The Chefs Warehouse Inc (CHEF) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of The Chefs Warehouse Inc stock $41.87, price $104, that is 59.7% below the price, quality 55 out of 100. Rating: strongly overvalued. Calculated from audited financials with 24 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 3, 2026.
How to read this chart
60‑month range $17.83 – $116.42 · fair‑value band $19.86 – $54.43 · the $103.77 price screens above the $41.87 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 3, 2026.
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The Chefs' Warehouse, Inc., together with its subsidiaries, distributes specialty food and center-of-the-plate products in the United States, the Middle East, and Canada.
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It offers specialty food products, such as artisan charcuterie, specialty cheeses, unique oils and vinegars, truffles, caviar, chocolate, and pastry products and center-of-the-plate products that includes custom cut beef, seafood, and hormone-free poultry, as well as produce and broadline food products comprising cooking oils, butter, eggs, milk, and flour.
The company serves menu-driven independent restaurants, fine dining establishments, country clubs, hotels, caterers, culinary schools, bakeries, patisseries, chocolatiers, cruise lines, casinos, and specialty food stores.
It markets its center-of-the-plate products directly to consumers through a mail and e-commerce platform. The Chefs' Warehouse, Inc. was founded in 1985 and is headquartered in Ridgefield, Connecticut.
Stock analysis
The Chefs Warehouse Inc (CHEF) currently trades at $103.77, while our model-based Fair Value estimate is $41.87, 60% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of $47.93 per share, and 0 of the 24 models we run sit above the $103.77 price.
Bear case: the Economic Profit group reads lowest at $13.78, and 24 of the 24 models stay below the price. Data coverage for this calculation is medium.
Scenario range: $19.86 (bear) to $54.43 (bull), the price of $103.77 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 55/100 (solid quality), in the Consumer Defensive sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
The Chefs Warehouse Inc reported revenue of $4.1B in FY2025 versus $1.7B in FY2021, a compound +24.2%/yr. Reported net income was $72.4M in FY2025.
Key figures
Market cap $4.8B Mid · P/E ratio 44.5 · P/S ratio 1.09 · EPS (TTM) $2.33 · Net margin 2.1% · Return on equity 15.3% · Return on assets (EBIT) 5.4% (5-year average) · Operating margin 5.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 40 out of 100 (low confidence).
What moves the price
The share trades about 11% below its 52-week high and 81% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Consumer Defensive peers we cover trades at −10% fair-value upside, at −60%, CHEF screens richer than that median.
Fair Value models
Bear$19.86Fair Value $41.87Bull$54.43
Price $103.77 · Downside -59.7%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($2.00 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
In the last 6 months, 3 officers or directors sold shares worth $15.6M and none bought.
SaleChristopher PappasPresident and CEO, Director3× since Mar 3, 2026: 320,908 shares, avg. $83.38$26.8MAug 14, 2026
SaleChristina PolychroniChief Human Resources Officer3× since Feb 27, 2026: 13,653 shares, avg. $80.70$1.1MAug 14, 2026
SaleAlexandros AldousGeneral Counsel2× since Feb 27, 2026: 64,500 shares, avg. $92.79$6.0MAug 14, 2026
SaleTim McCauleyChief Accounting Officer7,500 shares at $70.00$525,000Feb 18, 202610b5-1 plan
Plus one other filing such as a grant, option exercise or tax withholding. It is not a market purchase or sale.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.90/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+9.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+16.7%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+30.1%
Start year 2020 (pandemic). Over 10 years: +14.6% a year
Revenue growth 16 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+18.6%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
+15.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+15.8%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.14.3% vs 10.6%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−9% → 4%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+34.4%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+8.2%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +31.3% a year for the price and +5.7% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (100 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
AI conclusion: Modest organization capital in specialty distribution forms the core strength, offset by thin margins and high leverage as the chief limitation.
Main risk: Softer restaurant spending or shifting product mixes could undermine the durability of margin progress achieved through the distribution network.
Chefs' Warehouse has expanded gross and EBITDA margins through operating leverage as higher volumes move through its distribution network and efficiency investments take hold. Our models currently see the stock as overvalued, which creates tension around whether these gains can continue amid shifting product mixes or softer restaurant spending. Will scale in specialty foods sustain the margin progress or expose limits in the underlying business?
