Debt to Equity
since 2005
Calculation
Sysco Corp., debt to equity, long-term trends, calculation
| Debt to equity | = | Long-term debt, including current maturities1 | ÷ | Shareholders’ equity1 | |
|---|---|---|---|---|---|
| Jun 29, 2024 | 6.44 | = | 11,982) | ÷ | 1,860) |
| Jul 1, 2023 | 5.18 | = | 10,411) | ÷ | 2,009) |
| Jul 2, 2022 | 7.70 | = | 10,648) | ÷ | 1,382) |
| Jul 3, 2021 | 7.14 | = | 11,083) | ÷ | 1,553) |
| Jun 27, 2020 | 12.47 | = | 14,447) | ÷ | 1,159) |
| Jun 29, 2019 | 3.26 | = | 8,163) | ÷ | 2,503) |
| Jun 30, 2018 | 3.32 | = | 8,327) | ÷ | 2,507) |
| Jul 1, 2017 | 3.44 | = | 8,195) | ÷ | 2,382) |
| Jul 2, 2016 | 2.14 | = | 7,435) | ÷ | 3,480) |
| Jun 27, 2015 | 1.39 | = | 7,322) | ÷ | 5,260) |
| Jun 28, 2014 | 0.52 | = | 2,760) | ÷ | 5,267) |
| Jun 29, 2013 | 0.56 | = | 2,889) | ÷ | 5,192) |
| Jun 30, 2012 | 0.64 | = | 3,018) | ÷ | 4,685) |
| Jul 2, 2011 | 0.57 | = | 2,669) | ÷ | 4,705) |
| Jul 3, 2010 | 0.65 | = | 2,481) | ÷ | 3,828) |
| Jun 27, 2009 | 0.72 | = | 2,477) | ÷ | 3,450) |
| Jun 28, 2008 | 0.58 | = | 1,980) | ÷ | 3,409) |
| Jun 30, 2007 | 0.54 | = | 1,781) | ÷ | 3,278) |
| Jul 1, 2006 | 0.58 | = | 1,763) | ÷ | 3,052) |
| Jul 2, 2005 | 0.52 | = | 1,431) | ÷ | 2,759) |
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), 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-07-01), 10-K (reporting date: 2016-07-02), 10-K (reporting date: 2015-06-27), 10-K (reporting date: 2014-06-28), 10-K (reporting date: 2013-06-29), 10-K (reporting date: 2012-06-30), 10-K (reporting date: 2011-07-02), 10-K (reporting date: 2010-07-03), 10-K (reporting date: 2009-06-27), 10-K (reporting date: 2008-06-28), 10-K (reporting date: 2007-06-30), 10-K (reporting date: 2006-07-01), 10-K (reporting date: 2005-07-02).
1 US$ in millions
The capital structure of the entity has undergone a significant transformation between 2005 and 2024, evolving from a conservative, equity-heavy position to one characterized by substantial leverage.
- Period of Financial Stability (2005–2014)
- During this decade, the debt to equity ratio remained consistently low, fluctuating within a narrow range between 0.52 and 0.72. Long-term debt increased modestly from $1.43 billion to $2.76 billion, while shareholders' equity grew steadily from $2.76 billion to $5.27 billion. This period was marked by a balanced approach to financing, where equity growth generally kept pace with or exceeded debt accumulation.
- Structural Shift in Leverage (2015–2019)
- A sharp inflection point occurred in 2015, characterized by a rapid increase in long-term debt, which jumped from $2.76 billion in 2014 to $7.32 billion in 2015. This coincided with a contraction in shareholders' equity, which declined from $5.26 billion to $2.50 billion by 2019. As a result, the debt to equity ratio ascended from 0.52 to 3.26, signaling a fundamental shift toward a more aggressive, debt-funded capital strategy.
- Peak Leverage and Subsequent Volatility (2020–2024)
- The debt to equity ratio reached a historical peak of 12.47 in 2020, driven by a surge in long-term debt to $14.45 billion and a simultaneous drop in shareholders' equity to a low of $1.16 billion. Although the ratio declined in subsequent years, it remained significantly elevated compared to historical norms, fluctuating between 5.18 and 7.70. By June 29, 2024, the ratio stood at 6.44, with long-term debt totaling $11.98 billion against shareholders' equity of $1.86 billion, indicating a sustained reliance on borrowed capital.
