Chefs' Warehouse, Inc. CHEF
We are a premier distributor of specialty food and center-of-the-plate products in the United States, the Middle East, and Canada. We are focused on serving the specific needs of chefs who own and/or operate some of the leading menu-driven independent restaurants, fine dining establishments, country clubs, hotels, caterers, culinary schools, bakeries, patisseries, chocolateries, cruise lines, casinos and specialty food stores in the United States, the Middle East, and Canada (collectively, our "Core Customers"). We believe that we have a distinct competitive advantage in serving these customers as a result of our extensive selection of distinctive and hard-to-find specialty and center-of-the-plate food products, our product knowledge and our customer service.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.15B | $3.79B | $3.43B | $2.61B | $1.75B | $1.11B | $1.59B | $1.44B | $1.30B | $1.19B |
| Cost of revenue | $3.15B | $2.88B | $2.62B | $1.99B | $1.36B | $863.5M | $1.21B | $1.10B | $972.1M | $891.6M |
| Gross profit | $1.00B | $914.1M | $814.5M | $618.6M | $390.5M | $248.2M | $386.6M | $348.9M | $329.4M | $301.2M |
| SG&A | $849.8M | $784.9M | $704.8M | $518.2M | $379.3M | $336.4M | $329.5M | $298.1M | — | — |
| Total operating expenses | — | — | — | — | — | — | $0 | $0 | $288.3M | $254.0M |
| Operating income | $145.1M | $128.2M | $100.9M | $85.7M | $10.8M | -$102.7M | $50.7M | $48.6M | $41.1M | $47.2M |
| Interest expense | $41.6M | $48.7M | $45.5M | $43.8M | $17.6M | $20.9M | $18.3M | $20.7M | $22.7M | $41.6M |
| Pre-tax income | $103.5M | $79.5M | $55.5M | $41.9M | -$6.8M | -$123.6M | $32.4M | $27.8M | $18.4M | $5.7M |
| Income tax | $31.2M | $24.1M | $20.9M | $14.1M | $1.9M | $40.7M | $8.2M | $7.4M | $4.0M | $2.7M |
| Net income | $72.4M | $55.5M | $34.6M | $27.8M | -$4.9M | -$82.9M | $24.2M | $20.4M | $14.4M | $3.0M |
| EPS, basic | 1.87 | 1.46 | 0.92 | 0.75 | -0.13 | -2.46 | 0.82 | 0.71 | 0.55 | 0.12 |
| EPS, diluted | 1.68 | 1.32 | 0.88 | 0.73 | -0.13 | -2.46 | 0.81 | 0.70 | 0.54 | 0.12 |
| Shares, diluted (wtd. avg.) | $46.0M | $46.0M | $45.6M | $38.7M | $36.7M | $33.7M | $30.1M | $29.7M | $27.4M | $26.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $121.0M | $114.7M | $49.9M | $158.8M | $115.2M | $193.3M | $140.2M | $42.4M | $41.5M | $32.9M |
| Receivables | $392.4M | $366.3M | $334.0M | $260.2M | $172.5M | $96.4M | $175.0M | $161.8M | $142.2M | $128.0M |
| Inventory | $385.7M | $316.0M | $284.5M | $245.7M | $144.5M | $82.5M | $124.1M | $112.6M | $102.1M | $87.5M |
| Total current assets | $969.9M | $868.0M | $730.9M | $720.9M | $470.0M | $405.7M | $453.2M | $328.7M | $296.8M | $264.5M |
| Property, plant and equipment | — | — | — | $185.7M | $133.6M | $115.4M | $92.8M | $85.3M | $68.4M | $62.2M |
| Goodwill | $362.7M | $356.3M | $356.0M | $287.1M | $221.8M | $214.9M | $197.7M | $184.3M | $173.2M | $163.8M |
| Other intangibles | $137.3M | $160.4M | $184.9M | $155.7M | $104.7M | $111.7M | $138.8M | $130.0M | $140.3M | $131.1M |
| Total assets | $2.03B | $1.86B | $1.71B | $1.51B | $1.07B | $974.3M | $1.01B | $732.4M | $687.7M | $633.5M |
| Accounts payable | $275.6M | $266.8M | $200.5M | $163.4M | $118.3M | $57.5M | $94.1M | $87.8M | $70.0M | $65.5M |
| Short-term debt | $28.2M | $18.0M | $53.2M | $12.4M | $5.1M | $6.1M | $721.0K | $61.0K | $3.8M | $14.8M |
| Total current liabilities | $473.5M | $425.4M | $385.8M | $283.7M | $197.0M | $118.1M | $150.2M | $125.5M | $108.3M | $107.4M |
| Long-term debt | $720.3M | $688.7M | $664.8M | $653.5M | $394.2M | $398.1M | $386.1M | $278.2M | $314.0M | $317.7M |
| Total liabilities | $1.42B | $1.32B | $1.25B | $1.11B | $723.6M | $629.7M | $677.7M | $423.7M | $439.1M | $439.8M |
| Retained earnings | $201.6M | $141.9M | $100.0M | $65.4M | $37.6M | $42.5M | $125.4M | $103.3M | $82.9M | $68.5M |
| Total equity | $604.3M | $537.6M | $454.7M | $401.5M | $350.2M | $344.6M | $335.9M | $308.7M | $248.6M | $193.8M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $129.2M | $153.1M | $61.6M | $23.1M | -$19.9M | $42.9M | $45.0M | $45.1M | $31.5M | $38.9M |
| Depreciation and amortisation | $53.7M | $40.6M | $32.9M | $24.3M | $22.0M | $19.8M | $13.3M | $10.3M | $8.5M | $7.1M |
| Stock-based compensation | $21.2M | $17.8M | $20.0M | $13.6M | $11.5M | $9.3M | $4.4M | $4.1M | $3.0M | $2.6M |
| Capital expenditure | $41.4M | $49.5M | $57.4M | $45.8M | $38.8M | $7.0M | $16.1M | $19.8M | $12.3M | $16.6M |
| Investing cash flow | -$46.8M | -$49.8M | -$179.3M | -$232.0M | -$49.0M | -$68.0M | -$44.2M | -$33.7M | -$42.4M | -$35.8M |
| Financing cash flow | -$76.2M | -$38.5M | $9.0M | $253.2M | -$9.2M | $78.1M | $96.9M | -$10.4M | $19.4M | $27.2M |
| Buybacks | $15.0M | $17.4M | $0 | $0 | — | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001517175-26-000005.
Others in SIC 5141
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| PFGC | Performance Food Group Co | $15.54B | 43.1x | 7.2% |
| UNFI | UNITED NATURAL FOODS INC | $2.66B | — | 2.6% |
| DIT | AMCON DISTRIBUTING CO | $66.0M | 73.5x | 3.9% |
| MWYN | Marwynn Holdings, Inc. | $25.8M | — | 427.5% |
| WILC | G WILLI FOOD INTERNATIONAL LTD | — | — | 21.2% |