The Hershey Company (HSY)

NYSE: HSY · USD

$164

-0.71 (-0.4%)· Recorded snapshot

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StockMarketAgent Research · Analyzed 2026-10-04

Our latest published analysis: HSY rated Buy

The Hershey Company's published Buy conclusion compares the analysis-date price with fair value and potential value. Read the full report for assumptions, evidence, and material risks.

Fair value

$187 / share

Potential value

$313 / share

Upside to FV

+17.0%

from $164

Moat

9/10

Wide

Read full analysis →View archive · 24mo

9-phase methodology · same model in each published edition

Market cap	$32.2B
Revenue (ttm)	12.2B
Net income (ttm)	1.5B
EPS (ttm)	$7.32
Shares out	200.9M
P/E (trailing)	22.4x
P/E (forward)	17.8x
Dividend	$5.81 (3.55%)
Volume	1,510,596
Beta	0.09

Market data

Price

Recent price action with selectable time range.

Financial snapshot

Revenue (ttm): 12.2B
Net income (ttm): 1.5B
EPS (ttm): $7.32
P/E (trailing): 22.4x
P/E (forward): 17.8x
Market cap: $32.2B

Item	P1	P2	P3	P4	P5	Trend
Period	2021-12-31	2022-12-31	2023-12-31	2024-12-31	2025-12-31	Trend
Revenue	$8.97B	$10.42B	$11.16B	$11.20B	$11.69B	+6.8%
Gross profit	$4.05B	$4.50B	$5.00B	$5.30B	$3.92B	-0.8%
Operating income	$2.04B	$2.26B	$2.56B	$2.90B	$1.44B	-8.4%
Net income	$1.48B	$1.64B	$1.86B	$2.22B	$883.3M	-12.1%
EPS (diluted)	$7.18	$8.52	$9.59	$9.37	$6.31	-3.2%
EBITDA	$2.24B	$2.44B	$2.75B	$3.10B	$1.95B	-3.4%
R&D	$40.1M	$46.9M	$50.0M	$55.8M	$61.7M	+11.3%
SG&A	$2.00B	$2.24B	$2.44B	$2.37B	$2.46B	+5.3%

Ticker	Name	Market cap	P/E	P/S	ROIC	5Y rev CAGR	1Y total return	Rating
ABBV	AbbVie Inc.	505.6B	80.8x	7.9x	17.7%	+3.7%	+29.1%	卖出
ABT	Abbott Laboratories	177.6B	38.2x	3.7x	7.2%	+2.7%	-17.2%	减持
ACN	Accenture plc	144.3B	18.0x	2.0x	27.9%	+8.0%	+0.4%	持有
ADM	Archer-Daniels-Midland Company	37.3B	21.2x	0.5x	5.0%	+1.8%	+28.5%	减持
BF.B	Brown-Forman Corporation Class B	12.7B	17.9x	3.3x	14.3%	+1.6%	+0.4%	买入
CAG	Conagra Brands, Inc.	6.6B	—	0.6x	9.2%	+0.2%	-18.9%	强力买入

Base and Bull scenarios

Base60%

Price target

$187.40

+17.0% from spot

The Base case, which carries a probability of 60.0% and projects a target of $187.40 representing an implied return of 17.0% relative to $160.19, reflects the modal operating trajectory. For this outcome to materialize, cocoa ingredient costs must continue to normalize, enabling consolidated gross margin expansion to track management guidance for the second half of the fiscal year. Concurrently, North America Confectionery must maintain steady pricing realization while completing retail inventory replenishment, and Salty Snacks must sustain accretive growth as automated capacity comes online. This scenario would be disconfirmed if agricultural supply deficits re-emerge in West African growing regions or if consumer volume elasticity turns negative following pack-price transitions. Investors will have observable verification through upcoming quarterly margin disclosures and scanner volume reports.

Consolidated gross margin expands in line with management guidance as lower-cost cocoa inventory flows through cost of goods sold
North America Confectionery delivers steady organic sales growth supported by resilient brand equity and price-pack architecture execution
Salty Snacks and international segments contribute accretive volume expansion to enterprise algorithm
Operating tax rate normalizes and disciplined reinvestment supports high cash conversion

Bull15%

Price target

$312.87

+95.3% from spot

The Bull case, assigned a probability of 15.0% and projecting a target of $312.87 for an implied return of 95.3% relative to $160.19, reflects an accelerated operational recovery toward Potential value $312.87. For this trajectory to unfold, West African cocoa harvest yields must rebound ahead of projections, sparking rapid agricultural deflation that drives gross margin expansion beyond guided levels. North America Confectionery price realization must hold without volume elasticity penalties, while seasonal Halloween and Easter shipments outperform historical seasonal averages. Concurrently, automated capacity for Salty Snacks brands like Dot's must ramp ahead of schedule, eliminating spot freight and unlocking substantial operating leverage. This path would be disconfirmed if commodity relief stalls or if retail promotional spending accelerates to protect shelf space. Investors will evaluate this outcome through second-half gross margin realization and segment margin trends.

Sensitivity: Ke × terminal growth

The highlighted cell is Fair value when every assumption sits at its base level ($187.40). Each row and column shows what Fair value becomes when one assumption moves.

Ke ↓ / g →	1.8%	2.0%	2.3%	2.5%	2.8%
4.6%	$213	$225	$240	$258	$282
5.1%	$191	$199	$209	$221	$235
5.6%	$174	$180	$187	$196	$205
6.1%	$162	$166	$171	$177	$184
6.6%	$151	$155	$159	$163	$169

Scorecard

Published factor rows and weighted composite

Calendar

Next earnings

Upcoming earnings date and setup when available.

Upcoming

DateLoading

Window—

EPS estimate—

Revenue estimate—

Sector percentile context

Refreshed 2026-10-28 19:55 UTC

Forward P/E17.8

P25 10.3P50 14.8P75 20.4

Trailing P/E21.9

P25 12.9P50 18.4P75 30.4

ROE32.8

P25 -19P50 5.1P75 16.5

ROIC17.7

P25 -7P50 6.6P75 13.4

Benchmarks · 1M

All HSY indicators

Market & fundamental data

Available fields

290

Groups with data

Currency

USD

Showing 290 of 290 available metrics for this ticker.

Profile and market data

Ticker identity, listing, currency, market cap, and source dates.

Metric	Value
Amount currency	USD
CIK code	0000047111
Company name	The Hershey Company
Country	United States
Country code	US
CUSIP number	427866108
Earnings date	2026-10-29
Earnings time	bmo
Employees	19,595
Employees change	-435
Employees growth	-2.17%
Enterprise value	$38B
Exchange	NYSE
Financial currency	USD
Financial report date	2026-06-28
First seen	2026-05-09
Fiscal year end	December
Founded	1894
In index	SP500
Industry	Confectioners
Is primary listing	Yes
Is SPAC	No
ISIN number	US4278661081
Last 10-K release date	2026-02-17
Last earnings date	2026-07-30
Last refreshed	2026-10-28
Last stock split date	2004-06-16
Last stock split type	Forward
Market cap	$32.9B
Market cap category	Large-Cap
Next earnings date	2026-10-29
Options	Yes
Price	$163.81
Price currency	USD
Sector	Consumer Staples
SIC code	2060
Stock price date	2026-10-28
Symbol	HSY
U.S. state	Pennsylvania
Website	https://www.thehersheycompany.com

Valuation

Multiples, yields, enterprise-value ratios, and valuation checks.

