Stock Analysis on Net
Stock Analysis on Net

Sysco Corp. (NYSE:SYY)

DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
Quarterly Data

Microsoft Excel

Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.

Two-Component Disaggregation of ROE

Sysco Corp., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = ROA × Financial Leverage
Jun 29, 2024 105.11% = 7.85% × 13.40
Mar 30, 2024 98.86% = 8.40% × 11.76
Dec 30, 2023 86.60% = 8.42% × 10.29
Sep 30, 2023 85.05% = 7.77% × 10.95
Jul 1, 2023 88.13% = 7.76% × 11.36
Apr 1, 2023 98.16% = 6.81% × 14.41
Dec 31, 2022 98.85% = 6.43% × 15.37
Oct 1, 2022 129.68% = 6.51% × 19.91
Jul 2, 2022 98.30% = 6.15% × 15.98
Apr 2, 2022 75.67% = 4.48% × 16.89
Jan 1, 2022 64.33% = 3.67% × 17.55
Oct 2, 2021 40.96% = 3.10% × 13.21
Jul 3, 2021 33.76% = 2.45% × 13.79
Mar 27, 2021 -17.58% = -1.11% × 15.79
Dec 26, 2020 -23.66% = -1.50% × 15.76
Sep 26, 2020 -1.65% = -0.09% × 17.49
Jun 27, 2020 18.60% = 0.95% × 19.53
Mar 28, 2020 67.51% = 6.70% × 10.07
Dec 28, 2019 71.73% = 9.36% × 7.66
Sep 28, 2019 69.13% = 8.95% × 7.72
Jun 29, 2019 66.90% = 9.32% × 7.18
Mar 30, 2019 — = — × 7.71
Dec 29, 2018 — = — × 8.39
Sep 29, 2018 — = — × 7.03

Based on: 10-K (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-Q (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-K (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-Q (reporting date: 2022-01-01), 10-Q (reporting date: 2021-10-02), 10-K (reporting date: 2021-07-03), 10-Q (reporting date: 2021-03-27), 10-Q (reporting date: 2020-12-26), 10-Q (reporting date: 2020-09-26), 10-K (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-Q (reporting date: 2019-12-28), 10-Q (reporting date: 2019-09-28), 10-K (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30), 10-Q (reporting date: 2018-12-29), 10-Q (reporting date: 2018-09-29).

The primary reason for the increase in return on equity ratio (ROE) over Q4 2024 is the increase in financial leverage ratio.

Three-Component Disaggregation of ROE

Sysco Corp., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Jun 29, 2024 105.11% = 2.48% × 3.16 × 13.40
Mar 30, 2024 98.86% = 2.66% × 3.16 × 11.76
Dec 30, 2023 86.60% = 2.69% × 3.13 × 10.29
Sep 30, 2023 85.05% = 2.35% × 3.30 × 10.95
Jul 1, 2023 88.13% = 2.32% × 3.34 × 11.36
Apr 1, 2023 98.16% = 2.05% × 3.33 × 14.41
Dec 31, 2022 98.85% = 1.93% × 3.33 × 15.37
Oct 1, 2022 129.68% = 2.03% × 3.21 × 19.91
Jul 2, 2022 98.30% = 1.98% × 3.11 × 15.98
Apr 2, 2022 75.67% = 1.52% × 2.95 × 16.89
Jan 1, 2022 64.33% = 1.29% × 2.83 × 17.55
Oct 2, 2021 40.96% = 1.22% × 2.53 × 13.21
Jul 3, 2021 33.76% = 1.02% × 2.40 × 13.79
Mar 27, 2021 -17.58% = -0.56% × 2.00 × 15.79
Dec 26, 2020 -23.66% = -0.74% × 2.04 × 15.76
Sep 26, 2020 -1.65% = -0.04% × 2.17 × 17.49
Jun 27, 2020 18.60% = 0.41% × 2.34 × 19.53
Mar 28, 2020 67.51% = 2.30% × 2.91 × 10.07
Dec 28, 2019 71.73% = 3.00% × 3.12 × 7.66
Sep 28, 2019 69.13% = 2.82% × 3.18 × 7.72
Jun 29, 2019 66.90% = 2.79% × 3.35 × 7.18
Mar 30, 2019 — = — × — × 7.71
Dec 29, 2018 — = — × — × 8.39
Sep 29, 2018 — = — × — × 7.03

Based on: 10-K (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-Q (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-K (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-Q (reporting date: 2022-01-01), 10-Q (reporting date: 2021-10-02), 10-K (reporting date: 2021-07-03), 10-Q (reporting date: 2021-03-27), 10-Q (reporting date: 2020-12-26), 10-Q (reporting date: 2020-09-26), 10-K (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-Q (reporting date: 2019-12-28), 10-Q (reporting date: 2019-09-28), 10-K (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30), 10-Q (reporting date: 2018-12-29), 10-Q (reporting date: 2018-09-29).

The primary reason for the increase in return on equity ratio (ROE) over Q4 2024 is the increase in financial leverage ratio.

Five-Component Disaggregation of ROE

Sysco Corp., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Jun 29, 2024 105.11% = 0.76 × 0.81 × 4.02% × 3.16 × 13.40
Mar 30, 2024 98.86% = 0.76 × 0.82 × 4.23% × 3.16 × 11.76
Dec 30, 2023 86.60% = 0.77 × 0.83 × 4.22% × 3.13 × 10.29
Sep 30, 2023 85.05% = 0.77 × 0.81 × 3.76% × 3.30 × 10.95
Jul 1, 2023 88.13% = 0.77 × 0.81 × 3.68% × 3.34 × 11.36
Apr 1, 2023 98.16% = 0.79 × 0.79 × 3.29% × 3.33 × 14.41
Dec 31, 2022 98.85% = 0.79 × 0.78 × 3.14% × 3.33 × 15.37
Oct 1, 2022 129.68% = 0.79 × 0.75 × 3.44% × 3.21 × 19.91
Jul 2, 2022 98.30% = 0.78 × 0.74 × 3.45% × 3.11 × 15.98
Apr 2, 2022 75.67% = 0.80 × 0.57 × 3.32% × 2.95 × 16.89
Jan 1, 2022 64.33% = 0.81 × 0.50 × 3.16% × 2.83 × 17.55
Oct 2, 2021 40.96% = 0.82 × 0.49 × 3.03% × 2.53 × 13.21
Jul 3, 2021 33.76% = 0.90 × 0.40 × 2.86% × 2.40 × 13.79
Mar 27, 2021 -17.58% = — × -0.95 × 0.70% × 2.00 × 15.79
Dec 26, 2020 -23.66% = — × -3.66 × 0.25% × 2.04 × 15.76
Sep 26, 2020 -1.65% = — × -0.07 × 0.90% × 2.17 × 17.49
Jun 27, 2020 18.60% = 0.73 × 0.42 × 1.33% × 2.34 × 19.53
Mar 28, 2020 67.51% = 0.80 × 0.84 × 3.44% × 2.91 × 10.07
Dec 28, 2019 71.73% = 0.83 × 0.86 × 4.16% × 3.12 × 7.66
Sep 28, 2019 69.13% = 0.83 × 0.85 × 3.99% × 3.18 × 7.72
Jun 29, 2019 66.90% = 0.83 × 0.85 × 3.94% × 3.35 × 7.18
Mar 30, 2019 — = — × — × — × — × 7.71
Dec 29, 2018 — = — × — × — × — × 8.39
Sep 29, 2018 — = — × — × — × — × 7.03

Based on: 10-K (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-Q (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-K (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-Q (reporting date: 2022-01-01), 10-Q (reporting date: 2021-10-02), 10-K (reporting date: 2021-07-03), 10-Q (reporting date: 2021-03-27), 10-Q (reporting date: 2020-12-26), 10-Q (reporting date: 2020-09-26), 10-K (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-Q (reporting date: 2019-12-28), 10-Q (reporting date: 2019-09-28), 10-K (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30), 10-Q (reporting date: 2018-12-29), 10-Q (reporting date: 2018-09-29).

