olivLaw · US equity research
The Chefs' Warehouse, Inc. CHEF
Wholesale-Groceries, General Line · SIC 5141 · Vertical: Wholesale — nondurable goods (SIC 514x)
The Chefs' Warehouse distributes specialty food and center-of-the-plate products to chefs, fine dining restaurants and hotels in the United States, the Middle East and Canada, in a fragmented category that is consolidating. The company reported net revenues of about 4.1 billion USD for fiscal 2025, and in the second quarter of 2026 net sales grew 12.9%.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, The Chefs' Warehouse, Inc. (CHEF) stock was 106.84 USD (+5.83% on the day), with market capitalisation 4.6 bn USD, P/E 46.5 on diluted EPS of 2.30 USD over the last 12 months, beta 0.69, 52-week range 57.27–116.42 USD. Latest reported quarter (Q3 2026): revenue of 1.1 bn USD (+11.2% YoY), net income of 29.6 m USD (+54.7% YoY), diluted EPS 0.67 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 48.1
- neutral
- Bollinger (20, 2)
- 100.61 – 116.30
- in the lower half of the band · %B 0.40 · band width 14.5%
- SMA 50 / 200
- 110.24 / 87.58
- mixed trend
- MACD (12, 26, 9)
- -1.90 / -1.33
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −3.8% | −1.1% | −2.7 pp | — |
| 3 months | −1.6% | −0.5% | −1.1 pp | — |
| 6 months | +33.3% | +4.4% | +28.9 pp | — |
| Year to date | +71.4% | +12.3% | +59.1 pp | — |
| 1 year | +72.0% | +13.5% | +58.5 pp | +1.0% |
| 3 years | +348.2% | +76.4% | +271.7 pp | +1.3% |
| 5 years | +191.4% | +63.7% | +127.8 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 25 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.0 bn | 950.7 m | 1.0 bn | 1.0 bn | 1.1 bn | 1.1 bn | 1.2 bn | 1.1 bn |
| Cost of revenue | 782.6 m | 724.8 m | 780.6 m | 774.1 m | 866.0 m | 801.6 m | 875.7 m | 851.0 m |
| Gross profit | 251.0 m | 226.0 m | 254.3 m | 247.2 m | 276.6 m | 257.4 m | 292.9 m | 284.3 m |
| SG&A | 206.8 m | 202.8 m | 213.8 m | 208.1 m | 225.2 m | 224.1 m | 234.2 m | 233.4 m |
| Operating income | 46.5 m | 22.7 m | 40.2 m | 38.9 m | 43.2 m | 33.1 m | 58.6 m | 51.5 m |
| Depreciation & amortisation | 11.2 m | 12.2 m | 13.1 m ≈ | 13.7 m ≈ | 14.6 m | 14.8 m | 15.4 m ≈ | 15.7 m ≈ |
| Interest expense | 12.0 m | 10.3 m | 10.7 m | 10.5 m | 10.1 m | 10.4 m | 9.4 m | 9.0 m |
| Pre-tax income | 34.5 m | 12.5 m | 29.5 m | 28.4 m | 33.2 m | 22.7 m | 49.2 m | 42.5 m |
| Income tax | 10.5 m | 2.2 m | 8.3 m | 9.3 m | 11.5 m | 5.4 m | 15.5 m | 12.9 m |
| Net income | 23.9 m | 10.3 m | 21.2 m | 19.1 m | 21.7 m | 17.4 m | 33.8 m | 29.6 m |
| Diluted EPS | 0.52 ≈ | 0.25 | 0.49 | 0.44 | 0.47 ≈ | 0.40 | 0.76 | 0.67 |
| Operating cash flow | 73.0 m | 49.6 m | 14.5 m ≈ | -8.7 m ≈ | 73.9 m | 38.3 m | 58.4 m ≈ | 44.5 m ≈ |
| Capex | 8.4 m | 12.3 m | 10.0 m ≈ | 11.0 m ≈ | 8.1 m | 7.7 m | 9.2 m ≈ | 8.5 m ≈ |
| Share repurchases | 7.4 m | 0 | 10.0 m ≈ | 5.0 m ≈ | -1.0 k | 10.0 m | 0 ≈ | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 63 percentile of its own 32-quarter history (min 27.7, median 42.3, max 158.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.4 bn | 1.6 bn | 1.1 bn | 1.7 bn | 2.6 bn | 3.4 bn | 3.8 bn | 4.1 bn |
| Revenue YoY | +11.0% | +10.2% | −30.2% | +57.0% | +49.7% | +31.4% | +10.5% | +9.4% |
| Net income | 20.4 m | 24.2 m | -82.9 m | -4.9 m | 27.8 m | 34.6 m | 55.5 m | 72.4 m |
| Net income YoY | +42.0% | +18.6% | −442.7% | unavailable | unavailable | +24.6% | +60.4% | +30.4% |
| Diluted EPS | 0.70 | 0.81 | -2.46 | -0.13 | 0.73 | 0.88 | 1.32 | 1.68 |
| Diluted EPS YoY | +29.6% | +15.7% | −403.7% | unavailable | unavailable | +20.5% | +50.0% | +27.3% |
| net % | 1.4% | 1.5% | -7.5% | -0.3% | 1.1% | 1.0% | 1.5% | 1.7% |
| Free cash flow | 25.3 m | 28.9 m | 35.8 m | -58.7 m | -22.7 m | 4.2 m | 103.6 m | 87.8 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 26 Dec 2025
- Cash
- 121.0 m USD
- Financial debt
- 748.5 m USD
- Net debt
- 627.5 m USD
- Equity
- 604.3 m USD
- Total assets
- 2.0 bn USD
- Debt / equity
- 1.24x
- Current ratio
- 2.05x
- ROE
- 12.7%
- ROA
- 3.7%
- FCF margin
- 2.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.1 bn | 1.7 bn | 2.6 bn | 3.4 bn | 3.8 bn | 4.1 bn | SEC (XBRL)· 24 Feb 2026verified |
| Cost of revenue | 863.5 m | 1.4 bn | 2.0 bn | 2.6 bn | 2.9 bn | 3.1 bn | SEC (XBRL)· 24 Feb 2026verified |
| Gross profit | 248.2 m | 390.5 m | 618.6 m | 814.5 m | 914.1 m | 1.0 bn | SEC (XBRL)· 24 Feb 2026verified |
| SG&A | 336.4 m | 379.3 m | 518.2 m | 704.8 m | 784.9 m | 849.8 m | SEC (XBRL)· 24 Feb 2026verified |
| Operating income | -102.7 m | 10.8 m | 85.7 m | 100.9 m | 128.2 m | 145.1 m | SEC (XBRL)· 24 Feb 2026verified |
| Depreciation & amortisation | 19.8 m | 22.0 m | 24.3 m | 32.9 m | 40.6 m | 53.7 m | SEC (XBRL)· 24 Feb 2026verified |
| EBITDA | -82.9 m ≈ | 32.8 m ≈ | 110.1 m ≈ | 133.8 m ≈ | 168.8 m ≈ | 198.8 m ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Interest expense | 20.9 m | 17.6 m | 43.8 m | 45.5 m | 48.7 m | 41.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Pre-tax income | -123.6 m | -6.8 m | 41.9 m | 55.5 m | 79.5 m | 103.5 m | SEC (XBRL)· 24 Feb 2026verified |
| Income tax | -40.7 m | -1.9 m | 14.1 m | 20.9 m | 24.1 m | 31.2 m | SEC (XBRL)· 24 Feb 2026verified |
| Net income | -82.9 m | -4.9 m | 27.8 m | 34.6 m | 55.5 m | 72.4 m | SEC (XBRL)· 24 Feb 2026verified |
