Sysco Corporation (SYY)
Working capital turnover
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (ttm) | US$ in thousands | 81,371,000 | 80,789,100 | 80,570,600 | 79,707,500 | 78,844,000 | 78,016,100 | 77,512,300 | 76,818,400 | 76,324,700 | 75,553,800 | 73,580,200 | 71,306,400 | 68,636,100 | 65,815,700 | 60,738,200 | 55,977,000 | 51,297,900 | 44,027,560 | 45,901,660 | 49,367,660 |
| Total current assets | US$ in thousands | 11,968,000 | 12,282,000 | 11,501,000 | 11,875,000 | 11,043,000 | 11,204,900 | 11,309,600 | 10,895,700 | 10,608,400 | 10,898,600 | 10,396,000 | 10,767,300 | 10,483,200 | 10,413,300 | 10,063,200 | 10,688,200 | 10,733,600 | 11,586,800 | 11,991,400 | 12,433,100 |
| Total current liabilities | US$ in thousands | 9,916,000 | 9,735,000 | 9,553,000 | 9,399,000 | 9,241,000 | 8,366,270 | 8,254,470 | 8,454,160 | 8,540,430 | 8,980,740 | 8,388,520 | 8,959,260 | 8,750,050 | 8,372,190 | 7,593,560 | 7,737,980 | 7,319,840 | 7,007,930 | 6,716,540 | 7,168,070 |
| Working capital turnover | 39.65 | 31.72 | 41.36 | 32.19 | 43.75 | 27.48 | 25.37 | 31.46 | 36.91 | 39.39 | 36.65 | 39.44 | 39.60 | 32.25 | 24.59 | 18.97 | 15.03 | 9.62 | 8.70 | 9.38 |
June 30, 2025 calculation
Working capital turnover = Revenue (ttm) ÷ (Total current assets – Total current liabilities)
= $81,371,000K ÷ ($11,968,000K – $9,916,000K)
= 39.65
The analysis of Sysco Corporation’s working capital turnover over the given period reveals notable fluctuations and trends. Initially, the ratio decreased from 9.38 as of September 30, 2020, to a low of 8.70 by December 31, 2020, indicating a reduced efficiency in utilizing working capital relative to sales during this timeframe.
Subsequently, the ratio exhibited a rising trend, reaching 9.62 by March 31, 2021, and then showing a significant increase starting in June 2021, where it surged to 15.03, and continued upward through the end of 2021, culminating at 24.59 by December 31, 2021. This substantial growth suggests a marked improvement in the company’s operational efficiency, potentially driven by better working capital management or increased sales relative to working capital.
Throughout 2022, the ratio maintained an elevated level, peaking at 39.60 on June 30, 2022. However, variability appeared in the latter half of the year, with the ratio decreasing slightly to 39.44 at September 30, 2022, and further declining to 36.65 by December 31, 2022. Despite this decrease, the ratio remained relatively high compared to earlier periods, indicating sustained efficiency.
Entering 2023, the ratio experienced oscillations: upward to 39.39 on March 31 but declining thereafter to 36.91 by June 30 and further to 31.46 by September 30. By the end of the year, the ratio dropped more notably to 25.37 on December 31, 2023. This downward movement suggests a potential reduction in operational efficiency or changes in working capital management.
The trend shifted again as the ratio demonstrated variability in 2024 and 2025, rising to a peak of 43.75 on June 30, 2024, and then decreasing to 32.19 by September 2024 before rebounding to 41.36 in December 2024. In 2025, the ratio fluctuated within a range of approximately 31.72 to 39.65, reflecting ongoing adjustments in operational practices or sales volumes relative to working capital.
Overall, the data indicates that Sysco’s working capital turnover experienced periods of rapid improvement, particularly from mid-2021 through mid-2022, followed by periods of fluctuations characterized by both increases and decreases. Such variability suggests that the company has been actively managing its working capital and operational efficiency, potentially in response to market conditions, strategic initiatives, or seasonal factors affecting sales and receivables.
Peer comparison
Jun 30, 2025