Analysis of Solvency Ratios
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Sysco Corp., solvency ratios
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).
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | Sysco Corp. debt to equity ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024. |
| Debt to equity ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | Sysco Corp. debt to equity ratio (including operating lease liability) improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024 not reaching 2022 level. |
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Sysco Corp. debt to capital ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024 not reaching 2022 level. |
| Debt to capital ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | Sysco Corp. debt to capital ratio (including operating lease liability) improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024 not reaching 2022 level. |
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Sysco Corp. debt to assets ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024 not reaching 2022 level. |
| Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | Sysco Corp. debt to assets ratio (including operating lease liability) improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024. |
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Sysco Corp. financial leverage ratio decreased from 2022 to 2023 but then slightly increased from 2023 to 2024. |
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Sysco Corp. interest coverage ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024. |
| Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | Sysco Corp. fixed charge coverage ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024. |
Debt to Equity
Sysco Corp., debt to equity calculation, comparison to benchmarks
| Jun 29, 2024 | Jul 1, 2023 | Jul 2, 2022 | Jul 3, 2021 | Jun 27, 2020 | Jun 29, 2019 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Current maturities of long-term debt | 469) | 63) | 581) | 495) | 1,544) | 41) | |
| Long-term debt, excluding current maturities | 11,513) | 10,348) | 10,067) | 10,588) | 12,902) | 8,122) | |
| Total debt | 11,982) | 10,411) | 10,648) | 11,083) | 14,447) | 8,163) | |
| Shareholders’ equity | 1,860) | 2,009) | 1,382) | 1,553) | 1,159) | 2,503) | |
| Solvency Ratio | |||||||
| Debt to equity1 | 6.44 | 5.18 | 7.70 | 7.14 | 12.47 | 3.26 | |
| Benchmarks | |||||||
| Debt to Equity, Competitors2 | |||||||
| Costco Wholesale Corp. | 0.31 | 0.31 | 0.40 | 0.49 | 0.45 | 0.48 | |
| Dollar General Corp. | 1.04 | 1.26 | 0.67 | 0.62 | 0.43 | 0.45 | |
| Target Corp. | 1.19 | 1.44 | 1.07 | 0.88 | 0.97 | 1.00 | |
| Walmart Inc. | 0.56 | 0.58 | 0.51 | 0.60 | 0.73 | 0.80 | |
| Debt to Equity, Sector | |||||||
| Consumer Staples Distribution & Retail | — | 0.64 | 0.56 | 0.62 | 0.69 | 0.75 | |
| Debt to Equity, Industry | |||||||
| Consumer Staples | — | 1.39 | 1.26 | 1.27 | 1.44 | 1.34 | |
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
Debt to equity = Total debt ÷ Shareholders’ equity
= 11,982 ÷ 1,860 = 6.44
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | Sysco Corp. debt to equity ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024. |
Debt to Equity (including Operating Lease Liability)
Sysco Corp., debt to equity (including operating lease liability) calculation, comparison to benchmarks
