| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | — | 3 | — | — | — | — | — | — | — | — | — | — |
| Sell | 1 | 2 | 1 | 2 | 3 | 6 | 11 | 9 | 10 | 11 | 11 | 4 |
| total | individual payouts | |
|---|---|---|
| 2028 | ‡‡‡‡‡ |
|
| 2027 | ‡‡‡‡‡ |
|
| 2026 | 5.78 |
—
—
—
|
| 2025 | 5.48 |
—
—
—
—
|
| 2024 | 5.48 |
—
—
—
—
|
| 2023 | 4.46 |
—
—
—
—
|
| 2022 | 3.87 |
—
—
—
—
|
| 2021 | 3.41 |
—
—
—
—
|
| 2020 | 3.15 |
—
—
—
—
|
| 2019 | 2.99 |
—
—
—
—
|
| 2018 | 2.76 |
—
—
—
—
|
| 2017 | 2.55 |
—
—
—
—
|
| 2016 | 2.40 |
—
—
—
—
|
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Cash | 401.90 | 730.75 | 925.86 | 791.21 |
| Receivables | 823.62 | 800.40 | 729.55 | 907.37 |
| Inventory | 1,341.00 | 1,254.09 | 1,429.25 | 1,743.32 |
| Other | — | — | — | — |
| 2,912.10 | 3,759.46 | 3,588.90 | 3,956.24 |
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Payables | 1,086.18 | 1,159.18 | 1,255.70 | 1,400.82 |
| ST’ Debt | 1,024.90 | 1,911.94 | 721.87 | 925.71 |
| Other | — | — | — | — |
| 3,008.35 | 3,929.50 | 3,011.90 | 3,352.47 |
| 10y | 5y | 3y | |
| Sales | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Cash Flow | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Earnings | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Book Value | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 3,104.17 | 2,787.31 | — | — |
—
|
| ’25 | 2,805.42 | 2,614.72 | 3,181.42 | 3,091.02 |
11,692.58
|
| ’24 | 3,252.75 | 2,074.48 | 2,987.49 | 2,887.54 |
11,202.26
|
| ’23 | 2,987.61 | 2,490.28 | 3,029.99 | 2,657.11 |
11,164.99
|
| ’22 | 2,666.22 | 2,372.58 | 2,728.15 | 2,652.34 |
10,419.29
|
| ’21 | 2,295.95 | 1,989.42 | 2,359.84 | 2,326.13 |
8,971.34
|
| ’20 | 2,037.32 | 1,707.33 | 2,219.83 | 2,185.24 |
8,149.72
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 468.81 | 419.32 | — | — |
—
|
| ’25 | 396.68 | 112.22 | 841.92 | 926.55 |
2,277.37
|
| ’24 | 569.13 | 325.61 | 695.25 | 941.60 |
2,531.60
|
| ’23 | 755.40 | 294.41 | 515.73 | 757.65 |
2,323.19
|
| ’22 | 656.47 | 457.31 | 446.42 | 767.64 |
2,327.84
|
| ’21 | 609.64 | 408.01 | 386.07 | 679.17 |
2,082.88
|
| ’20 | 246.09 | 367.95 | 481.22 | 604.39 |
1,699.66
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 354.21 | 329.49 | — | — |
—
|
| ’25 | 251.16 | (46.47) | 755.99 | 788.47 |
1,749.15
|
| ’24 | 355.83 | 195.45 | 567.30 | 807.08 |
1,925.65
|
| ’23 | 579.30 | 140.00 | 297.64 | 535.14 |
1,552.08
|
| ’22 | 515.40 | 357.41 | 327.39 | 608.16 |
1,808.36
|
| ’21 | 495.17 | 294.88 | 266.22 | 530.74 |
1,587.01
|
| ’20 | 146.88 | 281.39 | 374.95 | 454.82 |
1,258.03
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 2.13 | 2.26 | — | — |
—
|
| ’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
|
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 190.93 | 178.82 | 166.69 | 140.13 | — | — | — |
Low Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 242.64 | 276.88 | 211.92 | 199.00 | — | — | — |
High Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 19,865 | 20,505 | 20,030 | 19,595 | — | — | — |
Employees
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.52 | 0.54 | 0.56 | 0.60 | — | — | — |
Revenue/Emp
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 10,419.29 | 11,164.99 | 11,202.26 | 11,692.58 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 43.18% | 44.76% | 47.32% | 33.55% | — | — | — |
Gross Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1,917.07 | 2,171.86 | 2,473.94 | 1,214.21 | ‡‡‡‡‡ | — | — |
EBT
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 18.40% | 19.45% | 22.08% | 10.38% | ‡‡‡ | ‡‡‡ | ‡‡‡ |
EBT Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1,644.82 | 1,861.79 | 2,221.24 | 883.26 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Net Income
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 378.96 | 419.82 | 455.26 | 503.70 | — | — | — |
Depreciation
