Price to Book Value (P/BV)
since 2005
Calculation
Sysco Corp., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Shareholders’ equity1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Aug 28, 2024 | 20.26 | = | 76.67 | ÷ | 3.78 | 3.78 | = | 1,860 | ÷ | 491,520,584 | |
| Aug 25, 2023 | 17.54 | = | 69.76 | ÷ | 3.98 | 3.98 | = | 2,009 | ÷ | 504,925,847 | |
| Aug 26, 2022 | 30.62 | = | 83.63 | ÷ | 2.73 | 2.73 | = | 1,382 | ÷ | 506,110,343 | |
| Aug 30, 2021 | 26.05 | = | 78.99 | ÷ | 3.03 | 3.03 | = | 1,553 | ÷ | 512,081,796 | |
| Aug 26, 2020 | 25.24 | = | 57.50 | ÷ | 2.28 | 2.28 | = | 1,159 | ÷ | 508,535,623 | |
| Aug 26, 2019 | 15.04 | = | 73.35 | ÷ | 4.88 | 4.88 | = | 2,503 | ÷ | 513,176,946 | |
| Aug 27, 2018 | 15.45 | = | 74.54 | ÷ | 4.82 | 4.82 | = | 2,507 | ÷ | 519,774,992 | |
| Aug 30, 2017 | 11.68 | = | 52.71 | ÷ | 4.51 | 4.51 | = | 2,382 | ÷ | 527,881,766 | |
| Aug 30, 2016 | 8.28 | = | 51.93 | ÷ | 6.27 | 6.27 | = | 3,480 | ÷ | 555,133,162 | |
| Aug 25, 2015 | 4.42 | = | 39.04 | ÷ | 8.84 | 8.84 | = | 5,260 | ÷ | 594,917,977 | |
| Aug 26, 2014 | 4.21 | = | 37.77 | ÷ | 8.98 | 8.98 | = | 5,267 | ÷ | 586,765,938 | |
| Aug 27, 2013 | 3.60 | = | 31.74 | ÷ | 8.82 | 8.82 | = | 5,192 | ÷ | 588,347,435 | |
| Aug 28, 2012 | 3.81 | = | 30.45 | ÷ | 7.99 | 7.99 | = | 4,685 | ÷ | 586,604,951 | |
| Aug 30, 2011 | 3.51 | = | 27.84 | ÷ | 7.94 | 7.94 | = | 4,705 | ÷ | 592,697,484 | |
| Aug 31, 2010 | 4.23 | = | 27.49 | ÷ | 6.51 | 6.51 | = | 3,828 | ÷ | 588,379,521 | |
| Aug 25, 2009 | 4.34 | = | 25.33 | ÷ | 5.84 | 5.84 | = | 3,450 | ÷ | 591,015,830 | |
| Aug 26, 2008 | 5.58 | = | 31.60 | ÷ | 5.66 | 5.66 | = | 3,409 | ÷ | 601,993,798 | |
| Aug 28, 2007 | 6.09 | = | 32.74 | ÷ | 5.37 | 5.37 | = | 3,278 | ÷ | 609,972,298 | |
| Sep 14, 2006 | 6.77 | = | 33.37 | ÷ | 4.93 | 4.93 | = | 3,052 | ÷ | 619,613,777 | |
| Sep 15, 2005 | 7.31 | = | 32.17 | ÷ | 4.40 | 4.40 | = | 2,759 | ÷ | 626,984,757 |
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$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Sysco Corp. Annual Report.
The Price to Book Value (P/BV) ratio experienced three distinct evolutionary phases between 2005 and 2024: an initial period of compression, a phase of relative stability, and a subsequent period of aggressive expansion followed by a partial correction.
- Phase of Value Compression (2005–2011)
- A consistent downward trend in the P/BV ratio is observed, falling from 7.31 in 2005 to a low of 3.51 in 2011. This contraction was driven by a steady increase in book value per share, which rose from 4.40 to 7.94, while the share price remained relatively flat, fluctuating within a narrow range between 25.33 and 33.37.
- Phase of Relative Stability (2012–2015)
- The P/BV ratio maintained a stable range between 3.60 and 4.42. During this interval, the book value per share reached its historical peak of 8.98 in 2014 before beginning a gradual decline.
- Phase of Multiple Expansion (2016–2022)
- A significant escalation in the valuation multiple occurred, with the P/BV ratio climbing from 8.28 in 2016 to a peak of 30.62 in 2022. This surge was the result of a widening divergence between the share price and the book value per share; while the share price trended upward to 83.63, the book value per share contracted sharply, hitting a low of 2.28 in 2020.
- Phase of Recent Adjustment (2023–2024)
- The ratio underwent a correction, dropping to 17.54 in 2023 before moderating to 20.26 in 2024. This shift coincides with a moderate recovery in the book value per share, which rose to 3.78 by August 2024.
The overall trajectory indicates a fundamental shift in the valuation profile of the company. The first decade of the analyzed period was characterized by growing book equity and a compressing multiple. In contrast, the latter period was defined by a significant reduction in book value per share and a corresponding expansion of the P/BV ratio, suggesting that market valuation became increasingly decoupled from the accounting book value.