| Jun 29, 2024 | Jul 1, 2023 | Jul 2, 2022 | Jul 3, 2021 | Jun 27, 2020 | Jun 29, 2019 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Current maturities of long-term debt | 469) | 63) | 581) | 495) | 1,544) | 41) | |
| Long-term debt, excluding current maturities | 11,513) | 10,348) | 10,067) | 10,588) | 12,902) | 8,122) | |
| Total debt | 11,982) | 10,411) | 10,648) | 11,083) | 14,447) | 8,163) | |
| Current operating lease liabilities | 125) | 99) | 106) | 103) | 107) | —) | |
| Long-term operating lease liabilities | 838) | 656) | 636) | 634) | 523) | —) | |
| Total debt (including operating lease liability) | 12,945) | 11,166) | 11,390) | 11,820) | 15,078) | 8,163) | |
| Shareholders’ equity | 1,860) | 2,009) | 1,382) | 1,553) | 1,159) | 2,503) | |
| Solvency Ratio | |||||||
| Debt to equity (including operating lease liability)1 | 6.96 | 5.56 | 8.24 | 7.61 | 13.01 | 3.26 | |
| Benchmarks | |||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | |||||||
| Costco Wholesale Corp. | 0.42 | 0.42 | 0.53 | 0.65 | 0.61 | 0.48 | |
| Dollar General Corp. | 2.68 | 3.19 | 2.28 | 2.04 | 1.75 | 0.45 | |
| Target Corp. | 1.46 | 1.70 | 1.28 | 1.05 | 1.18 | 1.19 | |
| Walmart Inc. | 0.73 | 0.77 | 0.69 | 0.78 | 0.97 | 0.80 | |
| Debt to Equity (including Operating Lease Liability), Sector | |||||||
| Consumer Staples Distribution & Retail | — | 0.90 | 0.80 | 0.86 | 0.98 | 0.77 | |
| Debt to Equity (including Operating Lease Liability), Industry | |||||||
| Consumer Staples | — | 1.57 | 1.43 | 1.44 | 1.64 | 1.38 | |
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
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Shareholders’ equity
= 12,945 ÷ 1,860 = 6.96
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | Sysco Corp. debt to equity ratio (including operating lease liability) improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024 not reaching 2022 level. |
Debt to Capital
Sysco Corp., debt to capital calculation, comparison to benchmarks
| Jun 29, 2024 | Jul 1, 2023 | Jul 2, 2022 | Jul 3, 2021 | Jun 27, 2020 | Jun 29, 2019 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Current maturities of long-term debt | 469) | 63) | 581) | 495) | 1,544) | 41) | |
| Long-term debt, excluding current maturities | 11,513) | 10,348) | 10,067) | 10,588) | 12,902) | 8,122) | |
| Total debt | 11,982) | 10,411) | 10,648) | 11,083) | 14,447) | 8,163) | |
| Shareholders’ equity | 1,860) | 2,009) | 1,382) | 1,553) | 1,159) | 2,503) | |
| Total capital | 13,842) | 12,419) | 12,030) | 12,636) | 15,605) | 10,666) | |
| Solvency Ratio | |||||||
| Debt to capital1 | 0.87 | 0.84 | 0.89 | 0.88 | 0.93 | 0.77 | |
| Benchmarks | |||||||
| Debt to Capital, Competitors2 | |||||||
| Costco Wholesale Corp. | 0.24 | 0.24 | 0.28 | 0.33 | 0.31 | 0.32 | |
| Dollar General Corp. | 0.51 | 0.56 | 0.40 | 0.38 | 0.30 | 0.31 | |
| Target Corp. | 0.54 | 0.59 | 0.52 | 0.47 | 0.49 | 0.50 | |
| Walmart Inc. | 0.36 | 0.37 | 0.34 | 0.38 | 0.42 | 0.44 | |
| Debt to Capital, Sector | |||||||
| Consumer Staples Distribution & Retail | — | 0.39 | 0.36 | 0.38 | 0.41 | 0.43 | |
| Debt to Capital, Industry | |||||||
| Consumer Staples | — | 0.58 | 0.56 | 0.56 | 0.59 | 0.57 | |
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
Debt to capital = Total debt ÷ Total capital
= 11,982 ÷ 13,842 = 0.87
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Sysco Corp. debt to capital ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024 not reaching 2022 level. |
