Chefs' Warehouse Inc (CHEF) is overvalued and US Foods Holding Corp (USFD) is overvalued.
Both trade above our estimate of their intrinsic value. USFD is the closer of the two: -60%, 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 8.6% (average of 3 methods) values the shares at $58.72; the price of $94.20 is 60% above that value, and 77% of that value comes from beyond year five.
Leak Score 54/100 on 10 of 12 signals
| Metric | CHEF | USFD |
|---|---|---|
| Verdict | Overvalued | Overvalued |
| Price | $108.36 | $94.20 |
| Intrinsic value | $50.69 | $58.72 |
| Margin of safety | -114% | -60% |
| Leak Score | 14/100 (3/12) | 54/100 (10/12) |
| Market cap | $4.4B | $20.4B |
| Revenue growth, 5 years | 30.1% | 11.5% |
| Operating margin | 4.1% | 3.4% |
| Net margin | 2.1% | 1.8% |
| Return on equity | 15.3% | 16.4% |
| Debt to equity | 1.46 | 1.26 |
| P/E | 51.5x | 29.0x |
| Forward P/E | 35.2x | 16.9x |
| P/B | 6.8x | 4.8x |