Price to Sales (P/S)
since 2005
Calculation
Sysco Corp., P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Sales1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Aug 28, 2024 | 0.48 | = | 76.67 | ÷ | 160.41 | 160.41 | = | 78,844 | ÷ | 491,520,584 | |
| Aug 25, 2023 | 0.46 | = | 69.76 | ÷ | 151.16 | 151.16 | = | 76,325 | ÷ | 504,925,847 | |
| Aug 26, 2022 | 0.62 | = | 83.63 | ÷ | 135.61 | 135.61 | = | 68,636 | ÷ | 506,110,343 | |
| Aug 30, 2021 | 0.79 | = | 78.99 | ÷ | 100.18 | 100.18 | = | 51,298 | ÷ | 512,081,796 | |
| Aug 26, 2020 | 0.55 | = | 57.50 | ÷ | 104.01 | 104.01 | = | 52,893 | ÷ | 508,535,623 | |
| Aug 26, 2019 | 0.63 | = | 73.35 | ÷ | 117.14 | 117.14 | = | 60,114 | ÷ | 513,176,946 | |
| Aug 27, 2018 | 0.66 | = | 74.54 | ÷ | 112.99 | 112.99 | = | 58,727 | ÷ | 519,774,992 | |
| Aug 30, 2017 | 0.50 | = | 52.71 | ÷ | 104.89 | 104.89 | = | 55,371 | ÷ | 527,881,766 | |
| Aug 30, 2016 | 0.57 | = | 51.93 | ÷ | 90.73 | 90.73 | = | 50,367 | ÷ | 555,133,162 | |
| Aug 25, 2015 | 0.48 | = | 39.04 | ÷ | 81.83 | 81.83 | = | 48,681 | ÷ | 594,917,977 | |
| Aug 26, 2014 | 0.48 | = | 37.77 | ÷ | 79.28 | 79.28 | = | 46,517 | ÷ | 586,765,938 | |
| Aug 27, 2013 | 0.42 | = | 31.74 | ÷ | 75.48 | 75.48 | = | 44,411 | ÷ | 588,347,435 | |
| Aug 28, 2012 | 0.42 | = | 30.45 | ÷ | 72.25 | 72.25 | = | 42,381 | ÷ | 586,604,951 | |
| Aug 30, 2011 | 0.42 | = | 27.84 | ÷ | 66.35 | 66.35 | = | 39,323 | ÷ | 592,697,484 | |
| Aug 31, 2010 | 0.43 | = | 27.49 | ÷ | 63.30 | 63.30 | = | 37,243 | ÷ | 588,379,521 | |
| Aug 25, 2009 | 0.41 | = | 25.33 | ÷ | 62.36 | 62.36 | = | 36,853 | ÷ | 591,015,830 | |
| Aug 26, 2008 | 0.51 | = | 31.60 | ÷ | 62.33 | 62.33 | = | 37,522 | ÷ | 601,993,798 | |
| Aug 28, 2007 | 0.57 | = | 32.74 | ÷ | 57.45 | 57.45 | = | 35,042 | ÷ | 609,972,298 | |
| Sep 14, 2006 | 0.63 | = | 33.37 | ÷ | 52.66 | 52.66 | = | 32,628 | ÷ | 619,613,777 | |
| Sep 15, 2005 | 0.67 | = | 32.17 | ÷ | 48.30 | 48.30 | = | 30,282 | ÷ | 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 financial trajectory from 2005 to 2024 is characterized by consistent, long-term growth in revenue generation per share contrasted with cyclical fluctuations in market valuation relative to those sales. While sales per share increased substantially from 48.30 USD in 2005 to 160.41 USD in 2024, the price-to-sales (P/S) ratio did not follow a linear growth path, indicating that market valuation multiples shifted independently of top-line expansion.
- Initial Valuation Contraction (2005–2009)
- A downward trend in the P/S ratio is observed during this period, declining from 0.67 to a low of 0.41. This contraction occurred despite a steady increase in sales per share, which rose from 48.30 USD to 62.36 USD, suggesting a period where the market assigned a lower premium to each dollar of revenue.
- Period of Valuation Stability (2010–2013)
- The P/S ratio entered a phase of relative stagnation, remaining consistently between 0.42 and 0.43. During these four years, sales per share continued to climb from 63.30 USD to 75.48 USD, but the share price adjusted proportionally, maintaining a flat valuation multiple.
- Expansion and Peak Valuation (2014–2021)
- A general upward trend in the P/S ratio emerged starting in 2014, reaching an initial peak of 0.66 in 2018. Following a brief dip in 2020 to 0.55, the ratio reached its highest point in the analyzed period at 0.79 in 2021. This phase reflects an increase in market confidence or a higher valuation premium applied to the company's revenue stream.
- Recent Moderation (2022–2024)
- A corrective trend is observed in the final years, with the P/S ratio descending from 0.79 to 0.48 by August 2024. This decline occurred even as sales per share reached their historical peak of 160.41 USD, indicating that share price appreciation has not kept pace with the rapid growth in revenue per share.