Debt to Capital (including Operating Lease Liability)
Sysco Corp., debt to capital (including operating lease liability) calculation, comparison to benchmarks
| Jun 29, 2024 | Jul 1, 2023 | Jul 2, 2022 | Jul 3, 2021 | Jun 27, 2020 | Jun 29, 2019 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Current maturities of long-term debt | 469) | 63) | 581) | 495) | 1,544) | 41) | |
| Long-term debt, excluding current maturities | 11,513) | 10,348) | 10,067) | 10,588) | 12,902) | 8,122) | |
| Total debt | 11,982) | 10,411) | 10,648) | 11,083) | 14,447) | 8,163) | |
| Current operating lease liabilities | 125) | 99) | 106) | 103) | 107) | —) | |
| Long-term operating lease liabilities | 838) | 656) | 636) | 634) | 523) | —) | |
| Total debt (including operating lease liability) | 12,945) | 11,166) | 11,390) | 11,820) | 15,078) | 8,163) | |
| Shareholders’ equity | 1,860) | 2,009) | 1,382) | 1,553) | 1,159) | 2,503) | |
| Total capital (including operating lease liability) | 14,805) | 13,174) | 12,772) | 13,373) | 16,236) | 10,666) | |
| Solvency Ratio | |||||||
| Debt to capital (including operating lease liability)1 | 0.87 | 0.85 | 0.89 | 0.88 | 0.93 | 0.77 | |
| Benchmarks | |||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | |||||||
| Costco Wholesale Corp. | 0.30 | 0.30 | 0.35 | 0.39 | 0.38 | 0.32 | |
| Dollar General Corp. | 0.73 | 0.76 | 0.69 | 0.67 | 0.64 | 0.31 | |
| Target Corp. | 0.59 | 0.63 | 0.56 | 0.51 | 0.54 | 0.54 | |
| Walmart Inc. | 0.42 | 0.43 | 0.41 | 0.44 | 0.49 | 0.44 | |
| Debt to Capital (including Operating Lease Liability), Sector | |||||||
| Consumer Staples Distribution & Retail | — | 0.47 | 0.45 | 0.46 | 0.49 | 0.44 | |
| Debt to Capital (including Operating Lease Liability), Industry | |||||||
| Consumer Staples | — | 0.61 | 0.59 | 0.59 | 0.62 | 0.58 | |
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
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 12,945 ÷ 14,805 = 0.87
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | Sysco Corp. debt to capital ratio (including operating lease liability) improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024 not reaching 2022 level. |
Debt to Assets
Sysco Corp., debt to assets calculation, comparison to benchmarks
| Jun 29, 2024 | Jul 1, 2023 | Jul 2, 2022 | Jul 3, 2021 | Jun 27, 2020 | Jun 29, 2019 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Current maturities of long-term debt | 469) | 63) | 581) | 495) | 1,544) | 41) | |
| Long-term debt, excluding current maturities | 11,513) | 10,348) | 10,067) | 10,588) | 12,902) | 8,122) | |
| Total debt | 11,982) | 10,411) | 10,648) | 11,083) | 14,447) | 8,163) | |
| Total assets | 24,917) | 22,821) | 22,086) | 21,414) | 22,628) | 17,967) | |
| Solvency Ratio | |||||||
| Debt to assets1 | 0.48 | 0.46 | 0.48 | 0.52 | 0.64 | 0.45 | |
| Benchmarks | |||||||
| Debt to Assets, Competitors2 | |||||||
| Costco Wholesale Corp. | 0.11 | 0.11 | 0.13 | 0.14 | 0.15 | 0.16 | |
| Dollar General Corp. | 0.23 | 0.24 | 0.16 | 0.16 | 0.13 | 0.22 | |
| Target Corp. | 0.29 | 0.30 | 0.25 | 0.25 | 0.27 | 0.27 | |
| Walmart Inc. | 0.19 | 0.18 | 0.17 | 0.19 | 0.23 | 0.26 | |
| Debt to Assets, Sector | |||||||
| Consumer Staples Distribution & Retail | — | 0.19 | 0.18 | 0.19 | 0.22 | 0.25 | |
| Debt to Assets, Industry | |||||||
| Consumer Staples | — | 0.33 | 0.31 | 0.32 | 0.35 | 0.35 | |
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
Debt to assets = Total debt ÷ Total assets
