CHEF Chefs' Warehouse, Inc.

Did the company actually spend money buying back stock in 3+ of the last 4 quarters?

Bought back stock in 2/4 quarters. Q3 2025: $0M, Q2 2025: $5M, Q1 2025: $5M, Q3 2024: $0M

Is the most recent quarter's buyback spend more than 15% above the trailing average?

Latest quarter $0M vs trailing avg $3M (-100%)

What percentage of free cash flow is going to buybacks? Bull: 30-80%. Bear: <10% or >80%.

Negative FCF ($-79M), cannot compute buyback ratio

How fast are they shrinking the float? Bull: 2%+ annually. Bear: under 0.5%.

Missing shares repurchased or outstanding data

Are officers and directors buying stock with their own money on the open market?

No insider open-market purchases in the last 12 months

Are insider purchases happening during the same quarters the company is actively buying back stock?

Need both buyback and insider purchase data

Looking at all open-market transactions, are insiders net buyers or net sellers?

Insiders bought $0M, sold $12M (net selling)

Active buyback + insiders net selling 3x+ more than buying. Company cash may be supporting price while insiders exit.

Company buying back stock while insiders sold 11565291.6x more than bought. 4 C-suite officers among sellers

• Pappas Christopher (President and CEO) sold 95,908 shares on 2026-03-03
• Polychroni Christina (Chief Human Resources Officer) sold 3,084 shares on 2026-02-27
• Polychroni Christina (Chief Human Resources Officer) sold 3,317 shares on 2026-03-02
• McCauley Tim (Chief Accounting Officer) sold 7,500 shares on 2026-02-18
• Leddy James (Chief Financial Officer) sold 22,000 shares on 2025-11-04
• McCauley Tim (Chief Accounting Officer) sold 12,500 shares on 2025-07-14
• McCauley Tim (Chief Accounting Officer) sold 5,000 shares on 2025-07-14