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Hershey Company (The)

HSY Consumer Defensive Confectioners

Hershey Company (The)’s revenue for fiscal 2025 (year ended December 2025) was $11.7 billion, up 4.38% from fiscal 2024.

Revenue
+2.96%
EPS
+183.1%
Free cash flow
−14.0%
Total debt
−4.97%

Quarter to September 2026, against a year earlier

176.79 2.29 +1.31%
Market cap
$35.7B
P/E
15.2×
Fwd P/E
19.2×
Dividend yield
3.24%
F-score
5/9
Altman Z
4.24
Beneish M
−2.79
Dividend safety
57/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • North America Confectionery
  • North America Salty Snacks
  • International

Every year since 2012 →

Insider Decisions last twelve months

Sold, $m 300.80
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 1 2 3 6 11 9 10 11 11 8 9 1
Insider Ownership 1.07%

Capital & Financial Ratios $m

Size
Market Cap 35,660.00
Revenue ttm 12,258.00
Net income ttm 1,793.60
Free cash flow ttm 2,122.29
Net debt Q 4,449.80
Valuation
P/E 15.22
Forward P/E 19.20
Price / sales 2.11
Forward P/S Powerpack
Price / FCF 12.21
Price / book 5.31
Financial health
Current ratio Q 1.24
Debt / equity Q 1.05
Interest coverage Q 16.80
Growth
Revenue growth Q +2.96% (above 0%: growing)
Operating income growth Q +88.15% (above 0%: growing)
EPS, this year +37.49% (at or above 15%: strong)
EPS, next year A +9.02%
Revenue, next year A +5.10%
EPS, past 5 yrs −6.61% (below 0%: weak)
EPS, next 5 yrs A +17.01% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.5×, against a ten-year median of 3.5×; over the ten years it ranged from 2.2× in 2026 to 5.6× in 2023.
P/E against its own 10 years 3.12%
10-year low 10-year high
P/S against its own 10 years 1.98%
10-year low 10-year high
P/B against its own 10 years 2.75%
10-year low 10-year high
EV/Sales against its own 10 years 1.58%
10-year low 10-year high
EV/FCF against its own 10 years 2.27%
10-year low 10-year high

Dividends

Yield
3.24%
Annual rate
5.73
Payout ratio
64.8%
Growth, 2017–25
+10.0%/yr
  1. 2.55 ’17
  2. 2.76 ’18 +8
  3. 2.99 ’19 +8
  4. 3.15 ’20 +5
  5. 3.41 ’21 +8
  6. 3.87 ’22 +14
  7. 4.46 ’23 +15
  8. 5.48 ’24 +23
  9. 5.48 ’25 +0
  10. 5.75 ’26e +5
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 402 731 926 677
Receivables 824 800 730 1,113
Inventory 1,341 1,254 1,429 1,609
Other — — — —
2,912 3,759 3,589 3,862
2023 2024 2025 Q'26
Payables 1,086 1,159 1,256 1,415
ST’ Debt 1,025 1,912 722 634
Other — — — —
3,008 3,929 3,012 3,119

Compound Annual Growth %

10y 5y 3y
Sales 4.70% 7.49% 3.92%
Cash Flow 6.13% 6.03% (0.73%)
Earnings 5.58% (7.13%) (18.72%)
Book Value 16.04% 15.68% 12.01%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 2.12 Actual 2.64

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.40 1.71 Beat by 0.31
Q1 FY26 2.05 2.35 Beat by 0.30
Q2 FY26 1.45 1.90 Beat by 0.45
Q3 FY26 2.12 2.64 Beat by 0.52
Q4 FY26 2.01 — Reports 4 February 2027

EPS $

Mar Jun Sep Dec Year
’26 2.13 2.26 2.88 — —
’25 1.10 0.31 1.36 1.57 4.34
’24 3.89 0.89 2.20 3.92 10.92
’23 2.85 1.98 2.52 1.70 9.06
’22 2.57 1.53 1.94 1.92 7.96
’21 1.90 1.45 2.14 1.62 7.11
’20 1.29 1.29 2.14 1.39 6.11
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 3,104 2,787 3,276 — —
’25 2,805 2,615 3,181 3,091 11,693
’24 3,253 2,074 2,987 2,888 11,202
’23 2,988 2,490 3,030 2,657 11,165
’22 2,666 2,373 2,728 2,652 10,419
’21 2,296 1,989 2,360 2,326 8,971
’20 2,037 1,707 2,220 2,185 8,150
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 469 419 751 — —
’25 397 112 842 927 2,277
’24 569 326 695 942 2,532
’23 755 294 516 758 2,323
’22 656 457 446 768 2,328
’21 610 408 386 679 2,083
’20 246 368 481 604 1,700
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 354 329 650 — —
’25 251 (46) 756 788 1,749
’24 356 195 567 807 1,926
’23 579 140 298 535 1,552
’22 515 357 327 608 1,808
’21 495 295 266 531 1,587
’20 147 281 375 455 1,258
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 5.4% a year for ten years. It grew 9.8% a year over the last ten.

