CHEF vs SYY: Chefs Warehouse and Sysco compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Sysco is the larger company, worth $37.0B, about 8.3 times Chefs Warehouse.
- Chefs Warehouse grew revenue faster over the last year (+11.4% vs +4.7%).
- Sysco keeps more of each dollar of revenue as operating profit (3.7% vs 3.6%).
- On earnings, Sysco is the cheaper stock (21.5x vs 59.8x).
- Chefs Warehouse's price assumes faster free cash flow growth: about 17% a year, against 4% for Sysco (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 | SYY |
|---|---|---|
| Market cap | $4.5B | $37.0B |
| Share price | $114.32 | $78.14 |
| Revenue (last fiscal year) | $4.1B | $84.6B |
| Free cash flow (last fiscal year) | $88M | $1.9B |
| Revenue growth, last year | +11.4% | +4.7% |
| Revenue growth per year, last 5 fiscal years | +24.2% | +5.4% |
| Operating margin | 3.6% | 3.7% |
| Net margin | 1.9% | 2.1% |
| Return on equity | 13.1% | 65.9% |
| P/E (trailing) | 59.8x | 21.5x |
| Price / free cash flow | 50.8x | 20.8x |
| EV / EBITDA | 26.0x | 15.5x |
| FCF growth the price implies | 17.2% | 4.4% |
| Dividend yield | — | 2.8% |
| Debt / equity | 2.27x | 9.65x |
| Fundamental grade | C | D |
| Superinvestors holding it | 2 | 12 |
| Insider purchases, last 12 months | 0 | 1 |
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% |
Sysco
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $68.6B | $1.2B | 3.4% |
| 2023 | $76.3B | $2.1B | 4.0% |
| 2024 | $78.8B | $2.2B | 4.1% |
| 2025 | $81.4B | $1.6B | 3.8% |
| 2026 | $84.6B | $1.9B | 3.7% |
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%
Sysco · by segments, 2026
U.S. Foodservice Operations$58.8B70%
International Foodservice Operations$16.0B19%
SYGMA$8.6B10%
Other$1.1B1%
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 Sysco?
Sysco (SYY), at $37.0B against $4.5B.
Is CHEF or SYY cheaper?
By trailing P/E, Sysco (21.5x) is cheaper than Chefs Warehouse (59.8x). A lower multiple can also mean the market expects less growth.
Which grows faster, CHEF or SYY?
Chefs Warehouse: revenue grew +11.4% over the last year, against +4.7%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.