# The Chefs' Warehouse, Inc. (CHEF)

> Source: Nexqual · https://nexqual.com/CHEF · data as of 2026-10-23 15:39 UTC · cite as "Nexqual, The Chefs' Warehouse, Inc. (CHEF), nexqual.com/CHEF" · informational, not investment advice.

**Price:** USD 106.33 (-0.89% today) · US market open, as of October 23, 2026 at 15:39 UTC; quotes may be delayed. Prev close 107.29 · day 104.75–107.15 · 52w 56.46–118.51 · market cap $4.34B · NMS

## Key facts
- Last four reported quarters (through Jun 26, 2026): revenue $4.39B, net income $92.0M (2.1% margin), free cash flow $126M (SEC filings).
- Valuation: P/E 47.2x (avg 39.8x at the last 3 fiscal year-ends), EV/EBITDA 21.2x, net debt $589M.
- 1 of 80 tracked superinvestors hold CHEF (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 5 Form 4 filings, $25.3M; 5 not under a Rule 10b5-1 plan ($25.3M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.13 on a 1–5 scale) (8 analysts), mean target USD 124.75 (range 119–131).
- Total return with dividends: 1Y +81.0% vs S&P 500 +14.8%; 5Y +204.9% vs S&P 500 +77.6%.
- Next earnings: 2026-10-28, EPS estimate USD 0.59, revenue estimate $1.12B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.75B | $2.61B | $3.43B | $3.79B | $4.15B | $4.39B |
| Gross profit | $390M | $619M | $814M | $914M | $1.00B | — |
| Operating income | $10.8M | $85.7M | $101M | $128M | $145M | $174M |
| Net income | -$4.9M | $27.8M | $34.6M | $55.5M | $72.4M | $92.0M |
| EPS (diluted) | -$0.13 | $0.73 | $0.88 | $1.32 | $1.68 | — |
| Free cash flow | -$58.7M | -$22.7M | $4.2M | $104M | $87.8M | $126M |
| Gross margin | 22.4% | 23.7% | 23.7% | 24.1% | 24.2% | — |
| Operating margin | 0.6% | 3.3% | 2.9% | 3.4% | 3.5% | 4.0% |
| Net margin | -0.3% | 1.1% | 1.0% | 1.5% | 1.7% | 2.1% |
| Revenue growth | +57.0% | +49.7% | +31.4% | +10.5% | +9.4% | — |
| Cash + short-term investments | $115M | $159M | $49.9M | $115M | $121M | — |
| Total debt | $399M | $675M | $718M | $707M | $749M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 26, 2026)
P/E 47.2x · P/S 1.0x · EV/EBITDA 21.2x · EV/Sales 1.1x · P/FCF 34.5x · P/B 6.7x · FCF yield 2.90% · Earnings yield 2.12% · Buyback yield (TTM) 0.35% · Net debt $589M · EV $4.93B
P/E at fiscal year-ends: Dec 2025 39.6x, Dec 2024 40.9x, Dec 2023 38.8x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold CHEF. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| First Eagle Investment | First Eagle Investment Management | 0.03% | $17.4M | Added +8.4% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 5 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-14 | Aldous Alexandros | General Counsel | 35,000 | $3.9M | 50.4% | No | Too little history (no open-market trades in 2023) |
| 2026-08-14 | Polychroni Christina | Chief Human Resources Officer | 2,752 | $308K | 11.1% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-14 | Pappas Christopher | President and CEO | 100,000 | $11.0M | 4.5% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-05-19 | Polychroni Christina | Chief Human Resources Officer | 4,500 | $356K | 15.4% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-05 | Pappas Christopher | President and CEO | 125,000 | $9.8M | 5.3% | No | Too little history (no open-market trades in 2023 or 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.13 on a 1–5 scale), 8 analysts; mean target USD 124.75 (low 119, high 131).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-15 | Morgan Stanley | Target raised | Equal-Weight | $104 → $120 |
| 2026-09-11 | TD Cowen | Target raised | Buy | $123 → $131 |
| 2026-07-30 | UBS | Target raised | Buy | $114 → $125 |
| 2026-07-30 | Benchmark | Target raised | Buy | $106 → $125 |
| 2026-07-30 | Morgan Stanley | Target raised | Equal-Weight | $97 → $104 |
| 2026-07-30 | BTIG | Target raised | Buy | $100 → $125 |
| 2026-07-30 | TD Cowen | Target raised | Buy | $110 → $123 |
| 2026-07-15 | Morgan Stanley | Downgrade | Overweight → Equal-Weight | $83 → $97 |
| 2026-07-14 | Benchmark | Target raised | Buy | $90 → $106 |
| 2026-07-07 | TD Cowen | Initiated | Buy | $110 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +81.0% | +204.9% |
| S&P 500 (SPY) | +14.8% | +77.6% |
| Per year | +81.0% | +25.0% |
| Volatility (annualized) | 37.7% | 41.8% |
| Max drawdown | -20.5% (Feb 2026→Apr 2026) | -54.8% (Jul 2022→Oct 2023) |

## Peers (Food Distribution)
UNFI (United Natural Foods, Inc.) USD 46.19 -2.32% · ANDE (The Andersons, Inc.) USD 64.83 -0.42% · PFGC (Performance Food Group Company) USD 95.14 -2.81% · AVO (Mission Produce, Inc.) USD 11.66 -1.35% · USFD (US Foods Holding Corp.) USD 101.63 -2.33% · SYY (Sysco Corporation) USD 82.01 -2.34%

## More
Full page: https://nexqual.com/CHEF · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by product line (quarter ended 2026-06-26)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Total Specialty | $711.0M | 60.8% | +11.0% |
| Center-of-the-Plate | $457.6M | 39.2% | +16.0% |
| Dry Goods | $185.8M | 15.9% | +10.8% |
| Produce | $166.2M | 14.2% | +34.0% |
| Pastry | $149.4M | 12.8% | +7.3% |
| Cheese and Charcuterie | $79.4M | 6.8% | +4.5% |
| Dairy and Eggs | $68.6M | 5.9% | -12.0% |
| Oils and Vinegars | $36.8M | 3.1% | +2.9% |
| Kitchen Supplies | $24.9M | 2.1% | +24.8% |
| Total revenue | $1.17B | 100% | — |
The lines above cover 160.8% of total revenue.

## Revenue by region (quarter ended 2025-09-26)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $937.6M | 91.8% | +9.3% |
| Non Us | $83.7M | 8.2% | +14.2% |
| Total revenue | $1.02B | 100% | — |

## Company outlook (8-K filed 2026-07-29)

- "We are providing our fiscal 2026 full year financial guidance as follows: • Net sales in the range of $4.50 billion to $4.60 billion, • Gross profit to be between $1.102 billion and $1.125 billion and • Adjusted EBITDA 1 to be between $305 million and $315 million."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.59 | $0.53 | +10.2% | $1.12B | 8 |
| Next quarter (ends 2026-12-31) | $0.79 | $0.75 | +5.1% | $1.24B | 8 |
| Current fiscal year (ends 2026-12-31) | $2.55 | $2.27 | +12.1% | $4.59B | 8 |
| Next fiscal year (ends 2027-12-31) | $3.11 | $2.69 | +15.4% | $4.99B | 7 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-28): ±11.3%; last 8 reports averaged ±9.5%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 49.7% | ±11.3% |
| 2026-12-18 | 56 | 44.3% | ±14.1% |
| 2027-01-15 | 84 | 41.1% | ±15.9% |
| 2027-04-16 | 175 | 39.7% | ±21.9% |