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The Chefs' Warehouse (CHEF) AI Stock Analysis
The Chefs' Warehouse
(NASDAQ:CHEF)
CHEF scores strongest on improving fundamentals and a very constructive earnings update with raised guidance and continued momentum. The overall score is held back by thin distribution-industry margins and meaningful leverage sensitivity, a premium P/E valuation, and technical indicators that point to a soft near-term trend (below key moving averages with negative MACD).
The Chefs' Warehouse Key Performance Indicators (KPIs)
The Chefs' Warehouse (CHEF) vs. SPDR S&P 500 ETF (SPY)
- Market Cap
- $4.64B
- Dividend Yield
- ―
- Average Volume (3M)
- 629.17K
- Price to Earnings (P/E)
- 40.5
- Beta (1Y)
- 0.84
- Revenue Growth
- 11.51%
- EPS Growth
- 36.16%
- Country
- US
- Employees
- 5,156
- Sector
- Consumer Defensive
- Sector Strength
- 62
- Industry
- Food Distribution
The Chefs' Warehouse Business Overview & Revenue Model
Company Description
The Chefs' Warehouse, Inc. (CHEF), operating through its various subsidiaries, focuses on supplying high-end and gourmet food products across both the United States and Canada. The company maintains an extensive catalog, featuring more than 50,000 di...
How the Company Makes Money
The Chefs' Warehouse makes money primarily by purchasing specialty food products from producers and suppliers and reselling them to foodservice customers at a markup, generating revenue from product sales. Its core revenue streams are tied to distrib...
The Chefs' Warehouse Earnings Call Summary
The call was strongly positive, led by double-digit revenue and organic growth, higher gross profit and margins, improved earnings, continued October momentum, raised full-year guidance, and effective execution across regions. The company also reported strong liquidity, ongoing facility expansion, and continued investment in AI and digital capabilities. These positives were partly offset by higher SG&A, fuel and freight costs, Middle East uncertainty, higher projected year-end leverage and interest expense, share issuance related to the refinancing, and isolated softness in certain customer segments.
Q3-2026 Updates
Positive Updates
Negative Updates
Company Guidance
For full-year 2026, the company estimates net sales will be in the range of $4.56 billion to $4.61 billion, gross profit will be between $1.13 billion and $1.14 billion, and adjusted EBITDA will be between $317 million and $321 million; for the fourth quarter of 26, interest expense is expected to be between $15.5 million and $17.5 million, including approximately $2.7 million of estimated fourth quarter interest expense related to onetime costs associated with the debt refinancing, and fully diluted share count is expected to be in the range of 43.0 million to 43.5 million shares, while for 2027 it is expected to be in the range of 42.0 million to 43 million shares; by year end 26, net debt is expected to be in the range of $550 million to $600 million and net debt to adjusted EBITDA to be in a range of 1.7 to 2.0x, with Q4 guidance implying really consistent year over year revenue growth, about 10% organic growth at the top end, a very consistent kind of above 7% type of EBITDA margin, and full year guidance implying getting to 7%; price inflation is expected to remain consistent through the remainder of the year, at the upper end of the normal range of 2 to 4%.
The Chefs' Warehouse Financial Statement Overview
Summary
Financial results are improving meaningfully: multi-year revenue scale-up and a clear profitability inflection (TTM net income $102.4M vs. a loss in 2021) plus solid TTM free cash flow ($181.5M). Offsetting this, margins remain thin for a distributor (TTM net margin ~2.3%), and leverage is still notable with debt remaining high relative to equity, which can amplify downside in a lower-spread environment.
