/2026 | 5.4% | 9.8% | 11.8% |
| 4/29/2026 | 17.8% | 23.0% | 21.3% |
| 2/11/2026 | -1.9% | 6.0% | -2.1% |
| 10/29/2025 | 6.4% | 6.0% | 5.8% |
| 7/30/2025 | 8.7% | 6.4% | 1.7% |
| 4/30/2025 | 6.9% | 14.7% | 20.4% |
| 2/12/2025 | 9.4% | 20.4% | -4.4% |
| 7/31/2024 | 0.9% | -9.6% | 2.3% |
| 5/1/2024 | 5.6% | 17.1% | 16.4% |
| 2/14/2024 | 7.6% | 8.5% | 13.0% |
| 8/2/2023 | -13.1% | -20.0% | -21.2% |
| 5/3/2023 | -0.4% | -2.4% | -6.4% |
| 2/15/2023 | 0.6% | -5.8% | -15.1% |
| 7/27/2022 | 2.1% | -4.4% | -7.7% |
| 4/27/2022 | 2.3% | 6.5% | -7.3% |
| 2/9/2022 | 11.9% | 8.0% | -8.7% |
| 10/27/2021 | 12.1% | 18.3% | 11.5% |
| 7/28/2021 | 12.3% | 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 | |||
| # Positive | 15 | 13 | 12 |
| # Negative | 6 | 8 | 9 |
| Median Positive | 6.9% | 8.5% | 12.1% |
| Median Negative | -5.0% | -7.7% | -7.7% |
| Max Positive | 17.8% | 23.0% | 46.6% |
| Max Negative | -16.6% | -20.0% | -21.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/29/2026 | 10-Q |
| 03/31/2026 | 04/29/2026 | 10-Q |
| 12/31/2025 | 02/24/2026 | 10-K |
| 09/30/2025 | 10/29/2025 | 10-Q |
| 06/30/2025 | 07/30/2025 | 10-Q |
| 03/31/2025 | 04/30/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 07/31/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 10/26/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/29/2026 | 10-Q |
| 03/31/2026 | 04/29/2026 | 10-Q |
| 12/31/2025 | 02/24/2026 | 10-K |
| 09/30/2025 | 10/29/2025 | 10-Q |
| 06/30/2025 | 07/30/2025 | 10-Q |
| 03/31/2025 | 04/30/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 07/31/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 10/26/2022 | 10-Q |
| 06/30/2022 | 07/27/2022 | 10-Q |
| 03/31/2022 | 04/27/2022 | 10-Q |
| 12/31/2021 | 02/22/2022 | 10-K |
| 09/30/2021 | 10/27/2021 | 10-Q |
| 06/30/2021 | 07/28/2021 | 10-Q |
| 03/31/2021 | 04/28/2021 | 10-Q |
| 12/31/2020 | 02/23/2021 | 10-K |
| 09/30/2020 | 10/28/2020 | 10-Q |
| 06/30/2020 | 07/29/2020 | 10-Q |
| 03/31/2020 | 05/06/2020 | 10-Q |
| 12/31/2019 | 02/24/2020 | 10-K |
| 09/30/2019 | 10/30/2019 | 10-Q |
Recent Forward Guidance
Updated 7/30/2026Latest: Q2 2026 Earnings Reported 7/29/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | Reported | 4.50 Bil | 4.55 Bil | 4.60 Bil | 3.4% | Raised | Guidance: 4.40 Bil for 2026 | |
| 2026 Gross Profit | Reported | 1.10 Bil | 1.11 Bil | 1.12 Bil | 4.6% | Raised | Guidance: 1.06 Bil for 2026 | |
| 2026 Adjusted EBITDA | Reported | 305.00 Mil | 310.00 Mil | 315.00 Mil | 10.3% | Raised | Guidance: 281.00 Mil for 2026 | |
Prior: Q1 2026 Earnings Reported 4/29/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Net sales | Reported | 4.35 Bil | 4.40 Bil | 4.45 Bil | 0 | Affirmed | Guidance: 4.40 Bil for 2026 | |
| 2026 Gross profit | Reported | 1.05 Bil | 1.06 Bil | 1.08 Bil | 0 | Affirmed | Guidance: 1.06 Bil for 2026 | |
| 2026 Adjusted EBITDA | Reported | 276.00 Mil | 281.00 Mil | 286.00 Mil | 0 | Affirmed | Guidance: 281.00 Mil for 2026 | |
