CHEF vs PFGC: Chefs Warehouse and Performance Food Group compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Performance Food Group is the larger company, worth $14.4B, about 3.2 times Chefs Warehouse.
- Chefs Warehouse grew revenue faster over the last year (+11.4% vs +6.4%).
- Chefs Warehouse keeps more of each dollar of revenue as operating profit (3.6% vs 1.3%).
- On earnings, Performance Food Group is the cheaper stock (43.6x vs 59.8x).
- Chefs Warehouse's price assumes faster free cash flow growth: about 17% a year, against 0% for Performance Food Group (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | CHEF | PFGC |
|---|---|---|
| Market cap | $4.5B | $14.4B |
| Share price | $114.32 | $93.48 |
| Revenue (last fiscal year) | $4.1B | $67.8B |
| Free cash flow (last fiscal year) | $88M | $1.0B |
| Revenue growth, last year | +11.4% | +6.4% |
| Revenue growth per year, last 5 fiscal years | +24.2% | +7.4% |
| Operating margin | 3.6% | 1.3% |
| Net margin | 1.9% | 0.53% |
| Return on equity | 13.1% | 7.3% |
| P/E (trailing) | 59.8x | 43.6x |
| Price / free cash flow | 50.8x | 20.4x |
| EV / EBITDA | 26.0x | 13.0x |
| FCF growth the price implies | 17.2% | 0.29% |
| Dividend yield | — | — |
| Debt / equity | 2.27x | 2.85x |
| Fundamental grade | C | C |
| Superinvestors holding it | 2 | 8 |
| Insider purchases, last 12 months | 0 | 2 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Chefs Warehouse
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.7B | -$59M | 0.62% |
| 2022 | $2.6B | -$23M | 3.3% |
| 2023 | $3.4B | $4M | 2.9% |
| 2024 | $3.8B | $104M | 3.4% |
| 2025 | $4.1B | $88M | 3.5% |
Performance Food Group
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $50.9B | $61M | 0.64% |
| 2023 | $57.3B | $562M | 1.3% |
| 2024 | $58.3B | $767M | 1.4% |
| 2025 | $63.3B | $704M | 1.3% |
| 2026 | $67.8B | $1.0B | 1.3% |
Where the revenue comes from
Chefs Warehouse · by products, 2025
Center-of-the-plate$1.6B39%
Dry goods$657M16%
Pastry$562M14%
Produce$517M12%
Dairy and eggs$297M7%
Cheeses and charcuterie$293M7%
Performance Food Group · by segments, 2026
Foodservice$36.5B54%
Convenience$26.0B38%
Specialty$5.1B7%
Corporate & All Other$275M0%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open CHEF in InvestinglyQuestions
Which is bigger, Chefs Warehouse or Performance Food Group?
Performance Food Group (PFGC), at $14.4B against $4.5B.
Is CHEF or PFGC cheaper?
By trailing P/E, Performance Food Group (43.6x) is cheaper than Chefs Warehouse (59.8x). A lower multiple can also mean the market expects less growth.
Which grows faster, CHEF or PFGC?
Chefs Warehouse: revenue grew +11.4% over the last year, against +6.4%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.