= 11,982 ÷ 24,917 = 0.48
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Sysco Corp. debt to assets ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024 not reaching 2022 level. |
Debt to Assets (including Operating Lease Liability)
Sysco Corp., debt to assets (including operating lease liability) calculation, comparison to benchmarks
| Jun 29, 2024 | Jul 1, 2023 | Jul 2, 2022 | Jul 3, 2021 | Jun 27, 2020 | Jun 29, 2019 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Current maturities of long-term debt | 469) | 63) | 581) | 495) | 1,544) | 41) | |
| Long-term debt, excluding current maturities | 11,513) | 10,348) | 10,067) | 10,588) | 12,902) | 8,122) | |
| Total debt | 11,982) | 10,411) | 10,648) | 11,083) | 14,447) | 8,163) | |
| Current operating lease liabilities | 125) | 99) | 106) | 103) | 107) | —) | |
| Long-term operating lease liabilities | 838) | 656) | 636) | 634) | 523) | —) | |
| Total debt (including operating lease liability) | 12,945) | 11,166) | 11,390) | 11,820) | 15,078) | 8,163) | |
| Total assets | 24,917) | 22,821) | 22,086) | 21,414) | 22,628) | 17,967) | |
| Solvency Ratio | |||||||
| Debt to assets (including operating lease liability)1 | 0.52 | 0.49 | 0.52 | 0.55 | 0.67 | 0.45 | |
| Benchmarks | |||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | |||||||
| Costco Wholesale Corp. | 0.14 | 0.15 | 0.17 | 0.19 | 0.20 | 0.16 | |
| Dollar General Corp. | 0.59 | 0.61 | 0.54 | 0.53 | 0.51 | 0.22 | |
| Target Corp. | 0.35 | 0.36 | 0.31 | 0.29 | 0.33 | 0.33 | |
| Walmart Inc. | 0.24 | 0.24 | 0.23 | 0.25 | 0.31 | 0.26 | |
| Debt to Assets (including Operating Lease Liability), Sector | |||||||
| Consumer Staples Distribution & Retail | — | 0.27 | 0.25 | 0.27 | 0.31 | 0.26 | |
| Debt to Assets (including Operating Lease Liability), Industry | |||||||
| Consumer Staples | — | 0.38 | 0.36 | 0.36 | 0.40 | 0.36 | |
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
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 12,945 ÷ 24,917 = 0.52
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | Sysco Corp. debt to assets ratio (including operating lease liability) improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024. |
Financial Leverage
Sysco Corp., financial leverage calculation, comparison to benchmarks
| Jun 29, 2024 | Jul 1, 2023 | Jul 2, 2022 | Jul 3, 2021 | Jun 27, 2020 | Jun 29, 2019 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Total assets | 24,917) | 22,821) | 22,086) | 21,414) | 22,628) | 17,967) | |
| Shareholders’ equity | 1,860) | 2,009) | 1,382) | 1,553) | 1,159) | 2,503) | |
| Solvency Ratio | |||||||
| Financial leverage1 | 13.40 | 11.36 | 15.98 | 13.79 | 19.53 | 7.18 | |
| Benchmarks | |||||||
| Financial Leverage, Competitors2 | |||||||
| Costco Wholesale Corp. | 2.96 | 2.75 | 3.11 | 3.37 | 3.04 | 2.98 | |
| Dollar General Corp. | 4.56 | 5.25 | 4.20 | 3.88 | 3.41 | 2.06 | |
| Target Corp. | 4.12 | 4.75 | 4.20 | 3.55 | 3.62 | 3.65 | |
| Walmart Inc. | 3.01 | 3.17 | 2.94 | 3.12 | 3.17 | 3.02 | |
| Financial Leverage, Sector | |||||||
| Consumer Staples Distribution & Retail | — | 3.33 | 3.16 | 3.25 | 3.21 | 3.03 | |
| Financial Leverage, Industry | |||||||
| Consumer Staples | — | 4.19 | 3.99 | 4.01 | 4.15 | 3.82 | |
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
Financial leverage = Total assets ÷ Shareholders’ equity
= 24,917 ÷ 1,860 = 13.40