Implied
5.4%
10 years, reported
9.8%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 7,440 7,515 7,791 7,986 8,150 8,971 10,419 11,165 11,202 11,693 12,258 +5.2% 12,289 12,553 12,875 +3.3%
Gross margin, % 42.60 45.98 45.89 45.36 45.42 45.13 43.18 44.76 47.32 33.55 41.95 (9.0) pt
EBT 1,099 1,111 1,410 1,381 1,495 1,797 1,917 2,172 2,474 1,214 2,319 +1.1%
EBT margin, % 14.78 14.78 18.10 17.29 18.34 20.03 18.40 19.45 22.08 10.38 18.91 (4.4) pt
Net income 720 757 1,171 1,147 1,275 1,483 1,645 1,862 2,221 883 1,794 +2.3%
Per share, $
Per share, $ Revenue 34.74 35.41 37.10 38.13 39.10 43.40 50.69 54.53 55.19 57.63 83.65 +5.8%
Earnings 3.45 3.79 5.76 5.64 6.30 7.34 8.22 9.31 11.22 4.46 11.61 +2.9%
Cash flow 4.73 5.89 7.62 8.42 8.15 10.08 11.33 11.35 12.47 11.22 17.51 +10.1%
Capex (1.24) (1.18) (1.33) (1.52) (2.12) (2.40) (2.53) (3.77) (2.99) (2.60) (3.02) +8.6%
Free cash flow 3.49 4.71 6.29 6.90 6.04 7.68 8.80 7.58 9.49 8.62 14.48 +10.6%
Book value 3.87 4.39 6.70 8.33 10.74 13.34 16.05 20.02 23.23 22.85 33.27 +21.8%
Shares, m 214 212 210 209 208 207 206 205 203 203 161 (0.6%)
Valuation, ×
Valuation, × P/E 30.21 29.90 18.61 26.06 24.31 26.32 27.64 19.17 14.15 40.62 15.22 25.7
P/S 2.99 3.17 2.89 3.85 3.90 4.46 4.48 3.52 3.07 3.16 2.11 3.5
P/B 26.89 25.54 15.99 17.64 14.19 14.51 14.14 9.59 7.29 7.96 5.31 15.4
EV/Sales 3.35 3.50 3.39 4.33 4.32 4.98 4.89 3.92 3.46 3.54 2.48 4.0
EV/FCF 33.36 26.35 19.96 23.90 27.99 28.16 28.19 28.17 20.12 23.67 14.30 26.0
Cash, $m
Cash, $m Operating cash flow 1,013 1,250 1,600 1,764 1,700 2,083 2,328 2,323 2,532 2,277 2,565 +9.4%
Capex (266) (250) (279) (318) (442) (496) (519) (771) (606) (528) (443) +7.9%
Free cash flow 748 999 1,321 1,446 1,258 1,587 1,808 1,552 1,926 1,749 2,122 +9.9%
Balance, $m
Balance, $m Working capital (93) (75) (179) 108 1,086 (247) (637) (96) (170) 577 744 n/m
Net debt 2,683 2,540 3,870 3,773 3,459 4,700 4,327 4,412 4,371 4,477 4,450 +5.9%
Shareholders’ equity 828 932 1,407 1,745 2,238 2,757 3,300 4,099 4,715 4,637 4,876 +21.1%
Returns, %
Returns, % ROA 13.25 14.14 17.77 14.51 14.81 15.12 15.40 16.29 17.88 6.62 13.06 (6.6) pt
ROIC 22.34 23.64 19.23 18.08 19.56 17.13 18.53 18.81 19.94 9.89 17.06 (12.4) pt
ROE 76.80 89.01 100.70 72.94 64.21 59.16 54.31 50.33 50.40 18.89 38.00 (57.9) pt
People
People Employees 17,980 16,910 16,420 16,140 16,880 18,990 19,865 20,505 20,030 19,595 — +1.0%
Revenue/emp, $m 0.41 0.44 0.47 0.49 0.48 0.47 0.52 0.54 0.56 0.60 — +4.2%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

The Hershey Company makes and sells chocolate, candy and other snacks. Its products include Hershey’s, Reese’s and Kisses chocolates; Jolly Rancher and Twizzlers sweets; Ice Breakers gum and mints; SkinnyPop and LesserEvil popcorn; and Dot’s Homestyle Pretzels. It also sells protein bars, spreads, baking ingredients, toppings and beverages.

