CHEF · Chefs' Warehouse, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $4.15B | $3.79B | $3.43B | $2.61B | $1.75B | $1.11B |
| Cost of Revenue | $3.15B | $2.88B | $2.62B | $1.99B | $1.36B | $863.48M |
| Gross Profit | $1.00B | $914.15M | $814.47M | $618.64M | $390.49M | $248.15M |
| R&D | - | - | - | - | - | - |
| SG&A | $849.79M | $784.85M | $704.76M | $518.22M | $379.25M | $298.10M |
| Total Operating Expenses | - | - | - | - | - | - |
| D&A | $53.65M | $40.56M | $32.89M | $24.33M | $22.00M | $19.77M |
| Operating Income | $145.11M | $128.21M | $100.94M | $85.74M | $10.81M | ($102.66M) |
| Interest Expense | $41.56M | $43.85M | $45.47M | $43.85M | $17.59M | $20.95M |
| Income Tax | $31.18M | $24.05M | $20.88M | $14.14M | ($1.85M) | ($40.70M) |
| Net Income | $72.36M | $55.48M | $34.59M | $27.75M | ($4.92M) | ($82.90M) |
| EPS - Basic | $1.87 | $1.46 | $0.92 | $0.75 | ($0.13) | ($2.46) |
| EPS - Diluted | $1.68 | $1.32 | $0.88 | $0.73 | ($0.13) | ($2.46) |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $120.98M | $114.66M | $49.88M | $158.80M | $115.16M | $193.28M |
| Accounts Receivable | $392.37M | $366.31M | $334.01M | $260.17M | $172.54M | $96.38M |
| Inventory | $385.72M | $316.01M | $284.53M | $245.69M | $144.49M | $82.52M |
| Accounts Payable | $275.62M | $266.77M | $200.55M | $163.40M | $118.28M | $57.52M |
| Current Assets | $969.89M | $868.04M | $730.94M | $720.86M | $469.96M | $405.66M |
| Total Assets | $2.03B | $1.86B | $1.71B | $1.51B | $1.07B | $974.33M |
| Current Liabilities | $473.46M | $425.40M | $385.78M | $283.75M | $197.02M | $118.10M |
| Long-term Debt | $720.33M | $688.74M | $664.80M | $653.50M | $394.16M | $398.08M |
| Total Liabilities | $1.42B | $1.32B | $1.25B | $1.11B | $723.58M | $629.74M |
| Stockholders' Equity | $604.31M | $537.65M | $454.67M | $401.51M | $350.21M | $344.59M |
| Retained Earnings | $201.65M | $141.94M | $99.95M | $65.36M | $37.61M | $42.53M |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $129.22M | $153.06M | $61.64M | $23.13M | ($19.90M) | $42.88M |
| Investing Cash Flow | ($46.76M) | ($49.82M) | ($179.31M) | ($232.02M) | ($48.99M) | ($67.97M) |
| Financing Cash Flow | ($76.22M) | ($38.48M) | $9.01M | $253.22M | ($9.22M) | $78.06M |
| CapEx | $41.43M | $49.51M | $57.43M | $45.85M | $38.80M | $7.04M |
| Free Cash Flow | $87.79M | $103.56M | $4.21M | ($22.71M) | ($58.70M) | $35.84M |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 24.2% | 24.1% | 23.7% | 23.7% | 22.4% | 22.3% |
| Operating margin | 3.5% | 3.4% | 2.9% | 3.3% | 0.6% | -9.2% |
| EBITDA margin | 4.8% | 4.4% | 3.9% | 4.2% | 1.9% | -7.5% |
| Net margin | 1.7% | 1.5% | 1.0% | 1.1% | -0.3% | -7.5% |
| Free cash flow margin | 2.1% | 2.7% | 0.1% | -0.9% | -3.4% | 3.2% |
| FCF / Net income | 1.21 | 1.87 | 0.12 | -0.82 | 11.92 | -0.43 |
| R&D / Revenue | - | - | - | - | - | - |
| SG&A / Revenue | 20.5% | 20.7% | 20.5% | 19.8% | 21.7% | 26.8% |
| Effective tax rate | 30.1% | 30.2% | 37.6% | 33.8% | - | - |
| Return on assets | 3.6% | 3.0% | 2.0% | 1.8% | -0.5% | -8.5% |
| Return on equity | 12.0% | 10.3% | 7.6% | 6.9% | -1.4% | -24.1% |
