Analysis of Geographic Areas
Sysco Corp. operates in 5 regions: United States; Canada; United Kingdom; France; and Other.
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- Common-Size Income Statement
- Analysis of Solvency Ratios
- Enterprise Value (EV)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Total Asset Turnover since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Revenues
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Area Asset Turnover
Sysco Corp., asset turnover by geographic area
| Jun 29, 2024 | Jul 1, 2023 | Jul 2, 2022 | Jul 3, 2021 | Jun 27, 2020 | Jun 29, 2019 | |
|---|---|---|---|---|---|---|
| United States | ||||||
| Canada | ||||||
| United Kingdom | ||||||
| France | ||||||
| Other |
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).
The asset turnover ratios across different geographic areas demonstrate varied trends over the six-year period, reflecting changes in operational efficiency and asset utilization within each region.
- United States
- The asset turnover ratio in the United States shows some fluctuations but an overall pattern of recovery after a dip. It started at 14.36 in 2019, declined to 12.81 in 2020, and then gradually improved, reaching a peak of 16.89 in 2022. However, after 2022, there was a slight decrease to 16.77 in 2023 and further to 15.35 in 2024. Despite the recent decline, the ratio in 2024 remains higher than the initial 2019 level, indicating a net improvement in asset turnover over the period.
- Canada
- Canada's asset turnover ratio experienced a downward trend from 2019 to 2021, dropping from 13.94 to 10.98. This was followed by a strong recovery, with the ratio rising to 15.1 in 2022 and continuing up to 17.41 in 2023, before slightly decreasing to 16.46 in 2024. The overall pattern suggests a significant enhancement in asset efficiency after 2021, with 2023 marking the highest turnover ratio in the observed period.
- United Kingdom
- The United Kingdom's asset turnover ratio exhibits a pronounced decline from 2019 through 2021, falling from 11.58 to a low of 6.2. After this low point, there is a recovery phase with the ratio increasing to 11.48 in 2022, but the ratio slightly declined to 11.2 in 2023 and further to 10.19 in 2024. Despite the improvement after 2021, the 2024 value remains under the initial 2019 figure, indicating only a partial recovery.
- France
- France shows the lowest asset turnover ratios among the regions, starting at 4.79 in 2019 and declining to 3.39 by 2021. Post-2021, the ratio steadily increases each year, reaching 5.56 in 2024. This reflects continuous improvement in asset utilization in France, surpassing the 2019 ratio by the end of the period.
- Other
- The "Other" category follows a similar trend to the United Kingdom, with a notable decline from 12.08 in 2019 to 8.86 in 2021. Subsequently, there is a substantial recovery to 12.56 in 2022. However, after this peak, the ratio slightly decreases to 12.11 in 2023 and 11.85 in 2024, although still remaining close to the 2019 level.
In summary, all geographic areas experienced a decline in asset turnover ratios from 2019 through 2021, with the sharpest decreases observed in the United Kingdom and the "Other" category. Following 2021, most regions exhibited a recovery trend, with Canada and the United States achieving ratios higher than their respective 2019 levels. France shows a consistent improvement after 2021, though its ratios remain the lowest overall. The United Kingdom and "Other" categories have not fully returned to their initial 2019 levels by 2024, indicating incomplete recovery in these areas. These trends suggest that after a period of reduced asset efficiency—possibly linked to external factors affecting the business environment—there has been a general rebound in asset utilization across most geographic segments.
Area Asset Turnover: United States
Sysco Corp.; United States; area asset turnover calculation
| Jun 29, 2024 | Jul 1, 2023 | Jul 2, 2022 | Jul 3, 2021 | Jun 27, 2020 | Jun 29, 2019 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Sales | ||||||
| Plant and equipment at cost, less accumulated depreciation | ||||||
| Area Activity Ratio | ||||||
| Area asset turnover1 | ||||||
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).
1 2024 Calculation
Area asset turnover = Sales ÷ Plant and equipment at cost, less accumulated depreciation
= ÷ =
- Sales
- Sales experienced a decline from 48,257 million US dollars in 2019 to 42,804 million in 2020 and remained relatively stable in 2021 at 42,610 million. Subsequently, sales showed a marked upward trend, increasing significantly to 56,511 million in 2022, further rising to 62,404 million in 2023, and reaching 63,931 million in 2024. This indicates a recovery and strong growth phase following the initial decrease.
- Plant and equipment at cost, less accumulated depreciation
- The value of plant and equipment slightly decreased from 3,362 million US dollars in 2019 to 3,148 million in 2021, suggesting limited capital investment or higher depreciation during that period. From 2022 onwards, this asset value increased steadily, rising to 3,346 million in 2022, 3,721 million in 2023, and 4,165 million in 2024, indicating renewed investment or acquisition of assets in recent years.
