The Chefs' Warehouse, Inc. — Earnings Quality Grade F
CHEF · Consumer Defensive
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 35 days, change -1 days YoY
AR growth 7.1% vs revenue growth 9.4%
Revenue 9.4%, CFFO -15.6%. Cash follows revenue
Expense Quality
Inventory 22.1% vs COGS 9.2%. Normal
CapEx growth -16.3% vs revenue 9.4%. Normal
SG&A/Gross Profit = 84.6%, exceeds 70%
Gross margin 24.2%, change +0.1pp. Stable
Cash Flow Quality
CFFO/NI = 1.79. Profits backed by cash
FCF $0.1B, FCF/NI = 1.21
Accruals ratio = -2.8%. Low accruals
Cash $0.1B covers only 12% of debt $1.0B
Balance Sheet Health
Goodwill+Intangibles $0.5B = 83% of equity. Over 50%
Debt/EBITDA = 4.4x (>4x). Financial stress
Other assets grew 59.4% vs revenue 9.4%
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -3% YoY. Normal
Manipulation Score
M-Score = -2.59 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25