Logo

CHEF

The Chefs' Warehouse, Inc.

CHEF

The Chefs' Warehouse, Inc. • NASDAQ
$61.32 ▼ -1.08% (-0.67)
Market Cap $2.49 B
52w High $68.94
52w Low $43.83
Dividend Yield 0%
P/E 35.45
Volume 152.92K
Outstanding Shares 40.69M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.021B ▼ $208.125M ▼ $19.148M ▼ 1.875% ▼ $0.5 ▼ $38.936M ▼
Q2-2025 $1.035B ▲ $214.123M ▲ $21.241M ▲ 2.052% ▲ $0.55 ▲ $59.313M ▲
Q1-2025 $950.748M ▼ $203.26M ▼ $10.288M ▼ 1.082% ▼ $0.27 ▼ $41.073M ▼
Q4-2024 $1.034B ▲ $204.506M ▲ $23.926M ▲ 2.315% ▲ $0.63 ▲ $63.812M ▲
Q3-2024 $931.452M $192.866M $14.098M 1.514% $0.41 $48.346M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $65.061M ▼ $1.916B ▲ $1.339B ▼ $576.638M ▲
Q2-2025 $96.866M ▼ $1.907B ▲ $1.35B ▲ $557.718M ▲
Q1-2025 $116.53M ▲ $1.839B ▼ $1.297B ▼ $541.64M ▲
Q4-2024 $114.655M ▲ $1.859B ▲ $1.321B ▲ $537.646M ▲
Q3-2024 $50.705M $1.774B $1.293B $480.345M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $21.241M ▲ $14.503M ▼ $-9.981M ▲ $-24.233M ▲ $-19.664M ▼ $4.522M ▼
Q1-2025 $10.288M ▼ $49.566M ▼ $-12.344M ▼ $-35.412M ▼ $1.875M ▼ $37.222M ▼
Q4-2024 $23.926M ▲ $73.004M ▲ $-8.375M ▼ $-656K ▼ $63.95M ▲ $64.629M ▲
Q3-2024 $14.098M ▼ $19.831M ▼ $-8.008M ▲ $537K ▲ $12.365M ▲ $11.823M ▼
Q2-2024 $15.524M $29.326M $-16.057M $-17.111M $-3.926M $13.269M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
CenterOfThePlate Product
CenterOfThePlate Product
 $400.00M ▲$360.00M ▼$390.00M ▲$390.00M ▲
Cheese And Charcuterie Product
Cheese And Charcuterie Product
 $70.00M ▲$70.00M ▲$80.00M ▲$80.00M ▲
Dairy And Eggs Product
Dairy And Eggs Product
 $70.00M ▲$80.00M ▲$80.00M ▲$70.00M ▼
Dry Goods Product
Dry Goods Product
 $160.00M ▲$150.00M ▼$170.00M ▲$160.00M ▼
Kitchen Supplies Product
Kitchen Supplies Product
 $20.00M ▲$20.00M ▲$20.00M ▲$20.00M ▲
Oils And Vinegar Product
Oils And Vinegar Product
 $30.00M ▲$30.00M ▲$40.00M ▲$40.00M ▲
Pastry Product
Pastry Product
 $140.00M ▲$130.00M ▼$140.00M ▲$130.00M ▼
Produce
Produce
 $130.00M ▲$120.00M ▼$120.00M ▲$130.00M ▲

Five-Year Company Overview

Income Statement

Income Statement The income statement shows a company that has grown steadily from a smaller, niche distributor into a much larger player, especially since the pandemic. Sales and gross profits have increased every single year, which suggests strong demand and decent pricing power for its specialty products. Profitability has also improved: the business has moved from losses during the pandemic to consistent, if still modest, net income. Operating margins remain thin, which is typical in distribution, so the company has limited room for error if costs rise or volumes fall. Overall, it looks like a growth story with improving earnings, but still exposed to swings in the broader restaurant and foodservice environment.

Balance Sheet

Balance Sheet The balance sheet reflects a company that has been expanding aggressively. Total assets have grown meaningfully, helped by acquisitions and investments in distribution capacity, but this has been funded heavily with debt. Debt now sits at a fairly high level compared with the company’s equity and cash on hand, which increases financial risk, especially in periods of higher interest rates or weaker demand. On the positive side, shareholder equity has been building each year, showing that retained earnings and growth are adding value over time. The key trade-off is clear: faster growth funded by leverage, which boosts potential upside but raises sensitivity to downturns.

Cash Flow

Cash Flow Cash flow has been more uneven than the income statement but is moving in the right direction. Operating cash flow dipped around the pandemic but has since turned clearly positive, indicating that profits are increasingly supported by real cash generation rather than accounting gains. After funding capital spending, free cash flow has improved from negative to roughly breakeven or modestly positive, suggesting the company is close to self-funding its growth. Capital spending has been steady and meaningful, underlining the need to keep investing in facilities, technology, and logistics. The main risk is that there is not a large cash cushion, so continued discipline in working capital and investment timing is important.

Competitive Edge

Competitive Edge The Chefs’ Warehouse occupies a focused niche rather than competing head‑on with broadline food distributors. Its strength lies in serving high-end, independent restaurants and culinary professionals with a very wide range of specialty, hard‑to‑find ingredients. The “white glove” service model, with dedicated reps and menu support, creates deep relationships that are harder to displace than simple price-based contracts. Exclusive and proprietary brands, plus long-standing ties to thousands of specialty suppliers, add another layer of differentiation and make it difficult for generalist distributors to replicate the offering quickly. The flip side is concentration in a premium customer base that can be more sensitive to economic slowdowns, and ongoing competition from both large national players and nimble local specialists.

Innovation and R&D

Innovation and R&D While this is not a classic R&D-heavy company, it has been quite active in practical innovation. It has invested in a modern e‑commerce platform and multiple mobile apps that simplify ordering and inventory management for chefs, turning what used to be a manual, relationship-only business into a hybrid digital model. New forecasting and replenishment software aims to centralize demand planning across many distribution centers, which can cut waste and improve service for highly perishable products. The company also innovates through product curation and brand creation, building exclusive labels and sourcing new specialty items that keep its catalog fresh and differentiated. The main execution challenges are integrating these technologies smoothly, training customers to use them, and ensuring that rapid digital change does not dilute the high‑touch service that defines its brand.

Summary

Overall, The Chefs’ Warehouse looks like a specialty growth story in food distribution: rapidly rising sales, improving profitability, and a clear niche focused on premium, service-intensive customers. Its competitive edge comes from curated products, exclusive brands, deep supplier and customer relationships, and increasing use of technology to run a complex, fresh-focused supply chain. At the same time, it operates with thin margins, meaningful leverage, modest cash buffers, and exposure to the health of high-end restaurants, which makes consistent execution critical. Future performance will likely hinge on how well it integrates acquisitions, manages debt, scales its technology tools, and preserves its high‑touch service culture while expanding geographically.

NEWS

November 13, 2025 · 9:01 AM UTC

Chefs' Warehouse to Improve Fresh Food Availability and Efficiency with RELEX

Read more

October 15, 2025 · 8:00 AM UTC

The Chefs' Warehouse to Announce Third Quarter Results on October 29, 2025

Read more