| Diluted EPS | -2.46 | -0.13 | 0.73 | 0.88 | 1.32 | 1.68 | SEC (XBRL)· 24 Feb 2026verified |
| Weighted average diluted shares | 33.7 m | 36.7 m | 38.7 m | 45.6 m | 46.0 m | 46.0 m | SEC (XBRL)· 24 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 193.3 m | 115.2 m | 158.8 m | 49.9 m | 114.7 m | 121.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Receivables | 96.4 m | 172.5 m | 260.2 m | 334.0 m | 366.3 m | 392.4 m | SEC (XBRL)· 24 Feb 2026verified |
| Inventories | 82.5 m | 144.5 m | 245.7 m | 284.5 m | 316.0 m | 385.7 m | SEC (XBRL)· 24 Feb 2026verified |
| Current assets | 405.7 m | 470.0 m | 720.9 m | 730.9 m | 868.0 m | 969.9 m | SEC (XBRL)· 24 Feb 2026verified |
| Property, plant & equipment, net | 115.4 m | 133.6 m | 185.7 m | 234.8 m | — | — | SEC (XBRL)· 01 May 2024verified |
| Goodwill | 214.9 m | 221.8 m | 287.1 m | 356.0 m | 356.3 m | 362.7 m | SEC (XBRL)· 24 Feb 2026verified |
| Intangibles (excl. goodwill) | 111.7 m | 104.7 m | 155.7 m | 184.9 m | 160.4 m | 137.3 m | SEC (XBRL)· 24 Feb 2026verified |
| Total assets | 974.3 m | 1.1 bn | 1.5 bn | 1.7 bn | 1.9 bn | 2.0 bn | SEC (XBRL)· 24 Feb 2026verified |
| Accounts payable | 57.5 m | 118.3 m | 163.4 m | 200.5 m | 266.8 m | 275.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Short-term debt | 6.1 m | 5.1 m | 12.4 m | 53.2 m | 18.0 m | 28.2 m | SEC (XBRL)· 24 Feb 2026verified |
| Long-term debt | 398.1 m | 394.2 m | 653.5 m | 664.8 m | 688.7 m | 720.3 m | SEC (XBRL)· 24 Feb 2026verified |
| Current liabilities | 118.1 m | 197.0 m | 283.7 m | 385.8 m | 425.4 m | 473.5 m | SEC (XBRL)· 24 Feb 2026verified |
| Total liabilities | 629.7 m | 723.6 m | 1.1 bn | 1.3 bn | 1.3 bn | 1.4 bn | SEC (XBRL)· 24 Feb 2026verified |
| Equity | 344.6 m † | 350.2 m † | 401.5 m † | 454.7 m † | 537.6 m † | 604.3 m † | SEC (XBRL)· 24 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 42.9 m | -19.9 m | 23.1 m | 61.6 m | 153.1 m | 129.2 m | SEC (XBRL)· 24 Feb 2026verified |
| Capex | 7.0 m | 38.8 m | 45.8 m | 57.4 m | 49.5 m | 41.4 m | SEC (XBRL)· 24 Feb 2026verified |
| Free cash flow | 35.8 m ≈ | -58.7 m ≈ | -22.7 m ≈ | 4.2 m ≈ | 103.6 m ≈ | 87.8 m ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Investing cash flow | -68.0 m | -49.0 m | -232.0 m | -179.3 m | -49.8 m | -46.8 m | SEC (XBRL)· 24 Feb 2026verified |
| Financing cash flow | 78.1 m | -9.2 m | 253.2 m | 9.0 m | -38.5 m | -76.2 m | SEC (XBRL)· 24 Feb 2026verified |
| Share repurchases | — | — | 0 | 0 | 17.4 m | 15.0 m | SEC (XBRL)· 24 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 50 / 100
A scoring methodology on indicators and valuation, not investment advice.
(margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 4.6 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation14
- Returns3
- Quality76
- Balance sheet45
- Growth100
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 37.13 – 125.89 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)73.42 – 125.89 (Mid 93.25)WACC 8.6% · starting FCFF 208.5 m USD · terminal value share of EV 76%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 20.8%
- Peers: EV/EBITDA37.13 – 55.58 (Mid 44.92)4 companies used · median multiple 10.2x · quartiles 8.8x – 12.1xDPZ, SYY, UNFI, USFD
- Peers: P/E45.77 – 80.35 (Mid 76.09)7 companies used · median multiple 33.1x · quartiles 19.9x – 34.9xDIT, DPZ, PFGC, RAVE, SYY, UNFI, USFD
- Dividend discount (DDM)unavailable · input data missing
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 50/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 10.4% | 60 (vs peers) | 11% |
| Net margin · Quality | 2.3% | 78 (vs peers) | 7% |
| FCF conversion · Quality | 177.2% | 100 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 16.7% | 100 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | 32.0% | 100 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | 2.3x | 20 (vs peers) | 11% |
| Interest coverage · Balance sheet | 4.8x | 51 (on a fixed band) | 7% |
| Current ratio · Balance sheet | 2.2x | 100 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 46.5x | 0 (vs peers) | 11% |
| EV/EBITDA · Valuation | 21.1x | 0 (vs peers) | 11% |
| FCF yield · Valuation | 3.9% | 49 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | 0.2% | 3 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet45/100 · 3/3 factors with a value
- Growth100/100 · 2/2 factors with a value
- Quality76/100 · 3/3 factors with a value
- Returns· partial3/100 · 1/2 factors with a value
- Valuation14/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
CHEFS’ WAREHOUSE, INC. (CHEF). Latest full fiscal year: 2025; data up to 2026-09-25.
Figures computed from the financial statements: revenue 4.1 bn USD in 2025; YoY growth 9.4%; net margin 2.3%; ROE 16.2%; net debt/EBITDA 2.3x.
The estimated value range is 45.77–80.35 USD per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 76.09 USD, the price of 106.84 USD leaves a potential of -28.8% (value / price − 1) and a margin of safety of -40.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 50/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 2.3%
- FCF conversion: 177.2%
- Revenue CAGR 3Y: 16.7%
- EPS CAGR 3Y: 32.0%
- Current ratio: 2.2x
What contradicts it
- Net debt / EBITDA: 2.3x
- P/E (TTM): 46.5x
- EV/EBITDA: 21.1x
- Shareholder yield (distributions): 0.2%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): Payout ratio (FCF).
Versus the vertical median
Wholesale — nondurable goods (SIC 514x) · same industry group (3-digit SIC) · compared with 9 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| SYYSysco Corporation | 37.9 bn | 20.5 | 59.1% | 2.1% | +3.9% | +1% / +7% |
| USFDUs Foods Holding Corp. | 23.8 bn | 33.8 | 16.4% | 1.8% | +4.1% | +40% / +151% |
| PFGCPerformance Food Group Company | 17.3 bn | 43.7 | 8.2% | 0.6% | +7.2% | +13% / +68% |
| DPZDomino’s Pizza, Inc. | 11.2 bn | 19.3 | — | 11.9% | +5.0% | −19% / −13% |
| CHEFChefs’ Warehouse, Inc. | 4.6 bn | 46.5 | 16.2% | 2.3% | +9.4% | +72% / +348% |
| UNFIUnited Natural Foods, Inc. | 2.9 bn | 36.0 | 5.3% | 0.3% | −2.0% | +29% / +232% |
| HFFGHf Foods Group Inc. | 80.3 m | — | -15.5% | -2.8% | +2.2% | −41% / −69% |
| DITAmcon Distributing Co | 59.4 m | 33.1 | 1.6% | 0.1% | +3.9% | −19% / −48% |
| RAVERave Restaurant Group, Inc. | 31.1 m | 11.0 | 18.3% | 22.3% | +7.2% | −31% / −4% |
| MWYNMarwynn Holdings, Inc. | 27.7 m | — | -54.7% | -24.7% | +427.5% | +59% / unavailable |
1- and 3-year price returns: for CHEF from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 71.54 Total return -33% · Per year -33% | 125.90 Total return 18% · Per year 18% | 188.85 Total return 77% · Per year 77% |
| 3 years | 84.86 Total return -21% · Per year -7% | 166.50 Total return 56% · Per year 16% | 271.95 Total return 155% · Per year 37% |
| 5 years | 100.66 Total return -6% · Per year -1% | 220.20 Total return 106% · Per year 16% | 391.60 Total return 267% · Per year 30% |
- Exit P/E± 41.63
- Net margin± 29.14
- Annual revenue growth± 21.73
- Annual dilution± 2.45
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 29 Jul 2026; since then the company filed 8-K (28 Oct 2026 · results), 10-Q (28 Oct 2026).