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Sysco Corp. financial leverage ratio decreased from 2022 to 2023 but then slightly increased from 2023 to 2024. |
Interest Coverage
Sysco Corp., interest coverage calculation, comparison to benchmarks
| Jun 29, 2024 | Jul 1, 2023 | Jul 2, 2022 | Jul 3, 2021 | Jun 27, 2020 | Jun 29, 2019 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Net earnings | 1,955) | 1,770) | 1,359) | 524) | 215) | 1,674) | |
| Add: Income tax expense | 610) | 515) | 388) | 61) | 78) | 332) | |
| Add: Interest expense | 607) | 527) | 624) | 880) | 408) | 360) | |
| Earnings before interest and tax (EBIT) | 3,172) | 2,812) | 2,370) | 1,465) | 702) | 2,366) | |
| Solvency Ratio | |||||||
| Interest coverage1 | 5.23 | 5.34 | 3.80 | 1.66 | 1.72 | 6.57 | |
| Benchmarks | |||||||
| Interest Coverage, Competitors2 | |||||||
| Costco Wholesale Corp. | 58.63 | 54.04 | 50.62 | 40.06 | 34.54 | 32.77 | |
| Dollar General Corp. | 7.49 | 15.75 | 20.45 | 23.64 | 22.89 | 21.18 | |
| Target Corp. | 11.55 | 8.15 | 22.16 | 6.68 | 9.78 | 8.97 | |
| Walmart Inc. | 9.14 | 9.00 | 10.38 | 9.88 | 8.74 | 5.88 | |
| Interest Coverage, Sector | |||||||
| Consumer Staples Distribution & Retail | — | 11.76 | 15.10 | 11.02 | 10.55 | 8.17 | |
| Interest Coverage, Industry | |||||||
| Consumer Staples | — | 11.27 | 14.88 | 10.59 | 11.00 | 8.58 | |
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
Interest coverage = EBIT ÷ Interest expense
= 3,172 ÷ 607 = 5.23
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Sysco Corp. interest coverage ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024. |
Fixed Charge Coverage
Sysco Corp., fixed charge coverage calculation, comparison to benchmarks
| Jun 29, 2024 | Jul 1, 2023 | Jul 2, 2022 | Jul 3, 2021 | Jun 27, 2020 | Jun 29, 2019 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Net earnings | 1,955) | 1,770) | 1,359) | 524) | 215) | 1,674) | |
| Add: Income tax expense | 610) | 515) | 388) | 61) | 78) | 332) | |
| Add: Interest expense | 607) | 527) | 624) | 880) | 408) | 360) | |
| Earnings before interest and tax (EBIT) | 3,172) | 2,812) | 2,370) | 1,465) | 702) | 2,366) | |
| Add: Operating lease cost | 154) | 139) | 127) | 132) | 123) | 206) | |
| Earnings before fixed charges and tax | 3,326) | 2,952) | 2,497) | 1,596) | 825) | 2,572) | |
| Interest expense | 607) | 527) | 624) | 880) | 408) | 360) | |
| Operating lease cost | 154) | 139) | 127) | 132) | 123) | 206) | |
| Fixed charges | 761) | 666) | 750) | 1,012) | 531) | 566) | |
| Solvency Ratio | |||||||
| Fixed charge coverage1 | 4.37 | 4.43 | 3.33 | 1.58 | 1.55 | 4.54 | |
| Benchmarks | |||||||
| Fixed Charge Coverage, Competitors2 | |||||||
| Costco Wholesale Corp. | 22.50 | 19.10 | 18.23 | 15.30 | 14.03 | 12.40 | |
| Dollar General Corp. | 2.02 | 2.71 | 2.86 | 3.22 | 2.61 | 2.60 | |
| Target Corp. | 6.04 | 4.62 | 12.02 | 5.24 | 6.48 | 6.16 | |
| Walmart Inc. | 5.40 | 4.84 | 5.38 | 5.16 | 4.82 | 3.14 | |
| Fixed Charge Coverage, Sector | |||||||
| Consumer Staples Distribution & Retail | — | 5.18 | 6.36 | 5.39 | 5.08 | 3.83 | |
| Fixed Charge Coverage, Industry | |||||||
| Consumer Staples | — | 6.97 | 8.29 | 6.71 | 6.68 | 5.11 | |
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
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= 3,326 ÷ 761 = 4.37
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | Sysco Corp. fixed charge coverage ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024. |