Q4 2025 Earnings Reported 2/11/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Net sales | Reported | 4.35 Bil | 4.40 Bil | 4.45 Bil | 7.3% | Higher New | Actual: 4.10 Bil for 2025 | |
| 2026 Gross profit | Reported | 1.05 Bil | 1.06 Bil | 1.08 Bil | 7.4% | Higher New | Actual: 991.00 Mil for 2025 | |
| 2026 Adjusted EBITDA | Reported | 276.00 Mil | 281.00 Mil | 286.00 Mil | 12.4% | Higher New | Actual: 250.00 Mil for 2025 | |
Q3 2025 Earnings Reported 10/29/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Net Sales | Reported | 4.08 Bil | 4.10 Bil | 4.12 Bil | 1.7% | Raised | Guidance: 4.03 Bil for 2025 | |
| 2025 Gross Profit | Reported | 987.00 Mil | 991.00 Mil | 995.00 Mil | 2.0% | Raised | Guidance: 971.50 Mil for 2025 | |
| 2025 Adjusted EBITDA | Reported | 247.00 Mil | 250.00 Mil | 253.00 Mil | 2.0% | Raised | Guidance: 245.00 Mil for 2025 | |
Insider Activity
Updated 8/18/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Aldous, Alexandros | General Counsel | Direct | Sell | 8182026 | 110.97 | 35,000 | 3,883,889 | 3,821,969 | Form |
| 2 | Polychroni, Christina | Chief Human Resources Officer | Direct | Sell | 8182026 | 112.00 | 2,752 | 308,224 | 2,465,568 | Form |
| 3 | Pappas, Christopher | President and CEO | Direct | Sell | 8182026 | 110.11 | 100,000 | 11,011,085 | 231,836,192 | Form |
| 4 | Polychroni, Christina | Chief Human Resources Officer | Direct | Sell | 5202026 | 79.21 | 4,500 | 356,428 | 1,951,802 | Form |
| 5 | Pappas, Christopher | President and CEO | Direct | Sell | 5052026 | 78.00 | 125,000 | 9,750,000 | 170,777,334 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Aldous, Alexandros | General Counsel | Direct | Sell | 8182026 | 110.97 | 35,000 | 3,883,889 | 3,821,969 | Form |
| 2 | Polychroni, Christina | Chief Human Resources Officer | Direct | Sell | 8182026 | 112.00 | 2,752 | 308,224 | 2,465,568 | Form |
| 3 | Pappas, Christopher | President and CEO | Direct | Sell | 8182026 | 110.11 | 100,000 | 11,011,085 | 231,836,192 | Form |
| 4 | Polychroni, Christina | Chief Human Resources Officer | Direct | Sell | 5202026 | 79.21 | 4,500 | 356,428 | 1,951,802 | Form |
| 5 | Pappas, Christopher | President and CEO | Direct | Sell | 5052026 | 78.00 | 125,000 | 9,750,000 | 170,777,334 | Form |
| 6 | Pappas, Christopher | President and CEO | Direct | Sell | 3032026 | 62.53 | 95,908 | 5,997,127 | 149,979,581 | Form |
| 7 | Polychroni, Christina | Chief Human Resources Officer | Direct | Sell | 3032026 | 65.45 | 3,317 | 217,098 | 1,972,728 | Form |
| 8 | Polychroni, Christina | Chief Human Resources Officer | Direct | Sell | 3032026 | 71.33 | 3,084 | 219,982 | 2,415,519 | Form |
| 9 | Aldous, Alexandros | General Counsel | Direct | Sell | 3032026 | 71.22 | 29,500 | 2,100,990 | 5,129,051 | Form |
| 10 | McCauley, Tim | Chief Accounting Officer | Direct | Sell | 2262026 | 70.00 | 7,500 | 525,000 | 3,126,340 | Form |
| 11 | Leddy, James | Chief Financial Officer | Direct | Sell | 11052025 | 62.11 | 22,000 | 1,366,420 | 7,819,152 | Form |
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