The Chefs' Warehouse, Inc. (CHEF) Balance Sheet
CHEF balance sheet, 2025
December 31, 2025 · U.S. dollars$2.03B assets = $1.42B liabilities + $604.3M equity
Both columns are drawn to the same scale: what CHEF owns equals what it owes plus shareholders’ equity. Hover a block for its value.
CHEF financial health
Descriptive bands, not a rating. Fiscal 2025.
CHEF balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $633.5M2016 | $2.03B2025 | +13.8%/yr | |
| Total liabilities | $439.8M2016 | $1.42B2025 | +13.9%/yr | |
| Shareholders’ equity | $193.8M2016 | $604.3M2025 | +13.5%/yr | |
| Cash & short-term investments | $32.9M2016 | $121.0M2025 | +15.6%/yr | |
| Total debt | $332.5M2016 | $1.18B2025 | +15.1%/yr | |
| Net cash (debt) | −$299.7M2016 | −$1.06B2025 | −$755.8M | |
| Working capital | $157.2M2016 | $496.4M2025 | +$339.2M | |
| Book value per share | $7.442016 | $13.122025 | +6.5%/yr | |
| Current ratio | 2.472016 | 2.052025 | −0.42 | |
| Debt / equity | 1.722016 | 1.952025 | +0.23 | |
| Shares outstanding | 26.0M2016 | 46.0M2025 | +6.5%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CHEF assets
CHEF liabilities and equity
CHEF debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
CHEF balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $121.0M | $114.7M | $49.9M | $158.8M | $115.2M | $193.3M | $140.2M | $42.4M | $41.5M | $32.9M |
| Cash & equivalents | $121.0M | $114.7M | $49.9M | $158.8M | $115.2M | $193.3M | $140.2M | $42.4M | $41.5M | $32.9M |
| Short-term investments | — | — | — | — | — | — | — | — | $0 | $0 |
| Receivables | $419.5M | $366.3M | $334.0M | $260.2M | $193.8M | $96.4M | $175.0M | $161.8M | $142.2M | $128.0M |
| Inventory | $385.7M | $316.0M | $284.5M | $245.7M | $144.5M | $82.5M | $124.1M | $112.6M | $102.1M | $87.5M |
| Other current assets | $43.7M | $71.1M | $62.5M | $56.2M | $16.5M | $33.5M | $13.8M | $12.0M | $11.1M | $16.1M |
| Total current assets | $969.9M | $868.0M | $730.9M | $720.9M | $470.0M | $405.7M | $453.2M | $328.7M | $296.8M | $264.5M |
| Property, plant & equipment (net) | $547.3M | $467.2M | $427.1M | $338.4M | $264.3M | $230.7M | $220.5M | $72.8M | $68.4M | $62.2M |
| Goodwill & intangible assets | $500.1M | $516.7M | $540.9M | $442.8M | $326.5M | $326.6M | $336.5M | $326.8M | $319.6M | $300.8M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $10.8M | $6.8M | $6.4M | $3.3M | $13.0M | $11.4M | $3.5M | $4.1M | $3.0M | $6.0M |
| Total assets | $2.03B | $1.86B | $1.71B | $1.51B | $1.07B | $974.3M | $1.01B | $732.4M | $687.7M | $633.5M |
| Liabilities | ||||||||||
| Accounts payable | $275.6M | $266.8M | $200.5M | $163.4M | $118.3M | $57.5M | $94.1M | $87.8M | $70.0M | $65.5M |
| Short-term debt | $53.0M | $40.0M | $77.4M | $35.1M | $21.0M | $23.3M | $18.2M | $61,000 | $3.8M | $14.8M |
| Deferred revenue | — | — | $2.5M | $2.2M | $2.3M | $2.6M | $1.3M | $1.5M | — | — |
| Total current liabilities | $473.5M | $425.4M | $385.8M | $283.7M | $197.0M | $118.1M | $150.2M | $125.5M | $108.3M | $107.3M |
| Long-term debt | $720.3M | $688.7M | $664.8M | $653.5M | $394.2M | $398.1M | $386.1M | $278.2M | $314.0M | $317.7M |
| Lease obligations | $226.4M | $209.0M | $208.3M | $166.8M | $143.2M | $126.3M | $138.0M | — | — | — |
| Other long-term liabilities | $229.9M | $206.9M | $200.1M | $166.5M | $132.4M | $113.5M | $141.5M | $20.0M | $16.9M | $14.8M |
| Total liabilities | $1.42B | $1.32B | $1.25B | $1.10B | $723.6M | $629.7M | $677.7M | $423.7M | $439.1M | $439.8M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $407,000 | $402,000 | $396,000 | $386,000 | $380,000 | $373,000 | $304,000 | $300,000 | $284,000 | $263,000 |
| Retained earnings (deficit) | $201.6M | $141.9M | $100.0M | $65.4M | $37.6M | $42.5M | $125.4M | $103.3M | $82.9M | $68.5M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | −$2.8M | −$3.8M | −$1.8M | −$2.2M | −$2.0M | −$2.1M | −$2.0M | −$2.2M | −$1.5M | −$2.2M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $604.3M | $537.6M | $454.7M | $401.5M | $350.2M | $344.6M | $335.9M | $308.7M | $248.6M | $193.8M |
| Key figures | ||||||||||
| Total debt | $1.18B | $915.8M | $926.3M | $840.0M | $542.5M | $530.5M | $524.9M | $278.2M | $317.8M | $332.5M |
| Net cash (debt) | −$1.06B | −$801.2M | −$876.4M | −$681.2M | −$427.3M | −$337.2M | −$384.6M | −$235.8M | −$276.3M | −$299.7M |
| Working capital | $496.4M | $442.6M | $345.2M | $437.1M | $272.9M | $287.6M | $303.0M | $203.2M | $188.6M | $157.2M |
| Tangible book value | $104.3M | $21.0M | −$86.2M | −$41.3M | $23.7M | $18.0M | −$561,000 | −$18.1M | −$71.0M | −$107.1M |
| Book value per share | $13.12 | $11.69 | $9.96 | $10.36 | $9.53 | $10.22 | $11.17 | $10.40 | $9.06 | $7.44 |
| Shares outstanding | 46.0M | 46.0M | 45.6M | 38.7M | 36.7M | 33.7M | 30.1M | 29.7M | 27.4M | 26.0M |
| Current ratio | 2.05 | 2.04 | 1.89 | 2.54 | 2.39 | 3.43 | 3.02 | 2.62 | 2.74 | 2.47 |
| Quick ratio | 1.14 | 1.13 | 1.00 | 1.48 | 1.57 | 2.45 | 2.10 | 1.63 | 1.70 | 1.50 |
| Debt / equity | 1.95 | 1.70 | 2.04 | 2.09 | 1.55 | 1.54 | 1.56 | 0.90 | 1.28 | 1.72 |
| Equity / assets | 29.8% | 28.9% | 26.7% | 26.7% | 32.6% | 35.4% | 33.1% | 42.1% | 36.1% | 30.6% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $135.5M | $122.7M | $121.0M | $65.1M | $96.9M | $116.5M | $114.7M | $50.7M | $38.3M | $42.3M | $49.9M | $33.1M |
| Cash & equivalents | $135.5M | $122.7M | $121.0M | $65.1M | $96.9M | $116.5M | $114.7M | $50.7M | $38.3M | $42.3M | $49.9M | $33.1M |
| Receivables | $423.5M | $377.4M | $392.4M | $347.5M | $377.3M | $335.8M | $366.3M | $334.4M | $323.4M | $336.4M | $334.0M | $316.1M |
| Inventory | $379.8M | $364.0M | $385.7M | $385.4M | $367.9M | $316.8M | $316.0M | $336.3M | $310.4M | $271.8M | $284.5M | $312.2M |
| Other current assets | $36.9M | $66.8M | $70.8M | $71.0M | $41.4M | $65.8M | $71.1M | $71.0M | $68.4M | $42.2M | $62.5M | $60.2M |
| Total current assets | $975.8M | $930.9M | $969.9M | $869.0M | $883.4M | $835.0M | $868.0M | $792.3M | $740.5M | $692.7M | $730.9M | $721.6M |
| Property, plant & equipment (net) | $549.8M | $553.2M | $572.1M | $538.4M | $512.3M | $486.6M | $467.2M | $451.6M | $439.4M | $436.1M | $427.1M | $386.0M |
| Goodwill & intangible assets | $489.5M | $494.3M | $500.1M | $501.0M | $504.9M | $510.6M | $516.7M | $523.2M | $529.0M | $535.2M | $540.9M | $544.1M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $11.1M | $11.3M | $0 | $7.6M | $6.7M | $6.3M | $6.8M | $6.5M | $6.5M | $6.3M | $6.4M | $6.3M |
| Total assets | $2.03B | $1.99B | $2.03B | $1.92B | $1.91B | $1.84B | $1.86B | $1.77B | $1.72B | $1.67B | $1.71B | $1.66B |
| Liabilities | ||||||||||||
| Accounts payable | $246.1M | $233.0M | $275.6M | $227.9M | $278.9M | $249.5M | $266.8M | $232.2M | $220.4M | $183.0M | $200.5M | $209.3M |
| Short-term debt | $55.2M | $54.5M | $53.0M | $45.6M | $41.1M | $42.2M | $40.0M | $87.8M | $80.1M | $78.8M | $77.4M | $57.5M |
| Deferred revenue | — | — | — | — | — | — | — | $23.1M | — | — | $2.5M | — |
| Total current liabilities | $454.3M | $427.7M | $473.5M | $405.7M | $439.9M | $407.3M | $425.4M | $429.1M | $399.5M | $359.9M | $385.8M | $350.2M |
| Long-term debt | $693.7M | $720.9M | $720.3M | $711.7M | $690.2M | $681.1M | $688.7M | $666.6M | $660.8M | $667.3M | $664.8M | $689.2M |
| Lease obligations | $221.9M | $227.8M | $226.4M | $220.8M | $220.7M | $210.5M | $209.0M | $198.0M | $196.5M | $201.9M | $208.3M | $194.0M |
| Other long-term liabilities | $229.9M | $232.5M | $229.9M | $221.9M | $219.4M | $208.6M | $206.9M | $197.6M | $193.2M | $195.4M | $200.1M | $183.8M |
