The Chefs' Warehouse, Inc.
- Open
- 96.10
- Day high
- 96.79
- Day low
- 94.85
- Prev close
- 96.10
- Volume
- 85K
- Mkt cap
- $3.9B
- P/E (TTM)
- 46.5
- EPS (TTM)
- $2.06
- P/B
- 6.4
- P/S
- 0.9
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$10.1M over the last 3 months (0 open-market buys, 2 sales)
- 🏛Institutions accumulating (13F)
The Chefs' Warehouse, Inc. (CHEF) is a Consumer Defensive company listed on NASDAQ. The stock is up 53% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 2 sales (SEC Form 4).
The Chefs' Warehouse, Inc. (CHEF) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 3 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
CHEF earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 29, 2026 | $0.23 | $0.40 | +73.9% | $1.1B | +5.0% |
| Feb 11, 2026 | $0.62 | $0.68 | +9.7% | $1.1B | +12.6% |
| Oct 29, 2025 | $0.43 | $0.50 | +16.3% | $1.0B | -7.0% |
| Jul 30, 2025 | $0.45 | $0.52 | +15.6% | $1.0B | +4.9% |
| Apr 30, 2025 | $0.21 | $0.25 | +19.0% | $951M | -5.7% |
| Feb 12, 2025 | $0.51 | $0.55 | +7.8% | $1.0B | +3.0% |
| Jul 31, 2024 | $0.36 | $0.40 | +11.1% | $955M | +1.2% |
| May 1, 2024 | $0.07 | $0.15 | +114.3% | $874M | +4.9% |
| Feb 14, 2024 | $0.42 | $0.47 | +11.9% | $950M | +4.5% |
| Nov 1, 2023 | $0.33 | $0.33 | +0.0% | $882M | +6.0% |
| Aug 2, 2023 | $0.50 | $0.35 | -30.0% | $882M | +6.5% |
| May 3, 2023 | $0.09 | $0.12 | +33.3% | $720M | +13.1% |
CHEF insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 20, 2026 | Polychroni Christinaofficer: Chief Human Resources Officer | Sell | 4,500 | $79.21 |
| May 11, 2026 | Walton Debradirector | Grant | 1,652 | — |
| May 11, 2026 | Peretz Richard N.director | Grant | 1,652 | — |
| May 11, 2026 | GOLDSTONE STEVEN Fdirector | Grant | 1,652 | — |
| May 11, 2026 | Owens Lesterdirector | Grant | 1,652 | — |
| May 11, 2026 | LEWIS AYLWIN Bdirector | Grant | 1,652 | — |
| May 11, 2026 | Weinstein Wendy M.director | Grant | 1,652 | — |
| May 5, 2026 | Pappas Christopherdirector, officer: President and CEO | Sell | 125,000 | $78.00 |
| Mar 6, 2026 | Polychroni Christinaofficer: Chief Human Resources Officer | Tax | 999 | $62.52 |
| Mar 6, 2026 | Aldous Alexandrosofficer: General Counsel | Tax | 1,468 | $62.52 |
| Mar 6, 2026 | Leddy Jamesofficer: Chief Financial Officer | Tax | 1,822 | $62.52 |
| Mar 6, 2026 | McCauley Timofficer: Chief Accounting Officer | Tax | 551 | $62.52 |
| Mar 6, 2026 | Pappas Christopherdirector, officer: President and CEO | Tax | 4,119 | $62.52 |
| Mar 6, 2026 | Pappas Johndirector, officer: Vice Chairman and COO | Tax | 2,742 | $62.52 |
| Mar 3, 2026 | Polychroni Christinaofficer: Chief Human Resources Officer | Sell | 3,084 | $71.33 |
Source: CHEF SEC Form 4 filings, latest May 20, 2026. For informational purposes only — not investment advice.
See the full CHEF insider & 13F page →The Chefs' Warehouse, Inc. company profile
Overview
The Chefs' Warehouse, Inc. (NASDAQ:CHEF) is a specialty food distributor founded in 1985 and headquartered in Ridgefield, Connecticut. The company went public in 2011 and has grown through both organic expansion and strategic acquisitions to become a leading distributor of premium food products to foodservice establishments across the United States and internationally. Over nearly four decades, the company has evolved from a regional specialty food distributor into a comprehensive foodservice partner serving high-end restaurants, hotels, and culinary institutions with an extensive portfolio of artisanal and specialty food products.
Business
The Chefs' Warehouse operates in the specialty food distribution industry, serving as an intermediary between food producers and high-end foodservice establishments. The company maintains an extensive product portfolio of approximately 50,000 stock-keeping units (SKUs) across two primary business segments. The specialty food segment represents the company's core business, focusing on artisanal and premium food products including specialty cheeses, charcuterie, unique oils and vinegars, truffles, caviar, chocolate, and pastry products. These are typically imported or domestically produced gourmet items that require specialized handling, storage, and distribution expertise. This segment generates the majority of the company's revenue and gross margins. The center-of-the-plate segment encompasses proteins and other core ingredients including custom-cut beef, fresh seafood, hormone-free poultry, as well as basic food staples like cooking oils, butter, eggs, milk, and flour. While these products typically carry lower margins than specialty items, they provide volume and help the company serve as a one-stop distributor for its restaurant customers. The company's customer base consists primarily of menu-driven independent restaurants, fine dining establishments, country clubs, hotels, caterers, culinary schools, bakeries, patisseries, chocolatiers, cruise lines, casinos, and specialty food stores. Additionally, the company has expanded into direct-to-consumer sales through mail-order and e-commerce platforms, though this represents a smaller portion of overall revenue.
