HERSHEY CO
$174.27
+0.98 (+0.57%) · delayed · Nov 13, 2026
Five-year price
52w $156.16 to $239.48
- Market cap
- —
- Enterprise value
- —
- P/E
- —
- EV / EBIT
- —
- FCF yield
- —
- ROIC
- 12.2%
- Debt / equity
- 1.06
- Piotroski F
- 4/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
100
- ●ROIC > 12% (5y avg)5y avg ROIC 24.1%
- ●ROE > 15% (5y avg)5y avg ROE 43.0%
- ●Stable operating marginsMargin volatility 4.6% (σ, 5y)
- ●Earnings convert to cashFCF / net income 119% (5y avg)
- ●Growing revenueRevenue CAGR 5y 7.5%
- –Shrinking share countDiluted shares n/a over 5y
Value
n/a
- –P/E below 15P/E n/a
- –EV/EBIT below 12EV/EBIT n/a
- –FCF yield above 6%FCF yield n/a
- –Price below Graham NumberGraham Number n/a
- –P/B below 3P/B n/a
Safety
0
- ○Debt / equity below 0.5D/E 1.06
- ○Debt payable in < 4 yrs of earningsNet debt $4.0B
- ○Interest coverage > 8xCoverage 6.4x
- ○Current ratio > 1.5Current ratio 1.19
- ○Piotroski F-score ≥ 6F-score 4/9
Graham Defensive
75
- ●Adequate size (revenue > $2B)Revenue $11.7B
- ○Strong condition (current ratio ≥ 2)Current ratio 1.19
- ●Earnings stability (no loss, 10y)10 years of data
- ●Uninterrupted dividendsDividends paid every year on record
- –Earnings growth ