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Heat garlic and oil together in a large pot over medium heat.
Cook, stirring occasionally, until lightly browned.
Add onions, thyme and pepper flakes and cook, stirring occasionally, until onions are thoroughly caramelized, about 15 minutes.
Add stock or water, soy sauce, vinegar, Worcestershire sauce and sugar and bring to a boil.
Reduce to a simmer, cover and cook for about 30 minutes.
Uncover and cook for 15 minutes more, stirring occasionally.
Add sherry and simmer for 5 minutes more.
Ladle into bowls and serve.