Income Statement
74PositiveBalance Sheet
66PositiveCash Flow
72Positive| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 4.51B | 4.15B | 3.79B | 3.43B | 2.61B | 1.75B |
| Gross Profit | 1.11B | 1.00B | 914.15M | 814.47M | 618.64M | 390.49M |
| EBITDA | 269.87M | 223.24M | 193.14M | 156.55M | 123.98M | 45.78M |
| Net Income | 102.44M | 72.36M | 55.48M | 34.59M | 27.75M | -4.92M |
Balance Sheet | ||||||
| Total Assets | 2.08B | 2.03B | 1.86B | 1.71B | 1.51B | 1.07B |
| Cash, Cash Equivalents and Short-Term Investments | 164.72M | 120.98M | 114.66M | 49.88M | 158.80M | 115.16M |
| Total Debt | 945.77M | 1.18B | 915.83M | 926.27M | 839.98M | 542.48M |
| Total Liabilities | 1.40B | 1.42B | 1.32B | 1.25B | 1.10B | 723.58M |
| Stockholders Equity | 686.56M | 604.31M | 537.65M | 454.67M | 401.51M | 350.21M |
Cash Flow | ||||||
| Free Cash Flow | 181.51M | 87.79M | 103.56M | 4.21M | -22.71M | -58.70M |
| Operating Cash Flow | 215.00M | 129.22M | 153.06M | 61.64M | 23.13M | -19.90M |
| Investing Cash Flow | -39.12M | -46.76M | -49.82M | -179.31M | -232.02M | -48.99M |
| Financing Cash Flow | -76.23M | -76.22M | -38.48M | 9.01M | 253.22M | -9.22M |
The Chefs' Warehouse Technical Analysis
Price Trends
Market Momentum
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CHEF, the sentiment is Positive. The current price of 106.84 is below the 20-day moving average (MA) of 108.45, below the 50-day MA of 110.24, and above the 200-day MA of 87.58, indicating a neutral trend. The MACD of -1.90 indicates Positive momentum. The RSI at 48.11 is Neutral, neither overbought nor oversold. The STOCH value of 42.83 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CHEF.
The Chefs' Warehouse Risk Analysis
The Chefs' Warehouse disclosed 36 risk factors in its most recent earnings report. The Chefs' Warehouse reported the most risks in the "Legal & Regulatory" category.
Latest Risks Added
1 New RiskThe Chefs' Warehouse Peers Comparison
Overall Rating
USFD77Outperform- CHEF67Neutral
PFGC64Neutral
SYY60Neutral
UNFI52Neutral
HFFG49Neutral
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| USFD | 77Outperform | $21.93B | 33.31 | 16.75% | ― | 3.83% | 38.81% |
| CHEF | 67Neutral | $4.39B | 40.47 | 16.08% | ― | 11.51% | 36.16% |
| PFGC | 64Neutral | $15.23B | 43.31 | 8.18% | ― | 7.17% | 4.89% |
| Sector * | 62Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% |
| SYY | 60Neutral | $36.46B | 20.41 | 64.03% | 2.83% | 3.80% | 0.50% |
| UNFI | 52Neutral | $2.72B | 34.89 | 5.32% | ― | -1.99% | ― |
| HFFG | 49Neutral | $79.23M | -2.29 | -16.25% | ― | 2.78% | 28.68% |
* Consumer Defensive Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| CHEF | The Chefs' Warehouse Inc | 106.84 | 43.18 | 67.83% | |
| SYY | Sysco Corporation | 76.94 | 6.08 | 8.59% | |
| UNFI | United Natural Foods | 48.29 | 11.03 | 29.60% | |
| PFGC | Performance Food Group Co. | 109.57 | 14.60 | 15.37% | |
| USFD | Us Foods Holding Corp. | 109.93 | 38.53 | 53.96% | |
| HFFG | Hf Foods Group | 1.49 | -0.89 | -37.39% |
The Chefs' Warehouse Corporate Events
Chefs’ Warehouse Refinances Debt and Simplifies Capital Structure
PositiveOn October 15, 2026, The Chefs’ Warehouse, Inc. and key subsidiaries entered a new $675 million senior secured term loan facility maturing in 2033, replacing a prior term loan agreement and securing funding for refinancing, capital expenditures...
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.
Date of analysis: Oct 29, 2026