In brief
The Chefs' Warehouse distributes specialty food and center-of-the-plate products to chefs, fine dining restaurants and hotels in the United States, the Middle East and Canada, in a fragmented category that is consolidating. The company reported net revenues of about 4.1 billion USD for fiscal 2025 1, and in the second quarter of 2026 net sales grew 12.9% 2.
SWOT
Strengths
- The specialty assortment and distribution network give a clear edge over general distributors, and the sales force with culinary training supports relations with chefs.
- The company is an important route to market for many smaller suppliers, which strengthens its sourcing position.
- The customer base is diversified, with no significant concentration on a few large customers.
Weaknesses
- The model runs on low margins, so any cost or price pressure passes quickly into profitability.
- The company does not use financial instruments to hedge its exposure to food price movements.
- Middle East activity remained below the prior-year level in May and June 2026, showing regional vulnerability.
Opportunities
- Deeper penetration of existing customers and expansion into new markets could support sales over the medium term.
- Consolidation in the sector offers acquisition opportunities that could accelerate growth.
- Better operating efficiency and lower general costs could widen margins as volumes grow.
Threats
- A drop in discretionary restaurant spending could reduce customer orders and direct sales.
- Group purchasing organizations could force price cuts for hotel customers.
- Tariffs and trade restrictions could raise import costs for international products.
Risks
- Discretionary spendinghigh
Customers operate in the food-away-from-home industry, and a weaker economy could reduce the frequency of dining out and the value of orders.
- Low margins and inflationhigh
The model runs on small margins, and inflation or deflation could hurt profitability if prices cannot be passed on to customers in time.
- Competition and low switching costsmedium
Switching costs are low and rivals could offer lower prices or comparable products, reducing market share.
- Dependence on suppliersmedium
The company has no long-term contracts with many suppliers, and supply interruptions or cost increases could affect deliveries.
- Labor and unionizationlow
Some employees are unionized, and broader unionization or less favorable contracts could raise costs.
Investment thesis
What would need to be true (bull case)
- Organic volume growth and unique customer growth in the second quarter of 2026 show that the specialty assortment has real traction 2.
- Gross margin rose in the second quarter of 2026, suggesting that pricing and cost management are working during inflation 2.
- Fiscal 2026 guidance points to higher sales and adjusted EBITDA, and industry consolidation gives additional acquisition options 3.
What would break the thesis
- Margins remain thin, and any weakening of restaurant demand or cost pressure could quickly reduce profitability.
- Middle East activity is still below the prior-year level, showing vulnerability in part of the geographic portfolio 3.
- Competition and the low cost of switching distributors could limit the company's ability to hold prices and market share.
What to watch
- Delivery of fiscal 2026 net sales and adjusted EBITDA guidancenext 10-K
- Trend in organic case volumes and unique customer countsQ3 2026
- Recovery of Middle East activity to prior-year levelsQ3 2026
- Development of gross margin, especially in center-of-the-plate products2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 29 Jul 2026; since then the company filed 8-K (28 Oct 2026 · results), 10-Q (28 Oct 2026).
