Price to Earnings (P/E)
since 2005
Calculation
Sysco Corp., P/E, long-term trends, calculation
| P/E | = | Share price1, 2, 3 | ÷ | Earnings per share1 (EPS) | EPS1 | = | Net earnings1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Aug 28, 2024 | 19.28 | = | 76.67 | ÷ | 3.98 | 3.98 | = | 1,955 | ÷ | 491,520,584 | |
| Aug 25, 2023 | 19.90 | = | 69.76 | ÷ | 3.51 | 3.51 | = | 1,770 | ÷ | 504,925,847 | |
| Aug 26, 2022 | 31.15 | = | 83.63 | ÷ | 2.68 | 2.68 | = | 1,359 | ÷ | 506,110,343 | |
| Aug 30, 2021 | 77.16 | = | 78.99 | ÷ | 1.02 | 1.02 | = | 524 | ÷ | 512,081,796 | |
| Aug 26, 2020 | 135.70 | = | 57.50 | ÷ | 0.42 | 0.42 | = | 215 | ÷ | 508,535,623 | |
| Aug 26, 2019 | 22.48 | = | 73.35 | ÷ | 3.26 | 3.26 | = | 1,674 | ÷ | 513,176,946 | |
| Aug 27, 2018 | 27.08 | = | 74.54 | ÷ | 2.75 | 2.75 | = | 1,431 | ÷ | 519,774,992 | |
| Aug 30, 2017 | 24.35 | = | 52.71 | ÷ | 2.16 | 2.16 | = | 1,143 | ÷ | 527,881,766 | |
| Aug 30, 2016 | 30.36 | = | 51.93 | ÷ | 1.71 | 1.71 | = | 950 | ÷ | 555,133,162 | |
| Aug 25, 2015 | 33.82 | = | 39.04 | ÷ | 1.15 | 1.15 | = | 687 | ÷ | 594,917,977 | |
| Aug 26, 2014 | 23.79 | = | 37.77 | ÷ | 1.59 | 1.59 | = | 932 | ÷ | 586,765,938 | |
| Aug 27, 2013 | 18.82 | = | 31.74 | ÷ | 1.69 | 1.69 | = | 992 | ÷ | 588,347,435 | |
| Aug 28, 2012 | 15.93 | = | 30.45 | ÷ | 1.91 | 1.91 | = | 1,122 | ÷ | 586,604,951 | |
| Aug 30, 2011 | 14.32 | = | 27.84 | ÷ | 1.94 | 1.94 | = | 1,152 | ÷ | 592,697,484 | |
| Aug 31, 2010 | 13.71 | = | 27.49 | ÷ | 2.01 | 2.01 | = | 1,180 | ÷ | 588,379,521 | |
| Aug 25, 2009 | 14.18 | = | 25.33 | ÷ | 1.79 | 1.79 | = | 1,056 | ÷ | 591,015,830 | |
| Aug 26, 2008 | 17.20 | = | 31.60 | ÷ | 1.84 | 1.84 | = | 1,106 | ÷ | 601,993,798 | |
| Aug 28, 2007 | 19.95 | = | 32.74 | ÷ | 1.64 | 1.64 | = | 1,001 | ÷ | 609,972,298 | |
| Sep 14, 2006 | 24.17 | = | 33.37 | ÷ | 1.38 | 1.38 | = | 855 | ÷ | 619,613,777 | |
| Sep 15, 2005 | 20.98 | = | 32.17 | ÷ | 1.53 | 1.53 | = | 961 | ÷ | 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 relationship between share price and earnings per share from 2005 to 2024 reveals a trajectory of long-term growth interrupted by a period of extreme valuation volatility. The financial data suggests three distinct phases: a decade of relative stability, a period of significant price appreciation and earnings disruption, and a subsequent return to historical valuation norms.
- Share Price Performance
- The share price remained relatively stagnant between 2005 and 2014, fluctuating within a narrow range between 25.33 and 37.77. A period of accelerated growth began in 2016, with the price ascending from 51.93 to a peak of 83.63 in 2022. Following this peak, the price underwent a correction, stabilizing at 76.67 by August 2024.
- Earnings Per Share (EPS) Dynamics
- Earnings remained consistent for the first decade, generally hovering between 1.38 and 2.01. A growth trend emerged between 2016 and 2019, peaking at 3.26. However, a severe contraction occurred in 2020, where EPS dropped to 0.42, representing the lowest point in the analyzed period. A robust recovery followed, with EPS climbing steadily to a period high of 3.98 by August 2024.
- Price-to-Earnings (P/E) Ratio Analysis
- The P/E ratio historically fluctuated between 13.71 and 33.82 for the majority of the period. An anomalous spike occurred between 2020 and 2021, with the ratio reaching 135.70 and 77.16, respectively. This expansion was not driven by an increase in share price, but rather by the precipitous decline in earnings during 2020. As earnings recovered and share prices stabilized, the P/E ratio converged back toward its long-term mean, ending the period at 19.28 in 2024.
