Sysco Corporation (SYY)
Quick ratio
| 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 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash | US$ in thousands | 1,071,000 | 1,527,000 | 793,000 | 733,000 | 696,000 | 598,322 | 962,165 | 569,104 | 745,201 | 757,867 | 500,340 | 437,670 | 867,086 | 876,139 | 1,374,280 | 2,067,870 | 3,007,120 | 4,895,720 | 5,767,030 | 5,985,530 |
| Short-term investments | US$ in thousands | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 1,203 | 2,678 | 4,013 |
| Receivables | US$ in thousands | 5,502,000 | 5,487,000 | 5,298,000 | 5,800,000 | 5,346,000 | 5,562,520 | 5,297,370 | 5,344,510 | 5,098,000 | 5,227,390 | 4,933,640 | 5,336,860 | 4,874,850 | 4,824,830 | 4,320,840 | 4,309,880 | 3,790,270 | 3,222,190 | 2,900,040 | 3,115,760 |
| 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 |
| Quick ratio | 0.66 | 0.72 | 0.64 | 0.70 | 0.65 | 0.74 | 0.76 | 0.70 | 0.68 | 0.67 | 0.65 | 0.64 | 0.66 | 0.68 | 0.75 | 0.82 | 0.93 | 1.16 | 1.29 | 1.27 |
June 30, 2025 calculation
Quick ratio = (Cash + Short-term investments + Receivables) ÷ Total current liabilities
= ($1,071,000K
+ $—K
+ $5,502,000K)
÷ $9,916,000K
= 0.66
The analysis of Sysco Corporation's quick ratio over the specified periods reveals notable trends and relative liquidity positions. The quick ratio, which measures the company's ability to meet short-term obligations with its most liquid assets (excluding inventory), commenced at 1.27 as of September 30, 2020. This initially indicated a strong liquidity position, with the ratio consistently above 1, suggesting that liquid assets slightly exceeded current liabilities.
Throughout 2020 and into the first quarter of 2021, the quick ratio showed stability, gradually increasing to 1.29 by December 31, 2020. However, from March 31, 2021, onward, a declining trend is evident. The ratio decreased to 1.16, then continued to decline more sharply, reaching 0.93 as of June 30, 2021, and subsequently falling below 1.0 to 0.82 in September 2021, and dropping further to 0.75 by December 2021. This decline indicates a diminishing liquidity cushion, implying that liquid assets were increasingly less than short-term liabilities.
The downward trend persisted through 2022, with the ratio declining further to a low of 0.64 as of September 2022. This sustained decrease suggests a period during which Sysco's liquid assets were insufficient on their own to comfortably cover current liabilities, potentially reflecting increased liabilities, reduced liquid assets, or both.
From late 2022 through early 2024, the quick ratio showed some stabilization and minor recovery, fluctuating between approximately 0.64 and 0.70. Notably, it reached 0.76 at the end of 2023, signaling a modest improvement but still remaining below the initial levels observed in 2020. The ratio continued to hover around 0.65 to 0.72 in the subsequent periods, indicating a relatively stable but cautious liquidity position.
In summary, the trend of Sysco's quick ratio demonstrates an initial robust liquidity at the pandemic's onset, followed by a significant decline that persisted through 2022. Although there is some evidence of modest recovery and stabilization in the most recent periods, the quick ratio remains below 1.0, suggesting that the company's liquid assets are generally insufficient to fully cover short-term liabilities without reliance on inventory or other less liquid assets. This pattern warrants attention to liquidity management and could reflect structural shifts in the company's working capital or operational strategies over time.
Peer comparison
Jun 30, 2025