Hershey (HSY)
Consumer Staples · $33.9B market cap · SEC CIK 0000047111
fundamentals score out of 100
Next reports on Oct 28, 2026, before the open, with analysts expecting $2.14 in earnings per share.
The case for HSY
- Earns 31% back on shareholder equity.
- Generated $1.8B of free cash flow in FY2025, 16% of revenue.
- Moves less than the market (beta 0.07).
- Pays a modest 2.5% dividend.
The case against
- Revenue fell 12.4% year over year.
- Earnings per share down 33.5%.
- Priced at 29.0× earnings while earnings per share are shrinking (-33.5%).
- Near the bottom of its 52-week range, 30% below the high. Falling prices usually have a reason; find it first.
- Dividend takes 207% of earnings, leaving little cushion.
- Value is weak (39/100): 29.0× earnings, 3.4× sales, 5.4% free-cash yield.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Consumer Staples companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 39 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 35 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 69 |
| Momentumhow the price has behaved lately | 28 |
| Stabilityhow violently it moves, what it owes and what it pays you | 74 |
- Each factor except momentum is half fixed thresholds, half rank among the 36 Consumer Staples companies.
Key numbers
| Price / earnings | 29.0× |
|---|---|
| Price / book | 8.07× |
| Price / sales | 3.4× |
| Revenue growth (YoY) | -12.4% |
| EPS growth (YoY) | -33.5% |
| Gross margin | 38% |
| Operating margin | 17% |
| Net margin | 12% |
| Return on equity | 31% |
| Debt / equity | 1.23× |
| Current ratio | 1.18 |
| Dividend yield | 2.49% |
| Beta | 0.07 |
| 52-week range | $161.43 – $239.48 |
| Position in that range | 9% of the way up |
| 3-month return | -2.7% |
| 1-year return | -11.7% |
Five years of financials, as filed
Pulled from Hershey's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $11.7B | $11.2B | $11.2B | $10.4B | $9.0B |
| Gross profit | $3.9B | $5.3B | $5.0B | $4.5B | $4.0B |
| Operating income | $1.4B | $2.9B | $2.6B | $2.3B | $2.0B |
| Net income | $883M | $2.2B | $1.9B | $1.6B | $1.5B |
| Operating cash flow | $2.3B | $2.5B | $2.3B | $2.3B | $2.1B |
| Capital expenditure | $455M | $606M | $771M | $519M | $496M |
| Total assets | $13.7B | $12.9B | $11.9B | $10.9B | $10.4B |
| Total liabilities | $9.1B | $8.2B | $7.8B | $7.6B | $7.7B |
| Shareholder equity | $4.6B | $4.7B | $4.1B | $3.3B | $2.8B |
| Cash | $926M | $731M | $402M | $464M | $329M |
| Long-term debt | $4.7B | $3.2B | $3.8B | $3.3B | $4.1B |
| Free cash flow | $1.8B | $1.9B | $1.6B | $1.8B | $1.6B |
| Gross margin | 33.5% | 47.3% | 44.8% | 43.2% | 45.1% |
| Operating margin | 12.3% | 25.9% | 22.9% | 21.7% | 22.8% |
| Net margin | 7.6% | 19.8% | 16.7% | 15.8% | 16.5% |
What Hershey says it does
The Hershey Company was incorporated under the laws of the State of Delaware on October 24, 1927 as a successor to a business founded in 1894 by Milton S. Hershey. In this report, the terms "Hershey," "Company," "we," "us" or "our" mean The Hershey Company and its wholly-owned subsidiaries and entities in which it has a controlling financial interest, unless the context indicates otherwise. Hershey is a global confectionery leader known for making more moments of goodness through chocolate, sweets, mints, and other great tasting snacks. We are the largest producer of quality chocolate in North America, a leading snack maker in the United States and a global leader in chocolate and non-chocolate confectionery. We market, sell, and distribute our products under more than 85 brand names in approximately 65 countries worldwide. Reportable Segments The Company reports its operations through three segments: (i) North America Confectionery,…
Risk factors HSY lists in its 10-K
- Risks Related to Our Business and Operations
- Disruption to our manufacturing operations or supply chain could impair our ability to produce or deliver finished products, resulting in a negative impact on our operating results
- We might not be able to hire, engage, and retain the talented global human capital we need to drive our growth strategies
- Risks Related to the Industry in Which We Operate
- Increases in raw material and energy costs along with the availability of adequate supplies of raw materials could affect future financial results
- Price increases may not be sufficient to offset cost increases and maintain profitability or may result in sales volume declines associated with pricing elasticity
- Market demand for new and existing products could decline
- Increased marketplace competition could hurt our business
- Risks Related to Strategic Initiatives
- Our financial results may be adversely impacted by the failure to successfully execute or integrate acquisitions, divestitures and joint ventures
- Our international operations may not achieve projected growth objectives, which could adversely impact our overall business and results of operations
- We may not fully realize the expected cost savings and/or operating efficiencies associated with our strategic initiatives or restructuring programs, which may have an adverse impact on our business
- Risks Related to Governmental and Regulatory Changes
- Changes in governmental laws, regulations and policies, including taxes and tariffs, could increase our costs and liabilities or impact demand for our products