SYYSYSCO CORP
Wholesale-Groceries & Related Products
- Revenue
- $84.6B
- 3.9% YoY
- Operating margin
- 3.7%
- 3.5% YoY
- EBITDA
- $4.1B
- 0.9% YoY
- Market cap
- $39.7B
- Employees
- 75,000
- $1M revenue each
- Net debt / EBITDA
- 2.6×
- $10.5B net debt
- AI in 10-K
- 2.7
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 2 of 7
- TSR below peersYes4 of 5 years3+ of last 5 years
- High CEO pay despite TSRYes$16M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo150% of net incomeCash flow under 80% of net income
- Dilutive SBCNo0% of revenueOver 10% of revenue
- Payouts exceed cash flowNo47% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo18% of assetsOver 40% of assets
- Shareholder dissentNo92% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo$1M · 63rd pctBottom quartile of its SIC industry
- Quiet on AINo2.7 per 10K words · 65th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo2.6× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$39.7B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$986K netNet sales over $10M in 12 months
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $68.6B | $76.3B | $78.8B | $81.4B | $84.6B | 3.9% |
| Operating income | $2.3B | $3.0B | $3.2B | $3.1B | $3.1B | 0.2% |
| Net income | $1.4B | $1.8B | $2.0B | $1.8B | $1.8B | 3.9% |
| Operating cash flow | $1.8B | $2.9B | $3.0B | $2.5B | $2.6B | 5.1% |
| Capex | $633M | $793M | $832M | $906M | $700M | 23% |
| Stock-based comp | $122M | $96M | $104M | $93M | $118M | 27% |
| Buybacks | $500M | $500M | $1.2B | $1.3B | $200M | 84% |
| Dividends | $959M | $996M | $1.0B | $1.0B | $1.0B | 3.7% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Mar 20, 2019 | TRIAN FUND MANAGEMENT, L.P. | SC 13D/A | 4.6% | Passive |
Insider trading
- Open-market buys, 12 mo
- $1M · 1
- Open-market sells, 12 mo
- $2M · 8
- Net
- −$986K
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2026 | $18M | $23M | 123 | 198 |
| FY2025 | $16M | $13M | 108 | 180 |
| FY2024 | $16M | $14M | 100 | 148 |
| FY2023 | $14M | $9M | 101 | 114 |
| FY2022 | $14M | $25M | 115 | 105 |