- Area asset turnover
- The ratio of area asset turnover declined from 14.36 in 2019 to 12.81 in 2020, then improved to 13.53 in 2021. A sharp increase was observed in 2022 to 16.89, which slightly decreased to 16.77 in 2023 and 15.35 in 2024. This trend suggests improving efficiency in asset utilization starting in 2022, although with a mild decline in the last two years, it remains higher than the earlier periods.
Area Asset Turnover: Canada
Sysco Corp.; Canada; area asset turnover calculation
| Jun 29, 2024 | Jul 1, 2023 | Jul 2, 2022 | Jul 3, 2021 | Jun 27, 2020 | Jun 29, 2019 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Sales | ||||||
| Plant and equipment at cost, less accumulated depreciation | ||||||
| Area Activity Ratio | ||||||
| Area asset turnover1 | ||||||
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).
1 2024 Calculation
Area asset turnover = Sales ÷ Plant and equipment at cost, less accumulated depreciation
= ÷ =
Analysis of the geographic area data for Canada over the specified years reveals several distinct trends in sales performance, asset utilization, and fixed asset valuation.
- Sales
- Sales experienced a decline from 2019 through 2021, starting at 4660 million US dollars in 2019 and decreasing to a low of 3907 million in 2021. However, a significant recovery is evident from 2021 onwards, with sales rising sharply to 5094 million in 2022, followed by continued growth to 5828 million in 2023, and a modest increase to 5993 million in 2024. This indicates a strong rebound and expansion in the Canadian market after a period of contraction.
- Plant and Equipment at Cost, Less Accumulated Depreciation
- The net value of plant and equipment remained relatively stable throughout the observed period, with minor fluctuations. Starting at 334 million US dollars in 2019, the value slightly decreased to 331 million in 2020, then increased to 356 million in 2021. It again dipped to 337 million in 2022, followed by a marginal decrease to 335 million in 2023, and rose to 364 million in 2024. Overall, the plant and equipment base shows modest variability, suggesting consistent levels of investment and depreciation management.
- Area Asset Turnover
- This ratio, reflecting the efficiency of asset utilization to generate sales, indicates a downward trend from 2019 (13.94) to 2021 (10.98), coinciding with the period of declining sales. Subsequently, there is a pronounced increase to 15.1 in 2022 and peaking at 17.41 in 2023, before settling slightly lower at 16.46 in 2024. The improvement in asset turnover correlates with the sales recovery, implying enhanced operational efficiency or improved revenue generation relative to the asset base in the latter years.
In summary, the Canadian segment experienced a downturn in sales through 2021 but showed robust recovery thereafter. Asset investment remained generally steady, while the efficiency of asset utilization improved significantly following the sales rebound. These trends suggest an adaptive operational approach and a positive trajectory in market conditions post-2021.
Area Asset Turnover: United Kingdom
Sysco Corp.; United Kingdom; area asset turnover calculation
| Jun 29, 2024 | Jul 1, 2023 | Jul 2, 2022 | Jul 3, 2021 | Jun 27, 2020 | Jun 29, 2019 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Sales | ||||||
| Plant and equipment at cost, less accumulated depreciation | ||||||
| Area Activity Ratio | ||||||
| Area asset turnover1 | ||||||
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).
1 2024 Calculation
Area asset turnover = Sales ÷ Plant and equipment at cost, less accumulated depreciation
= ÷ =
- Sales
- Sales exhibited significant volatility over the observed periods. There was a sharp decline from 3,134 million USD in 2019 to 2,482 million USD in 2020, followed by a further drop to the lowest point of 1,707 million USD in 2021. However, sales rebounded strongly thereafter, increasing to 2,859 million USD in 2022, then surpassing the initial value with 3,340 million USD in 2023 and continuing to rise to 3,760 million USD in 2024. This pattern suggests an impact of external factors during the early period followed by a robust recovery and growth phase.
- Plant and equipment at cost, less accumulated depreciation
- The value of plant and equipment showed a relatively stable trend initially, with a slight decrease from 271 million USD in 2019 to 249 million USD in 2022. However, starting from 2023, there was an appreciable increase, climbing from 298 million USD in 2023 to 369 million USD in 2024. This upward trend in recent years may indicate renewed capital investment or asset acquisition after a period of relative stagnation or divestment.
- Area asset turnover
- The area asset turnover ratio mirrored the sales trend closely, with a notable decline from 11.58 in 2019 to 6.2 in 2021, reflecting decreased efficiency in asset utilization during the period of lower sales. Following this, the ratio improved substantially to 11.48 in 2022 and remained relatively strong through 2023 at 11.2, before experiencing a moderate decline to 10.19 in 2024. Despite this slight decrease, asset turnover remains high, suggesting effective utilization of assets relative to the geographic area sales.