In summary, the divergence between the consistent upward trajectory of sales per share and the cyclical nature of the P/S ratio suggests that the company's market valuation is driven more by broader market sentiment and valuation multiples than by revenue growth alone. The current P/S ratio of 0.48 is closer to the historical lows seen between 2009 and 2013 than to the peaks observed in 2021.
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Comparison to Competitors
Sysco Corp., P/S, long-term trends, comparison to competitors
| Sysco Corp. | Costco Wholesale Corp. | Target Corp. | Walmart Inc. | |
|---|---|---|---|---|
| Aug 28, 2024 | 0.48 | 1.61 | 0.72 | 0.76 |
| Aug 25, 2023 | 0.46 | 1.05 | 0.69 | 0.62 |
| Aug 26, 2022 | 0.62 | 0.95 | 0.94 | 0.70 |
| Aug 30, 2021 | 0.79 | 1.03 | 0.95 | 0.67 |
| Aug 26, 2020 | 0.55 | 0.98 | 0.68 | 0.62 |
| Aug 26, 2019 | 0.63 | 0.88 | 0.53 | 0.55 |
| Aug 27, 2018 | 0.66 | 0.69 | 0.53 | 0.53 |
| Aug 30, 2017 | 0.50 | 0.55 | 0.44 | 0.45 |
| Aug 30, 2016 | 0.57 | 0.57 | 0.67 | 0.45 |
| Aug 25, 2015 | 0.48 | 0.58 | 0.70 | 0.54 |
| Aug 26, 2014 | 0.48 | 0.49 | 0.52 | 0.52 |
| Aug 27, 2013 | 0.42 | 0.50 | 0.60 | 0.53 |
| Aug 28, 2012 | 0.42 | 0.42 | 0.56 | 0.47 |
| Aug 30, 2011 | 0.42 | 0.41 | 0.53 | 0.44 |
| Aug 31, 2010 | 0.43 | 0.36 | 0.60 | 0.52 |
| Aug 25, 2009 | 0.41 | 0.36 | 0.35 | 0.52 |
| Aug 26, 2008 | 0.51 | 0.35 | 0.65 | 0.56 |
| Aug 28, 2007 | 0.57 | 0.45 | 0.86 | 0.57 |
| Sep 14, 2006 | 0.63 | 0.42 | 0.85 | 0.64 |
| Sep 15, 2005 | 0.67 | 0.46 | 0.94 | 0.74 |
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/S, long-term trends, comparison to sector (consumer staples distribution & retail)
| Sysco Corp. | Consumer Staples Distribution & Retail | |
|---|---|---|
| Aug 28, 2024 | 0.48 | 0.97 |
| Aug 25, 2023 | 0.46 | 0.74 |
| Aug 26, 2022 | 0.62 | 0.79 |
| Aug 30, 2021 | 0.79 | 0.78 |
| Aug 26, 2020 | 0.55 | 0.70 |
| Aug 26, 2019 | 0.63 | 0.61 |
| Aug 27, 2018 | 0.66 | 0.56 |
| Aug 30, 2017 | 0.50 | 0.47 |
| Aug 30, 2016 | 0.57 | 0.50 |
| Aug 25, 2015 | 0.48 | 0.56 |
| Aug 26, 2014 | 0.48 | 0.51 |
| Aug 27, 2013 | 0.42 | 0.53 |
| Aug 28, 2012 | 0.42 | 0.47 |
| Aug 30, 2011 | 0.42 | 0.44 |
| Aug 31, 2010 | 0.43 | 0.51 |
| Aug 25, 2009 | 0.41 | 0.48 |
| Aug 26, 2008 | 0.51 | 0.54 |
| Aug 28, 2007 | 0.57 | 0.59 |
| Sep 14, 2006 | 0.63 | 0.64 |
| Sep 15, 2005 | 0.67 | 0.73 |
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/S, long-term trends, comparison to industry (consumer staples)
| Sysco Corp. | Consumer Staples | |
|---|---|---|
| Aug 28, 2024 | 0.48 | 1.67 |
| Aug 25, 2023 | 0.46 | 1.45 |
| Aug 26, 2022 | 0.62 | 1.54 |
| Aug 30, 2021 | 0.79 | 1.61 |
| Aug 26, 2020 | 0.55 | 1.49 |
| Aug 26, 2019 | 0.63 | 1.47 |
| Aug 27, 2018 | 0.66 | 1.24 |
| Aug 30, 2017 | 0.50 | 1.25 |
| Aug 30, 2016 | 0.57 | 1.26 |
| Aug 25, 2015 | 0.48 | 1.23 |
| Aug 26, 2014 | 0.48 | 1.18 |
| Aug 27, 2013 | 0.42 | 1.14 |
| Aug 28, 2012 | 0.42 | 1.10 |
| Aug 30, 2011 | 0.42 | 1.03 |
| Aug 31, 2010 | 0.43 | 1.08 |
| Aug 25, 2009 | 0.41 | 1.01 |
| Aug 26, 2008 | 0.51 | 1.04 |
| Aug 28, 2007 | 0.57 | 1.20 |
| Sep 14, 2006 | 0.63 | 1.25 |
| Sep 15, 2005 | 0.67 | 1.26 |
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).