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. Q1 2026: $0M, Q3 2025: $0M, Q2 2025: $5M, Q1 2025: $5M

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%+. Bear: negative FCF or no buybacks.

Negative FCF ($-51M), buybacks not supported by cash flow

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 both company buybacks and insider buying independently active? Bull when the company is buying back stock in 2+ quarters and insiders have made 2+ open-market purchases.

Need both buyback and insider purchase data

Over the last 90 days, are insiders net buyers or net sellers on the open market?

Insiders bought $0M, sold $19M in the last 90 days (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 21315291.6x more than bought. 4 C-suite officers among sellers

• Pappas Christopher (President and CEO) sold 125,000 shares on 2026-05-05
• 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