The Chefs' Warehouse, Inc. (CHEF) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-65.3%

$35.85

vs $103.23 price

Levered DCF

$66.63

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

4.9

Safe zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	33.97×	33.34×	27.76×	44.37×	-256.15×	-10.44×	46.48×	45.04×
P/B	4.07×	3.43×	2.44×	3.07×	3.49×	2.51×	3.35×	2.97×
P/S	0.59×	0.49×	0.32×	0.47×	0.7×	0.78×	0.71×	0.64×
EV / EBITDA	15.75×	13.7×	12.67×	15.45×	36.06×	-17.34×	19.67×	16.26×
Gross margin	24.2%	24.1%	23.7%	23.7%	22.4%	22.3%	25.5%	25.4%
Operating margin	3.7%	3.4%	2.9%	3.3%	0.6%	-9.2%	3.2%	3.4%
Net margin	1.7%	1.5%	1.0%	1.1%	-0.3%	-7.5%	1.5%	1.4%
Current ratio	2.05×	2.04×	1.89×	2.54×	2.39×	3.43×	3.02×	2.62×
Debt / equity	1.95×	1.7×	2.04×	2.09×	1.55×	1.54×	1.56×	0.9×
Interest coverage	3.68×	2.63×	2.22×	1.96×	0.61×	-4.9×	2.78×	2.35×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.0%	10.3%	7.6%	6.9%	-1.4%	-24.1%	7.2%	6.6%
Return on invested capital	6.7%	6.1%	4.5%	4.5%	0.9%	-7.8%	4.3%	5.9%
Return on assets	3.6%	3.0%	2.0%	1.8%	-0.5%	-8.5%	2.4%	2.8%
Free cash flow yield	3.6%	5.6%	0.4%	-1.8%	-4.8%	4.1%	2.6%	2.8%
Earnings yield	2.9%	3.0%	3.1%	2.2%	-0.4%	-9.6%	2.1%	2.2%
Enterprise value	$3.5B	$2.6B	$2B	$1.9B	$1.7B	$1.2B	$1.5B	$1.2B
Net debt / EBITDA	4.73×	4.15×	5.6×	5.49×	9.34×	-4.86×	5.01×	3.32×
Cash conversion cycle (days)	50	41	47	51	48	42	49	49