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 50.69 | 54.53 | 55.19 | 57.63 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue/Sh
|
| ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡ | ‡‡‡‡ | 8.22 | 9.31 | 11.22 | 4.46 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ |
Earnings/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 11.33 | 11.35 | 12.47 | 11.22 | — | — | — |
Cash Flow/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (2.53) | (3.77) | (2.99) | (2.60) | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Capex/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 8.80 | 7.58 | 9.49 | 8.62 | — | — | — |
Free CF/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 16.05 | 20.02 | 23.23 | 22.85 | ‡‡‡‡‡ | — | — |
Book Value/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 205.54 | 204.74 | 202.96 | 202.90 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Shares
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 27.64 | 20.69 | 15.11 | 40.62 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
PE Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 4.48 | 3.52 | 3.07 | 3.16 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PS Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 14.14 | 9.59 | 7.29 | 7.96 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PB Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 4.89 | 3.92 | 3.46 | 3.54 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
EV/Sales
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 28.19 | 28.17 | 20.12 | 23.67 | — | — | — |
EV/FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2,327.84 | 2,323.19 | 2,531.60 | 2,277.37 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Op' Cash Flow
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (519.48) | (771.11) | (605.94) | (528.22) | ‡‡‡‡‡ | ‡‡‡‡‡ | — |
Capex
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1,808.36 | 1,552.08 | 1,925.65 | 1,749.15 | ‡‡‡‡‡ | — | — |
FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (636.75) | (96.25) | (170.04) | 577.00 | — | — | — |
Working Cap'
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 4,791.35 | 4,814.03 | 5,102.15 | 5,403.07 | — | — | — |
Total Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 4,327.46 | 4,412.13 | 4,371.41 | 4,477.21 | — | — | — |
Net Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3,299.54 | 4,099.09 | 4,714.65 | 4,636.75 | — | — | — |
Sh' Equity
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 15.40% | 16.29% | 17.88% | 6.62% | ‡‡‡‡‡ | — | — |
ROA
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 18.53% | 18.81% | 19.94% | 9.89% | — | — | — |
ROIC
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 54.31% | 50.33% | 50.40% | 18.89% | ‡‡‡‡‡ | — | — |
ROE
|
Hershey (HSY), the enduring chocolate giant behind Kisses and Reese’s, has powered through the past decade with resilient 5% revenue CAGR, reaching $11.2 billion in 2024 via savvy acquisitions, pricing power, and indulgent demand. Yet, storm clouds gather: 2025 gross margins are forecast to crater to 33.6% from 47.3%, hammered by cocoa prices quadrupling amid West African woes, alongside volume softness from price-fatigued consumers and a wave of insider selling outpacing buys by 50x.
Profitability metrics dazzle historically—EPS tripling to $11.22, FCF per share up 172%—but projections scream caution, with EBT margins halving to 10.4% and net income flipping to zero in 2025 before a 2026 rebound. Shares trade at compressed multiples (15x PE), holding firm defensively, with analyst targets hinting 7% mean upside, 20% high-end potential, or 26% downside peril.
This analysis unpacks Hershey’s operational fortress against commodity tempests, insider signals echoing past cycles, and asymmetric opportunities for dividend hunters—brace for 2025 chop, but eye the post-trough surge like 2020’s snacking boom.
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