Sysco Corp., FCFE 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)
Additions to plant and equipment	(832)	(793)	(633)	(471)	(720)	(692)
Proceeds from sales of plant and equipment	79)	42)	24)	59)	29)	21)
Bank and commercial paper borrowings, net	200)	—)	—)	(826)	617)	132)
Other debt borrowings including senior notes	1,362)	249)	1,248)	1)	6,784)	388)
Other debt repayments including senior notes	(447)	(830)	(495)	(2,003)	(1,119)	(790)
Redemption premiums and repayments for senior notes	—)	—)	(1,396)	(1,000)	—)	—)
Free cash flow to equity (FCFE)	3,351)	1,536)	541)	(2,336)	7,208)	1,470)

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
FCFE	Free cash flow to equity is the cash flow available to Sysco Corp. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Sysco Corp. FCFE increased from 2022 to 2023 and from 2023 to 2024.

Sysco Corp., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	491,520,584
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	3,351)
FCFE per share	6.82
Current share price (P)	75.22
Valuation Ratio
P/FCFE	11.03
Benchmarks
P/FCFE, Competitors¹
Costco Wholesale Corp.	66.58
Dollar General Corp.	26.50
Target Corp.	19.71
Walmart Inc.	38.80
P/FCFE, Sector
Consumer Staples Distribution & Retail	43.91
P/FCFE, Industry
Consumer Staples	27.16

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

¹ Click competitor name to see calculations.

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

Sysco Corp., historical P/FCFE calculation, comparison to benchmarks

	Jun 29, 2024	Jul 1, 2023	Jul 2, 2022	Jul 3, 2021	Jun 27, 2020	Jun 29, 2019
No. shares of common stock outstanding¹	491,520,584	504,925,847	506,110,343	512,081,796	508,535,623	513,176,946
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	3,351)	1,536)	541)	(2,336)	7,208)	1,470)
FCFE per share³	6.82	3.04	1.07	-4.56	14.17	2.86
Share price^1, 4	76.67	69.76	83.63	78.99	57.50	73.35
Valuation Ratio
P/FCFE⁵	11.25	22.94	78.30	—	4.06	25.61
Benchmarks
P/FCFE, Competitors⁶
Costco Wholesale Corp.	68.03	39.36	82.66	37.82	23.41	36.68
Dollar General Corp.	50.04	13.90	28.47	11.51	23.85	24.07
Target Corp.	20.84	78.41	16.84	11.15	13.90	17.63
Walmart Inc.	29.40	25.97	122.02	18.26	23.39	9.30
P/FCFE, Sector
Consumer Staples Distribution & Retail	—	29.42	56.99	21.19	18.12	13.43
P/FCFE, Industry
Consumer Staples	—	21.03	25.51	24.12	16.28	18.19

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 Data adjusted for splits and stock dividends.

² See details »

³ 2024 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 3,351,000,000 ÷ 491,520,584 = 6.82

⁴ Closing price as at the filing date of Sysco Corp. Annual Report.

⁵ 2024 Calculation
P/FCFE = Share price ÷ FCFE per share
= 76.67 ÷ 6.82 = 11.25

⁶ Click competitor name to see calculations.

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Valuation ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	Sysco Corp. P/FCFE ratio decreased from 2022 to 2023 and from 2023 to 2024.

Sysco Corp. (NYSE:SYY)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical