The Chefs' Warehouse Inc (CHEF)
NASDAQ:CHEF
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The Chefs' Warehouse
(NASDAQ:CHEF)
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Rating:70Outperform
Price Target:
$89.00
▲(35.22% Upside)
Action:Reiterated
Date:05/12/26
The score is driven by strong technical momentum and a positive operating trajectory (growth and profitability improving). This is tempered by thin-margin business risk, elevated leverage and mixed cash conversion, plus a relatively high P/E and earnings-call noted dilution/regional uncertainty.
Positive Factors
Sustained revenue growth
The company has delivered consistent multi-year top-line expansion and double-digit organic growth in Q1 2026. Durable revenue momentum across specialty and center-of-the-plate categories supports scale, route density, and investment payback in distribution assets over the medium term.
Negative Factors
Elevated leverage
Leverage near ~2x and sizeable absolute net debt constrain financial flexibility for cyclical shocks or opportunistic M&A, increasing sensitivity to cash flow swings. Elevated debt raises refinancing and interest rate exposure risk and limits ability to accelerate buybacks or capital projects if margins soften.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained revenue growth
The company has delivered consistent multi-year top-line expansion and double-digit organic growth in Q1 2026. Durable revenue momentum across specialty and center-of-the-plate categories supports scale, route density, and investment payback in distribution assets over the medium term.
Read all positive factors
The Chefs' Warehouse Key Performance Indicators (KPIs)
Any
Net Sales by Product Category
Breaks down revenue by product line (for example fresh produce, proteins, specialty ingredients, and private-label goods) to show which items drive sales and profits. Reveals where the company has pricing power or margin strength, and flags exposure to restaurant demand, seasonality, or supply-chain cost swings. Changes in the mix can signal growth opportunities or risks — for instance, rising share of higher-margin specialty products suggests better profitability, while heavy dependence on commodity items increases vulnerability to input-price spikes.
Breaks down revenue by product line (for example fresh produce, proteins, specialty ingredients, and private-label goods) to show which items drive sales and profits. Reveals where the company has pricing power or margin strength, and flags exposure to restaurant demand, seasonality, or supply-chain cost swings. Changes in the mix can signal growth opportunities or risks — for instance, rising share of higher-margin specialty products suggests better profitability, while heavy dependence on commodity items increases vulnerability to input-price spikes.
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The Fly
The FlyThe Chefs' Warehouse (CHEF) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.15B
Dividend YieldN/A
Average Volume (3M)485.80K
Price to Earnings (P/E)33.2
Beta (1Y)0.99
Revenue Growth10.01%
EPS Growth22.30%
CountryUS
Employees5,029
SectorConsumer Defensive
Sector Strength42
IndustryFood Distribution
Share Statistics
EPS (TTM)2.06
Shares Outstanding40,777,630
10 Day Avg. Volume414,483
30 Day Avg. Volume485,796
Financial Highlights & Ratios
PEG Ratio1.21
Price to Book (P/B)4.07
Price to Sales (P/S)0.59
P/FCF Ratio28.02
Enterprise Value/Market Cap1.03
Enterprise Value/Revenue0.76
Enterprise Value/Gross Profit3.14
Enterprise Value/Ebitda7.76
Forecast
1Y Price Target
$84.00Price Target Upside27.62% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)2.24
Revenue Forecast (FY)$4.47B
The Chefs' Warehouse Business Overview & Revenue Model
Company Description
The 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 fo...
How the Company Makes Money
The Chefs' Warehouse makes money primarily by purchasing food and related products from producers and suppliers and reselling them to foodservice customers at a markup, generating revenue from product sales delivered through its distribution netwo...
The Chefs' Warehouse Earnings Call Summary
Earnings Call Date:Apr 29, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 05, 2026
Earnings Call Sentiment Positive
The call was broadly positive: the company delivered strong organic and reported revenue growth, notable margin and profitability expansion, improved operational metrics, healthy liquidity and deleveraging, and maintained full-year guidance with upside potential. The primary negatives were external and transitory: the geopolitical impact in the Middle East (reducing recent demand to ~75% of prior year and shaving ~50 bps from Q1 organic growth), weather-related disruptions, Texas customer attrition tied to a strategic transition, and elevated SG&A and commodity inflation that management says it is effectively managing.Positive Updates
Top-Line Revenue Growth
Net sales increased ~11.4% to $1.059 billion in Q1 2026 from $950.7 million a year ago; organic net sales grew 10.4% and acquisitions contributed ~1% to growth.
Negative Updates
Middle East Conflict and Demand Volatility
Conflict in the Middle East reduced estimated organic growth by ~50 basis points in Q1; recent weeks' operations in the region were running at ~75% of prior year, driven by low hotel/resort occupancy; Middle East represents <10% of business and introduces guidance uncertainty.
Read all updates
Q1-2026 Updates
Positive
Negative
Top-Line Revenue Growth
Net sales increased ~11.4% to $1.059 billion in Q1 2026 from $950.7 million a year ago; organic net sales grew 10.4% and acquisitions contributed ~1% to growth.
