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Chefs' Warehouse (CHEF) Financials

Chefs' Warehouse logo
$106.07 -1.23 (-1.15%)
Closing price 11/12/2026 04:00 PM Eastern
Extended Trading
$105.27 -0.80 (-0.75%)
As of 11/12/2026 07:30 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Chefs' Warehouse

Annual Income Statements for Chefs' Warehouse

This table shows Chefs' Warehouse's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/25/2015 12/30/2016 12/29/2017 12/28/2018 12/27/2019 12/25/2020 12/24/2021 12/30/2022 12/29/2023 12/27/2024 12/26/2025
Net Income / (Loss) Attributable to Common Shareholders		 16 3.02 14 20 24 -83 -4.89 28 35 54 73
Consolidated Net Income / (Loss)		 16 3.02 14 20 24 -83 -4.92 28 35 55 72
Net Income / (Loss) Continuing Operations		 16 3.02 14 20 24 -83 -4.92 28 35 55 72
Total Pre-Tax Income 		28 5.68 18 28 32 -124 -6.78 42 55 80 104
Total Operating Income		 40 47 41 49 51 -103 11 86 101 128 145
Total Gross Profit		 269 301 329 349 387 248 390 619 814 914 1,004
Total Revenue		 1,047 1,193 1,302 1,445 1,592 1,112 1,746 2,613 3,434 3,794 4,150
Operating Revenue		 1,047 1,193 1,302 1,445 1,592 1,112 1,746 2,613 3,434 3,794 4,150
Total Cost of Revenue		 778 892 972 1,096 1,205 863 1,355 1,995 2,619 2,880 3,145
Operating Cost of Revenue		 778 892 972 1,096 1,205 863 1,355 1,995 2,619 2,880 3,145
Total Operating Expenses		 228 254 288 300 336 351 380 533 714 786 859
Selling, General & Admin Expense		 - - - 298 330 336 379 518 705 785 850
Other Operating Expenses / (Income)		 228 254 288 2.23 6.36 14 0.42 15 8.77 1.09 9.20
Total Other Income / (Expense), net		 -13 -42 -23 -21 -18 -21 -18 -44 -45 -49 -42
Interest Expense		 13 42 23 21 18 21 18 44 45 49 42
Income Tax Expense		 12 2.65 4.04 7.44 8.21 -41 -1.85 14 21 24 31
Other Adjustments to Net Income / (Loss) Attributable to Common Shareholders)		 - - - - - - -0.03 0.16 -0.35 1.98 -1.04
Basic Earnings per Share		 $0.63 $0.12 $0.55 $0.71 $0.82 ($2.46) ($0.13) $0.75 $0.92 $1.46 $1.87
Weighted Average Basic Shares Outstanding		 25.53M 25.92M 26.12M 28.70M 29.53M 33.72M 36.74M 37.09M 37.63M 37.91M 38.72M
Diluted Earnings per Share		 $0.63 $0.12 $0.54 $0.70 $0.81 ($2.46) ($0.13) $0.73 $0.88 $1.32 $1.68
Weighted Average Diluted Shares Outstanding		 26.51M 26.03M 27.42M 29.68M 30.07M 33.72M 36.74M 38.74M 45.64M 45.98M 46.00M
Weighted Average Basic & Diluted Shares Outstanding		 25.70M 25.20M 26.10M 28.70M 30.31M 37.28M 37.89M 38.60M 39.67M 40.27M 40.69M

Quarterly Income Statements for Chefs' Warehouse

This table shows Chefs' Warehouse's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 3/29/2024 6/28/2024 9/27/2024 12/27/2024 3/28/2025 6/27/2025 9/26/2025 12/26/2025 3/27/2026 6/26/2026 9/25/2026
Net Income / (Loss) Attributable to Common Shareholders		 1.61 15 14 23 10 22 19 22 17 33 30
Consolidated Net Income / (Loss)		 1.93 16 14 24 10 21 19 22 17 34 30
Net Income / (Loss) Continuing Operations		 1.93 16 14 24 10 21 19 22 17 34 30
Total Pre-Tax Income 		2.76 22 20 34 12 30 28 33 23 49 42
Total Operating Income		 16 34 32 46 23 40 39 43 33 59 51
Total Gross Profit		 209 229 225 251 226 254 247 277 257 293 284
Total Revenue		 874 955 931 1,034 951 1,035 1,021 1,143 1,059 1,169 1,135
Operating Revenue		 874 955 931 1,034 951 1,035 1,021 1,143 1,059 1,169 1,135
Total Cost of Revenue		 665 726 707 783 725 781 774 866 802 876 851
Operating Cost of Revenue		 665 726 707 783 725 781 774 866 802 876 851
Total Operating Expenses		 193 195 193 205 203 214 208 233 224 234 233
Selling, General & Admin Expense		 190 195 193 207 203 214 208 225 224 234 233
Other Operating Expenses / (Income)		 3.11 0.30 -0.03 -2.30 0.50 0.37 0.13 8.20 0.09 0.08 -0.56
Total Other Income / (Expense), net		 -13 -12 -12 -12 -10 -11 -11 -10 -10 -9.41 -9.00
Interest Expense		 13 12 12 12 10 11 11 10 10 9.41 9.00
Income Tax Expense		 0.83 6.65 6.04 11 2.19 8.26 9.25 11 5.37 15 13
Other Adjustments to Net Income / (Loss) Attributable to Common Shareholders)		 0.32 0.13 0.28 1.24 -0.18 -0.84 0.35 -0.38 0.23 0.43 -0.08
Basic Earnings per Share		 $0.05 $0.41 $0.37 $0.63 $0.27 $0.55 $0.50 $0.55 $0.45 $0.87 $0.76
Weighted Average Basic Shares Outstanding		 37.82M 37.92M 37.86M 37.91M 38.70M 38.88M 38.58M 38.72M 38.80M 38.93M 38.81M
Diluted Earnings per Share		 $0.05 $0.37 $0.34 $0.56 $0.25 $0.49 $0.44 $0.50 $0.40 $0.76 $0.67
Weighted Average Diluted Shares Outstanding		 38.63M 45.95M 45.94M 45.98M 46.09M 46.03M 45.80M 46.00M 46.08M 46.05M 46.16M
Weighted Average Basic & Diluted Shares Outstanding		 39.77M 39.83M 39.55M 40.27M 40.68M 40.76M 40.69M 40.69M 40.78M 40.80M 43.46M

Annual Cash Flow Statements for Chefs' Warehouse

This table details how cash moves in and out of Chefs' Warehouse's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/25/2015 12/30/2016 12/29/2017 12/28/2018 12/27/2019 12/25/2020 12/24/2021 12/30/2022 12/29/2023 12/27/2024 12/26/2025
Net Change in Cash & Equivalents		 -0.87 30 8.52 0.95 98 53 -78 44 -109 65 6.33
Net Cash From Operating Activities		 38 39 31 45 45 43 -20 23 62 153 129
Net Cash From Continuing Operating Activities		 38 39 31 45 45 43 -20 23 62 153 129
Net Income / (Loss) Continuing Operations		 16 3.02 14 20 24 -83 -4.92 28 35 55 72
Consolidated Net Income / (Loss)		 16 3.02 14 20 24 -83 -4.92 28 35 55 72
Depreciation Expense		 5.96 7.08 8.52 10 13 20 22 24 33 41 54
Amortization Expense		 11 13 14 15 15 17 13 14 23 24 24
Non-Cash Adjustments To Reconcile Net Income		 7.00 30 7.37 8.82 12 56 16 37 35 36 48
Changes in Operating Assets and Liabilities, net		 -2.13 -14 -13 -9.50 -19 33 -65 -80 -64 -3.26 -69
Net Cash From Investing Activities		 -129 -36 -42 -34 -44 -68 -49 -232 -179 -50 -47
Net Cash From Continuing Investing Activities		 -129 -36 -42 -34 -44 -68 -49 -232 -179 -50 -47
Purchase of Property, Plant & Equipment		 -22 -17 -12 -20 -16 -7.04 -39 -46 -57 -50 -41
Acquisitions		 -124 -20 -30 -14 -28 -61 -10 -186 -122 -0.32 -4.58
Other Investing Activities, net		 - - - - - - - - 0.00 0.00 -0.75
Net Cash From Financing Activities		 91 27 19 -10 97 78 -9.22 253 9.01 -38 -76
Net Cash From Continuing Financing Activities		 91 27 19 -10 97 78 -9.22 253 9.01 -38 -76
Repayment of Debt		 -143 -321 -38 -57 -54 -104 -54 -367 -33 -49 -34
Repurchase of Common Equity		 - - - - - - - 0.00 0.00 -17 -15
Issuance of Debt		 235 349 24 47 150 100 52 630 60 46 0.00
Other Financing Activities, net		 -1.01 -0.57 -0.50 -0.76 0.52 -3.67 -6.64 -9.73 -18 -18 -28
Effect of Exchange Rate Changes		 -0.35 0.07 - - 0.02 0.08 -0.01 - - 0.02 0.09

Quarterly Cash Flow Statements for Chefs' Warehouse

This table details how cash moves in and out of Chefs' Warehouse's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 3/29/2024 6/28/2024 9/27/2024 12/27/2024 3/28/2025 6/27/2025 9/26/2025 12/26/2025 3/27/2026 6/26/2026 9/25/2026
Net Change in Cash & Equivalents		 -7.61 -3.93 12 64 1.88 -20 -32 56 1.73 13 29
Net Cash From Operating Activities		 31 29 20 73 50 15 -8.72 74 38 58 44
Net Cash From Continuing Operating Activities		 31 29 20 73 50 15 -8.72 74 38 58 44
Net Income / (Loss) Continuing Operations		 1.93 16 14 24 10 21 19 22 17 34 30
Consolidated Net Income / (Loss)		 1.93 16 14 24 10 21 19 22 17 34 30
Depreciation Expense		 9.23 9.54 11 11 12 13 14 15 15 15 16
Amortization Expense		 6.17 6.17 5.87 6.16 6.09 6.01 6.08 6.29 5.65 5.52 5.45
Non-Cash Adjustments To Reconcile Net Income		 10 7.54 7.19 11 8.78 11 9.72 18 10 12 11
Changes in Operating Assets and Liabilities, net		 3.14 -9.44 -18 21 12 -37 -57 13 -9.85 -8.45 -18
Net Cash From Investing Activities		 -17 -16 -8.01 -8.38 -12 -9.98 -11 -13 -7.70 -9.51 -8.49
Net Cash From Continuing Investing Activities		 -17 -16 -8.01 -8.38 -12 -9.98 -11 -13 -7.70 -9.51 -8.49
Purchase of Property, Plant & Equipment		 -17 -16 -8.01 -8.38 -12 -9.98 -11 -8.09 -7.70 -9.23 -8.49
Net Cash From Financing Activities		 -21 -17 0.54 -0.66 -35 -24 -12 -4.63 -29 -36 -6.73
Net Cash From Continuing Financing Activities		 -21 -17 0.54 -0.66 -35 -24 -12 -4.63 -29 -36 -6.73
Repayment of Debt		 -8.05 -10 -4.25 -27 -21 -11 -1.41 -0.75 -5.75 -31 -0.75
Other Financing Activities, net		 -8.20 -2.92 -1.20 -5.77 -15 -3.48 -5.53 -3.88 -13 -5.34 -5.98
Effect of Exchange Rate Changes		 0.12 -0.08 - - - - -0.13 0.11 -0.06 -0.03 -0.01

Annual Balance Sheets for Chefs' Warehouse

This table presents Chefs' Warehouse's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/25/2015 12/30/2016 12/29/2017 12/28/2018 12/27/2019 12/25/2020 12/24/2021 12/30/2022 12/29/2023 12/27/2024 12/26/2025
Total Assets		 580 634 688 732 1,014 974 1,074 1,509 1,705 1,859 2,028
Total Current Assets		 229 264 297 329 453 406 470 721 731 868 970
Cash & Equivalents		 2.45 33 42 42 140 193 115 159 50 115 121
Accounts Receivable		 124 128 142 162 175 96 173 260 334 366 392
Inventories, net		 93 87 102 113 124 83 144 246 285 316 386
Prepaid Expenses		 9.16 16 11 12 14 33 38 56 63 71 71
Plant, Property, & Equipment, net		 54 62 68 85 93 115 134 186 235 276 342
Total Noncurrent Assets		 297 307 323 318 468 453 470 603 740 715 716
Goodwill		 156 164 173 184 198 215 222 287 356 356 363
Intangible Assets		 137 137 146 130 139 112 105 156 185 160 137
Other Noncurrent Operating Assets		 4.47 6.02 2.98 4.07 131 119 134 160 199 198 216
Total Liabilities & Shareholders' Equity		 580 634 688 732 1,014 974 1,074 1,509 1,705 1,859 2,028
Total Liabilities		 392 440 439 424 678 630 724 1,108 1,251 1,321 1,424
Total Current Liabilities		 103 107 108 126 150 118 197 284 386 425 473
Short-Term Debt		 6.27 15 3.83 0.06 0.72 6.10 5.14 12 53 18 28
Accounts Payable		 65 66 70 88 94 58 118 163 201 267 276
Accrued Expenses		 24 18 22 25 30 28 35 54 71 69 78
Current Employee Benefit Liabilities		 7.73 9.52 13 13 8.03 9.40 22 34 37 50 66
Other Current Liabilities		 - - - - 17 17 16 19 24 22 25
Total Noncurrent Liabilities		 289 332 331 298 528 512 527 824 865 896 950
Long-Term Debt		 267 318 314 278 386 398 394 654 665 689 720
Noncurrent Deferred & Payable Income Tax Liabilities		 4.06 6.96 6.02 9.60 11 - 0.00 6.10 14 16 22
Other Noncurrent Operating Liabilities		 17 7.72 11 10 131 114 132 164 186 191 207
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 188 194 249 309 336 345 350 402 455 538 604
Total Preferred & Common Equity		 188 194 249 309 336 345 350 402 455 538 604
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 188 194 249 309 336 345 350 402 455 538 604
Common Stock		 125 127 167 208 213 304 315 338 357 400 405
Retained Earnings		 65 69 83 103 125 43 38 65 100 142 202
Accumulated Other Comprehensive Income / (Loss)		 -2.95 -2.19 -1.55 -2.22 -2.05 -2.05 -2.02 -2.19 -1.83 -3.81 -2.76

Quarterly Balance Sheets for Chefs' Warehouse

This table presents Chefs' Warehouse's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 6/30/2023 9/29/2023 3/29/2024 6/28/2024 9/27/2024 3/28/2025 6/27/2025 9/26/2025 3/27/2026 6/26/2026 9/25/2026
Total Assets		 1,651 1,658 1,670 1,715 1,774 1,839 1,907 1,916 1,990 2,026 2,083
Total Current Assets		 714 722 693 741 792 835 883 869 931 976 1,042
Cash & Equivalents		 60 33 42 38 51 117 97 65 123 135 165
Accounts Receivable		 301 316 313 323 334 336 351 348 377 396 399
Inventories, net		 292 312 272 310 336 317 368 385 364 380 404
Prepaid Expenses		 61 60 66 68 71 66 68 71 67 65 74
Plant, Property, & Equipment, net		 206 209 251 260 270 294 311 338 345 349 353
Total Noncurrent Assets		 732 727 727 715 711 709 713 709 713 702 688
Goodwill		 349 345 357 357 357 356 357 357 363 363 363
Intangible Assets		 196 200 179 172 167 154 148 144 132 126 121
Other Noncurrent Operating Assets		 187 183 192 186 188 199 208 208 219 212 204
Total Liabilities & Shareholders' Equity		 1,651 1,658 1,670 1,715 1,774 1,839 1,907 1,916 1,990 2,026 2,083
Total Liabilities		 1,228 1,223 1,223 1,254 1,293 1,297 1,350 1,339 1,381 1,378 1,397
Total Current Liabilities		 333 350 360 400 429 407 440 406 428 454 471
Short-Term Debt		 12 12 56 57 65 20 19 22 30 31 32
Accounts Payable		 198 209 183 220 232 250 279 228 233 246 254
Accrued Expenses		 72 75 63 62 66 74 73 77 84 91 88
Current Employee Benefit Liabilities		 28 31 35 37 43 42 47 56 56 62 73
Other Current Liabilities		 23 23 23 24 23 22 22 24 25 24 24
Total Noncurrent Liabilities		 895 873 863 854 864 890 910 934 953 924 926
Long-Term Debt		 709 689 667 661 667 681 690 712 721 694 697
Noncurrent Deferred & Payable Income Tax Liabilities		 7.29 9.32 15 17 20 16 17 21 24 28 31
Other Noncurrent Operating Liabilities		 178 175 181 176 178 193 203 201 209 202 198
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 423 435 448 462 480 542 558 577 609 648 687
Total Preferred & Common Equity		 423 435 448 462 480 542 558 577 609 648 687
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 423 435 448 462 480 542 558 577 609 648 687
Common Stock		 348 353 353 357 359 393 395 400 401 407 416
Retained Earnings		 77 84 102 117 124 152 165 180 211 244 274
Accumulated Other Comprehensive Income / (Loss)		 -1.91 -2.14 -2.16 -2.28 -2.56 -3.63 -2.79 -3.14 -2.99 -3.42 -3.34

Annual Metrics And Ratios for Chefs' Warehouse

This table displays calculated financial ratios and metrics derived from Chefs' Warehouse's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/25/2015 12/30/2016 12/29/2017 12/28/2018 12/27/2019 12/25/2020 12/24/2021 12/30/2022 12/29/2023 12/27/2024 12/26/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 25.72% 13.95% 9.11% 10.99% 10.19% -30.17% 57.04% 49.70% 31.39% 10.50% 9.36%
EBITDA Growth		 36.08% 17.95% -5.74% 16.00% 6.59% -183.68% 169.40% 170.85% 26.27% 23.37% 15.58%
EBIT Growth		 23.26% 16.25% -13.09% 18.17% 4.28% -302.62% 110.53% 693.06% 17.73% 27.01% 13.18%
NOPAT Growth		 25.14% 6.47% 27.57% 10.92% 6.26% -289.96% 110.53% 650.54% 10.83% 42.08% 13.39%
Net Income Growth		 14.03% -81.35% 375.22% 42.02% 18.58% -442.67% 94.06% 663.68% 24.65% 60.39% 30.43%
EPS Growth		 10.53% -80.95% 350.00% 29.63% 15.71% -403.70% 94.72% 661.54% 20.55% 50.00% 27.27%
Operating Cash Flow Growth		 285.09% 3.15% -19.06% 43.13% -0.17% -4.72% -146.41% 216.26% 166.44% 148.32% -15.58%
Free Cash Flow Firm Growth		 -1,677.77% 93.85% 106.52% 2,591.54% -101.26% -22,135.96% -59.07% -205.02% 30.48% 154.53% -100.82%
Invested Capital Growth		 59.97% 7.47% 6.38% 3.73% 6.98% -4.64% 14.20% 43.24% 23.57% 0.62% 9.04%
Revenue Q/Q Growth		 6.89% 4.47% 1.10% 2.63% 2.08% -11.53% 18.83% 9.79% 4.86% 2.24% 2.70%
EBITDA Q/Q Growth		 13.04% 13.57% -9.23% 5.39% 0.99% -4,329.68% 391.70% 14.30% 10.00% 6.12% 0.14%
EBIT Q/Q Growth		 10.00% 18.54% -14.66% 4.93% 1.45% -184.89% 120.28% 19.39% 9.07% 6.92% -2.18%
NOPAT Q/Q Growth		 12.23% 3.15% 16.45% -5.05% 3.48% -184.89% 120.28% 8.45% 20.04% 11.59% -3.93%
Net Income Q/Q Growth		 9.87% 463.99% 2.43% -2.86% 9.04% -137.15% 90.24% -20.76% 75.02% 16.67% -3.01%
EPS Q/Q Growth		 8.62% 500.00% -1.82% -6.67% 8.00% -134.29% 90.85% -19.78% 62.96% 13.79% -3.45%
Operating Cash Flow Q/Q Growth		 45.59% -7.76% -23.01% 7.85% 28.15% -43.08% 46.68% -39.40% 439.18% 25.82% 0.67%
Free Cash Flow Firm Q/Q Growth		 12.70% -259.16% 139.30% -44.18% 98.90% -226.31% -0.77% -133.06% 85.61% 272.52% -103.13%
Invested Capital Q/Q Growth		 -2.73% 0.56% 1.00% 3.02% -0.17% -2.89% 4.77% 0.00% 1.80% -2.68% -1.05%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 25.67% 25.25% 25.31% 24.15% 24.28% 22.32% 22.37% 23.67% 23.72% 24.09% 24.20%
EBITDA Margin		 5.48% 5.67% 4.90% 5.12% 4.95% -5.93% 2.62% 4.74% 4.56% 5.09% 5.38%
Operating Margin		 3.86% 3.96% 3.16% 3.36% 3.18% -9.24% 0.62% 3.28% 2.94% 3.38% 3.50%
EBIT Margin		 3.89% 3.97% 3.16% 3.36% 3.18% -9.24% 0.62% 3.28% 2.94% 3.38% 3.50%
Profit (Net Income) Margin		 1.55% 0.25% 1.10% 1.41% 1.52% -7.46% -0.28% 1.06% 1.01% 1.46% 1.74%
Tax Burden Percent		 58.49% 53.26% 78.04% 73.27% 74.66% 67.07% 72.65% 66.25% 62.36% 69.76% 69.89%
Interest Burden Percent		 68.09% 12.00% 44.77% 57.31% 63.95% 120.40% -62.68% 48.86% 54.95% 62.03% 71.36%
Effective Tax Rate		 41.51% 46.74% 21.96% 26.73% 25.34% 0.00% 0.00% 33.75% 37.64% 30.24% 30.11%
Return on Invested Capital (ROIC)		 6.33% 5.28% 6.30% 6.66% 6.71% -12.63% 1.27% 7.36% 6.20% 7.94% 8.59%
ROIC Less NNEP Spread (ROIC-NNEP)		 2.73% -2.47% 0.15% 0.72% 1.06% -17.46% -3.77% 0.02% 1.37% 2.55% 3.82%
Return on Net Nonoperating Assets (RNNOA)		 3.35% -3.70% 0.19% 0.66% 0.79% -11.74% -2.69% 0.02% 1.88% 3.24% 4.09%
Return on Equity (ROE)		 9.68% 1.58% 6.50% 7.32% 7.51% -24.36% -1.42% 7.38% 8.08% 11.18% 12.67%
Cash Return on Invested Capital (CROIC)		 -39.80% -1.92% 0.12% 3.00% -0.04% -7.88% -11.99% -28.19% -14.89% 7.32% -0.06%
Operating Return on Assets (OROA)		 8.51% 7.80% 6.22% 6.84% 5.80% -10.33% 1.06% 6.64% 6.28% 7.19% 7.47%
Return on Assets (ROA)		 3.39% 0.50% 2.17% 2.87% 2.77% -8.34% -0.48% 2.15% 2.15% 3.11% 3.72%
Return on Common Equity (ROCE)		 9.68% 1.58% 6.50% 7.32% 7.51% -24.36% -1.42% 7.38% 8.08% 11.18% 12.67%
Return on Equity Simple (ROE_SIMPLE)		 8.62% 1.56% 5.78% 6.61% 7.20% -24.06% -1.41% 6.91% 7.61% 10.32% 0.00%
Net Operating Profit after Tax (NOPAT)		 24 25 32 36 38 -72 7.57 57 63 89 101
NOPAT Margin		 2.26% 2.11% 2.47% 2.46% 2.38% -6.46% 0.43% 2.17% 1.83% 2.36% 2.44%
Net Nonoperating Expense Percent (NNEP)		 3.61% 7.76% 6.16% 5.94% 5.65% 4.83% 5.05% 7.34% 4.83% 5.39% 4.76%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - 5.32% 5.37% 7.19% 7.50%
Cost of Revenue to Revenue		 74.33% 74.75% 74.69% 75.85% 75.72% 77.68% 77.63% 76.33% 76.28% 75.91% 75.80%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 20.64% 20.70% 30.26% 21.72% 19.83% 20.52% 20.69% 20.48%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 21.81% 21.29% 22.15% 20.79% 21.10% 31.56% 21.75% 20.39% 20.78% 20.71% 20.70%
Earnings before Interest and Taxes (EBIT)		 41 47 41 49 51 -103 11 86 101 128 145
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 57 68 64 74 79 -66 46 124 157 193 223
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.43 2.14 2.19 3.04 3.43 2.62 3.52 3.17 2.57 3.58 4.28
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 50.10 52.08 0.00 0.00 91.84 24.79
Price to Revenue (P/Rev)		 0.44 0.35 0.42 0.65 0.72 0.81 0.71 0.49 0.34 0.51 0.62
Price to Earnings (P/E)		 28.17 137.22 37.91 46.02 47.61 0.00 0.00 46.17 33.41 35.99 35.21
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 3.55% 0.73% 2.64% 2.17% 2.10% 0.00% 0.00% 2.17% 2.99% 2.78% 2.84%
Enterprise Value to Invested Capital (EV/IC)		 1.59 1.45 1.56 2.16 2.40 2.00 2.39 1.96 1.63 2.23 2.61
Enterprise Value to Revenue (EV/Rev)		 0.70 0.60 0.63 0.81 0.88 1.00 0.87 0.68 0.53 0.66 0.77
Enterprise Value to EBITDA (EV/EBITDA)		 12.69 10.56 12.88 15.89 17.74 0.00 33.16 14.36 11.72 13.04 14.39
Enterprise Value to EBIT (EV/EBIT)		 17.89 15.10 19.96 24.18 27.60 0.00 140.42 20.77 18.18 19.64 22.14
Enterprise Value to NOPAT (EV/NOPAT)		 30.80 28.40 25.58 33.00 36.96 0.00 200.59 31.35 29.16 28.15 31.68
Enterprise Value to Operating Cash Flow (EV/OCF)		 19.29 18.36 26.06 26.06 31.07 25.96 0.00 76.98 29.78 16.45 24.86
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 1,378.71 73.31 0.00 0.00 0.00 0.00 0.00 30.54 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.46 1.72 1.28 0.90 1.15 1.17 1.14 1.66 1.58 1.31 1.24
Long-Term Debt to Equity		 1.42 1.64 1.26 0.90 1.15 1.16 1.13 1.63 1.46 1.28 1.19
Financial Leverage		 1.23 1.50 1.30 0.92 0.75 0.67 0.71 1.05 1.37 1.27 1.07
Leverage Ratio		 2.86 3.18 2.99 2.55 2.71 2.92 2.95 3.44 3.75 3.59 3.40
Compound Leverage Factor		 1.94 0.38 1.34 1.46 1.73 3.52 -1.85 1.68 2.06 2.23 2.43
Debt to Total Capital		 59.28% 63.18% 56.11% 47.41% 53.52% 53.98% 53.27% 62.39% 61.23% 56.80% 55.33%
Short-Term Debt to Total Capital		 1.36% 2.81% 0.68% 0.01% 0.10% 0.81% 0.69% 1.16% 4.54% 1.45% 2.08%
Long-Term Debt to Total Capital		 57.92% 60.37% 55.43% 47.40% 53.42% 53.17% 52.59% 61.22% 56.69% 55.35% 53.25%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 40.72% 36.82% 43.89% 52.59% 46.48% 46.02% 46.73% 37.61% 38.77% 43.20% 44.67%
Debt to EBITDA		 4.77 4.92 4.99 3.76 4.91 -6.13 8.72 5.37 4.59 3.66 3.35
Net Debt to EBITDA		 4.73 4.43 4.33 3.19 3.13 -3.20 6.21 4.09 4.27 3.07 2.81
Long-Term Debt to EBITDA		 4.66 4.70 4.93 3.76 4.90 -6.04 8.61 5.27 4.25 3.57 3.23
Debt to NOPAT		 11.58 13.22 9.90 7.81 10.23 -5.62 52.76 11.72 11.41 7.90 7.38
Net Debt to NOPAT		 11.47 11.91 8.61 6.62 6.52 -2.93 37.55 8.93 10.61 6.62 6.19
Long-Term Debt to NOPAT		 11.31 12.63 9.78 7.81 10.21 -5.54 52.08 11.51 10.56 7.70 7.10
Altman Z-Score		 3.15 3.14 3.33 4.05 3.29 2.07 3.04 3.02 3.09 3.54 3.80
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 2.22 2.46 2.74 2.62 3.02 3.43 2.39 2.54 1.89 2.04 2.05
Quick Ratio		 1.23 1.50 1.70 1.63 2.10 2.45 1.46 1.48 1.00 1.13 1.08
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -148 -9.13 0.60 16 -0.20 -45 -71 -217 -151 82 -0.67
Operating Cash Flow to CapEx		 689.83% 242.11% 255.84% 227.84% 279.95% 609.45% -51.28% 50.46% 107.33% 309.18% 311.93%
Free Cash Flow to Firm to Interest Expense		 -11.44 -0.22 0.03 0.77 -0.01 -2.14 -4.05 -4.96 -3.32 1.69 -0.02
Operating Cash Flow to Interest Expense		 2.91 0.93 1.39 2.17 2.46 2.05 -1.13 0.53 1.36 3.14 3.11
Operating Cash Flow Less CapEx to Interest Expense		 2.48 0.55 0.84 1.22 1.58 1.71 -3.34 -0.52 0.09 2.13 2.11
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 2.19 1.97 1.97 2.03 1.82 1.12 1.70 2.02 2.14 2.13 2.14
Accounts Receivable Turnover		 9.47 9.46 9.63 9.51 9.45 8.19 12.98 12.08 11.56 10.84 10.94
Inventory Turnover		 9.25 9.89 10.26 10.21 10.19 8.36 11.94 10.22 9.88 9.59 8.96
Fixed Asset Turnover		 20.48 20.48 19.94 18.80 17.87 10.67 14.02 16.37 16.33 14.86 13.43
Accounts Payable Turnover		 14.40 13.68 14.35 13.89 13.25 11.39 15.42 14.16 14.39 12.33 11.60
Days Sales Outstanding (DSO)		 38.53 38.58 37.89 38.40 38.61 44.56 28.11 30.22 31.58 33.69 33.37
Days Inventory Outstanding (DIO)		 39.47 36.89 35.59 35.76 35.84 43.66 30.57 35.70 36.94 38.05 40.72
Days Payable Outstanding (DPO)		 25.34 26.69 25.44 26.29 27.54 32.04 23.67 25.77 25.36 29.61 31.47
Cash Conversion Cycle (CCC)		 52.66 48.78 48.03 47.87 46.91 56.18 35.01 40.14 43.17 42.13 42.61
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 459 493 525 544 583 555 634 909 1,123 1,130 1,232
Invested Capital Turnover		 2.81 2.50 2.56 2.70 2.82 1.95 2.93 3.39 3.38 3.37 3.51
Increase / (Decrease) in Invested Capital		 172 34 32 20 38 -27 79 274 214 6.99 102
Enterprise Value (EV)		 728 714 821 1,175 1,398 1,113 1,518 1,781 1,835 2,518 3,212
Market Capitalization		 457 415 545 939 1,152 902 1,234 1,274 1,167 1,926 2,585
Book Value per Share		 $7.15 $7.38 $9.36 $10.30 $11.07 $9.12 $9.24 $10.49 $11.46 $13.59 $14.85
Tangible Book Value per Share		 ($3.98) ($4.08) ($2.67) ($0.19) ($0.02) $0.48 $0.63 ($1.08) ($2.17) $0.53 $2.56
Total Capital		 462 526 566 587 723 749 750 1,067 1,173 1,244 1,353
Total Debt		 274 333 318 278 387 404 399 666 718 707 749
Total Long-Term Debt		 267 318 314 278 386 398 394 654 665 689 720
Net Debt		 271 300 276 236 247 211 284 507 668 592 628
Capital Expenditures (CapEx)		 5.47 16 12 20 16 7.04 39 46 57 50 41
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 129 139 151 161 163 100 163 291 348 346 404
Debt-free Net Working Capital (DFNWC)		 132 172 192 203 304 294 278 450 398 461 525
Net Working Capital (NWC)		 125 157 189 203 303 288 273 437 345 443 496
Net Nonoperating Expense (NNE)		 7.42 22 18 15 14 11 12 29 28 34 29
Net Nonoperating Obligations (NNO)		 271 300 276 236 247 211 284 507 668 592 628
Total Depreciation and Amortization (D&A)		 17 20 23 25 28 37 35 38 56 65 78
Debt-free, Cash-free Net Working Capital to Revenue		 12.34% 11.66% 11.59% 11.13% 10.27% 9.03% 9.33% 11.13% 10.15% 9.12% 9.73%
Debt-free Net Working Capital to Revenue		 12.57% 14.41% 14.78% 14.07% 19.08% 26.42% 15.93% 17.20% 11.60% 12.14% 12.64%
Net Working Capital to Revenue		 11.98% 13.17% 14.49% 14.07% 19.04% 25.87% 15.63% 16.73% 10.05% 11.67% 11.96%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.63 $0.12 $0.55 $0.71 $0.82 ($2.46) ($0.13) $0.75 $0.92 $1.46 $1.87
Adjusted Weighted Average Basic Shares Outstanding		 25.53M 25.92M 26.12M 28.70M 29.53M 33.72M 36.74M 37.09M 37.63M 37.91M 38.72M
Adjusted Diluted Earnings per Share		 $0.63 $0.12 $0.54 $0.70 $0.81 ($2.46) ($0.13) $0.73 $0.88 $1.32 $1.68
Adjusted Weighted Average Diluted Shares Outstanding		 26.51M 26.03M 27.42M 29.68M 30.07M 33.72M 36.74M 38.74M 45.64M 45.98M 46.00M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 26.28M 26.28M 28.44M 29.97M 30.31M 37.28M 37.89M 38.60M 39.67M 40.27M 40.69M
Normalized Net Operating Profit after Tax (NOPAT)		 24 25 32 36 38 -72 7.57 57 63 89 101
Normalized NOPAT Margin		 2.26% 2.11% 2.47% 2.46% 2.38% -6.46% 0.43% 2.17% 1.83% 2.36% 2.44%
Pre Tax Income Margin		 2.65% 0.48% 1.41% 1.93% 2.04% -11.12% -0.39% 1.60% 1.62% 2.10% 2.50%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 3.13 1.14 1.81 2.34 2.77 -4.90 0.61 1.96 2.22 2.63 3.49
NOPAT to Interest Expense		 1.82 0.60 1.41 1.72 2.07 -3.43 0.43 1.30 1.38 1.84 2.44
EBIT Less CapEx to Interest Expense		 2.71 0.75 1.27 1.39 1.89 -5.24 -1.59 0.91 0.96 1.62 2.49
NOPAT Less CapEx to Interest Expense		 1.40 0.22 0.87 0.76 1.19 -3.77 -1.78 0.25 0.12 0.82 1.44
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 31.35% 20.73%

Quarterly Metrics And Ratios for Chefs' Warehouse

This table displays calculated financial ratios and metrics derived from Chefs' Warehouse's official financial filings.

Metric Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 3/29/2024 6/28/2024 9/27/2024 12/27/2024 3/28/2025 6/27/2025 9/26/2025 12/26/2025 3/27/2026 6/26/2026 9/25/2026
DEI Shares Outstanding		 - - - - - - - - 40,694,233.00 40,777,629.00 40,796,083.00
DEI Adjusted Shares Outstanding		 - - - - - - - - 40,694,233.00 40,777,629.00 40,796,083.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - 0.42 0.82 0.73
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 21.52% 8.27% 5.63% 8.74% 8.72% 8.40% 9.65% 10.55% 11.39% 12.92% 11.17%
EBITDA Growth		 33.05% 24.65% 19.37% 21.15% 30.77% 19.64% 21.48% 0.48% 30.43% 34.07% 23.72%
EBIT Growth		 34.49% 33.65% 24.79% 21.75% 42.07% 18.75% 22.13% -6.97% 45.74% 45.79% 32.23%
NOPAT Growth		 27.18% 26.43% 69.06% 37.76% 67.31% 22.14% 17.62% -12.38% 35.05% 38.91% 36.72%
Net Income Growth		 37.83% 57.33% 92.54% 49.54% 432.78% 36.83% 35.82% -9.37% 68.81% 58.97% 54.67%
EPS Growth		 25.00% 48.00% 78.95% 40.00% 400.00% 32.43% 29.41% -10.71% 60.00% 55.10% 52.27%
Operating Cash Flow Growth		 1,466.65% 124.82% 114.11% 75.52% 60.41% -50.55% -143.96% 1.18% -22.81% 302.63% 610.35%
Free Cash Flow Firm Growth		 54.82% 89.99% 96.72% 113.25% 115.23% 99.18% -61.85% -392.20% -510.44% -9,962.27% 152.14%
Invested Capital Growth		 14.92% 5.21% 5.26% 0.62% -0.17% 2.56% 7.24% 9.04% 9.76% 5.75% 0.46%
Revenue Q/Q Growth		 -7.99% 9.17% -2.44% 10.96% -8.01% 8.85% -1.31% 11.87% -7.31% 10.35% -2.84%
EBITDA Q/Q Growth		 -36.23% 57.84% -2.48% 31.99% -35.63% 44.41% -0.98% 9.17% -16.44% 48.43% -8.63%
EBIT Q/Q Growth		 -58.06% 111.63% -5.86% 45.71% -51.06% 76.89% -3.18% 11.00% -23.33% 76.95% -12.18%
NOPAT Q/Q Growth		 -52.17% 111.66% -5.86% 44.53% -41.91% 54.52% -9.34% 7.67% -10.46% 58.94% -10.77%
Net Income Q/Q Growth		 -87.93% 703.94% -9.19% 69.71% -57.00% 106.46% -9.85% 13.24% -19.91% 94.43% -12.29%
EPS Q/Q Growth		 -87.50% 640.00% -8.11% 64.71% -55.36% 96.00% -10.20% 13.64% -20.00% 90.00% -11.84%
Operating Cash Flow Q/Q Growth		 -25.71% -5.09% -32.38% 268.13% -32.11% -70.74% -160.10% 947.39% -48.21% 52.63% -23.81%
Free Cash Flow Firm Q/Q Growth		 29.06% 75.80% -9.01% 170.78% -18.42% -101.31% -21,369.21% -27.77% -14.59% 67.99% 211.24%
Invested Capital Q/Q Growth		 0.49% 1.12% 1.75% -2.68% -0.29% 3.88% 6.39% -1.05% 0.36% 0.09% 1.07%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 23.95% 23.99% 24.13% 24.28% 23.77% 24.58% 24.20% 24.21% 24.30% 25.06% 25.04%
EBITDA Margin		 3.59% 5.19% 5.19% 6.17% 4.32% 5.73% 5.75% 5.61% 5.06% 6.80% 6.40%
Operating Margin		 1.83% 3.55% 3.42% 4.49% 2.39% 3.89% 3.81% 3.78% 3.13% 5.02% 4.53%
EBIT Margin		 1.83% 3.55% 3.42% 4.49% 2.39% 3.89% 3.81% 3.78% 3.13% 5.02% 4.53%
Profit (Net Income) Margin		 0.22% 1.63% 1.51% 2.31% 1.08% 2.05% 1.87% 1.90% 1.64% 2.89% 2.61%
Tax Burden Percent		 69.99% 70.00% 70.00% 69.44% 82.42% 72.00% 67.42% 65.40% 76.38% 68.61% 69.71%
Interest Burden Percent		 17.24% 65.48% 63.17% 74.17% 54.90% 73.36% 72.94% 76.72% 68.62% 83.95% 82.52%
Effective Tax Rate		 30.01% 30.00% 30.00% 30.56% 17.58% 28.00% 32.58% 34.60% 23.62% 31.39% 30.29%
Return on Invested Capital (ROIC)		 4.36% 8.17% 7.86% 10.51% 6.77% 9.57% 8.63% 8.69% 8.61% 12.56% 11.41%
ROIC Less NNEP Spread (ROIC-NNEP)		 2.88% 6.95% 6.64% 9.19% 5.43% 8.37% 7.58% 7.61% 7.30% 11.48% 10.40%
Return on Net Nonoperating Assets (RNNOA)		 4.24% 10.53% 9.78% 11.67% 6.95% 10.60% 9.67% 8.13% 7.70% 11.44% 10.14%
Return on Equity (ROE)		 8.60% 18.70% 17.64% 22.19% 13.71% 20.17% 18.31% 16.83% 16.31% 24.00% 21.56%
Cash Return on Invested Capital (CROIC)		 -7.68% 1.31% 1.96% 7.32% 8.73% 6.28% 1.79% -0.06% -0.11% 4.36% 9.91%
Operating Return on Assets (OROA)		 4.08% 7.72% 7.40% 9.57% 5.28% 8.48% 8.35% 8.08% 6.96% 11.20% 10.22%
Return on Assets (ROA)		 0.49% 3.54% 3.27% 4.93% 2.39% 4.48% 4.11% 4.05% 3.65% 6.45% 5.88%
Return on Common Equity (ROCE)		 8.60% 18.70% 17.64% 22.19% 13.71% 20.17% 18.31% 16.83% 16.31% 24.00% 21.56%
Return on Equity Simple (ROE_SIMPLE)		 7.84% 8.83% 9.90% 0.00% 11.79% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 11 24 22 32 19 29 26 28 25 40 36
NOPAT Margin		 1.28% 2.48% 2.40% 3.12% 1.97% 2.80% 2.57% 2.47% 2.39% 3.44% 3.16%
Net Nonoperating Expense Percent (NNEP)		 1.48% 1.22% 1.22% 1.32% 1.34% 1.19% 1.05% 1.08% 1.31% 1.07% 1.02%
Return On Investment Capital (ROIC_SIMPLE)		 - - - 2.59% 1.51% 2.29% 2.00% 2.09% 1.86% 2.93% 2.54%
Cost of Revenue to Revenue		 76.05% 76.01% 75.87% 75.72% 76.23% 75.42% 75.80% 75.79% 75.70% 74.94% 74.96%
SG&A Expenses to Revenue		 21.76% 20.41% 20.71% 20.01% 21.33% 20.65% 20.38% 19.71% 21.17% 20.04% 20.56%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 22.12% 20.44% 20.71% 19.79% 21.38% 20.69% 20.39% 20.42% 21.17% 20.05% 20.51%
Earnings before Interest and Taxes (EBIT)		 16 34 32 46 23 40 39 43 33 59 51
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 31 50 48 64 41 59 59 64 54 80 73
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 3.34 3.37 3.47 3.58 3.98 4.63 4.14 4.28 3.98 6.03 6.55
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 91.84 69.47 48.92 31.56 24.79 21.19 24.64 22.22
Price to Revenue (P/Rev)		 0.42 0.42 0.45 0.51 0.56 0.65 0.59 0.62 0.57 0.89 1.00
Price to Earnings (P/E)		 42.60 38.50 35.32 35.99 34.53 37.43 32.24 35.21 30.25 42.82 44.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 2.35% 2.60% 2.83% 2.78% 2.90% 2.67% 3.10% 2.84% 3.31% 2.34% 2.27%
Enterprise Value to Invested Capital (EV/IC)		 1.93 1.96 2.02 2.23 2.43 2.73 2.45 2.61 2.47 3.64 4.05
Enterprise Value to Revenue (EV/Rev)		 0.61 0.61 0.63 0.66 0.71 0.81 0.76 0.77 0.72 1.02 1.12
Enterprise Value to EBITDA (EV/EBITDA)		 13.23 12.83 12.89 13.04 13.50 15.04 13.70 14.39 12.94 17.58 18.76
Enterprise Value to EBIT (EV/EBIT)		 20.70 19.67 19.56 19.64 20.29 22.63 20.59 22.14 19.61 25.88 27.15
Enterprise Value to NOPAT (EV/NOPAT)		 33.20 31.45 29.26 28.15 28.37 31.42 28.94 31.68 28.10 37.57 39.12
Enterprise Value to Operating Cash Flow (EV/OCF)		 22.94 20.12 19.28 16.45 15.94 20.38 23.80 24.86 25.87 27.82 23.55
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 153.01 105.98 30.54 27.83 44.08 141.85 0.00 0.00 85.73 40.95
