The Chefs' Warehouse, Inc. (CHEF) 10-Year Financial Performance & Capital Metrics

CHEF • • Industrial / General

Consumer DefensiveFood DistributionSpecialty Food DistributionGourmet & Fine Dining Distributors

AboutThe Chefs' Warehouse, Inc., together with its subsidiaries, engages in distribution of specialty food products in the United States and Canada. The company's product portfolio includes approximately 50,000 stock-keeping units, such as specialty food products, such as artisan charcuterie, specialty cheeses, unique oils and vinegars, truffles, caviar, chocolate, and pastry products. It also offers a line of center-of-the-plate products, including custom cut beef, seafood, and hormone-free poultry, as well as food products, such as cooking oils, butter, eggs, milk, and flour. The company serves menu-driven independent restaurants, fine dining establishments, country clubs, hotels, caterers, culinary schools, bakeries, patisseries, chocolatiers, cruise lines, casinos, and specialty food stores. It markets its center-of-the-plate products directly to consumers through a mail and e-commerce platform. The company was founded in 1985 and is headquartered in Ridgefield, Connecticut.Show more

Revenue $3.79B +10.5%
EBITDA $193M +23.4%
Net Income $55M +60.4%
EPS (Diluted) 1.32 +50.0%
Gross Margin 24.09% +1.6%
EBITDA Margin 5.09% +11.7%
Operating Margin 3.38% +14.9%
Net Margin 1.46% +45.2%
ROE 11.18% +38.4%
ROIC 7.2% +14.8%
Debt/Equity 1.70 -16.4%
Interest Coverage 2.63 +18.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 18.1%
✓Strong Piotroski F-Score: 8/9
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 19.0%
✓Efficient asset utilization: 2.0x turnover

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y16.32%

5Y18.97%

3Y29.53%

TTM7.9%

Profit (Net Income) CAGR

10Y14.59%

5Y18.06%

3Y-

TTM70.57%

EPS CAGR

10Y8.76%

5Y10.26%

3Y-

TTM69.79%

ROCE

10Y Avg5.7%

5Y Avg2.95%

3Y Avg8.48%

Latest9.31%

Peer Comparison

Gourmet & Fine Dining Distributors

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CHEFThe Chefs' Warehouse, Inc.	2.63B	64.55	48.90	10.5%	1.76%	12.47%	3.94%	1.70

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	1.06B	1.19B	1.3B	1.44B	1.59B	1.11B	1.75B	2.61B	3.43B	3.79B
Revenue Growth %	0.27%	0.13%	0.09%	0.11%	0.1%	-0.3%	0.57%	0.5%	0.31%	0.1%
Cost of Goods Sold+	789.46M	891.65M	972.14M	1.08B	1.19B	863.48M	1.36B	1.99B	2.62B	2.88B
COGS % of Revenue	0.75%	0.75%	0.75%	0.75%	0.74%	0.78%	0.78%	0.76%	0.76%	0.76%
Gross Profit+	269.53M	301.22M	329.38M	367.05M	406.35M	248.15M	390.49M	618.64M	814.47M	914.15M
Gross Margin %	0.25%	0.25%	0.25%	0.25%	0.26%	0.22%	0.22%	0.24%	0.24%	0.24%
Gross Profit Growth %	0.31%	0.12%	0.09%	0.11%	0.11%	-0.39%	0.57%	0.58%	0.32%	0.12%
Operating Expenses+	229.13M	253.98M	288.25M	318.29M	355.58M	350.81M	379.67M	532.9M	713.53M	785.94M
OpEx % of Revenue	0.22%	0.21%	0.22%	0.22%	0.22%	0.32%	0.22%	0.2%	0.21%	0.21%
Selling, General & Admin	227.75M	264.01M	288.83M	316.84M	349.71M	336.39M	379.25M	518.22M	704.76M	784.85M
SG&A % of Revenue	0.22%	0.22%	0.22%	0.22%	0.22%	0.3%	0.22%	0.2%	0.21%	0.21%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	253.98M	0	0	5.88M	14.42M	422K	14.68M	8.77M	1.09M
Operating Income+	40.4M	47.24M	41.13M	48.76M	50.77M	-102.66M	10.81M	85.74M	100.94M	128.21M
Operating Margin %	0.04%	0.04%	0.03%	0.03%	0.03%	-0.09%	0.01%	0.03%	0.03%	0.03%
Operating Income Growth %	0.22%	0.17%	-0.13%	0.19%	0.04%	-3.02%	1.11%	6.93%	0.18%	0.27%
EBITDA+	55.81M	65.75M	61.68M	70.96M	76.76M	-68.69M	47.18M	125.71M	156.55M	193.14M
EBITDA Margin %	0.05%	0.06%	0.05%	0.05%	0.05%	-0.06%	0.03%	0.05%	0.05%	0.05%
EBITDA Growth %	0.35%	0.18%	-0.06%	0.15%	0.08%	-1.89%	1.69%	1.66%	0.25%	0.23%
D&A (Non-Cash Add-back)	15.41M	18.52M	20.55M	22.21M	25.99M	33.97M	36.37M	39.98M	55.61M	64.93M
EBIT	40.7M	47.31M	41.12M	48.59M	50.67M	-102.66M	10.81M	85.74M	100.94M	128.21M
Net Interest Income+	-12.98M	-41.63M	-22.71M	-20.75M	-18.26M	-20.95M	-17.59M	-43.85M	-45.47M	-48.67M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	12.98M	41.63M	22.71M	20.75M	18.26M	20.95M	17.59M	43.85M	45.47M	48.67M
Other Income/Expense	-12.69M	-41.56M	-22.72M	-20.75M	-18.36M	-20.95M	-17.59M	-43.85M	-45.47M	-48.67M
Pretax Income+	27.71M	5.68M	18.41M	27.84M	32.4M	-123.61M	-6.78M	41.89M	55.47M	79.53M
Pretax Margin %	0.03%	0%	0.01%	0.02%	0.02%	-0.11%	-0%	0.02%	0.02%	0.02%
Income Tax+	11.5M	2.65M	4.04M	7.44M	8.21M	-40.7M	-1.85M	14.14M	20.88M	24.05M
Effective Tax Rate %	0.58%	0.53%	0.78%	0.73%	0.75%	0.67%	0.73%	0.66%	0.62%	0.7%
Net Income+	16.21M	3.02M	14.37M	20.4M	24.19M	-82.9M	-4.92M	27.75M	34.59M	55.48M
Net Margin %	0.02%	0%	0.01%	0.01%	0.02%	-0.07%	-0%	0.01%	0.01%	0.01%
Net Income Growth %	0.14%	-0.81%	3.75%	0.42%	0.19%	-4.43%	0.94%	6.64%	0.25%	0.6%
Net Income (Continuing)	16.21M	3.02M	14.37M	20.4M	24.19M	-82.9M	-4.92M	27.75M	34.59M	55.48M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.63	0.12	0.54	0.69	0.81	-2.46	-0.13	0.73	0.88	1.32
EPS Growth %	0.11%	-0.81%	3.5%	0.28%	0.17%	-4.04%	0.95%	6.62%	0.21%	0.5%
EPS (Basic)	0.63	0.12	0.55	0.71	0.82	-2.46	-0.13	0.75	1.06	1.46
Diluted Shares Outstanding	26.51M	26.03M	27.42M	29.68M	30.07M	33.72M	36.74M	38.74M	45.64M	45.98M