Area Asset Turnover: France
Sysco Corp.; France; area asset turnover calculation
| Jun 29, 2024 | Jul 1, 2023 | Jul 2, 2022 | Jul 3, 2021 | Jun 27, 2020 | Jun 29, 2019 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Sales | ||||||
| Plant and equipment at cost, less accumulated depreciation | ||||||
| Area Activity Ratio | ||||||
| Area asset turnover1 | ||||||
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).
1 2024 Calculation
Area asset turnover = Sales ÷ Plant and equipment at cost, less accumulated depreciation
= ÷ =
The financial data for the France geographic area illustrates notable trends across the periods from June 29, 2019, to June 29, 2024. A detailed analysis of sales, plant and equipment net value, and area asset turnover ratio provides insights into the operational efficiency and asset management over this timeframe.
- Sales
- Sales exhibited a fluctuating pattern, with an initial decline from 1,582 million US dollars in mid-2019 to a low of 1,098 million US dollars by mid-2021. This downward trend was followed by a substantial recovery, culminating in the highest sales figure of 1,712 million US dollars by mid-2024. The recovery phase indicates a strong rebound and growth momentum after the trough.
- Plant and Equipment at Cost, Less Accumulated Depreciation
- The net value of plant and equipment showed a generally stable trend with minor fluctuations. Starting at 330 million US dollars in mid-2019, it slightly declined to 309 million by mid-2020, rebounded marginally in 2021 before a gradual decrease through 2023, and then a modest uptick again by mid-2024 at 308 million. This relative stability suggests consistent investment and maintenance of fixed assets without significant capital expansion or divestment.
- Area Asset Turnover Ratio
- The area asset turnover ratio experienced a decline from 4.79 in mid-2019 to a low of 3.39 in mid-2021, mirroring the sales decrease and indicating lower efficiency in using the assets to generate sales during that period. However, from 2021 onwards, there was a pronounced improvement, reaching 5.56 by mid-2024, surpassing the initial value in 2019. This rise reflects enhanced efficiency and better utilization of assets to drive sales growth in the later years.
Overall, the data depict a cyclical trend with sales and asset turnover declining initially, coinciding with a period of reduced efficiency, followed by a robust recovery phase characterized by increased sales and improved asset utilization. The relatively steady plant and equipment net value supports the inference that efficiency gains rather than major asset base expansion contributed significantly to improved performance in the latest periods.
Area Asset Turnover: Other
Sysco Corp.; Other; area asset turnover calculation
| Jun 29, 2024 | Jul 1, 2023 | Jul 2, 2022 | Jul 3, 2021 | Jun 27, 2020 | Jun 29, 2019 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Sales | ||||||
| Plant and equipment at cost, less accumulated depreciation | ||||||
| Area Activity Ratio | ||||||
| Area asset turnover1 | ||||||
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).
1 2024 Calculation
Area asset turnover = Sales ÷ Plant and equipment at cost, less accumulated depreciation
= ÷ =
- Sales
- Sales demonstrate significant fluctuations over the observed period. Starting at 2,481 million USD in mid-2019, there is a decline to 1,976 million USD by mid-2021, indicating a contraction during these two years. Subsequently, sales recover and show marked growth, reaching 3,448 million USD by mid-2024, the highest value within the timeframe. This recovery and growth phase suggest an expanding market presence or improved operational performance in the later years.
- Plant and equipment at cost, less accumulated depreciation
- The value of plant and equipment exhibits a generally upward trend. Beginning at 205 million USD in mid-2019, the asset base slightly increased to 223 million USD by mid-2021, stabilizing somewhat around this level until mid-2022. From mid-2022 onward, there is a steeper increase, reaching 291 million USD by mid-2024. This rising trend indicates ongoing investment in fixed assets, which may support future operational capacity or efficiency improvements.
- Area asset turnover
- The asset turnover ratio shows notable variability. It declines from 12.08 in mid-2019 to 8.86 in mid-2021, reflecting a decrease in efficiency in utilizing assets to generate sales. However, there is a recovery to 12.56 in mid-2022, followed by a slight reduction but generally stable level near 11.85 by mid-2024. This pattern suggests that despite asset growth, the company has managed to restore and maintain a high level of asset utilization efficiency after the dip observed in earlier years.
Sales
Sysco Corp., sales by geographic area
US$ in millions
| Jun 29, 2024 | Jul 1, 2023 | Jul 2, 2022 | Jul 3, 2021 | Jun 27, 2020 | Jun 29, 2019 | |
|---|---|---|---|---|---|---|
| United States | ||||||
| Canada | ||||||
| United Kingdom | ||||||
| France | ||||||
| Other | ||||||
| Total |
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).
The analysis of the annual geographic area sales data reveals several notable trends and changes across different regions over the observed six-year period.
