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Chefs' Warehouse, Inc.（CHEF）与高德纳（IT）财务数据对比。点击上方公司名可切换其他公司
高德纳的季度营收约是Chefs' Warehouse, Inc.的1.5倍（$1.8B vs $1.1B），高德纳净利率更高（13.8% vs 1.9%，领先11.9%），Chefs' Warehouse, Inc.同比增速更快（10.5% vs 2.2%），高德纳自由现金流更多（$270.7M vs $65.8M），过去两年Chefs' Warehouse, Inc.的营收复合增速更高（14.3% vs 9.1%）
Chefs' Warehouse, Inc. 是一家北美专业食品分销商，服务对象包括独立餐厅、高端餐饮场所、酒店、餐饮服务商等食品服务运营商，供应超15万种精选产品，涵盖手工食材、特色肉类、海鲜、乳制品、进口高端美食等，适配专业厨师的使用需求。
高德纳是美国专注于商业与科技领域的研究咨询机构，服务客户覆盖大型企业、政府机构、科技公司、投资机构等群体，通过输出研究报告、举办行业峰会、提供定制咨询等形式，为客户决策提供权威专业的洞见支撑。
CHEF vs IT — 直观对比
营收规模更大
IT
是对方的1.5倍
$1.1B
营收增速更快
CHEF
高出8.4%
2.2%
净利率更高
IT
高出11.9%
1.9%
自由现金流更多
IT
多$204.9M
$65.8M
两年增速更快
CHEF
近两年复合增速
9.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $1.8B |
| 净利润 | $21.7M | $242.2M |
| 毛利率 | 24.2% | 67.8% |
| 营业利润率 | 3.8% | 19.1% |
| 净利率 | 1.9% | 13.8% |
| 营收同比 | 10.5% | 2.2% |
| 净利润同比 | -9.4% | -39.2% |
| 每股收益（稀释后） | $0.50 | $3.36 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收CHEFIT
| Q4 25 | $1.1B | $1.8B | ||
| Q3 25 | $1.0B | $1.5B | ||
| Q2 25 | $1.0B | $1.7B | ||
| Q1 25 | $950.7M | $1.5B | ||
| Q4 24 | $1.0B | $1.7B | ||
| Q3 24 | $931.5M | $1.5B | ||
| Q2 24 | $954.7M | $1.6B | ||
| Q1 24 | $874.5M | $1.5B |
净利润CHEFIT
| Q4 25 | $21.7M | $242.2M | ||
| Q3 25 | $19.1M | $35.4M | ||
| Q2 25 | $21.2M | $240.8M | ||
| Q1 25 | $10.3M | $210.9M | ||
| Q4 24 | $23.9M | $398.6M | ||
| Q3 24 | $14.1M | $415.0M | ||
| Q2 24 | $15.5M | $229.5M | ||
| Q1 24 | $1.9M | $210.5M |
毛利率CHEFIT
| Q4 25 | 24.2% | 67.8% | ||
| Q3 25 | 24.2% | 69.3% | ||
| Q2 25 | 24.6% | 68.6% | ||
| Q1 25 | 23.8% | 69.4% | ||
| Q4 24 | 24.3% | 66.8% | ||
| Q3 24 | 24.1% | 68.4% | ||
| Q2 24 | 24.0% | 68.6% | ||
| Q1 24 | 23.9% | 69.4% |
营业利润率CHEFIT
| Q4 25 | 3.8% | 19.1% | ||
| Q3 25 | 3.8% | 5.7% | ||
| Q2 25 | 3.9% | 19.4% | ||
| Q1 25 | 2.4% | 18.1% | ||
| Q4 24 | 4.5% | 18.5% | ||
| Q3 24 | 3.4% | 16.6% | ||
| Q2 24 | 3.5% | 20.0% | ||
| Q1 24 | 1.8% | 18.6% |
净利率CHEFIT
| Q4 25 | 1.9% | 13.8% | ||
| Q3 25 | 1.9% | 2.3% | ||
| Q2 25 | 2.1% | 14.3% | ||
| Q1 25 | 1.1% | 13.7% | ||
| Q4 24 | 2.3% | 23.2% | ||
| Q3 24 | 1.5% | 28.0% | ||
| Q2 24 | 1.6% | 14.4% | ||
| Q1 24 | 0.2% | 14.3% |
每股收益（稀释后）CHEFIT
| Q4 25 | $0.50 | $3.36 | ||
| Q3 25 | $0.44 | $0.47 | ||
| Q2 25 | $0.49 | $3.11 | ||
| Q1 25 | $0.25 | $2.71 | ||
| Q4 24 | $0.56 | $5.08 | ||
| Q3 24 | $0.34 | $5.32 | ||
| Q2 24 | $0.37 | $2.93 | ||
| Q1 24 | $0.05 | $2.67 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $121.0M | $1.7B |
| 总债务越低越好 | $720.3M | — |
| 股东权益账面价值 | $604.3M | $319.9M |
| 总资产 | $2.0B | $8.1B |
| 负债/权益比越低杠杆越低 | 1.19× | — |
8季度趋势，按日历期对齐
现金及短期投资CHEFIT
| Q4 25 | $121.0M | $1.7B | ||
| Q3 25 | $65.1M | $1.4B | ||
| Q2 25 | $96.9M | $2.2B | ||
| Q1 25 | $116.5M | $2.1B | ||
| Q4 24 | $114.7M | $1.9B | ||
| Q3 24 | $50.7M | $1.8B | ||
| Q2 24 | $38.3M | $1.2B | ||
| Q1 24 | $42.3M | $1.2B |
总债务CHEFIT
| Q4 25 | $720.3M | — | ||
