Sysco Corp., FCFF calculation

US$ in millions

12 months ended:	Jun 29, 2024	Jul 1, 2023	Jul 2, 2022	Jul 3, 2021	Jun 27, 2020	Jun 29, 2019
Net earnings	1,955)	1,770)	1,359)	524)	215)	1,674)
Net noncash charges	1,192)	1,332)	1,049)	963)	1,451)	757)
Additional changes in certain assets and liabilities, net of effect of businesses acquired	(158)	(235)	(616)	416)	(47)	(20)
Net cash provided by operating activities	2,989)	2,868)	1,791)	1,904)	1,619)	2,411)
Cash paid during the period for interest, net of tax¹	424)	396)	388)	787)	239)	289)
Additions to plant and equipment	(832)	(793)	(633)	(471)	(720)	(692)
Proceeds from sales of plant and equipment	79)	42)	24)	59)	29)	21)
Free cash flow to the firm (FCFF)	2,660)	2,512)	1,570)	2,279)	1,166)	2,029)

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).

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Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the Sysco Corp. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Sysco Corp. FCFF increased from 2022 to 2023 and from 2023 to 2024.

Sysco Corp., interest paid, net of tax calculation

US$ in millions

12 months ended:	Jun 29, 2024	Jul 1, 2023	Jul 2, 2022	Jul 3, 2021	Jun 27, 2020	Jun 29, 2019
Effective Income Tax Rate (EITR)
EITR¹	23.80%	22.55%	22.21%	10.35%	26.55%	16.53%
Interest Paid, Net of Tax
Cash paid during the period for interest, before tax	557)	511)	498)	878)	325)	347)
Less: Cash paid during the period for interest, tax²	133)	115)	111)	91)	86)	57)
Cash paid during the period for interest, net of tax	424)	396)	388)	787)	239)	289)

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 See details »

² 2024 Calculation
Cash paid during the period for interest, tax = Cash paid during the period for interest × EITR
= 557 × 23.80% = 133

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Sysco Corp., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	48,258)
Free cash flow to the firm (FCFF)	2,660)
Valuation Ratio
EV/FCFF	18.14
Benchmarks
EV/FCFF, Competitors¹
Costco Wholesale Corp.	59.83
Dollar General Corp.	24.40
Target Corp.	20.20
Walmart Inc.	39.94
EV/FCFF, Sector
Consumer Staples Distribution & Retail	56.03
EV/FCFF, Industry
Consumer Staples	34.67

Based on: 10-K (reporting date: 2024-06-29).

¹ Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.

Sysco Corp., historical EV/FCFF 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)
Enterprise value (EV)¹	48,971)	44,889)	52,106)	48,525)	37,628)	45,291)
Free cash flow to the firm (FCFF)²	2,660)	2,512)	1,570)	2,279)	1,166)	2,029)
Valuation Ratio
EV/FCFF³	18.41	17.87	33.18	21.29	32.27	22.32
Benchmarks
EV/FCFF, Competitors⁴
Costco Wholesale Corp.	61.14	36.07	74.47	38.43	26.70	37.24
Dollar General Corp.	40.23	88.52	29.27	16.16	25.20	22.20
Target Corp.	21.20	—	20.94	11.33	14.93	17.80
Walmart Inc.	30.87	30.99	33.26	14.86	22.39	17.27
EV/FCFF, Sector
Consumer Staples Distribution & Retail	—	38.52	35.07	17.29	22.73	20.26
EV/FCFF, Industry
Consumer Staples	—	27.52	28.07	19.80	21.95	22.09

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).

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² See details »

³ 2024 Calculation
EV/FCFF = EV ÷ FCFF
= 48,971 ÷ 2,660 = 18.41

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	Sysco Corp. EV/FCFF ratio decreased from 2022 to 2023 but then slightly increased from 2023 to 2024.

Sysco Corp. (NYSE:SYY)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical