Latest Ratios: P/E Ratio 46.8x · EV/EBITDA 19.0x · ROE 12.7%. (2010–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.2B | $2.9B | $2.2B | $1.3B | $1.3B | $1.2B | $866M | $1.1B | $949M | $562M | $411M |
| Enterprise Value | $5.3B | $4.0B | $3.0B | $2.2B | $2.0B | $1.7B | $1.2B | $1.5B | $1.2B | $839M | $711M |
| P/E Ratio → | 46.76 | 37.82 | 36.88 | 33.44 | 45.59 | — | — | 47.05 | 46.35 | 37.96 | 131.67 |
| P/S Ratio | 0.94 | 0.70 | 0.59 | 0.39 | 0.49 | 0.70 | 0.78 | 0.72 | 0.66 | 0.43 | 0.34 |
| P/B Ratio | 7.91 | 4.84 | 4.16 | 2.95 | 3.21 | 3.49 | 2.51 | 3.41 | 3.07 | 2.26 | 2.12 |
| P/FCF | 23.32 | 33.32 | 21.62 | 318.89 | — | — | 24.16 | 39.62 | 37.57 | 29.30 | 18.45 |
| P/OCF | 32.76 | 22.64 | 14.62 | 21.79 | 55.73 | — | 20.20 | 25.46 | 21.05 | 17.85 | 10.57 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.96 | 0.80 | 0.65 | 0.75 | 0.95 | 1.08 | 0.96 | 0.82 | 0.64 | 0.60 |
| EV / EBITDA | 19.03 | 17.22 | 15.74 | 14.18 | 15.89 | 36.06 | — | 19.94 | 16.70 | 13.60 | 10.81 |
| EV / EBIT | 34.54 | 27.43 | 23.71 | 21.99 | 22.98 | 152.71 | — | 30.21 | 24.39 | 20.39 | 15.03 |
| EV / FCF | — | 45.34 | 29.35 | 526.96 | — | — | 33.57 | 52.91 | 46.90 | 43.70 | 31.89 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 24.2% | 24.2% | 24.1% | 23.7% | 23.7% | 22.4% | 22.3% | 25.5% | 25.4% | 25.3% | 25.3% |
| Operating Margin | 3.7% | 3.7% | 3.4% | 2.9% | 3.3% | 0.6% | -9.2% | 3.2% | 3.4% | 3.2% | 4.0% |
| Net Profit Margin | 1.7% | 1.7% | 1.5% | 1.0% | 1.1% | -0.3% | -7.5% | 1.5% | 1.4% | 1.1% | 0.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.7% | 12.7% | 11.2% | 8.1% | 7.4% | -1.4% | -24.4% | 7.5% | 7.3% | 6.5% | 1.6% |
| ROA | 3.7% | 3.7% | 3.1% | 2.2% | 2.2% | -0.5% | -8.3% | 2.8% | 2.9% | 2.2% | 0.5% |
| ROIC | 7.7% | 7.7% | 7.2% | 6.3% | 6.9% | 1.1% | -11.0% | 6.0% | 6.8% | 6.1% | 7.4% |
| ROCE | 10.2% | 10.2% | 9.3% | 7.9% | 8.2% | 1.2% | -11.9% | 6.9% | 8.2% | 7.4% | 9.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.95 | 1.95 | 1.70 | 2.04 | 2.09 | 1.55 | 1.54 | 1.56 | 0.90 | 1.28 | 1.72 |
| Debt / EBITDA | 5.09 | 5.09 | 4.74 | 5.92 | 6.77 | 11.85 | — | 6.84 | 3.92 | 5.15 | 5.06 |
| Net Debt / Equity | — | 1.75 | 1.49 | 1.93 | 1.70 | 1.22 | 0.98 | 1.14 | 0.76 | 1.11 | 1.55 |
| Net Debt / EBITDA | 4.56 | 4.56 | 4.15 | 5.60 | 5.49 | 9.34 | — | 5.01 | 3.32 | 4.48 | 4.56 |
| Debt / FCF | — | 12.02 | 7.74 | 208.07 | — | — | 9.41 | 13.29 | 9.33 | 14.40 | 13.44 |
| Interest Coverage | 3.49 | 3.49 | 2.63 | 2.22 | 1.96 | 0.61 | -4.90 | 2.77 | 2.34 | 1.81 | 1.14 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.05 | 2.05 | 2.04 | 1.89 | 2.54 | 2.39 | 3.43 | 3.02 | 2.62 | 2.74 | 2.47 |
| Quick Ratio | 1.23 | 1.23 | 1.30 | 1.16 | 1.67 | 1.65 | 2.74 | 2.19 | 1.72 | 1.80 | 1.65 |
| Cash Ratio | 0.26 | 0.26 | 0.27 | 0.13 | 0.56 | 0.58 | 1.64 | 0.93 | 0.34 | 0.38 | 0.31 |
| Asset Turnover | — | 2.05 | 2.04 | 2.01 | 1.74 | 1.63 | 1.14 | 1.57 | 1.97 | 1.89 | 1.88 |
| Inventory Turnover | 8.15 | 8.15 | 9.11 | 9.21 | 8.12 | 9.38 | 10.46 | 9.56 | 9.57 | 9.52 | 10.19 |
| Days Sales Outstanding | — | 36.90 | 35.24 | 35.50 | 36.34 | 40.52 | 31.65 | 40.14 | 40.87 | 39.87 | 39.18 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.1% | 2.6% | 2.7% | 3.0% | 2.2% | — | — | 2.1% | 2.2% | 2.6% | 0.8% |
| FCF Yield | 4.3% | 3.0% | 4.6% | 0.3% | — | — | 4.1% | 2.5% | 2.7% | 3.4% | 5.4% |
| Buyback Yield | 0.4% | 0.5% | 1.1% | 0.2% | 0.2% | 0.1% | 0.4% | 0.1% | 0.1% | 0.1% | 0.1% |
| Total Shareholder Yield | 0.4% | 0.5% | 1.1% | 0.2% | 0.2% | 0.1% | 0.4% | 0.1% | 0.1% | 0.1% | 0.1% |
| Shares Outstanding | — | $46M | $46M | $46M | $39M | $37M | $34M | $30M | $30M | $27M | $26M |
Includes 30+ ratios · 16 years · Updated daily
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Quick answers to the most common questions about buying CHEF stock.
