Latest Ratios: P/E Ratio 64.8x · EV/EBITDA 23.8x · 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 | $4.4B | $2.9B | $2.2B | $1.3B | $1.3B | $1.2B | $866M | $1.1B | $949M | $562M | $411M |
| Enterprise Value | $5.5B | $4.0B | $3.0B | $2.2B | $2.0B | $1.7B | $1.2B | $1.5B | $1.2B | $839M | $711M |
| P/E Ratio → | 64.82 | 37.82 | 36.88 | 33.44 | 45.59 | — | — | 47.05 | 46.35 | 37.96 | 131.67 |
| P/S Ratio | 1.07 | 0.70 | 0.59 | 0.39 | 0.49 | 0.70 | 0.78 | 0.72 | 0.66 | 0.43 | 0.34 |
| P/B Ratio | 8.30 | 4.84 | 4.16 | 2.95 | 3.21 | 3.49 | 2.51 | 3.41 | 3.07 | 2.26 | 2.12 |
| P/FCF | 50.60 | 33.32 | 21.62 | 318.89 | — | — | 24.16 | 39.62 | 37.57 | 29.30 | 18.45 |
| P/OCF | 34.38 | 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 | 23.78 | 17.22 | 15.74 | 14.18 | 15.67 | 34.99 | — | 19.94 | 16.70 | 13.60 | 10.81 |
| EV / EBIT | 35.91 | 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 | 6.68 | 11.50 | — | 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 | 5.42 | 9.06 | — | 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 | 1.5% | 2.6% | 2.7% | 3.0% | 2.2% | — | — | 2.1% | 2.2% | 2.6% | 0.8% |
| FCF Yield | 2.0% | 3.0% | 4.6% | 0.3% | — | — | 4.1% | 2.5% | 2.7% | 3.4% | 5.4% |
| Buyback Yield | 0.3% | 0.5% | 1.1% | 0.2% | 0.2% | 0.1% | 0.4% | 0.1% | 0.1% | 0.1% | 0.1% |
| Total Shareholder Yield | 0.3% | 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 64.8x. The historical average is 45.1x. This places it at the 92th percentile of its historical range.
The Chefs' Warehouse, Inc.'s current EV/EBITDA is 23.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.6x.
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 64.8x. This is at the 92th 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 and working capital volatility
Metrics are mathematically derived from official filings.
Premium Multiple on Recovery Hopes
CHEF trades at 64.8x trailing earnings and 23.8x EV/EBITDA, well above peers like USFD and SYY, as per reported data, suggesting investors are pricing in continued margin expansion.
The forward P/E of 43.8x implies the market expects substantial earnings growth, but the current ROIC of 3.0% is far below the cost of capital, making the multiple difficult to justify on current fundamentals. Compared to USFD's 17.5x and SYY's 17.8x EV/EBITDA, CHEF's premium appears to be based on its specialty niche and recent revenue acceleration, yet it leaves little room for disappointment.
Margin Expansion Tempered by Costs
Gross margin improved to 25.1% in 2026Q2 from 23.9% in 2024Q1, as per financial statements, but operating margin of 5.0% remains thin, indicating limited pricing power.
Net margin of 2.9% is slightly above peers like USFD (1.7%) and SYY (2.1%), but the absolute level is low for a distributor. The recent operating leverage is encouraging, yet the slowing gross margin expansion suggests that food inflation and competitive pressures could cap further gains. Investors should monitor whether SG&A discipline can sustain the recent operating income growth.
Returns Still Below Cost of Capital
ROIC improved to 3.0% in 2026Q2 from 0.9% in 2024Q1, as per reported figures, but remains well below the company's cost of capital, indicating value creation is still nascent.
ROE of 5.4% and ROA of 1.7% are modest, and while they are trending upward, they lag peers like USFD (ROE 16.7%) and SYY (ROE 80.7%). The improvement is driven by margin recovery rather than asset efficiency, as asset turnover has been stable around 0.55x. This suggests that CHEF is still in the early stages of recovering its return profile, and sustained improvement is needed to justify the current valuation.
Working Capital Drag Persists
Cash conversion cycle lengthened to 45 days in 2026Q2 from 43 days in 2024Q1, as per quarterly data, driven by higher DIO and DPO, indicating ongoing working capital inefficiency.
DSO has remained stable around 31-33 days, but DIO increased to 39 days and DPO to 25 days, resulting in a CCC that is slightly worse than the prior year. This is consistent with the volatile working capital swings seen in cash flow, which have caused significant quarterly FCF fluctuations. The company appears to be holding more inventory, possibly to ensure supply chain resilience, but this ties up cash and may pressure liquidity if not managed carefully.
Debt Load Elevated Despite Improvement
D/E improved to 1.46 in 2026Q2 from 2.07 in 2024Q1, as per balance sheet data, but D/EBITDA of 16.15x remains very high, indicating significant leverage.
Interest coverage of 6.23x is comfortable, but the absolute debt level of $946.6M is substantial relative to equity. The improvement in D/E is largely due to equity growth from retained earnings, not debt reduction. The high D/EBITDA suggests that CHEF is highly leveraged for its earnings power, and any margin compression could strain debt service. Investors should monitor refinancing risk, especially if interest rates remain elevated.
Liquidity Cushion Strengthens
Current ratio improved to 2.15 in 2026Q2 from 1.92 in 2024Q1, with cash rising to $135.5M, as per financial statements, providing a stronger buffer against shocks.
The quick ratio of 1.31 indicates that even without inventory, current assets cover current liabilities, which is reassuring. However, the working capital volatility seen in cash flow suggests that this liquidity could be quickly eroded if inventory or receivables tie up cash. The improved cash position is a positive, but it may be partly offset by the need to service high debt levels.
Premium Valuation vs. Distribution Peers
CHEF's EV/EBITDA of 23.76x is significantly higher than USFD's 17.48x and SYY's 17.80x, as per peer data, reflecting its specialty focus but also higher risk.
CHEF's ROE and ROIC are lower than USFD and SYY, yet its P/E and EV/EBITDA are higher, indicating that the market is pricing in superior growth prospects. The company's net margin is slightly better than peers, but its leverage is higher than USFD and PFGC. This suggests that the premium is not supported by current profitability, and any growth disappointment could lead to multiple compression.
Misapplied EV/EBITDA Multiple
EV/EBITDA is commonly used for distributors, but CHEF's high D/EBITDA of 16.15x, as per reported data, makes this multiple misleading without adjusting for lease liabilities and working capital swings.
For a food distributor, EBITDA can be distorted by working capital changes and lease expenses, which are significant in this industry. A more appropriate metric would be EV/EBITDAR or EV/ (EBITDA - maintenance capex), as it better captures the true cash-generating ability. Additionally, the high leverage means that EV/EBITDA understates the risk, and investors should focus on free cash flow yield and interest coverage instead.