Metric	Value
Adjusted P/E ratio	22.56x
Average P/E ratio (10Y)	24.17x
Average P/E ratio (3Y)	24.63x
Average P/E ratio (5Y)	25.96x
Earnings yield	4.47%
EV/Earnings	25.52x
EV/EBIT	17.33x
EV/EBITDA	13.96x
EV/FCF	17.05x
EV/Sales	3.12x
FCF / EV yield	5.86%
FCF yield	6.78%
Forward EV/Sales	3.06x
Forward P/E	17.79x
Forward P/S	2.65x
Graham number	61.14593
Graham upside	-62.62%
Industry P/E	22.81x
Lynch fair value	$36.59
Lynch upside	-77.63%
P/(FCF - SBC) ratio	15.22x
P/(OCF - SBC) ratio	12.7x
P/B ratio	7.24x
P/E ratio	22.39x
P/FCF ratio	14.75x
P/OCF ratio	12.37x
P/S ratio	2.7x
PEG ratio	0.99x
Price/EBITDA ratio	12.08x
Sector forward P/E	21.33x
Sector P/E	28.29x

Profitability

Margins, returns on capital, cash conversion, and quality metrics.

Metric	Value
EBIT margin	18.02%
EBITDA margin	22.37%
Effective tax rate	22.54%
FCF margin	18.32%
Gross margin	38.38%
Operating margin	18.02%
Pretax margin	15.8%
Profit margin	12.24%
Profit per employee	$75,994
Profitable quarters	44
Profitable years	35
Revenue per employee	$620,766
ROA	9.92%
ROA (5Y)	12.42%
ROCE	20.64%
ROE	32.81%
ROE (5Y)	46.66%
ROIC	17.66%
ROIC (5Y)	23.18%
SBC / revenue	0.57%
Tax / revenue	3.56%

Growth

Revenue, earnings, cash-flow, and forward growth indicators.

Metric	Value
EPS growth	-2.84%
EPS growth (Q)	630.99%
EPS growth (QoQ)	6.1%
EPS growth 10Y	7.92%
EPS growth 3Y	-5.56%
EPS growth 5Y	1.24%
EPS growth quarters	2
EPS growth years	0
FCF growth	34.82%
FCF growth (Q)	1,114.56%
FCF growth (QoQ)	-6.98%
FCF growth 3Y	10.42%
FCF growth 5Y	6.59%
Gross profit growth	3.01%
Gross profit growth (Q)	58.65%
Gross profit growth 3Y	-0.71%
Gross profit growth 5Y	3.02%
Net income growth	-2.66%
Net income growth (Q)	629.71%
Net income growth (QoQ)	5.18%
Net income growth 3Y	-5.95%
Net income growth 5Y	0.73%
Net income growth quarters	2
Net income growth years	0
OCF growth	23.81%
OCF growth (Q)	273.67%
OCF growth (QoQ)	-10.56%
OCF growth 10Y	9.25%
OCF growth 3Y	5.48%
OCF growth 5Y	4.78%
Operating income growth	0.43%
Operating income growth (Q)	222.89%
Operating income growth 3Y	-3.19%
Operating income growth 5Y	1.36%
Revenue growth	7.69%
Revenue growth (Q)	6.6%
Revenue growth (QoQ)	-10.21%
Revenue growth 10Y	5.19%
Revenue growth 3Y	3.86%
Revenue growth 5Y	6.96%
Revenue growth quarters	5
Revenue growth years	10

Financial statements

Income-statement and cash-flow amounts, totals and per share.

Metric	Value
Capital expenditures	$-428.4M
Depreciation and amortization	$529.4M
EBIT	$2.2B
EBITDA	$2.7B
EPS	$7.32
FCF per share	$11.09
Financing cash flow	$-1.6B
Free cash flow	$2.2B
Free cash flow minus SBC	$2.2B
Gross profit	$4.7B
Income taxes	$433.3M
Investing cash flow	$-1.2B
Net borrowing	$-47.2M
Net cash flow	$-121.1M
Net income	$1.5B
Operating cash flow minus SBC	$2.6B
Operating income	$2.2B
Revenue	$12.2B
Stock-based compensation	$69.3M

Financial strength

Debt, cash, solvency, accounting-quality, and balance-sheet signals.

