CHEF vs USFD: Chefs Warehouse and US Foods Holding compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- US Foods Holding is the larger company, worth $20.5B, about 4.6 times Chefs Warehouse.
- Chefs Warehouse grew revenue faster over the last year (+11.4% vs +4.5%).
- Chefs Warehouse keeps more of each dollar of revenue as operating profit (3.6% vs 3.1%).
- On earnings, US Foods Holding is the cheaper stock (31.3x vs 59.8x).
- Chefs Warehouse's price assumes faster free cash flow growth: about 17% a year, against 6% for US Foods Holding (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 | USFD |
|---|---|---|
| Market cap | $4.5B | $20.5B |
| Share price | $114.32 | $97.43 |
| Revenue (last fiscal year) | $4.1B | $39.4B |
| Free cash flow (last fiscal year) | $88M | $959M |
| Revenue growth, last year | +11.4% | +4.5% |
| Revenue growth per year, last 5 fiscal years | +24.2% | +7.5% |
| Operating margin | 3.6% | 3.1% |
| Net margin | 1.9% | 1.8% |
| Return on equity | 13.1% | 17.0% |
| P/E (trailing) | 59.8x | 31.3x |
| Price / free cash flow | 50.8x | 21.3x |
| EV / EBITDA | 26.0x | 14.8x |
| FCF growth the price implies | 17.2% | 5.9% |
| Dividend yield | — | — |
| Debt / equity | 2.27x | 2.35x |
| Fundamental grade | C | C |
| Superinvestors holding it | 2 | 6 |
| Insider purchases, last 12 months | 0 | 0 |
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% |
US Foods Holding
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $29.5B | $145M | 1.4% |
| 2022 | $34.1B | $500M | 1.7% |
| 2023 | $35.6B | $831M | 2.9% |
| 2024 | $37.9B | $833M | 2.9% |
| 2025 | $39.4B | $959M | 3.0% |
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%
US Foods Holding · by products, 2025
Meats and seafood$14.0B35%
Dry grocery products$6.7B17%
Refrigerated and frozen grocery products$6.6B17%
Dairy$4.2B11%
Equipment, disposables and supplies$3.6B9%
Beverage products$2.3B6%
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 US Foods Holding?
US Foods Holding (USFD), at $20.5B against $4.5B.
Is CHEF or USFD cheaper?
By trailing P/E, US Foods Holding (31.3x) is cheaper than Chefs Warehouse (59.8x). A lower multiple can also mean the market expects less growth.
Which grows faster, CHEF or USFD?
Chefs Warehouse: revenue grew +11.4% over the last year, against +4.5%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.