The primary reason for the increase in return on equity ratio (ROE) over Q4 2024 is the increase in financial leverage ratio.

Two-Component Disaggregation of ROA

Sysco Corp., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Jun 29, 2024 7.85% = 2.48% × 3.16
Mar 30, 2024 8.40% = 2.66% × 3.16
Dec 30, 2023 8.42% = 2.69% × 3.13
Sep 30, 2023 7.77% = 2.35% × 3.30
Jul 1, 2023 7.76% = 2.32% × 3.34
Apr 1, 2023 6.81% = 2.05% × 3.33
Dec 31, 2022 6.43% = 1.93% × 3.33
Oct 1, 2022 6.51% = 2.03% × 3.21
Jul 2, 2022 6.15% = 1.98% × 3.11
Apr 2, 2022 4.48% = 1.52% × 2.95
Jan 1, 2022 3.67% = 1.29% × 2.83
Oct 2, 2021 3.10% = 1.22% × 2.53
Jul 3, 2021 2.45% = 1.02% × 2.40
Mar 27, 2021 -1.11% = -0.56% × 2.00
Dec 26, 2020 -1.50% = -0.74% × 2.04
Sep 26, 2020 -0.09% = -0.04% × 2.17
Jun 27, 2020 0.95% = 0.41% × 2.34
Mar 28, 2020 6.70% = 2.30% × 2.91
Dec 28, 2019 9.36% = 3.00% × 3.12
Sep 28, 2019 8.95% = 2.82% × 3.18
Jun 29, 2019 9.32% = 2.79% × 3.35
Mar 30, 2019 — = — × —
Dec 29, 2018 — = — × —
Sep 29, 2018 — = — × —

Based on: 10-K (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-Q (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-K (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-Q (reporting date: 2022-01-01), 10-Q (reporting date: 2021-10-02), 10-K (reporting date: 2021-07-03), 10-Q (reporting date: 2021-03-27), 10-Q (reporting date: 2020-12-26), 10-Q (reporting date: 2020-09-26), 10-K (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-Q (reporting date: 2019-12-28), 10-Q (reporting date: 2019-09-28), 10-K (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30), 10-Q (reporting date: 2018-12-29), 10-Q (reporting date: 2018-09-29).

The primary reason for the decrease in return on assets ratio (ROA) over Q4 2024 is the decrease in profitability measured by net profit margin ratio.

Four-Component Disaggregation of ROA

Sysco Corp., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Jun 29, 2024 7.85% = 0.76 × 0.81 × 4.02% × 3.16
Mar 30, 2024 8.40% = 0.76 × 0.82 × 4.23% × 3.16
Dec 30, 2023 8.42% = 0.77 × 0.83 × 4.22% × 3.13
Sep 30, 2023 7.77% = 0.77 × 0.81 × 3.76% × 3.30
Jul 1, 2023 7.76% = 0.77 × 0.81 × 3.68% × 3.34
Apr 1, 2023 6.81% = 0.79 × 0.79 × 3.29% × 3.33
Dec 31, 2022 6.43% = 0.79 × 0.78 × 3.14% × 3.33
Oct 1, 2022 6.51% = 0.79 × 0.75 × 3.44% × 3.21
Jul 2, 2022 6.15% = 0.78 × 0.74 × 3.45% × 3.11
Apr 2, 2022 4.48% = 0.80 × 0.57 × 3.32% × 2.95
Jan 1, 2022 3.67% = 0.81 × 0.50 × 3.16% × 2.83
Oct 2, 2021 3.10% = 0.82 × 0.49 × 3.03% × 2.53
Jul 3, 2021 2.45% = 0.90 × 0.40 × 2.86% × 2.40
Mar 27, 2021 -1.11% = — × -0.95 × 0.70% × 2.00
Dec 26, 2020 -1.50% = — × -3.66 × 0.25% × 2.04
Sep 26, 2020 -0.09% = — × -0.07 × 0.90% × 2.17
Jun 27, 2020 0.95% = 0.73 × 0.42 × 1.33% × 2.34
Mar 28, 2020 6.70% = 0.80 × 0.84 × 3.44% × 2.91
Dec 28, 2019 9.36% = 0.83 × 0.86 × 4.16% × 3.12
Sep 28, 2019 8.95% = 0.83 × 0.85 × 3.99% × 3.18
Jun 29, 2019 9.32% = 0.83 × 0.85 × 3.94% × 3.35
Mar 30, 2019 — = — × — × — × —
Dec 29, 2018 — = — × — × — × —
Sep 29, 2018 — = — × — × — × —