Metric	Value
Altman Z-Score	4.49
Book value per share	$22.71
Debt / EBITDA	2.13
Debt / equity	1.3
Debt / FCF	2.66
Goodwill	$3B
Interest coverage	9.64
Long-term assets	$10B
Long-term liabilities	$6.1B
Net cash (debt)	$-5.1B
Net cash / market cap	-15.62%
Net debt / EBITDA	1.89
Net debt / equity	1.12
Net debt / FCF	2.3
Piotroski F-Score	6
Property, plant and equipment	$3.8B
Shareholders' equity	$4.6B
Tangible book value	$-1.2B
Tangible book value per share	$-5.87
Total assets	$14B
Total cash	$791.2M
Total debt	$5.9B
Total liabilities	$9.4B
WACC	4.47%

Liquidity

Current-asset coverage and working-capital efficiency metrics.

Metric	Value
Asset turnover	0.88
Current assets	$4B
Current liabilities	$3.4B
Current ratio	1.18
Inventory turnover	4.18
Net working capital	$789.1M
Quick ratio	0.51
Working capital	$603.8M
Working capital turnover	11.39

Dividends and buybacks

Dividend yield, payout, buybacks, and shareholder-yield indicators.

Metric	Value
Buyback yield / dilution	-0.16%
Dividend growth	4.49%
Dividend growth (10Y)	9.24%
Dividend growth (3Y)	10.02%
Dividend growth (5Y)	11.56%
Dividend growth years	0
Dividend payment date	2026-09-15
Dividend payment years	56
Dividend payout frequency	Quarterly
Dividend per share	$5.81
Dividend yield	3.55%
Ex-dividend date	2026-08-14
FCF payout ratio	52.37%
Last dividend	$1.45
Payout ratio	79.37%
Shareholder yield	3.39%

Performance and technicals

Returns, volatility, beta, momentum, RSI, and moving-average context.

Metric	Value
10Y price change	70.37%
10Y return CAGR	8.06%
10Y total return	117.03%
150-day SMA	$180.77
15Y price change	183.19%
15Y return CAGR	9.75%
15Y total return	303.73%
1D price change	-0.43%
1M price change	-2.19%
1M total return	-2.19%
1W price change	-4.05%
1W total return	-4.05%
1Y price change	-10.32%
1Y return CAGR	-7.62%
1Y total return	-7.62%
20-day SMA	$165.14
200-day SMA	$189.23
20Y price change	210.48%
20Y return CAGR	8.49%
20Y total return	410.53%
3M price change	-9.7%
3M total return	-8.99%
3Y price change	-11.62%
3Y return CAGR	-1.13%
3Y total return	-3.36%
50-day SMA	$170.69
50-day SMA vs 200-day SMA	50under200
52-week high	$239.48
52-week high date	2026-03-02
52-week low	$156.16
52-week low date	2026-10-01
5Y price change	-9.35%
5Y return CAGR	0.56%
5Y total return	2.82%
6M price change	-12.75%
6M total return	-11.38%
All-time high	$276.88
All-time high date	2023-05-01
All-time low	$0.35
All-time low date	1974-10-01
Average true range (ATR)	$3.87
Average volume	1.5M
Beta (1Y)	-0.17
Beta (2Y)	-0.02
Beta (5Y)	0.09
Change from 52-week high	-31.6%
Change from 52-week low	4.9%
Change from all-time high	-41.23%
Change from all-time low	45,840.15%
Change from open	0.59%
Day's gap	-1.01%
Dollar volume	$247.5M
High price	$164.23
Low price	$162.36
Monthly RSI	43.34
Open price	$162.85
Position in 52-week range	77.54%
Premarket change	-0.26%
Premarket close	$164.51
Premarket price	$164.08
Previous close	$164.51
Price vs 150-day SMA	-9.98%
Price vs 20-day SMA	-1.46%
Price vs 200-day SMA	-14.01%
Price vs 50-day SMA	-4.67%
Relative volume	1.02
RSI	42.99
Sharpe ratio	-0.3
Sharpe ratio (3Y)	-0.1
Sharpe ratio (5Y)	-0.03
Sortino ratio	-0.22
Sortino ratio (3Y)	0.08
Sortino ratio (5Y)	0.2
Volume	1.5M
Weekly RSI	38.09
YTD price change	-10.58%
YTD total return	-8.59%