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Comparison to Competitors
Sysco Corp., debt to equity, long-term trends, comparison to competitors
| Sysco Corp. | Costco Wholesale Corp. | Target Corp. | Walmart Inc. | |
|---|---|---|---|---|
| Jun 29, 2024 | 6.44 | 0.25 | 1.19 | 0.56 |
| Jul 1, 2023 | 5.18 | 0.26 | 1.44 | 0.58 |
| Jul 2, 2022 | 7.70 | 0.32 | 1.07 | 0.51 |
| Jul 3, 2021 | 7.14 | 0.43 | 0.88 | 0.60 |
| Jun 27, 2020 | 12.47 | 0.42 | 0.97 | 0.73 |
| Jun 29, 2019 | 3.26 | 0.45 | 1.00 | 0.80 |
| Jun 30, 2018 | 3.32 | 0.51 | 0.99 | 0.60 |
| Jul 1, 2017 | 3.44 | 0.62 | 1.16 | 0.59 |
| Jul 2, 2016 | 2.14 | 0.43 | 0.98 | 0.62 |
| Jun 27, 2015 | 1.39 | 0.58 | 0.91 | 0.62 |
| Jun 28, 2014 | 0.52 | 0.41 | 0.85 | 0.74 |
| Jun 29, 2013 | 0.56 | 0.46 | 1.07 | 0.71 |
| Jun 30, 2012 | 0.64 | 0.11 | 1.11 | 0.75 |
| Jul 2, 2011 | 0.57 | 0.18 | 1.02 | 0.73 |
| Jul 3, 2010 | 0.65 | 0.20 | 1.10 | 0.58 |
| Jun 27, 2009 | 0.72 | 0.23 | 1.37 | 0.65 |
| Jun 28, 2008 | 0.58 | 0.26 | 1.12 | 0.69 |
| Jun 30, 2007 | 0.54 | 0.26 | 0.64 | 0.63 |
| Jul 1, 2006 | 0.58 | 0.06 | 0.69 | 0.73 |
| Jul 2, 2005 | 0.52 | 0.09 | 0.73 | 0.64 |
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), 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-07-01), 10-K (reporting date: 2016-07-02), 10-K (reporting date: 2015-06-27), 10-K (reporting date: 2014-06-28), 10-K (reporting date: 2013-06-29), 10-K (reporting date: 2012-06-30), 10-K (reporting date: 2011-07-02), 10-K (reporting date: 2010-07-03), 10-K (reporting date: 2009-06-27), 10-K (reporting date: 2008-06-28), 10-K (reporting date: 2007-06-30), 10-K (reporting date: 2006-07-01), 10-K (reporting date: 2005-07-02).
Comparison to Sector (Consumer Staples Distribution & Retail)
Sysco Corp., debt to equity, long-term trends, comparison to sector (consumer staples distribution & retail)
| Sysco Corp. | Consumer Staples Distribution & Retail | |
|---|---|---|
| Jun 29, 2024 | 6.44 | 0.57 |
| Jul 1, 2023 | 5.18 | 0.59 |
| Jul 2, 2022 | 7.70 | 0.54 |
| Jul 3, 2021 | 7.14 | 0.61 |
| Jun 27, 2020 | 12.47 | 0.70 |
| Jun 29, 2019 | 3.26 | 0.77 |
| Jun 30, 2018 | 3.32 | 0.63 |
| Jul 1, 2017 | 3.44 | 0.66 |
| Jul 2, 2016 | 2.14 | 0.64 |
| Jun 27, 2015 | 1.39 | 0.65 |
| Jun 28, 2014 | 0.52 | 0.72 |
| Jun 29, 2013 | 0.56 | 0.74 |
| Jun 30, 2012 | 0.64 | 0.73 |
| Jul 2, 2011 | 0.57 | 0.71 |
| Jul 3, 2010 | 0.65 | 0.62 |
| Jun 27, 2009 | 0.72 | 0.71 |
| Jun 28, 2008 | 0.58 | 0.72 |
| Jun 30, 2007 | 0.54 | 0.60 |
| Jul 1, 2006 | 0.58 | 0.64 |
| Jul 2, 2005 | 0.52 | 0.59 |
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), 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-07-01), 10-K (reporting date: 2016-07-02), 10-K (reporting date: 2015-06-27), 10-K (reporting date: 2014-06-28), 10-K (reporting date: 2013-06-29), 10-K (reporting date: 2012-06-30), 10-K (reporting date: 2011-07-02), 10-K (reporting date: 2010-07-03), 10-K (reporting date: 2009-06-27), 10-K (reporting date: 2008-06-28), 10-K (reporting date: 2007-06-30), 10-K (reporting date: 2006-07-01), 10-K (reporting date: 2005-07-02).
Comparison to Industry (Consumer Staples)
Sysco Corp., debt to equity, long-term trends, comparison to industry (consumer staples)
| Sysco Corp. | Consumer Staples | |
|---|---|---|
| Jun 29, 2024 | 6.44 | 1.11 |
| Jul 1, 2023 | 5.18 | 1.15 |
| Jul 2, 2022 | 7.70 | 1.07 |
| Jul 3, 2021 | 7.14 | 1.07 |
| Jun 27, 2020 | 12.47 | 1.24 |
| Jun 29, 2019 | 3.26 | 1.18 |
| Jun 30, 2018 | 3.32 | 1.11 |
| Jul 1, 2017 | 3.44 | 1.20 |
| Jul 2, 2016 | 2.14 | 1.09 |
| Jun 27, 2015 | 1.39 | 1.00 |
| Jun 28, 2014 | 0.52 | 0.96 |
| Jun 29, 2013 | 0.56 | 0.87 |
| Jun 30, 2012 | 0.64 | 0.83 |
| Jul 2, 2011 | 0.57 | 0.80 |
| Jul 3, 2010 | 0.65 | 0.74 |
| Jun 27, 2009 | 0.72 | 0.69 |
| Jun 28, 2008 | 0.58 | 0.68 |
| Jun 30, 2007 | 0.54 | 0.55 |
| Jul 1, 2006 | 0.58 | 0.52 |
| Jul 2, 2005 | 0.52 | 0.59 |
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), 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-07-01), 10-K (reporting date: 2016-07-02), 10-K (reporting date: 2015-06-27), 10-K (reporting date: 2014-06-28), 10-K (reporting date: 2013-06-29), 10-K (reporting date: 2012-06-30), 10-K (reporting date: 2011-07-02), 10-K (reporting date: 2010-07-03), 10-K (reporting date: 2009-06-27), 10-K (reporting date: 2008-06-28), 10-K (reporting date: 2007-06-30), 10-K (reporting date: 2006-07-01), 10-K (reporting date: 2005-07-02).