| Q3 25 | $711.7M | — | ||
| Q2 25 | $690.2M | — | ||
| Q1 25 | $681.1M | — | ||
| Q4 24 | $688.7M | — | ||
| Q3 24 | $666.6M | — | ||
| Q2 24 | $660.8M | — | ||
| Q1 24 | $667.3M | — |
股东权益CHEFIT
| Q4 25 | $604.3M | $319.9M | ||
| Q3 25 | $576.6M | $556.6M | ||
| Q2 25 | $557.7M | $1.5B | ||
| Q1 25 | $541.6M | $1.5B | ||
| Q4 24 | $537.6M | $1.4B | ||
| Q3 24 | $480.3M | $1.1B | ||
| Q2 24 | $461.9M | $646.7M | ||
| Q1 24 | $447.8M | $718.2M |
总资产CHEFIT
| Q4 25 | $2.0B | $8.1B | ||
| Q3 25 | $1.9B | $7.2B | ||
| Q2 25 | $1.9B | $8.3B | ||
| Q1 25 | $1.8B | $8.5B | ||
| Q4 24 | $1.9B | $8.5B | ||
| Q3 24 | $1.8B | $7.8B | ||
| Q2 24 | $1.7B | $7.4B | ||
| Q1 24 | $1.7B | $7.7B |
负债/权益比CHEFIT
| Q4 25 | 1.19× | — | ||
| Q3 25 | 1.23× | — | ||
| Q2 25 | 1.24× | — | ||
| Q1 25 | 1.26× | — | ||
| Q4 24 | 1.28× | — | ||
| Q3 24 | 1.39× | — | ||
| Q2 24 | 1.43× | — | ||
| Q1 24 | 1.49× | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $73.9M | $294.5M |
| 自由现金流经营现金流 - 资本支出 | $65.8M | $270.7M |
| 自由现金流率自由现金流/营收 | 5.8% | 15.4% |
| 资本支出强度资本支出/营收 | 0.7% | 1.4% |
| 现金转化率经营现金流/净利润 | 3.41× | 1.22× |
| 过去12个月自由现金流最近4个季度 | $87.8M | $1.2B |
8季度趋势，按日历期对齐
经营现金流CHEFIT
| Q4 25 | $73.9M | $294.5M | ||
| Q3 25 | $-8.7M | $298.7M | ||
| Q2 25 | $14.5M | $383.6M | ||
| Q1 25 | $49.6M | $313.5M | ||
| Q4 24 | $73.0M | $335.4M | ||
| Q3 24 | $19.8M | $590.8M | ||
| Q2 24 | $29.3M | $370.0M | ||
| Q1 24 | $30.9M | $188.8M |
自由现金流CHEFIT
| Q4 25 | $65.8M | $270.7M | ||
| Q3 25 | $-19.7M | $269.3M | ||
| Q2 25 | $4.5M | $347.3M | ||
| Q1 25 | $37.2M | $287.9M | ||
| Q4 24 | $64.6M | $311.4M | ||
| Q3 24 | $11.8M | $565.0M | ||
| Q2 24 | $13.3M | $340.6M | ||
| Q1 24 | $13.8M | $166.2M |
自由现金流率CHEFIT
| Q4 25 | 5.8% | 15.4% | ||
| Q3 25 | -1.9% | 17.7% | ||
| Q2 25 | 0.4% | 20.6% | ||
| Q1 25 | 3.9% | 18.8% | ||
| Q4 24 | 6.3% | 18.2% | ||
| Q3 24 | 1.3% | 38.1% | ||
| Q2 24 | 1.4% | 21.4% | ||
| Q1 24 | 1.6% | 11.3% |
资本支出强度CHEFIT
| Q4 25 | 0.7% | 1.4% | ||
| Q3 25 | 1.1% | 1.9% | ||
| Q2 25 | 1.0% | 2.1% | ||
| Q1 25 | 1.3% | 1.7% | ||
| Q4 24 | 0.8% | 1.4% | ||
| Q3 24 | 0.9% | 1.7% | ||
| Q2 24 | 1.7% | 1.8% | ||
| Q1 24 | 2.0% | 1.5% |
现金转化率CHEFIT
| Q4 25 | 3.41× | 1.22× | ||
| Q3 25 | -0.46× | 8.45× | ||
| Q2 25 | 0.68× | 1.59× | ||
| Q1 25 | 4.82× | 1.49× | ||
| Q4 24 | 3.05× | 0.84× | ||
| Q3 24 | 1.41× | 1.42× | ||
| Q2 24 | 1.89× | 1.61× | ||
| Q1 24 | 16.00× | 0.90× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
CHEF
| Center Of The Plate Product | $459.1M | 40% |
| Dry Goods Product | $175.7M | 15% |
| Pastry Product | $160.5M | 14% |
| Produce | $147.9M | 13% |
| Cheese And Charcuterie Product | $75.3M | 7% |
| Dairy And Eggs Product | $69.2M | 6% |
| Oils And Vinegar Product | $32.4M | 3% |
| Kitchen Supplies Product | $22.4M | 2% |
IT
| Transferred Over Time | $1.3B | 73% |
| Conferences | $286.2M | 16% |
| Consulting | $133.6M | 8% |
| Other | $52.3M | 3% |
