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Sysco Corp. (NYSE:SYY)

This company has been moved to the archive! The financial data has not been updated since August 28, 2024.

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

Sysco Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity

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Jun 29, 2024 Jul 1, 2023 Jul 2, 2022 Jul 3, 2021 Jun 27, 2020 Jun 29, 2019
Accounts payable 25.24 26.40 26.05 22.81 15.23 24.01
Accrued expenses 8.93 9.86 10.28 8.48 7.14 9.63
Accrued income taxes 0.53 0.45 0.18 0.11 0.01 0.10
Current operating lease liabilities 0.50 0.43 0.48 0.48 0.47 0.00
Current maturities of long-term debt 1.88 0.27 2.63 2.31 6.83 0.23
Current liabilities 37.09% 37.42% 39.62% 34.18% 29.69% 33.97%
Long-term debt, excluding current maturities 46.21 45.34 45.58 49.45 57.02 45.21
Deferred income taxes 1.38 1.33 1.13 0.69 0.38 0.96
Long-term operating lease liabilities 3.36 2.88 2.88 2.96 2.31 0.00
Other long-term liabilities 4.37 4.08 4.38 5.31 5.32 5.74
Long-term liabilities 55.32% 53.63% 53.98% 58.40% 65.04% 51.90%
Total liabilities 92.41% 91.05% 93.60% 92.59% 94.73% 85.87%
Noncontrolling interest 0.12 0.15 0.14 0.16 0.15 0.20
Preferred stock, par value $1 per share, issued none 0.00 0.00 0.00 0.00 0.00 0.00
Common stock, par value $1 per share 3.07 3.35 3.46 3.57 3.38 4.26
Paid-in capital 7.66 7.95 8.00 7.57 6.66 8.11
Retained earnings 49.20 49.56 47.72 47.41 46.68 62.50
Accumulated other comprehensive loss -5.37 -5.49 -6.71 -5.36 -7.56 -8.90
Treasury stock at cost -47.09 -46.58 -46.21 -45.93 -44.04 -52.04
Shareholders’ equity 7.46% 8.80% 6.26% 7.25% 5.12% 13.93%
Total liabilities and shareholders’ equity 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2024-06-29), 10-K (reporting date: 2023-07-01), 10-K (reporting date: 2022-07-02), 10-K (reporting date: 2021-07-03), 10-K (reporting date: 2020-06-27), 10-K (reporting date: 2019-06-29).

The capital structure is characterized by a high degree of leverage, with total liabilities consistently representing the vast majority of the balance sheet. After an initial position of 85.87% in 2019, total liabilities spiked to 94.73% in 2020 and have remained elevated, fluctuating between 91.05% and 93.60% through 2024. This indicates a strategic reliance on debt and obligations to fund operations and assets.

Current Liabilities and Short-Term Obligations
Current liabilities have shown volatility, rising from 33.97% in 2019 to a peak of 39.62% in 2022, before stabilizing around 37.09% by 2024. Accounts payable is the primary driver of this segment, generally maintaining a range between 24% and 26% of total liabilities and equity, with the exception of a notable dip to 15.23% in 2020. Current maturities of long-term debt exhibited a significant transient increase in 2020, reaching 6.83% before returning to lower levels, ending at 1.88% in 2024.
Long-Term Debt and Non-Current Liabilities
Long-term debt, excluding current maturities, constitutes the single largest component of the capital structure. This item peaked in 2020 at 57.02% and has since normalized to a consistent range of 45% to 46%. Long-term operating lease liabilities have shown a gradual increase, rising from 2.31% in 2020 to 3.36% in 2024. Overall long-term liabilities peaked in 2020 at 65.04% and have since settled into a range between 53% and 55%.
Shareholders' Equity and Capital Returns
There is a pronounced contraction in total shareholders' equity, which fell from 13.93% in 2019 to a low of 5.12% in 2020, eventually settling at 7.46% in 2024. This compression is largely attributed to a significant treasury stock balance, which consistently offsets equity by 44% to 52% of total liabilities and equity, suggesting an aggressive share repurchase strategy. Retained earnings also experienced a sharp decline from 62.50% in 2019 to approximately 49% in subsequent years, while accumulated other comprehensive losses have marginally improved from -8.90% in 2019 to -5.37% in 2024.

The overall financial profile reveals a shift from a more balanced equity position in 2019 to a highly leveraged model. The persistent high percentage of total liabilities, combined with the significant impact of treasury stock on equity, indicates a capital management strategy focused on optimizing debt and returning value to shareholders through buybacks rather than retaining equity for growth.

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