Chefs' Warehouse Inc (CHEF) is overvalued and United Natural Foods Inc (UNFI) is slightly overvalued.
Both trade above our estimate of their intrinsic value. UNFI is the closer of the two: -15%, against -114% for CHEF.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 10.5% (average of 3 methods) values the shares at $50.69; the price of $108.36 is 114% above that value, and 73% of that value comes from beyond year five.
Leak Score 14/100 on 3 of 12 signals
Discounting its cash flows at 7.5% (average of 2 methods) values the shares at $39.75; the price of $45.86 is 15% above that value.
Leak Score 0/100 on 3 of 12 signals
| Metric | CHEF | UNFI |
|---|---|---|
| Verdict | Overvalued | Slightly overvalued |
| Price | $108.36 | $45.86 |
| Intrinsic value | $50.69 | $39.75 |
| Margin of safety | -114% | -15% |
| Leak Score | 14/100 (3/12) | 0/100 (3/12) |
| Market cap | $4.4B | $2.8B |
| Revenue growth, 5 years | 30.1% | 2.9% |
| Operating margin | 4.1% | 1.1% |
| Net margin | 2.1% | 0.3% |
| Return on equity | 15.3% | 5.3% |
| Debt to equity | 1.46 | 1.87 |
| P/E | 51.5x | 34.3x |
| Forward P/E | 35.2x | 11.3x |
| P/B | 6.8x | 1.7x |