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Comparison to Competitors
Sysco Corp., P/BV, long-term trends, comparison to competitors
| Sysco Corp. | Costco Wholesale Corp. | Target Corp. | Walmart Inc. | |
|---|---|---|---|---|
| Aug 28, 2024 | 20.26 | 17.05 | 5.73 | 5.83 |
| Aug 25, 2023 | 17.54 | 9.99 | 6.70 | 4.90 |
| Aug 26, 2022 | 30.62 | 10.30 | 7.79 | 4.81 |
| Aug 30, 2021 | 26.05 | 11.30 | 6.17 | 4.59 |
| Aug 26, 2020 | 25.24 | 8.76 | 4.47 | 4.32 |
| Aug 26, 2019 | 15.04 | 8.58 | 3.52 | 3.85 |
| Aug 27, 2018 | 15.45 | 7.47 | 3.25 | 3.37 |
| Aug 30, 2017 | 11.68 | 6.39 | 2.78 | 2.81 |
| Aug 30, 2016 | 8.28 | 5.44 | 3.79 | 2.69 |
| Aug 25, 2015 | 4.42 | 6.17 | 3.63 | 3.20 |
| Aug 26, 2014 | 4.21 | 4.42 | 2.32 | 3.22 |
| Aug 27, 2013 | 3.60 | 4.73 | 2.65 | 3.22 |
| Aug 28, 2012 | 3.81 | 3.32 | 2.48 | 2.92 |
| Aug 30, 2011 | 3.51 | 2.95 | 2.31 | 2.67 |
| Aug 31, 2010 | 4.23 | 2.52 | 2.56 | 2.97 |
| Aug 25, 2009 | 4.34 | 2.54 | 1.65 | 3.17 |
| Aug 26, 2008 | 5.58 | 2.71 | 2.69 | 3.22 |
| Aug 28, 2007 | 6.09 | 3.26 | 3.27 | 3.18 |
| Sep 14, 2006 | 6.77 | 2.68 | 3.17 | 3.77 |
| Sep 15, 2005 | 7.31 | 2.66 | 3.38 | 4.29 |
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., P/BV, long-term trends, comparison to sector (consumer staples distribution & retail)
| Sysco Corp. | Consumer Staples Distribution & Retail | |
|---|---|---|
| Aug 28, 2024 | 20.26 | 8.01 |
| Aug 25, 2023 | 17.54 | 6.21 |
| Aug 26, 2022 | 30.62 | 6.11 |
| Aug 30, 2021 | 26.05 | 5.83 |
| Aug 26, 2020 | 25.24 | 5.11 |
| Aug 26, 2019 | 15.04 | 4.54 |
| Aug 27, 2018 | 15.45 | 3.87 |
| Aug 30, 2017 | 11.68 | 3.19 |
| Aug 30, 2016 | 8.28 | 3.14 |
| Aug 25, 2015 | 4.42 | 3.55 |
| Aug 26, 2014 | 4.21 | 3.22 |
| Aug 27, 2013 | 3.60 | 3.29 |
| Aug 28, 2012 | 3.81 | 2.90 |
| Aug 30, 2011 | 3.51 | 2.64 |
| Aug 31, 2010 | 4.23 | 2.86 |
| Aug 25, 2009 | 4.34 | 2.86 |
| Aug 26, 2008 | 5.58 | 3.08 |
| Aug 28, 2007 | 6.09 | 3.21 |
| Sep 14, 2006 | 6.77 | 3.52 |
| Sep 15, 2005 | 7.31 | 3.92 |
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., P/BV, long-term trends, comparison to industry (consumer staples)
| Sysco Corp. | Consumer Staples | |
|---|---|---|
| Aug 28, 2024 | 20.26 | 9.43 |
| Aug 25, 2023 | 17.54 | 8.14 |
| Aug 26, 2022 | 30.62 | 8.11 |
| Aug 30, 2021 | 26.05 | 8.15 |
| Aug 26, 2020 | 25.24 | 7.44 |
| Aug 26, 2019 | 15.04 | 7.21 |
| Aug 27, 2018 | 15.45 | 5.76 |
| Aug 30, 2017 | 11.68 | 5.70 |
| Aug 30, 2016 | 8.28 | 5.35 |
| Aug 25, 2015 | 4.42 | 5.06 |
| Aug 26, 2014 | 4.21 | 4.55 |
| Aug 27, 2013 | 3.60 | 4.08 |
| Aug 28, 2012 | 3.81 | 3.89 |
| Aug 30, 2011 | 3.51 | 3.50 |
| Aug 31, 2010 | 4.23 | 3.45 |
| Aug 25, 2009 | 4.34 | 3.38 |
| Aug 26, 2008 | 5.58 | 3.48 |
| Aug 28, 2007 | 6.09 | 3.56 |
| Sep 14, 2006 | 6.77 | 3.66 |
| Sep 15, 2005 | 7.31 | 4.47 |
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).