The business
The company focuses on its 'Core Customers', meaning menu-driven independent restaurants, fine dining establishments, country clubs, hotels, caterers, culinary schools, bakeries and specialty food stores, and its portfolio includes over 90,000 SKUs from more than 4,000 suppliers 1. Distribution runs through 44 distribution centers and a sales force of approximately 1,100 people who combine culinary education with customer service 1. The Allen Brothers subsidiary sells some center-of-the-plate products directly to consumers through mail and e-commerce 1.
The customer base is diversified, since the top ten customers accounted for approximately 6% of net sales in fiscal 2025 1. The company extends credit to most customers, generally on payment terms of 14 to 60 days 1.
Segments
Specialty products
The specialty category includes artisan charcuterie, specialty cheeses, unique oils and vinegars, truffles, caviar and chocolate and pastry products, and the company says its depth of range exceeds traditional broadline distributors 1. In the second quarter of 2026, organic case count in this category grew approximately 6.0% 2.
Market context
The foodservice distribution market is fragmented, with national, multi-regional, regional and local distributors, and entry barriers are low 1. The company operates in twenty-three primary markets, including New York, Los Angeles, San Francisco, Dubai and Toronto 1. In the second quarter of 2026 sales grew 12.9% and gross margin rose to 25.1% 2.
Demand depends on the food-away-from-home industry, which is influenced by economic conditions, disposable income and consumer confidence 1. Food inflation can raise sales value but can also weigh on customer demand 1.
Trends
- Organic volume growthtailwind
Organic case volumes and unique customers rose in the second quarter of 2026, suggesting better penetration of existing customers 2. If this continues, it could support sales growth above the inflation rate 2.
- Food inflationmixed
Inflation contributed to sales and margin growth in 2026, but the company acknowledges that prolonged inflation could compress margins if costs cannot be passed on to customers 12.
- Industry consolidationtailwind
Consolidation in specialty foodservice distribution creates acquisition opportunities that could accelerate growth beyond the organic pace 1.
- Pressure on discretionary spendingheadwind
A decline in dining out or in spending at more expensive restaurants would directly affect the company's customers and the Allen Brothers direct sales 1.
Competitive position
Competition comes from national, multi-regional, regional and local distributors, cash-and-carry operators, commercial wholesale outlets, warehouse clubs, grocery stores and online sellers 1. Group purchasing organizations can press prices, especially for hotel customers 1.
The company has no exclusive distribution agreements with its customers, and the cost of switching distributors is very low, so its advantage rests on assortment, service and logistics 1. If rivals offered comparable products at lower prices, margins could fall 1.
- Traditional broadline distributors
Named in the filing as rivals with a wider general range and potentially lower prices, without being identified by name in the source texts.
- Regional and local distributors
They benefit from geographic proximity and lower cost to serve, as described in the risk factors.
- Group purchasing organizations
They can aggregate members and bargaining power, which could press prices for hotel customers.
- Online sellers and grocery retailers
They compete through digital channels and general-assortment warehouses, without being identified by name in the source texts.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report28 Oct 2026
- Current report28 Oct 2026Results of operations · Financial statements and exhibits
- Current report19 Oct 2026Material agreement · Termination of a material agreement · Creation of a direct financial obligation · Item 3.02
- Quarterly report29 Jul 2026
- Current report29 Jul 2026Results of operations · Financial statements and exhibits
- Current report11 May 2026Shareholder vote · Financial statements and exhibits
- Quarterly report29 Apr 2026
- Current report29 Apr 2026Results of operations · Financial statements and exhibits
- Current report24 Apr 2026Departure or appointment of officers · Financial statements and exhibits
- Proxy statement25 Mar 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-26 · SEC / The Chefs' Warehouse, Inc. · 24 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-26 · SEC / The Chefs' Warehouse, Inc. · 29 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / The Chefs' Warehouse, Inc. · 29 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.