Overall, the data indicates that while the asset has experienced significant price appreciation over twenty years, the valuation metrics have remained disciplined except during the 2020-2021 earnings shock. The current alignment of a higher share price with record-high EPS has resulted in a P/E ratio that is consistent with levels observed in the mid-2000s.
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Comparison to Competitors
Sysco Corp., P/E, long-term trends, comparison to competitors
| Sysco Corp. | Costco Wholesale Corp. | Target Corp. | Walmart Inc. | |
|---|---|---|---|---|
| Aug 28, 2024 | 19.28 | 54.68 | 18.60 | 31.52 |
| Aug 25, 2023 | 19.90 | 39.79 | 27.08 | 32.17 |
| Aug 26, 2022 | 31.15 | 36.38 | 14.38 | 29.27 |
| Aug 30, 2021 | 77.16 | 39.65 | 20.39 | 27.47 |
| Aug 26, 2020 | 135.70 | 40.02 | 16.12 | 21.69 |
| Aug 26, 2019 | 22.48 | 35.76 | 13.56 | 41.79 |
| Aug 27, 2018 | 27.08 | 30.51 | 12.97 | 26.62 |
| Aug 30, 2017 | 24.35 | 25.70 | 11.11 | 16.03 |
| Aug 30, 2016 | 30.36 | 27.99 | 14.61 | 14.72 |
| Aug 25, 2015 | 33.82 | 27.57 | — | 15.91 |
| Aug 26, 2014 | 23.79 | 26.44 | 19.07 | 15.34 |
| Aug 27, 2013 | 18.82 | 25.15 | 14.65 | 14.48 |
| Aug 28, 2012 | 15.93 | 23.98 | 13.41 | 13.25 |
| Aug 30, 2011 | 14.32 | 24.24 | 12.23 | 11.15 |
| Aug 31, 2010 | 13.71 | 20.97 | 15.77 | 14.66 |
| Aug 25, 2009 | 14.18 | 23.48 | 10.19 | 15.44 |
| Aug 26, 2008 | 17.20 | 19.45 | 14.43 | 16.36 |
| Aug 28, 2007 | 19.95 | 25.99 | 18.35 | 17.36 |
| Sep 14, 2006 | 24.17 | 22.18 | 18.67 | 17.83 |
| Sep 15, 2005 | 20.98 | 22.23 | 13.78 | 20.66 |
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/E, long-term trends, comparison to sector (consumer staples distribution & retail)
| Sysco Corp. | Consumer Staples Distribution & Retail | |
|---|---|---|
| Aug 28, 2024 | 19.28 | 35.86 |
| Aug 25, 2023 | 19.90 | 33.80 |
| Aug 26, 2022 | 31.15 | 26.93 |
| Aug 30, 2021 | 77.16 | 28.78 |
| Aug 26, 2020 | 135.70 | 24.18 |
| Aug 26, 2019 | 22.48 | 33.88 |
| Aug 27, 2018 | 27.08 | 24.87 |
| Aug 30, 2017 | 24.35 | 16.68 |
| Aug 30, 2016 | 30.36 | 16.23 |
| Aug 25, 2015 | 33.82 | 22.02 |
| Aug 26, 2014 | 23.79 | 16.85 |
| Aug 27, 2013 | 18.82 | 15.49 |
| Aug 28, 2012 | 15.93 | 14.17 |
| Aug 30, 2011 | 14.32 | 12.22 |
| Aug 31, 2010 | 13.71 | 15.27 |
| Aug 25, 2009 | 14.18 | 15.26 |
| Aug 26, 2008 | 17.20 | 16.27 |
| Aug 28, 2007 | 19.95 | 18.16 |
| Sep 14, 2006 | 24.17 | 18.30 |
| Sep 15, 2005 | 20.98 | 19.26 |
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/E, long-term trends, comparison to industry (consumer staples)
| Sysco Corp. | Consumer Staples | |
|---|---|---|
| Aug 28, 2024 | 19.28 | 29.43 |
| Aug 25, 2023 | 19.90 | 26.62 |
| Aug 26, 2022 | 31.15 | 25.35 |
| Aug 30, 2021 | 77.16 | 26.07 |
| Aug 26, 2020 | 135.70 | 24.12 |
| Aug 26, 2019 | 22.48 | 31.92 |
| Aug 27, 2018 | 27.08 | 20.62 |
| Aug 30, 2017 | 24.35 | 22.78 |
| Aug 30, 2016 | 30.36 | 21.50 |
| Aug 25, 2015 | 33.82 | 21.97 |
| Aug 26, 2014 | 23.79 | 19.71 |
| Aug 27, 2013 | 18.82 | 17.00 |
| Aug 28, 2012 | 15.93 | 16.60 |
| Aug 30, 2011 | 14.32 | 14.81 |
| Aug 31, 2010 | 13.71 | 14.32 |
| Aug 25, 2009 | 14.18 | 14.63 |
| Aug 26, 2008 | 17.20 | 15.52 |
| Aug 28, 2007 | 19.95 | 19.68 |
| Sep 14, 2006 | 24.17 | 19.79 |
| Sep 15, 2005 | 20.98 | 20.04 |
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).