The Chefs' Warehouse, Inc.'s current P/E ratio is 46.8x. The historical average is 45.1x. This places it at the 85th percentile of its historical range.
The Chefs' Warehouse, Inc.'s current EV/EBITDA is 19.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.7x.
The Chefs' Warehouse, Inc.'s return on equity (ROE) is 12.7%. The historical average is 10.3%.
Based on historical data, The Chefs' Warehouse, Inc. is trading at a P/E of 46.8x. This is at the 85th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
The Chefs' Warehouse, Inc. has 24.2% gross margin and 3.7% operating margin.
The Chefs' Warehouse, Inc.'s Debt/EBITDA ratio is 5.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Leverage with volatile working capital
Metrics are mathematically derived from official filings.
Premium Multiples Price in Sustained Growth
Based on reported figures, CHEF trades at 61.8 times trailing earnings and 40.3 times forward earnings, a premium to the peer group median that implies investors are pricing in continued double-digit revenue growth against a thin 2.6% net margin.
The gap between trailing and forward P/E compresses from 61.8x to 40.3x, which suggests the market expects meaningful earnings expansion over the next year rather than current profitability justifying the price. Relative to Sysco at 21.0x and Performance Food Group at 46.9x, CHEF's valuation is elevated, and its EV/EBITDA of 22.9x sits well above Sysco's 16.7x despite a far lower return on equity. Investors should monitor whether margin expansion materializes, since the multiple leaves little room for operating disappointment.
Thin Margins Limit Earnings Cushion
According to reported figures, CHEF's gross margin held near 24 to 25 percent over ten quarters while operating margin ranged only from 2.4 to 5.0 percent, leaving operating profit highly sensitive to any slippage in gross margin or SG&A.
Because SG&A absorbs roughly 20 percent of revenue, a modest gross margin decline would consume a large share of operating income, which may indicate limited pricing power in a distribution model. The 2026Q2 operating margin of 5.0 percent is the cycle high, and it appears to reflect favorable mix rather than structural improvement. Net margin of 2.6 percent in the latest quarter suggests the business earns a narrow spread that warrants further investigation as to its durability.
Returns Recovering From Low Base
Based on CHEF's reported figures, ROIC improved from 1.8 percent in 2024Q3 to 3.0 percent in 2026Q2 before easing to 2.6 percent, a trajectory that remains modest against a typical distributor cost of capital.
The improvement in ROIC appears driven primarily by margin recovery rather than capital efficiency, since asset turnover stayed in a narrow 0.51 to 0.58 band over the period. Return on equity swung from 1.9 to 5.4 percent, a volatility that reflects quarterly earnings noise more than a durable compounding pattern. Investors may want to assess whether returns can rise meaningfully without a sustained lift in operating margin.
Leverage Elevated but Coverage Volatile
As reported in financial statements, CHEF's debt-to-EBITDA ratio ranged from 1.65 to 1.98 over recent quarters, while interest coverage swung between 2.2 and 22.2 times, indicating that debt service comfort depends heavily on the quarter selected.
A debt-to-equity ratio of 1.38 in the latest quarter, down from 1.98 two years earlier, suggests equity build is reducing balance sheet leverage at the margin. However, the wide interest coverage range implies earnings volatility could pressure debt service in weaker quarters. Refinancing risk and covenant terms are not disclosed in the supplied data, so the assessment rests on reported ratios alone.
Current Ratio Masks Thin Cash Buffer
Based on reported figures, CHEF's current ratio held between 1.85 and 2.21 across ten quarters, yet quick ratio near 1.2 to 1.35 depends on receivables and inventory, which suggests liquidity relies on working capital conversion.
The gap between current and quick ratios indicates that inventory represents a meaningful share of current assets, and cash on hand has stayed in a narrow range. Under a stress scenario in which receivables slowed, the quick ratio would fall toward its lower historical bound. This may indicate that the liquidity position is adequate in normal conditions but less resilient under severe working capital disruption.
Working Capital Ratio Overstates Efficiency
Cash conversion cycle of 39 to 49 days appears stable on paper, but Based on CHEF's reported figures the metric obscures quarterly swings of over $60 million in working capital, which a headline CCC cannot capture.
The cash conversion cycle is commonly cited as a measure of efficiency, yet for a distributor with rapid receivables and inventory turns, it can mask timing effects that dominate quarterly cash flow. Operating cash flow ranging from negative to several times net income suggests the more informative metric is trailing free cash flow conversion over a full year. Investors should weigh cumulative cash generation rather than any single-quarter CCC reading.