Sysco Corporation (SYY)
Return on total capital
| 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 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings before interest and tax (EBIT) (ttm) | US$ in thousands | 2,167,000 | 3,135,594 | 3,175,852 | 3,172,311 | 3,164,168 | 3,289,144 | 3,263,465 | 2,885,474 | 2,811,160 | 2,487,981 | 2,310,810 | 2,454,927 | 2,370,318 | 2,183,094 | 1,921,090 | 1,691,908 | 1,464,602 | 294,314 | 101,984 | 428,881 |
| Long-term debt | US$ in thousands | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Total stockholders’ equity | US$ in thousands | 1,830,000 | 1,922,000 | 2,014,000 | 2,207,000 | 1,860,000 | 2,100,950 | 2,404,030 | 2,125,800 | 2,008,620 | 1,575,300 | 1,436,590 | 1,115,340 | 1,382,260 | 1,321,410 | 1,221,070 | 1,673,290 | 1,552,900 | 1,395,600 | 1,426,800 | 1,300,010 |
| Return on total capital | 118.42% | 163.14% | 157.69% | 143.74% | 170.12% | 156.56% | 135.75% | 135.74% | 139.95% | 157.94% | 160.85% | 220.11% | 171.48% | 165.21% | 157.33% | 101.11% | 94.31% | 21.09% | 7.15% | 32.99% |
June 30, 2025 calculation
Return on total capital = EBIT (ttm) ÷ (Long-term debt + Total stockholders’ equity)
= $2,167,000K ÷ ($—K + $1,830,000K)
= 118.42%
The analysis of Sysco Corporation's return on total capital over the period from September 2020 through June 2025 reveals substantial fluctuations and an overall positive trend. In September 2020, the return was approximately 33%, indicating a moderate level of capital efficiency during that period. A significant decline was observed by December 2020, with the return dropping sharply to around 7%, which could suggest operational challenges or capital structure adjustments.
Subsequently, the return rebounded strongly in the first quarter of 2021 to approximately 21%, yet a dramatic surge occurred in the quarter ending June 2021, with the return skyrocketing to over 94%. This upward momentum persisted into September 2021, exceeding 101%, and continued its dramatic growth into the end of 2021, reaching approximately 157%. The trend persisted through 2022, with the return exceeding 165% in March, over 171% in June, and peaking at approximately 220% in September 2022, indicating exceptionally high efficiency or favorable accounting adjustments during this period.
Throughout 2022, the return experienced some moderation but remained elevated, with figures around 160–170% from December 2022 through June 2023. It started to decline during the latter part of 2023, registering approximately 136% in September and December, and decreased further to about 118% in June 2025, reflecting some erosion in efficiency or potential shifts in capital utilization.
Overall, the data demonstrates that Sysco’s return on total capital has experienced significant volatility but generally remained at high levels, especially from mid-2021 through late 2022. The recent downward trend post-September 2022 suggests developing challenges or normalization from prior extraordinary earnings or adjustments. Despite this, the return remains well above initial levels observed in 2020, indicating sustained capital productivity over the analyzed period.
Peer comparison
Jun 30, 2025