- United States
- Sales in the United States experienced a decline from 48,257 million USD in 2019 to 42,610 million USD in 2021. This was followed by a strong recovery and growth phase, with sales rising sharply to 56,511 million USD in 2022 and continuing to increase to 63,931 million USD by 2024. The trajectory suggests resilience and a robust rebound after the initial decline.
- Canada
- Canadian sales exhibited a similar pattern as the United States, declining from 4,660 million USD in 2019 to 3,907 million USD in 2021. However, growth resumed thereafter, with sales increasing to 5,094 million USD in 2022 and reaching 5,993 million USD in 2024. The growth post-2021 indicates successful market recovery and expansion efforts in Canada.
- United Kingdom
- The United Kingdom showed a more pronounced decline early in the period, dropping from 3,134 million USD in 2019 to a low of 1,707 million USD in 2021. Subsequently, sales rebounded significantly to 2,859 million USD in 2022 and continued to grow steadily to 3,760 million USD by 2024. The recovery highlights a regained market foothold following earlier challenges.
- France
- Sales in France followed a downward trend initially, decreasing from 1,582 million USD in 2019 to 1,098 million USD in 2021. After this period, sales increased modestly each year, reaching 1,712 million USD in 2024, indicating gradual but consistent improvement in the French market.
- Other Regions
- The sales in other regions also saw a decline through 2021, from 2,481 million USD in 2019 to 1,976 million USD. Afterward, a recovery took place, with sales rising to 3,448 million USD by 2024. This suggests an expanding presence or improving market conditions outside the primary named regions.
- Total Sales
- Total sales followed a similar pattern to the individual regions, with a decrease from 60,114 million USD in 2019 to 51,298 million USD in 2021. A pronounced rebound occurred beginning in 2022, with total sales escalating to 78,844 million USD in 2024, surpassing pre-decline figures. This highlights an overall strong recovery and growth in the company's global sales footprint over the period analyzed.
In summary, the data demonstrates a clear downturn across all geographic segments up to 2021, likely reflecting adverse conditions during that timeframe. From 2022 onwards, each region exhibited varying degrees of recovery and growth, culminating in total sales that not only recovered but exceeded earlier levels. This pattern suggests effective strategic adjustments and operational resilience across the company's international markets.
Plant and equipment at cost, less accumulated depreciation
Sysco Corp., plant and equipment at cost, less accumulated depreciation by geographic area
US$ in millions
| Jun 29, 2024 | Jul 1, 2023 | Jul 2, 2022 | Jul 3, 2021 | Jun 27, 2020 | Jun 29, 2019 | |
|---|---|---|---|---|---|---|
| United States | ||||||
| Canada | ||||||
| United Kingdom | ||||||
| France | ||||||
| Other | ||||||
| Total |
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).
The analysis of the annual plant and equipment at cost, less accumulated depreciation, by geographic area reveals several noteworthy trends over the six-year period.
- United States
- The value shows a fluctuating but overall upward trend. It began at $3,362 million in mid-2019, dipped slightly in 2020 and 2021, but then increased steadily to reach $4,165 million by mid-2024. This suggests ongoing reinvestment or asset additions after a brief period of decline.
- Canada
- The Canadian segment exhibited modest fluctuations with a relatively stable asset base. Values hovered around the mid-300 million level, starting at $334 million in 2019 and ending at $364 million in 2024, indicating minor growth and potentially measured maintenance or replacement of plant and equipment.
- United Kingdom
- The plant and equipment values for the United Kingdom showed variability but strong growth towards the end of the period. The values slightly declined in the early years, from $271 million in 2019 to $249 million in 2022, but then increased notably to $369 million by 2024, suggesting significant investments in recent years.
- France
- France's figures remained relatively stable with a slight downward movement until 2023. The asset values started at $330 million in 2019 and experienced a minor reduction to around $300 million by 2023, with a small uptick to $308 million in 2024. This pattern may indicate limited asset expansion and cautious capital expenditure.
- Other Regions
- The "Other" category displayed consistent growth over the period. Starting at $205 million in 2019, it increased gradually to $291 million by 2024. This suggests expanding investments or acquisitions in regions outside the primary countries listed, contributing positively to overall asset growth.
- Total
- The aggregate plant and equipment value presents a generally increasing trend. After a modest decline from $4,502 million in 2019 to $4,326 million in 2021, the total value rose steadily through 2024, reaching $5,497 million. This reflects a recovery and expansion phase in asset holdings across all regions combined.
Overall, the data indicates that after some initial volatility, there is a clear pattern of asset growth driven primarily by increases in the United States and the United Kingdom, supported by moderate growth in Canada and other regions, while France remains mostly stable. This pattern may reflect strategic investment decisions focusing on key markets and diversification in asset deployment.