Basic Shares Outstanding	25.53M	25.92M	26.12M	28.7M	29.53M	33.72M	36.74M	37.09M	37.63M	37.91M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	233.77M	264.49M	296.84M	328.74M	453.16M	405.66M	469.96M	720.86M	730.94M	868.04M
Cash & Short-Term Investments	2.45M	32.86M	41.5M	42.41M	140.23M	193.28M	115.16M	158.8M	49.88M	114.66M
Cash Only	2.45M	32.86M	41.5M	42.41M	140.23M	193.28M	115.16M	158.8M	49.88M	114.66M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	124.14M	128.03M	142.17M	161.76M	175.04M	96.38M	172.54M	260.17M	334.01M	366.31M
Days Sales Outstanding	42.79	39.18	39.87	40.87	40.14	31.65	36.07	36.34	35.5	35.24
Inventory	92.76M	87.5M	102.08M	112.61M	124.06M	82.52M	144.49M	245.69M	284.53M	316.01M
Days Inventory Outstanding	42.89	35.82	38.33	38.15	38.2	34.88	38.91	44.96	39.65	40.05
Other Current Assets	0	0	11.08M	11.95M	0	0	0	56.2M	62.52M	71.06M
Total Non-Current Assets+	352.45M	369.05M	390.91M	403.66M	560.52M	568.66M	603.84M	784.44M	974.36M	990.65M
Property, Plant & Equipment	54.28M	62.18M	68.38M	72.81M	220.5M	230.67M	264.32M	338.36M	427.1M	467.2M
Fixed Asset Turnover	19.51x	19.18x	19.03x	19.84x	7.22x	4.82x	6.60x	7.72x	8.04x	8.12x
Goodwill	155.82M	163.78M	173.2M	184.28M	197.74M	214.86M	221.78M	287.12M	356.02M	356.3M
Intangible Assets	136.72M	137.06M	146.35M	142.5M	138.75M	111.72M	104.74M	155.7M	184.86M	160.38M
Long-Term Investments	0	0	0	0	-47.33M	0	0	-81.48M	0	0
Other Non-Current Assets	5.63M	6.02M	2.98M	4.07M	3.53M	3.88M	3.61M	3.26M	6.38M	6.76M
Total Assets+	586.22M	633.54M	687.75M	732.4M	1.01B	974.33M	1.07B	1.51B	1.71B	1.86B
Asset Turnover	1.81x	1.88x	1.89x	1.97x	1.57x	1.14x	1.63x	1.74x	2.01x	2.04x
Asset Growth %	0.56%	0.08%	0.09%	0.06%	0.38%	-0.04%	0.1%	0.4%	0.13%	0.09%
Total Current Liabilities+	103.14M	107.25M	108.27M	125.54M	150.15M	118.1M	197.02M	283.75M	385.78M	425.4M
Accounts Payable	64.89M	65.51M	70.02M	87.8M	94.1M	57.52M	118.28M	163.4M	200.55M	266.77M
Days Payables Outstanding	30	26.82	26.29	29.74	28.97	24.31	31.86	29.9	27.95	33.81
Short-Term Debt	6.27M	14.79M	3.83M	61K	721K	6.09M	1.71M	12.43M	47.8M	8M
Deferred Revenue (Current)	0	0	0	1000K	1000K	1000K	1000K	1000K	1000K	0
Other Current Liabilities	24.26M	17.55M	21.87M	23.31M	6.69M	25.37M	4.01M	4.31M	34.61M	68.54M
Current Ratio	2.27x	2.47x	2.74x	2.62x	3.02x	3.43x	2.39x	2.54x	1.89x	2.04x
Quick Ratio	1.37x	1.65x	1.80x	1.72x	2.19x	2.74x	1.65x	1.67x	1.16x	1.30x
Cash Conversion Cycle	55.67	48.17	51.91	49.28	49.36	42.22	43.13	51.39	47.21	41.48
Total Non-Current Liabilities+	295.11M	332.52M	330.88M	298.18M	527.6M	511.63M	526.57M	820.04M	864.86M	895.65M
Long-Term Debt	267.35M	317.73M	314M	278.17M	386.11M	398.08M	385.99M	645.38M	648.3M	651.11M
Capital Lease Obligations	0	0	0	0	120.57M	109.13M	135.47M	159.53M	200.54M	224.71M
Deferred Tax Liabilities	9.32M	6.96M	6.01M	9.6M	10.88M	0	0	6.1M	14.42M	15.89M
Other Non-Current Liabilities	17.29M	7.72M	10.87M	10.41M	10.03M	4.42M	5.11M	13.03M	1.6M	3.94M
Total Liabilities	398.25M	439.78M	439.15M	423.72M	677.75M	629.74M	723.58M	1.1B	1.25B	1.32B