Revenue model
The Chefs' Warehouse generates revenue primarily through product sales with markup pricing, operating on a traditional distribution model where it purchases products from suppliers and sells them to foodservice customers at higher prices. The company sources from over 4,000 suppliers globally, leveraging its scale and relationships to secure favorable pricing and exclusive products. The business model benefits from several revenue drivers: unique customer acquisition (growing at approximately 4-5% annually), item placement growth (expanding the variety of products sold to existing customers), and case volume growth. The company's specialty products typically command higher gross margins (around 24-25%) compared to center-of-the-plate items, making customer mix an important profitability factor. Factors that can increase margins include successful cross-selling of higher-margin specialty items, operational efficiencies through route consolidation and digital ordering platforms, pricing optimization through advanced analytics, and the integration of acquired businesses. The company has been investing heavily in digital platforms, with 56-58% of customers now ordering online, which improves operational efficiency and enables better product discovery. Margin pressures can arise from food cost inflation (which the company generally passes through to customers with some lag), competitive pricing pressure in commodity-like center-of-the-plate products, fuel and transportation cost increases, and labor cost inflation in distribution operations. The company's diverse supplier base and ability to source alternative products provides some protection against supply chain disruptions, though it remains exposed to broader inflationary trends in food costs.
Competitive moat
The Chefs' Warehouse possesses a moderate but defensible competitive moat built primarily around its specialized expertise and customer relationships in the high-end foodservice market. The company's key competitive advantages include its extensive catalog of 50,000 SKUs sourced from over 4,000 suppliers worldwide, which would be difficult and time-consuming for competitors to replicate. The company has developed deep relationships with both artisanal food producers and high-end restaurants, creating a valuable two-sided network effect. The specialized nature of the business creates switching costs for customers, as chefs and restaurant operators rely on consistent quality, specialized product knowledge, and reliable delivery schedules that are critical for their operations. The company's sales force possesses culinary expertise and product knowledge that helps differentiate it from broader foodservice distributors who focus primarily on commodity products. However, the moat faces several challenges. Large foodservice distributors like Sysco and US Foods have significantly greater scale and resources, and could potentially expand into specialty products. The company also faces competition from direct-to-restaurant sales by specialty food producers, particularly as e-commerce platforms make it easier for producers to reach end customers. Additionally, private label development by larger competitors and the potential for restaurant chains to develop direct supplier relationships pose ongoing competitive threats. The company's geographic expansion and digital platform investments are attempts to strengthen its competitive position, but the specialty food distribution market remains fragmented with numerous regional players, suggesting that sustainable competitive advantages may be limited in scope and duration.
Risks & safety
The company presents a moderate margin of safety profile with some areas of concern: • Liquidity position: Strong current ratio of 2.05x and cash position of $116.5 million provides adequate short-term liquidity • Debt levels: Elevated debt-to-equity ratio of 1.68x indicates significant leverage, though this has improved from previous quarters • Cash generation: Positive free cash flow of $37.2 million in Q1 2025 and $103.6 million for full year 2024 demonstrates operational cash generation capability • Valuation metrics: Trading at high multiples with P/E ratio of 50.3x and EV/EBITDA of 17.4x, suggesting limited valuation cushion • Profitability: Low net margins around 1-2% and modest ROE of 1.9% indicate thin profitability buffers • Cyclical exposure: Business tied to restaurant industry performance, which can be volatile during economic downturns
Recent development
Over the past few years, The Chefs' Warehouse has pursued an aggressive growth strategy centered on geographic expansion, digital transformation, and operational optimization. The company has completed several strategic acquisitions including Mike Hudson Specialty Foods in Napa Valley, Greenleaf Produce & Specialty Foods in California, and Hardie's Fresh Foods in Texas, significantly expanding its presence in high-growth markets. The company has made substantial infrastructure investments, adding approximately 1 million square feet of distribution capacity since 2019 with new facilities in Dubai, Seattle, Southern California, and Florida. These investments support both domestic expansion and international growth, particularly in the Middle East market which has performed better than expectations. Digital transformation has been a key strategic priority, with the company investing heavily in its e-commerce platform and digital ordering capabilities. The percentage of customers ordering online has grown from 48% in 2023 to 58% by early 2025, with a goal of reaching 80-90% digital adoption. The company has also engaged a global consulting firm to identify operational improvements and drive toward ambitious 2028 financial targets of $4.6-5.0 billion in revenue and $300-350 million in adjusted EBITDA. Recent quarters have shown a strategic shift toward margin optimization, with management actively shedding low-margin, non-core customer business while focusing on higher-value specialty product sales and operational efficiencies. The company has also been consolidating distribution facilities and optimizing delivery routes to improve cost structure.
CHEF company profile · for informational purposes only — not investment advice.
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