Debt to Equity
since 2005
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Sysco Corp. pages available for free this week:
- Income Statement
- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Selected Financial Data since 2005
- Return on Equity (ROE) since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
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Calculation
Sysco Corp., debt to equity, long-term trends, calculation
| Debt to equity | = | Long-term debt, including current maturities1 | ÷ | Shareholders’ equity1 | |
|---|---|---|---|---|---|
| Jun 29, 2024 | = | ÷ | |||
| Jul 1, 2023 | = | ÷ | |||
| Jul 2, 2022 | = | ÷ | |||
| Jul 3, 2021 | = | ÷ | |||
| Jun 27, 2020 | = | ÷ | |||
| Jun 29, 2019 | = | ÷ | |||
| Jun 30, 2018 | = | ÷ | |||
| Jul 1, 2017 | = | ÷ | |||
| Jul 2, 2016 | = | ÷ | |||
| Jun 27, 2015 | = | ÷ | |||
| Jun 28, 2014 | = | ÷ | |||
| Jun 29, 2013 | = | ÷ | |||
| Jun 30, 2012 | = | ÷ | |||
| Jul 2, 2011 | = | ÷ | |||
| Jul 3, 2010 | = | ÷ | |||
| Jun 27, 2009 | = | ÷ | |||
| Jun 28, 2008 | = | ÷ | |||
| Jun 30, 2007 | = | ÷ | |||
| Jul 1, 2006 | = | ÷ | |||
| Jul 2, 2005 | = | ÷ |
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 financial data reflecting the long-term debt, shareholders' equity, and debt to equity ratio over the analyzed periods reveals several notable trends regarding the company’s capital structure and leverage.
- Long-term debt
- The level of long-term debt, including current maturities, generally increased from 2005 through 2024, showing periodic fluctuations. Initially, the debt increased steadily from $1,431 million in 2005 to a peak of $8,327 million in 2008. A significant surge occurred between 2014 and 2016, when debt more than doubled from about $2,760 million to $7,322 million, followed by a gradual rise reaching $11,982 million in 2024. This pattern suggests increased reliance on debt financing, particularly pronounced from 2014 onwards.
- Shareholders’ equity
- Shareholders’ equity demonstrated a growth phase from 2005 to 2015, rising from $2,759 million to a peak near $5,267 million, indicating accumulation of net assets or retained earnings during this period. However, after 2015, equity values sharply declined to a low around $1,159 million in 2020, with some fluctuations afterward, ending at $1,860 million in 2024. This reduction in equity could be indicative of share buybacks, dividend payments exceeding net income, or losses affecting retained earnings.
- Debt to equity ratio
- The debt to equity ratio illustrates a marked increase in financial leverage over the timeframe. Initially, ratios hovered around moderate levels between 0.52 and 0.72 from 2005 to 2009, showing balanced use of debt relative to equity. A rapid escalation commenced from 2014, with the ratio soaring to 1.39, then further spiking to a peak of 12.47 in 2020. Subsequent periods reflected some moderation, falling to 5.18 in 2023, but still indicating a significantly elevated leverage compared to earlier years. This surge corresponds with the substantial increase in debt coupled with declining equity, underscoring heightened financial risk.
Overall, the increasing long-term debt levels combined with the decline in shareholders’ equity resulted in a substantially higher debt to equity ratio, particularly in the last decade. This trend points toward a strategic shift towards greater leverage, which may enhance financial risk and impact the company’s credit profile. Stakeholders should be attentive to the implications of such a capital structure, including interest obligations and flexibility for future financing.
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 | ||||
| Jul 1, 2023 | ||||
| Jul 2, 2022 | ||||
| Jul 3, 2021 | ||||
| Jun 27, 2020 | ||||
| Jun 29, 2019 | ||||
| Jun 30, 2018 | ||||
| Jul 1, 2017 | ||||
| Jul 2, 2016 | ||||
| Jun 27, 2015 | ||||
| Jun 28, 2014 | ||||
| Jun 29, 2013 | ||||
| Jun 30, 2012 | ||||
| Jul 2, 2011 | ||||
| Jul 3, 2010 | ||||
| Jun 27, 2009 | ||||
| Jun 28, 2008 | ||||
| Jun 30, 2007 | ||||
| Jul 1, 2006 | ||||
| Jul 2, 2005 |
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 | ||
| Jul 1, 2023 | ||
| Jul 2, 2022 | ||
| Jul 3, 2021 | ||
| Jun 27, 2020 | ||
| Jun 29, 2019 | ||
| Jun 30, 2018 | ||
| Jul 1, 2017 | ||
| Jul 2, 2016 | ||
| Jun 27, 2015 | ||
| Jun 28, 2014 | ||
| Jun 29, 2013 | ||
| Jun 30, 2012 | ||
| Jul 2, 2011 | ||
| Jul 3, 2010 | ||
| Jun 27, 2009 | ||
| Jun 28, 2008 | ||
| Jun 30, 2007 | ||
| Jul 1, 2006 | ||
| Jul 2, 2005 |
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 | ||
| Jul 1, 2023 | ||
| Jul 2, 2022 | ||
| Jul 3, 2021 | ||
| Jun 27, 2020 | ||
| Jun 29, 2019 | ||
| Jun 30, 2018 | ||
| Jul 1, 2017 | ||
| Jul 2, 2016 | ||
| Jun 27, 2015 | ||
| Jun 28, 2014 | ||
| Jun 29, 2013 | ||
| Jun 30, 2012 | ||
| Jul 2, 2011 | ||
| Jul 3, 2010 | ||
| Jun 27, 2009 | ||
| Jun 28, 2008 | ||
| Jun 30, 2007 | ||
| Jul 1, 2006 | ||
| Jul 2, 2005 |
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).