Total Debt+	274.77M	332.52M	317.82M	278.23M	524.85M	530.48M	542.48M	839.98M	926.27M	915.83M
Net Debt	272.32M	299.66M	276.32M	235.82M	384.62M	337.2M	427.32M	681.18M	876.39M	801.17M
Debt / Equity	1.46x	1.72x	1.28x	0.90x	1.56x	1.54x	1.55x	2.09x	2.04x	1.70x
Debt / EBITDA	4.92x	5.06x	5.15x	3.92x	6.84x	-	11.50x	6.68x	5.92x	4.74x
Net Debt / EBITDA	4.88x	4.56x	4.48x	3.32x	5.01x	-	9.06x	5.42x	5.60x	4.15x
Interest Coverage	3.11x	1.13x	1.81x	2.35x	2.78x	-4.90x	0.61x	1.96x	2.22x	2.63x
Total Equity+	187.96M	193.76M	248.6M	308.68M	335.93M	344.59M	350.21M	401.51M	454.67M	537.65M
Equity Growth %	0.28%	0.03%	0.28%	0.24%	0.09%	0.03%	0.02%	0.15%	0.13%	0.18%
Book Value per Share	7.09	7.44	9.06	10.40	11.17	10.22	9.53	10.36	9.96	11.69
Total Shareholders' Equity	187.96M	193.76M	248.6M	308.68M	335.93M	344.59M	350.21M	401.51M	454.67M	537.65M
Common Stock	263K	263K	284K	300K	304K	373K	380K	386K	396K	402K
Retained Earnings	65.48M	68.5M	82.87M	103.27M	125.44M	42.53M	37.61M	65.36M	99.95M	141.94M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-2.95M	-2.19M	-1.55M	-2.22M	-2.05M	-2.05M	-2.02M	-2.19M	-1.83M	-3.81M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	37.73M	38.91M	31.5M	45.08M	45.01M	42.88M	-19.9M	23.13M	61.64M	153.06M
Operating CF Margin %	0.04%	0.03%	0.02%	0.03%	0.03%	0.04%	-0.01%	0.01%	0.02%	0.04%
Operating CF Growth %	2.85%	0.03%	-0.19%	0.43%	-0%	-0.05%	-1.46%	2.16%	1.66%	1.48%
Net Income	16.21M	3.02M	14.37M	20.4M	24.19M	-82.9M	-4.92M	27.75M	34.59M	55.48M
Depreciation & Amortization	15.41M	18.52M	20.55M	22.21M	25.99M	33.28M	34.97M	38.24M	55.61M	64.93M
Stock-Based Compensation	3.54M	2.58M	3.02M	4.09M	4.4M	9.29M	11.48M	13.6M	20.04M	17.78M
Deferred Taxes	-809K	3.68M	-703K	2.55M	2.06M	-18.42M	-1.84M	9.6M	8.11M	1.46M
Other Non-Cash Items	5.25M	18.81M	5.71M	9.33M	15.17M	38.36M	2.77M	31.88M	18.45M	14.86M
Working Capital Changes	-1.88M	-7.69M	-11.45M	-13.51M	-26.81M	63.27M	-62.35M	-97.94M	-75.17M	-1.45M
Change in Receivables	-11.05M	-2.5M	-13.46M	-19.47M	-13.21M	77.59M	-70.78M	-48.23M	-48.81M	-44.81M
Change in Inventory	-6.11M	7.04M	-11.78M	-6.33M	-9.44M	49.05M	-60.8M	-49.93M	-28.76M	-32.2M
Change in Payables	16.66M	-8.23M	15.17M	13.8M	1.96M	-64.68M	69.34M	19.16M	19.6M	87.31M
Cash from Investing+	-129.3M	-35.81M	-42.41M	-33.69M	-44.15M	-67.97M	-48.99M	-232.02M	-179.31M	-49.82M
Capital Expenditures	-21.66M	-16.62M	-12.31M	-19.82M	-16.08M	-7.04M	-38.8M	-45.85M	-57.43M	-49.51M
CapEx % of Revenue	0.02%	0.01%	0.01%	0.01%	0.01%	0.01%	0.02%	0.02%	0.02%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	16.19M	550K	0	30K	0	0	0	0	0	0
Cash from Financing+	91.05M	27.23M	19.43M	-10.44M	96.95M	78.06M	-9.22M	253.22M	9.01M	-38.48M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-2.35M	-14.53M	-1.76M	-3M	-5.95M	-2.93M	-83K	-22.76M	-13.31M	-3.63M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	16.07M	22.29M	19.19M	25.27M	28.93M	35.84M	-58.7M	-22.71M	4.21M	103.56M
FCF Margin %	0.02%	0.02%	0.01%	0.02%	0.02%	0.03%	-0.03%	-0.01%	0%	0.03%
FCF Growth %	2.12%	0.39%	-0.14%	0.32%	0.15%	0.24%	-2.64%	0.61%	1.19%	23.59%