Ownership and float

Institutional, insider, float, short-interest, and share-count fields.

Metric	Value
Float	145M
Float percentage	72.18%
Shares change (QoQ)	-0.58%
Shares change (YoY)	0.16%
Shares held by insiders	0.27%
Shares held by institutions	92.57%
Shares outstanding	200.9M
Short % of float	6.18%
Short % of shares	4.46%
Short ratio	6 days

Other indicators

Additional ticker metrics that do not fit the primary research groupings.

Metric	Value
Page views	109

Deeper analysis on HSY

14 sections in the full report · jump straight to what you need

Forecast

Base and Bull forecast paths with report-date return framing.

→

Valuation

Fair-value bridge, DCF, owner earnings, and peer multiples.

→

Sensitivity

Cost-of-equity and terminal-growth stress table.

→

Risks

Kill scenarios, soft-pass flags, and downside catalysts.

→

Earnings

Next earnings setup and beat / inline / miss thresholds.

→

Position sizing

Entry, exit, conviction, and quarterly monitoring rules.

→

Financials

Revenue, margins, cash flow, and balance-sheet context.

→

Peers

Relative valuation and profitability against the cohort.

→

Moat

Economic-profit evidence and competitive advantage risk.

→

Industry cycle

Sector phase, capital cycle, and secular tailwinds.

→

Quote this valuation with its source: Fair value, Potential value and the price at analysis.

Frequently asked questions

About this HSY report

What is the latest published HSY stock rating?

The Hershey Company is shown with Buy in the latest published report, analyzed 2026-10-04. The hub links directly to the full analysis surface where the dated rating, fair-value bridge, risks, and scorecard are documented together.

Where can I read the full HSY analysis?

The full latest published report, analyzed 2026-10-04, lives at /stocks/HSY/analysis. The bare ticker page summarizes that read and links to each analysis tab; earlier editions remain under /analysis/archive.

What fair value is used for HSY?

The latest published report analyzed 2026-10-04 gives HSY a fair value of USD 187 and a potential value of USD 313. These are dated research outputs, not live market prices; review the valuation assumptions, sensitivity analysis, and material risks before making a decision.

How often is the HSY page updated?

The hub selects the latest published stock report regardless of age and displays its analysis date (2026-10-04). Separately sourced market data is labeled with its own recorded timestamp and is never inferred from the report.

BuyHSY · Fair value $187+17.0%

Read full analysis →

Category	Score	Reading
Valuation	7.5
Management	6.5
Balance Sheet	5.0
Profitability	7.5
Revenue Growth	6.0
Risk Assessment	7.0
Competitive Moat	9.0
Earnings Quality	9.0
Capital Efficiency	7.5

The Hershey Company (HSY)

Our latest published analysis: HSY rated Buy

Price

Financial snapshot

Fair-value bridge

Latest news · HSY

Valuation

Profitability

Balance sheet

Trading

Base and Bull scenarios

Sensitivity: Ke × terminal growth

Scorecard

Next earnings

Sector percentile context

All HSY indicators

Profile and market data

Valuation

Profitability

Growth

Financial statements

Financial strength

Liquidity

Dividends and buybacks

Performance and technicals

Ownership and float

Other indicators

Deeper analysis on HSY

Frequently asked questions

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