| Return on invested capital | 7.7% | 7.3% | 5.6% | 5.4% | 1.1% | -10.9% |
| Liquidity | ||||||
| Current ratio | 2.05 | 2.04 | 1.89 | 2.54 | 2.39 | 3.43 |
| Quick ratio | 1.23 | 1.30 | 1.16 | 1.67 | 1.65 | 2.74 |
| Cash ratio | 0.26 | 0.27 | 0.13 | 0.56 | 0.58 | 1.64 |
| Leverage | ||||||
| Debt / Equity | 1.19 | 1.28 | 1.46 | 1.63 | 1.13 | 1.16 |
| Debt / Assets | 0.36 | 0.37 | 0.39 | 0.43 | 0.37 | 0.41 |
| Debt / EBITDA | 3.62 | 4.08 | 4.97 | 5.94 | 12.01 | - |
| Interest coverage | 3.5x | 2.9x | 2.2x | 2.0x | 0.6x | -4.9x |
| Equity multiplier | 3.36 | 3.46 | 3.75 | 3.76 | 3.07 | 2.83 |
| Liabilities / Assets | 0.70 | 0.71 | 0.73 | 0.73 | 0.67 | 0.65 |
| Efficiency | ||||||
| Asset turnover | 2.05 | 2.04 | 2.01 | 1.73 | 1.63 | 1.14 |
| Inventory turnover | 8.15 | 9.11 | 9.21 | 8.12 | 9.38 | 10.46 |
| Days sales outstanding | 35d | 35d | 36d | 36d | 36d | 32d |
| Days inventory outstanding | 45d | 40d | 40d | 45d | 39d | 35d |
| Days payable outstanding | 32d | 34d | 28d | 30d | 32d | 24d |
| Cash conversion cycle | 47d | 41d | 47d | 51d | 43d | 42d |
| Valuation | ||||||
| P / E | 37.1x | 37.4x | 33.4x | 45.6x | - | - |
| P / B | 4.7x | 4.2x | 3.0x | 3.2x | 3.5x | 2.3x |
| P / S | 0.7x | 0.6x | 0.4x | 0.5x | 0.7x | 0.7x |
| EV / EBITDA | 17.4x | 16.8x | 14.6x | 16.2x | 45.8x | - |
| Growth | ||||||
| Revenue growth (YoY) | 9.4% | 10.5% | 31.4% | 49.7% | 57.0% | -30.2% |
| Revenue CAGR (3y) | 16.7% | 29.5% | 45.6% | 18.0% | 13.5% | -5.1% |
| Revenue CAGR (5y) | 30.1% | 19.0% | 23.5% | 15.0% | 7.9% | 1.0% |
| Gross profit growth (YoY) | 9.8% | 12.2% | 31.7% | 58.4% | 57.4% | -38.9% |
| Operating income growth (YoY) | 13.2% | 27.0% | 17.7% | 693.1% | - | - |
| Net income growth (YoY) | 30.4% | 60.4% | 24.6% | - | 94.1% | - |
| EPS growth (YoY) | 27.3% | 50.0% | 20.5% | - | 94.7% | - |
| EPS CAGR (3y) | 32.0% | - | - | -3.4% | - | - |
| EPS CAGR (5y) | - | 10.3% | 4.7% | 6.2% | - | - |
| FCF growth (YoY) | -15.2% | 2358.6% | - | 61.3% | - | 23.9% |
| FCF CAGR (5y) | 19.6% | 29.1% | -30.1% | - | - | - |
| Book value growth (YoY) | 12.4% | 18.2% | 13.2% | 14.6% | 1.6% | 2.6% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-26.
Business segments
$4.15B totalFoodservice Distribution$4.15B · 100.0%
Product / service
$6.69B totalTotal Specialty$2.54B · 38.0%
Center Of The Plate Product$1.61B · 24.0%
Dry Goods Product$656.79M · 9.8%
Pastry Product$562.30M · 8.4%
Produce$516.61M · 7.7%
Dairy And Eggs Product$296.84M · 4.4%
Cheese And Charcuterie Product$292.68M · 4.4%
Oils And Vinegar Product$135.55M · 2.0%
Kitchen Supplies Product$79.96M · 1.2%
Geographic
$4.15B totalUS$3.76B · 90.6%
Non Us$391.64M · 9.4%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
2.70
Grey zone
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
8/9
Strong
- ✓Net income positive
- ✓Operating cash flow positive
- ✓ROA improved YoY
- ✓Cash flow > net income
- ✗Long-term debt decreased
- ✓Current ratio improved
- ✓No share dilution
- ✓Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Wholesale-Groceries, General Line
Comparing Chefs' Warehouse against the 5 most active filers in the same SIC group.