Compare The Chefs Warehouse Inc with another stock
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Food Distribution · 85 stocks
Beats the industry median on 6/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score55 · Above median
Fair Value upside−59.7% · Bottom 25%
Profitability
Return on equity (12 months)15.3% · Top 25%
Return on assets3.6% · Below median
Net margin (12 months)2.1% · Above median
Operating margin (12 months)5.0% · Above median
Growth and dividend
Revenue growth (quarter YoY)12.9% · Top 25%
Balance sheet
Debt / equity1.19× · Highest 25%
Valuation Multiplesvs Food Distribution median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "The Chefs Warehouse Inc Fair Value". https://www.fairvalue-calculator.com/stock/CHEF
Frequently asked questions
Is The Chefs Warehouse Inc (CHEF) overvalued or undervalued?
As of Nov 3, 2026, our model estimates a fair value of $41.87 versus a price of $103.77, about 60% lower (overvalued).
What is the fair value of CHEF?
Our model-based fair value for The Chefs Warehouse Inc is $41.87 (as of Nov 3, 2026), built from audited fundamentals. The current price: $103.77.
What is the quality score of CHEF?
The Chefs Warehouse Inc has a Quality Score of 55/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for The Chefs Warehouse Inc (CHEF)?
Our model-based price target is the fair value of $41.87 (as of Nov 3, 2026) from 24 valuation models. Cautious scenario $19.86, optimistic scenario $54.43. It is a calculation from audited fundamentals, not an analyst target.
What is the The Chefs Warehouse Inc stock forecast for 2026?
Our models put fair value at $41.87, about 60% lower versus a price of $103.77 (overvalued). Cautious scenario $19.86, optimistic scenario $54.43. The calculation is refreshed regularly with new filings.
What is the revenue of The Chefs Warehouse Inc (CHEF)?
The Chefs Warehouse Inc reported trailing-twelve-month revenue of about $4.4B (latest available figure, as of Nov 3, 2026).
What growth is priced into The Chefs Warehouse Inc (CHEF)?
For today's price to be fair in a discounted-cash-flow model, The Chefs Warehouse Inc would have to grow free cash flow by +34.4 % per year for five years (discount rate 10.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +30.1 % per year. As of Nov 3, 2026.
What discount rate (WACC) does the fair value of CHEF use?
Our models discount The Chefs Warehouse Inc at 10.8 %: a base by market capitalisation (mid), damped by beta 1.44, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For The Chefs Warehouse Inc that is +34.4 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (10.8 %) and the same formula as our fair value.
How much growth has The Chefs Warehouse Inc (CHEF) delivered so far?
Over the past 5 years revenue at The Chefs Warehouse Inc grew +30.1 % a year. The price currently implies free-cash-flow growth of +34.4 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of The Chefs Warehouse Inc (CHEF) growing?
The median revenue growth in the sector is +3.6 % a year. That is the yardstick for the growth priced into The Chefs Warehouse Inc (+34.4 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of The Chefs Warehouse Inc (CHEF)?
The free-cash-flow yield on the price is 1.84 %: that much free cash flow The Chefs Warehouse Inc produces per unit of market value. When it exceeds the discount rate of our models (10.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of The Chefs Warehouse Inc (CHEF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For The Chefs Warehouse Inc it is $41.87 per share (as of Nov 3, 2026), against a price of $103.77. It is the blended result of 24 valuation models in 7 families (DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is The Chefs Warehouse Inc stock overvalued or undervalued in 2026?
As of Nov 3, 2026, CHEF trades above its calculated fair value: price $103.77, fair value $41.87, a gap of about −60% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of CHEF?
No. The price is what the market pays today ($103.77); the fair value is what the company's own numbers justify ($41.87). For The Chefs Warehouse Inc the two are $61.90 per share apart. That gap is exactly why we show both numbers side by side.
How much is The Chefs Warehouse Inc worth?
The market values The Chefs Warehouse Inc at about $4.8B (market capitalisation, as of Nov 3, 2026). Per share that is $103.77; our models calculate a fair value of $41.87 per share.
What do the bullish and bearish scenarios say about CHEF?
Our models span a range for The Chefs Warehouse Inc: cautious scenario $19.86, base $41.87, optimistic $54.43 per share (as of Nov 3, 2026, price $103.77). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of CHEF?
The Chefs Warehouse Inc trades at a price-to-earnings ratio of 44.5 (as of Nov 3, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $41.87 is built from several models across several years. Excluding one-off items of fiscal year 2025 it is 61.4 (reported for FY2025: 66.1). Median P/E at fiscal year-end, 8 fiscal years (2016 to 2025), reported earnings, FY2022, FY2023, FY2025 ex one-offs: 44.3. Other multiples: PEG 1.1, P/B 7.9, P/S 1.1, EV/EBITDA 20.7.
What is the PEG ratio of CHEF?
The PEG ratio of The Chefs Warehouse Inc is 1.08 (P/E divided by earnings growth, as of Nov 3, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of The Chefs Warehouse Inc (CHEF)?
Balance-sheet figures for The Chefs Warehouse Inc (as of Nov 3, 2026): return on equity 15.3%, debt of 1.19 per unit of equity. They feed the Quality Score of 55/100, which measures business quality independently of the share price.
How far is CHEF from its 52-week high?
The Chefs Warehouse Inc trades at $103.77, about 11% below its 52-week high of $116.42 and 81% above the low of $57.27 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $41.87 is for.
Which stocks are comparable to The Chefs Warehouse Inc?
From the same area (Consumer Defensive) we also value Sysco Corporation, US Foods Holding, Performance Food Group, Jerónimo Martins, SGPS, S.A, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is The Chefs Warehouse Inc stock attractive at the current price?
The data as of Nov 3, 2026: price $103.77, calculated fair value $41.87 (−60%), Quality Score 55/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of CHEF calculated?
We run The Chefs Warehouse Inc through 24 models from 7 families: DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of $41.87 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. The Chefs Warehouse Inc itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of The Chefs Warehouse Inc (CHEF)?
The closing price on Nov 6, 2026 was $103.77. Our model-based fair value is $41.87, about 60% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with The Chefs Warehouse Inc right now?
The price sits above even our optimistic bull case ($54.43). The favourable scenario is already priced in. The model range is unusually wide ($19.86 to $54.43). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (55/100) and above fair value, neither a clear bargain nor a standout compounder.
Where does the earnings growth of The Chefs Warehouse Inc (CHEF) come from?
Earnings per share at The Chefs Warehouse Inc grew +11.8 % a year from 2014 to 2025. Broken into its drivers: revenue per share +8.4 %, EBIT margin −1.7 %, tax rate +1.9 %, residual (interest, one-offs) +2.9 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of The Chefs Warehouse Inc
How large is the market capitalisation of The Chefs Warehouse Inc (CHEF)?
The market capitalisation of The Chefs Warehouse Inc is $4.8B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of The Chefs Warehouse Inc (CHEF)?
The price-to-sales ratio of The Chefs Warehouse Inc is 1.09 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of The Chefs Warehouse Inc (CHEF)?
Earnings per share at The Chefs Warehouse Inc are $2.33 (price ÷ EPS = P/E 44.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of The Chefs Warehouse Inc (CHEF)?
The net margin of The Chefs Warehouse Inc is 2.1% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of The Chefs Warehouse Inc (CHEF)?
The return on equity (ROE) of The Chefs Warehouse Inc is 15.3% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of The Chefs Warehouse Inc (CHEF)?
On an EBIT basis the return on assets of The Chefs Warehouse Inc is 5.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of The Chefs Warehouse Inc (CHEF)?
The operating margin of The Chefs Warehouse Inc is 5.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at The Chefs Warehouse Inc (CHEF)?
Revenue at The Chefs Warehouse Inc is growing +12.9% versus a year earlier (3y avg +16.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at The Chefs Warehouse Inc (CHEF)?
Earnings per share at The Chefs Warehouse Inc are growing +55.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does The Chefs Warehouse Inc (CHEF) carry?
The net debt of The Chefs Warehouse Inc is $1.1B (fiscal year 2025, ≈ 12.0 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Some data
Nov 3, 2026