Read all positive updates
Company Guidance
Management left full‑year 2026 guidance unchanged, targeting net sales of $4.35–4.45 billion, gross profit of $1.053–1.076 billion and adjusted EBITDA of $276–286 million, noting the 2028 convertible notes are expected to be dilutive (fully diluted share count ~46.0–46.7 million); they cited a strong Q1 as support (Q1 net sales $1.059B, +11.4% YoY; organic sales +10.4%; gross profit $257.4M, +13.9%; gross margin 24.3%, +53 bps; adjusted EBITDA $60.1M; GAAP net income $17.4M or $0.40/sh; adjusted net income $17.2M or $0.40/sh), April tracking to double‑digit top‑line growth, and said the Middle East (less than 10% of revenue and operating recently at ~75% of prior year) reduced Q1 organic growth by ~50 bps and—together with two storm events—cost roughly 150 bps on the quarter; balance sheet metrics include total liquidity $278.3M (cash $122.7M, ABL availability $155.6M), total net debt ≈$522M (net debt/adjusted EBITDA ≈1.9x), a $5M term‑loan prepayment and $10M of share repurchases in Q1.The Chefs' Warehouse Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
63
Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 4.26B | 4.15B | 3.79B | 3.43B | 2.61B | 1.75B |
| Gross Profit | 1.04B | 1.00B | 914.15M | 814.47M | 618.64M | 390.49M |
| EBITDA | 419.00M | 223.24M | 193.14M | 156.55M | 125.71M | 47.18M |
| Net Income | 79.44M | 72.36M | 55.48M | 34.59M | 27.75M | -4.92M |
Balance Sheet | ||||||
| Total Assets | 1.99B | 2.03B | 1.86B | 1.71B | 1.51B | 1.07B |
| Cash, Cash Equivalents and Short-Term Investments | 122.71M | 120.98M | 114.66M | 49.88M | 158.80M | 115.16M |
| Total Debt | 257.29M | 1.18B | 915.83M | 926.27M | 839.98M | 542.48M |
| Total Liabilities | 1.38B | 1.42B | 1.32B | 1.25B | 1.10B | 723.58M |
| Stockholders Equity | 608.63M | 604.31M | 537.65M | 454.67M | 401.51M | 350.21M |
Cash Flow | ||||||
| Free Cash Flow | 81.13M | 87.79M | 103.56M | 4.21M | -22.71M | -58.70M |
| Operating Cash Flow | 117.91M | 129.22M | 153.06M | 61.64M | 23.13M | -19.90M |
| Investing Cash Flow | -42.11M | -46.76M | -49.82M | -179.31M | -232.02M | -48.99M |
| Financing Cash Flow | -69.59M | -76.22M | -38.48M | 9.01M | 253.22M | -9.22M |
The Chefs' Warehouse Technical Analysis
Neutral
65.82
Price Trends
68.38
Positive
66.60
Positive
63.90
Positive
Market Momentum
2.77
Positive
54.55
Neutral
26.40
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CHEF, the sentiment is Neutral. The current price of 65.82 is below the 20-day moving average (MA) of 77.69, below the 50-day MA of 68.38, and above the 200-day MA of 63.90, indicating a neutral trend. The MACD of 2.77 indicates Positive momentum. The RSI at 54.55 is Neutral, neither overbought nor oversold. The STOCH value of 26.40 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for CHEF.
The Chefs' Warehouse Risk Analysis
The Chefs' Warehouse disclosed 35 risk factors in its most recent earnings report. The Chefs' Warehouse reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
The Chefs' Warehouse Peers Comparison
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | $3.15B | 33.24 | 13.54% | ― | 10.01% | 22.30% | |
66 Neutral | $14.95B | 77.54 | 7.13% | ― | 8.45% | -12.95% | |
63 Neutral | $17.86B | 43.16 | 15.27% | ― | 3.67% | 36.66% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
61 Neutral | $36.08B | 28.83 | 81.92% | 2.84% | 3.44% | -6.81% | |
61 Neutral | $3.06B | 28.34 | -4.97% | ― | -0.44% | 6.45% |
* Consumer Defensive Sector Average
CHEF
The Chefs' Warehouse
76.46
14.33
23.06%
SYY
Sysco
76.29
6.82
9.81%
UNFI
United Natural Foods
49.31
19.97
68.06%
PFGC
Performance Food Group
93.63
8.97
10.60%
USFD
US Foods Holding
80.47
4.64
6.12%
The Chefs' Warehouse Corporate Events
Executive/Board ChangesShareholder Meetings
Chefs’ Warehouse Shareholders Approve Directors and Auditor
Positive
May 11, 2026
At its May 8, 2026 annual meeting, The Chefs’ Warehouse reported that holders of 93.79% of outstanding shares were present or represented, and stockholders elected eight directors, including Steven F. Goldstone and Christopher and John Pappa...
Executive/Board ChangesShareholder Meetings
The Chefs’ Warehouse Director Resigns, Board Seat Left Vacant
Neutral
Apr 24, 2026
On April 20, 2026, The Chefs’ Warehouse said director Ivy Brown resigned from its Board of Directors, effective immediately, citing personal reasons and with no disagreement over the company’s operations, policies or practices. Brown w...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.