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.61 1.55 1.52 1.31 1.29 1.27 1.27 1.24 1.23 1.12 1.06
Long-Term Debt to Equity		 1.49 1.43 1.39 1.28 1.26 1.24 1.23 1.19 1.18 1.07 1.01
Financial Leverage		 1.47 1.52 1.47 1.27 1.28 1.27 1.28 1.07 1.05 1.00 0.98
Leverage Ratio		 3.77 3.80 3.75 3.59 3.55 3.55 3.49 3.40 3.33 3.26 3.17
Compound Leverage Factor		 0.65 2.49 2.37 2.66 1.95 2.61 2.55 2.61 2.28 2.74 2.61
Debt to Total Capital		 61.75% 60.83% 60.36% 56.80% 56.42% 55.98% 55.98% 55.33% 55.22% 52.78% 51.49%
Short-Term Debt to Total Capital		 4.74% 4.80% 5.34% 1.45% 1.63% 1.51% 1.65% 2.08% 2.17% 2.25% 2.27%
Long-Term Debt to Total Capital		 57.00% 56.03% 55.01% 55.35% 54.79% 54.48% 54.33% 53.25% 53.04% 50.53% 49.23%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 38.25% 39.17% 39.64% 43.20% 43.58% 44.02% 44.02% 44.67% 44.78% 47.22% 48.51%
Debt to EBITDA		 4.40 4.12 4.02 3.66 3.46 3.34 3.29 3.35 3.18 2.83 2.70
Net Debt to EBITDA		 4.14 3.90 3.74 3.07 2.88 2.88 3.00 2.81 2.66 2.30 2.09
Long-Term Debt to EBITDA		 4.06 3.79 3.66 3.57 3.36 3.25 3.19 3.23 3.06 2.71 2.58
Debt to NOPAT		 11.04 10.10 9.12 7.90 7.27 6.97 6.95 7.38 6.91 6.05 5.63
Net Debt to NOPAT		 10.39 9.56 8.49 6.62 6.06 6.02 6.33 6.19 5.78 4.92 4.36
Long-Term Debt to NOPAT		 10.19 9.30 8.32 7.70 7.06 6.78 6.74 7.10 6.64 5.79 5.38
Altman Z-Score		 3.24 3.28 3.27 3.39 3.54 3.69 3.67 3.64 3.70 4.44 4.69
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.92 1.85 1.85 2.04 2.05 2.01 2.14 2.05 2.18 2.15 2.21
Quick Ratio		 0.99 0.91 0.90 1.13 1.11 1.02 1.02 1.08 1.17 1.17 1.20
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -135 -33 -36 25 21 -0.27 -58 -74 -85 -27 30
Operating Cash Flow to CapEx		 181.06% 182.64% 247.64% 871.69% 401.54% 145.31% -79.14% 913.52% 496.92% 632.78% 524.24%
Free Cash Flow to Firm to Interest Expense		 -10.22 -2.80 -3.04 2.11 2.01 -0.03 -5.48 -7.34 -8.14 -2.88 3.35
Operating Cash Flow to Interest Expense		 2.33 2.51 1.69 6.08 4.83 1.35 -0.83 7.34 3.68 6.20 4.94
Operating Cash Flow Less CapEx to Interest Expense		 1.04 1.14 1.01 5.39 3.63 0.42 -1.87 6.54 2.94 5.22 4.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 2.23 2.18 2.16 2.13 2.21 2.18 2.19 2.14 2.22 2.23 2.25
Accounts Receivable Turnover		 12.21 11.72 11.41 10.84 11.93 11.72 11.85 10.94 11.94 11.76 12.07
Inventory Turnover		 10.01 9.25 8.69 9.59 9.99 8.83 8.49 8.96 9.47 8.87 8.59
Fixed Asset Turnover		 16.06 15.74 15.50 14.86 14.21 13.85 13.30 13.43 13.31 13.31 13.05
Accounts Payable Turnover		 15.50 13.32 12.77 12.33 13.59 12.00 13.31 11.60 13.35 12.64 14.09
Days Sales Outstanding (DSO)		 29.89 31.14 31.99 33.69 30.60 31.14 30.80 33.37 30.57 31.03 30.23
Days Inventory Outstanding (DIO)		 36.48 39.44 41.98 38.05 36.54 41.33 43.01 40.72 38.56 41.13 42.47
Days Payable Outstanding (DPO)		 23.55 27.41 28.58 29.61 26.85 30.43 27.42 31.47 27.33 28.88 25.90
Cash Conversion Cycle (CCC)		 42.81 43.18 45.39 42.13 40.29 42.05 46.39 42.61 41.80 43.28 46.80
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 1,128 1,141 1,161 1,130 1,126 1,170 1,245 1,232 1,236 1,237 1,251
Invested Capital Turnover		 3.40 3.29 3.28 3.37 3.43 3.42 3.36 3.51 3.60 3.65 3.61
Increase / (Decrease) in Invested Capital		 147 56 58 6.99 -1.87 29 84 102 110 67 5.77
Enterprise Value (EV)		 2,174 2,235 2,345 2,518 2,738 3,197 3,055 3,212 3,050 4,501 5,063
Market Capitalization		 1,494 1,555 1,665 1,926 2,153 2,585 2,386 2,585 2,422 3,911 4,499
Book Value per Share		 $11.84 $11.61 $12.06 $13.59 $13.45 $13.71 $14.15 $14.85 $14.96 $15.90 $16.83
Tangible Book Value per Share		 ($2.31) ($1.69) ($1.08) $0.53 $0.77 $1.30 $1.85 $2.56 $2.81 $3.89 $4.96
Total Capital		 1,171 1,179 1,212 1,244 1,243 1,267 1,310 1,353 1,359 1,373 1,415
Total Debt		 723 717 731 707 701 709 733 749 750 725 729
Total Long-Term Debt		 667 661 667 689 681 690 712 720 721 694 697
Net Debt		 681 679 681 592 585 612 668 628 628 589 564
Capital Expenditures (CapEx)		 17 16 8.01 8.38 12 9.98 11 8.09 7.70 9.23 8.49
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 346 359 377 346 331 366 420 404 410 417 438
Debt-free Net Working Capital (DFNWC)		 388 398 428 461 448 463 485 525 533 552 603
Net Working Capital (NWC)		 333 341 363 443 428 444 463 496 503 521 571
Net Nonoperating Expense (NNE)		 9.27 8.18 8.22 8.33 8.45 7.71 7.10 6.58 7.94 6.46 6.27
Net Nonoperating Obligations (NNO)		 681 679 681 592 585 612 668 628 628 589 564
Total Depreciation and Amortization (D&A)		 15 16 16 17 18 19 20 21 20 21 21
Debt-free, Cash-free Net Working Capital to Revenue		 9.64% 9.81% 10.16% 9.12% 8.56% 9.26% 10.39% 9.73% 9.63% 9.49% 9.73%
Debt-free Net Working Capital to Revenue		 10.82% 10.86% 11.53% 12.14% 11.58% 11.71% 12.00% 12.64% 12.51% 12.58% 13.38%
Net Working Capital to Revenue		 9.27% 9.31% 9.79% 11.67% 11.05% 11.23% 11.46% 11.96% 11.82% 11.87% 12.67%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.05 $0.41 $0.37 $0.63 $0.27 $0.55 $0.50 $0.55 $0.45 $0.87 $0.76
Adjusted Weighted Average Basic Shares Outstanding		 37.82M 37.92M 37.86M 37.91M 38.70M 38.88M 38.58M 38.72M 38.80M 38.93M 38.81M
Adjusted Diluted Earnings per Share		 $0.05 $0.37 $0.34 $0.56 $0.25 $0.49 $0.44 $0.50 $0.40 $0.76 $0.67
Adjusted Weighted Average Diluted Shares Outstanding		 38.63M 45.95M 45.94M 45.98M 46.09M 46.03M 45.80M 46.00M 46.08M 46.05M 46.16M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 39.77M 39.83M 39.55M 40.27M 40.68M 40.76M 40.69M 40.69M 40.78M 40.80M 43.46M
Normalized Net Operating Profit after Tax (NOPAT)		 11 24 22 32 19 29 26 28 25 40 36
Normalized NOPAT Margin		 1.28% 2.48% 2.40% 3.12% 1.97% 2.80% 2.57% 2.47% 2.39% 3.44% 3.16%
Pre Tax Income Margin		 0.32% 2.32% 2.16% 3.33% 1.31% 2.85% 2.78% 2.90% 2.15% 4.21% 3.74%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 1.21 2.90 2.72 3.87 2.22 3.75 3.70 4.30 3.19 6.23 5.72
NOPAT to Interest Expense		 0.85 2.03 1.90 2.69 1.83 2.70 2.49 2.81 2.43 4.27 3.99
EBIT Less CapEx to Interest Expense		 -0.08 1.52 2.03 3.17 1.01 2.82 2.65 3.49 2.45 5.25 4.78
NOPAT Less CapEx to Interest Expense		 -0.44 0.65 1.22 1.99 0.62 1.77 1.45 2.01 1.69 3.29 3.05
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 31.35% 19.41% 25.01% 30.02% 20.73% 31.48% 16.31% 9.76%

Financials Breakdown Chart

Key Financial Trends

Chefs’ Warehouse has shown a clear improvement in operating performance over the reported period. Revenue increased from $661.9 million in Q3 2022 to $1.17 billion in Q2 2026. On a year-over-year basis, Q2 2026 revenue rose 12.9% from $1.03 billion in Q2 2025, while gross profit increased 15.2% to $292.9 million. This indicates that growth is being accompanied by modest margin expansion rather than coming solely from higher sales volume.

  • Gross margin has steadily improved. Gross margin increased to approximately 25.1% in Q2 2026, compared with 24.6% in Q2 2025, 24.0% in Q2 2024 and 23.6% in Q2 2023.
  • Operating profitability is strengthening. Q2 2026 operating income of $58.6 million was up 45.8% from $40.2 million in Q2 2025. The operating margin improved to about 5.0%, compared with 3.9% a year earlier and 2.9% in Q2 2023.
  • Net income and earnings per share are trending higher. Net income attributable to common shareholders increased to $33.3 million in Q2 2026 from $22.1 million in Q2 2025 and $15.4 million in Q2 2024. Diluted EPS rose to $0.76 from $0.49 a year earlier.
  • Operating cash flow improved substantially in the latest quarter. Q2 2026 operating cash flow was $58.4 million, compared with $14.5 million in Q2 2025 and $29.3 million in Q2 2024. This suggests that recent earnings are converting into cash more effectively, although working-capital movements remain important.
  • Liquidity has improved from prior-year levels. Cash and equivalents increased to $135.5 million at the end of Q2 2026 from $96.9 million in Q2 2025 and $38.3 million in Q2 2024. Total current assets of $975.8 million were more than twice current liabilities of $454.3 million.
  • Shareholders’ equity has grown. Total common equity reached $648.2 million in Q2 2026, up from $557.7 million in Q2 2025 and $461.9 million in Q2 2024, supported by retained earnings and ongoing profitability.
  • Debt reduction has continued in cash flow activity. Chefs’ Warehouse repaid $30.8 million of debt in Q2 2026 after repaying $5.8 million in Q1 2026 and $10.8 million in Q2 2025. Debt repayment has been a recurring use of cash across the reported periods.
  • Capital spending remains significant but appears manageable. Q2 2026 capital expenditures were $9.2 million, below the $16.1 million recorded in Q2 2024 and $14.5 million in Q2 2023. The latest quarter generated approximately $49.2 million of operating cash flow after capital expenditures.
  • Working-capital needs create quarterly volatility. Changes in operating assets and liabilities reduced cash flow by $8.4 million in Q2 2026 and $9.9 million in Q1 2026. The impact was substantially worse in Q3 2025, when working capital reduced operating cash flow by $57.4 million and operating cash flow turned negative.
  • Leverage remains elevated. Total debt was approximately $724.7 million at the end of Q2 2026, including $693.7 million of long-term debt. Debt has remained broadly flat near $700 million despite earnings growth, leaving interest expense at $9.4 million in the latest quarter.
  • Interest expense continues to absorb a meaningful portion of operating income. Q2 2026 interest expense reduced operating income of $58.6 million to pretax income of $49.2 million. Although interest expense declined from $10.4 million in Q1 2026, it remains an important constraint on bottom-line margins.
  • Financing activity continues to consume cash. Financing cash flow was negative $36.1 million in Q2 2026, primarily because of debt repayment and other financing outflows. Q1 2026 and Q2 2025 also recorded significant negative financing cash flow, limiting the amount of operating cash available for reinvestment or shareholder returns.

Overall, the statements point to a stronger business than Chefs’ Warehouse had in 2022 and early 2023: revenue, margins, earnings, cash generation and equity have all improved. However, investors should continue to monitor the company’s substantial debt load, interest costs and working-capital swings. The Q2 2026 results were favorable, but maintaining operating cash flow while reducing leverage will be important for sustaining the recent improvement.

Some prior-period income statement and cash flow figures in the provided data are identified as restated. Comparisons use the latest restated figures where available.

11/13/26 12:04 AM ETAI Generated. May Contain Errors.

Chefs' Warehouse Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Chefs' Warehouse's financial year ends in December. Their financial year 2025 ended on December 26, 2025.

Chefs' Warehouse's net income appears to be on an upward trend, with a most recent value of $72.36 million in 2025, rising from $16.21 million in 2015. The previous period was $55.48 million in 2024. See Chefs' Warehouse's forecast for analyst expectations on what's next for the company.

Chefs' Warehouse's total operating income in 2025 was $145.11 million, based on the following breakdown:
  • Total Gross Profit: $1.00 billion
  • Total Operating Expenses: $858.98 million

Over the last 10 years, Chefs' Warehouse's total revenue changed from $1.05 billion in 2015 to $4.15 billion in 2025, a change of 296.4%.

In the past 13 quarters, Chefs' Warehouse's cash and equivalents has ranged from $33.06 million in Q3 2023 to $164.73 million in Q3 2026, and is currently $164.73 million as of their latest financial filing in Q3 2026.

Chefs' Warehouse had total debt of $748.53 million at the end of 2025, a 5.9% increase from 2024, and a 173.6% increase since 2015.

Over the last 10 years, Chefs' Warehouse's book value per share changed from 7.15 in 2015 to 14.85 in 2025, a change of 107.8%.


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Financial statements for NASDAQ:CHEF last updated on 10/28/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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