FCF per Share	0.61	0.86	0.70	0.85	0.96	1.06	-1.60	-0.59	0.09	2.25
FCF Conversion (FCF/Net Income)	2.33x	12.87x	2.19x	2.21x	1.86x	-0.52x	4.04x	0.83x	1.78x	2.76x
Interest Paid	11.46M	17.79M	20.8M	16.95M	0	18.18M	15.39M	27.23M	42.07M	42.76M
Taxes Paid	11.05M	6.37M	333K	4.83M	0	308K	230K	4.28M	17.93M	18.52M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	9.68%	1.58%	6.5%	7.32%	7.51%	-24.36%	-1.42%	7.38%	8.08%	11.18%
Return on Invested Capital (ROIC)	8.11%	7.43%	6.06%	6.84%	6.02%	-10.98%	1.11%	6.91%	6.27%	7.2%
Gross Margin	25.45%	25.25%	25.31%	25.41%	25.53%	22.32%	22.37%	23.67%	23.72%	24.09%
Net Margin	1.53%	0.25%	1.1%	1.41%	1.52%	-7.46%	-0.28%	1.06%	1.01%	1.46%
Debt / Equity	1.46x	1.72x	1.28x	0.90x	1.56x	1.54x	1.55x	2.09x	2.04x	1.70x
Interest Coverage	3.11x	1.13x	1.81x	2.35x	2.78x	-4.90x	0.61x	1.96x	2.22x	2.63x
FCF Conversion	2.33x	12.87x	2.19x	2.21x	1.86x	-0.52x	4.04x	0.83x	1.78x	2.76x
Revenue Growth	26.58%	12.64%	9.11%	10.99%	10.19%	-30.17%	57.04%	49.7%	31.39%	10.5%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Center-Of-The-Plate Product	629.04M	711.98M	533.81M	877.06M	1.13B	1.35B	1.46B
Center-Of-The-Plate Product Growth	-	13.19%	-25.02%	64.30%	28.41%	20.07%	7.62%
Dry Goods Product	253.18M	278.93M	150.63M	238.76M	379.8M	545.45M	604.27M
Dry Goods Product Growth	-	10.17%	-46.00%	58.51%	59.07%	43.61%	10.78%
Produce	-	-	80.92M	120.76M	279.1M	444.75M	535.1M
Produce Growth	-	-	-	49.23%	131.12%	59.35%	20.32%
Pastry Product	199.99M	221.04M	135.91M	178.35M	286.04M	410.6M	465.17M
Pastry Product Growth	-	10.53%	-38.51%	31.23%	60.38%	43.55%	13.29%
Cheese And Charcuterie Product	151.64M	158.83M	107.92M	143.05M	216.17M	253.34M	271.61M
Cheese And Charcuterie Product Growth	-	4.74%	-32.06%	32.56%	51.12%	17.19%	7.21%
Dairy And Eggs Product	106.77M	110.74M	38.17M	79.51M	153.33M	228.58M	255.47M
Dairy And Eggs Product Growth	-	3.72%	-65.53%	108.30%	92.84%	49.07%	11.76%
Oils And Vinegar Product	76.31M	80.16M	40.39M	71.37M	113.39M	129.19M	131.19M
Oils And Vinegar Product Growth	-	5.04%	-49.61%	76.70%	58.87%	13.94%	1.54%
Kitchen Supplies Product	27.68M	30.15M	23.88M	36.9M	59.34M	69.61M	76.13M
Kitchen Supplies Product Growth	-	8.92%	-20.81%	54.53%	60.83%	17.30%	9.37%

Frequently Asked Questions

Valuation & Price

The Chefs' Warehouse, Inc. (CHEF) has a price-to-earnings (P/E) ratio of 48.9x. This suggests investors expect higher future growth.

Growth & Financials

The Chefs' Warehouse, Inc. (CHEF) reported $3.95B in revenue for fiscal year 2024. This represents a 886% increase from $400.6M in 2011.

The Chefs' Warehouse, Inc. (CHEF) grew revenue by 10.5% over the past year. This is steady growth.

Yes, The Chefs' Warehouse, Inc. (CHEF) is profitable, generating $69.6M in net income for fiscal year 2024 (1.5% net margin).

Dividend & Returns

The Chefs' Warehouse, Inc. (CHEF) has a return on equity (ROE) of 11.2%. This is reasonable for most industries.

The Chefs' Warehouse, Inc. (CHEF) generated $118.2M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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