Hershey’s customers include grocery chains, mass merchandisers, convenience stores, drugstores and wholesale distributors. Most customers resell its products to consumers through retail outlets. The company also operates Hershey’s Chocolate World stores and licenses some trademarks to other businesses.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
North America Confectionery 9,480 81.07%
North America Salty Snacks 1,271 10.87%
International 942 8.05%
Gross margin 33.55%
Operating margin 12.33%
Pre-tax margin 10.38%

Revenue by segment since 2012

Hershey Company (The) vs peers in Confectioners (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
MDLZ Mondelez International, Inc. $84.6B 20.9× 19.8× +2.29% (above 0%: growing) +79.84% (above 0%: growing) +137.32% (above 0%: growing) 39.37% 17.64% Compare
HSY Hershey Company (The) $35.7B 15.2× 19.2× +2.96% (above 0%: growing) +183.11% (above 0%: growing) −14.00% (below 0%: shrinking) 46.13% 24.96%
TR Tootsie Roll Industries, Inc. $2.9B 30.3× 38.6× −0.56% (below 0%: shrinking) −22.75% (below 0%: shrinking) −116.74% (below 0%: shrinking) 34.13% (1.05%) Compare
SOWG Sow Good Inc. $45.2M — (loss-making) — −56.30% (below 0%: shrinking) n/m −406.71% (below 0%: shrinking) (576.11%) 0.00% Compare
RMCF Rocky Mountain Chocolate Factory, Inc. $7.4M — (loss-making) — −2.51% (below 0%: shrinking) n/m +74.63% (above 0%: growing) 26.53% (16.31%) Compare
Median of peers $1.5B — — −1.53% — −21.06% 30.33% (0.52%)

All 5 Confectioners stocks →

From the latest earnings call

Updated

  • CFO Steve Voskuil said retail inventory replenishment was largely completed in Q2, while CEO Kirk Tanner outlined second-half innovation and Halloween programs.
  • Tanner said demand had strained Dot’s capacity, while Voskuil expected Salty Snacks margins to improve as Hershey optimized its supply chain.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 64.98%
Held by the ten largest 34.07%
Holder Shares Stake Change
Vanguard 18.54m 9.23% +161.55k
BlackRock 13.13m 6.54% +350.83k
State Street 7.23m 3.60% −92.76k
Capital Group 6.20m 3.09% +1.07m
Morgan Stanley 5.65m 2.81% +1.70m
Charles Schwab 4.76m 2.37% +461.75k
Geode Capital Management 4.28m 2.13% +85.11k
Fidelity (FMR) 3.00m 1.50% +13.63k
Royal Bank of Canada 2.89m 1.44% −144.78k
GQG Partners LLC 2.77m 1.38% +2.77m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Hershey Company (The) (HSY) Latest News

31 Oct

Impact 3 · · StockStory
Impact 3 · · StockStory

30 Oct

Impact 3 · · MarketBeat transcript
Impact 3 · · fooddive.com
Impact 3 · · Fortune
Impact 3 · · ibtimes.com
Impact 3 · · Zacks

29 Oct

Impact 4 · · Moby
Impact 4 · · The Motley Fool transcript
Impact 4 · · InvestorsHub
Impact 4 · · Zacks
Impact 4 ·
Impact 4 · · MarketBeat earnings
Impact 4 · · Moneywise
Impact 4 · · Associated Press
Impact 4 · · PR Newswire
Impact 3 · · fooddive.com
Impact 3 · · Fortune
Impact 3 · · Zacks earnings
Impact 3 · · Zacks
Impact 3 · · StockStory

28 Oct

Impact 3 · · StockStory

27 Oct

Impact 3 · · Zacks

26 Oct

Impact 3 · · CNW Group

25 Oct

Impact 4 · · 24/7 Wall St.
Impact 3 · · The Motley Fool

23 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · Simply Wall St.

22 Oct

Impact 4 · · fooddive.com
Impact 3 · · StockStory

HSY metrics, ten years each

stockrow.com/HSY · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com