Based on: 10-K (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-Q (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-K (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-Q (reporting date: 2022-01-01), 10-Q (reporting date: 2021-10-02), 10-K (reporting date: 2021-07-03), 10-Q (reporting date: 2021-03-27), 10-Q (reporting date: 2020-12-26), 10-Q (reporting date: 2020-09-26), 10-K (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-Q (reporting date: 2019-12-28), 10-Q (reporting date: 2019-09-28), 10-K (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30), 10-Q (reporting date: 2018-12-29), 10-Q (reporting date: 2018-09-29).

The primary reason for the decrease in return on assets ratio (ROA) over Q4 2024 is the decrease in operating profitability measured by EBIT margin ratio.

Disaggregation of Net Profit Margin

Sysco Corp., decomposition of net profit margin ratio (quarterly data)

Microsoft Excel
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Jun 29, 2024 2.48% = 0.76 × 0.81 × 4.02%
Mar 30, 2024 2.66% = 0.76 × 0.82 × 4.23%
Dec 30, 2023 2.69% = 0.77 × 0.83 × 4.22%
Sep 30, 2023 2.35% = 0.77 × 0.81 × 3.76%
Jul 1, 2023 2.32% = 0.77 × 0.81 × 3.68%
Apr 1, 2023 2.05% = 0.79 × 0.79 × 3.29%
Dec 31, 2022 1.93% = 0.79 × 0.78 × 3.14%
Oct 1, 2022 2.03% = 0.79 × 0.75 × 3.44%
Jul 2, 2022 1.98% = 0.78 × 0.74 × 3.45%
Apr 2, 2022 1.52% = 0.80 × 0.57 × 3.32%
Jan 1, 2022 1.29% = 0.81 × 0.50 × 3.16%
Oct 2, 2021 1.22% = 0.82 × 0.49 × 3.03%
Jul 3, 2021 1.02% = 0.90 × 0.40 × 2.86%
Mar 27, 2021 -0.56% = — × -0.95 × 0.70%
Dec 26, 2020 -0.74% = — × -3.66 × 0.25%
Sep 26, 2020 -0.04% = — × -0.07 × 0.90%
Jun 27, 2020 0.41% = 0.73 × 0.42 × 1.33%
Mar 28, 2020 2.30% = 0.80 × 0.84 × 3.44%
Dec 28, 2019 3.00% = 0.83 × 0.86 × 4.16%
Sep 28, 2019 2.82% = 0.83 × 0.85 × 3.99%
Jun 29, 2019 2.79% = 0.83 × 0.85 × 3.94%
Mar 30, 2019 — = — × — × —
Dec 29, 2018 — = — × — × —
Sep 29, 2018 — = — × — × —

Based on: 10-K (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-Q (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-K (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-Q (reporting date: 2022-01-01), 10-Q (reporting date: 2021-10-02), 10-K (reporting date: 2021-07-03), 10-Q (reporting date: 2021-03-27), 10-Q (reporting date: 2020-12-26), 10-Q (reporting date: 2020-09-26), 10-K (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-Q (reporting date: 2019-12-28), 10-Q (reporting date: 2019-09-28), 10-K (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30), 10-Q (reporting date: 2018-12-29), 10-Q (reporting date: 2018-09-29).

The primary reason for the decrease in net profit margin ratio over Q4 2024 is the decrease in operating profitability measured by EBIT margin ratio.