| Total liabilities | $1.38B | $1.38B | $1.42B | $1.34B | $1.35B | $1.30B | $1.32B | $1.29B | $1.25B | $1.22B | $1.25B | $1.22B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $408,000 | $408,000 | $407,000 | $407,000 | $407,000 | $406,000 | $402,000 | $396,000 | $398,000 | $398,000 | $396,000 | $397,000 |
| Retained earnings (deficit) | $244.4M | $210.6M | $201.6M | $180.0M | $165.0M | $152.2M | $141.9M | $123.9M | $117.4M | $101.9M | $100.0M | $84.0M |
| Accumulated other comprehensive income | −$3.4M | −$3.0M | −$2.8M | −$3.1M | −$2.8M | −$3.6M | −$3.8M | −$2.6M | −$2.3M | −$2.2M | −$1.8M | −$2.1M |
| Total shareholders' equity | $648.2M | $608.6M | $604.3M | $576.6M | $557.7M | $541.6M | $537.6M | $480.3M | $461.9M | $447.8M | $454.7M | $434.8M |
| Key figures | ||||||||||||
| Total debt | $946.6M | $978.2M | $1.18B | $954.1M | $930.0M | $911.9M | $915.8M | $929.3M | $913.9M | $924.7M | $926.3M | $1.09B |
| Net cash (debt) | −$811.1M | −$855.5M | −$1.06B | −$889.1M | −$833.2M | −$795.4M | −$801.2M | −$878.6M | −$875.6M | −$882.4M | −$876.4M | −$1.06B |
| Working capital | $521.5M | $503.2M | $496.4M | $463.2M | $443.6M | $427.8M | $442.6M | $363.2M | $341.0M | $332.8M | $345.2M | $371.4M |
| Tangible book value | $158.7M | $114.3M | $104.3M | $75.6M | $52.8M | $31.0M | $21.0M | −$42.9M | −$67.1M | −$87.4M | −$86.2M | −$109.4M |
| Book value per share | $14.08 | $13.21 | $13.12 | $12.59 | $12.12 | $11.75 | $11.69 | $10.46 | $10.05 | $11.59 | $9.92 | $9.51 |
| Shares outstanding | 46.0M | 46.1M | 46.0M | 45.8M | 46.0M | 46.1M | 46.0M | 45.9M | 45.9M | 38.6M | 45.8M | 45.7M |
| Current ratio | 2.15 | 2.18 | 2.05 | 2.14 | 2.01 | 2.05 | 2.04 | 1.85 | 1.85 | 1.92 | 1.89 | 2.06 |
| Quick ratio | 1.23 | 1.17 | 1.08 | 1.02 | 1.08 | 1.11 | 1.13 | 0.90 | 0.91 | 1.05 | 1.00 | 1.00 |
| Debt / equity | 1.46 | 1.61 | 1.95 | 1.65 | 1.67 | 1.68 | 1.70 | 1.93 | 1.98 | 2.07 | 2.04 | 2.50 |
| Equity / assets | 32.0% | 30.6% | 29.8% | 30.1% | 29.2% | 29.5% | 28.9% | 27.1% | 26.9% | 26.8% | 26.7% | 26.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 24, 2026); data from EODHD.
CHEF financial position
At the end of fiscal 2025 (December 31, 2025), Chefs' Warehouse had total assets of $2.0 billion (up 9.1% from a year earlier), total liabilities of $1.4 billion and shareholders' equity of $604.3 million. It held $121.0 million in cash and short-term investments against $1.2 billion of debt, net debt of $1.1 billion. Its current ratio was 2.05. In the latest quarter (ended June 30, 2026) total assets were $2.0 billion and equity $648.2 million.
Related: CHEF income statement, CHEF cash flow statement, CHEF key metrics. See the CHEF stock overview for the latest quote and news.
CHEF balance sheet FAQ
What are Chefs' Warehouse's total assets?
Chefs' Warehouse reported total assets of $2.0 billion at the end of fiscal 2025 (December 31, 2025), compared with $1.9 billion a year earlier.
How much debt does Chefs' Warehouse have?
Chefs' Warehouse had $1.2 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.95.
How much cash does Chefs' Warehouse have?
Chefs' Warehouse held $121.0 million in cash and short-term investments at the end of fiscal 2025; with $1.2 billion of debt that is net debt of $1.1 billion.
What is Chefs' Warehouse's book value?
Chefs' Warehouse's shareholders' equity (book value) was $604.3 million at the end of fiscal 2025, or $13.12 per share.
What is Chefs' Warehouse's current ratio?
Chefs' Warehouse had current assets of $969.9 million and current liabilities of $473.5 million, a current ratio of 2.05 (it can cover its short-term obligations).
How much goodwill does Chefs' Warehouse have?
Chefs' Warehouse carried $500.1 million of goodwill and intangible assets, 24.7% of total assets, at the end of fiscal 2025.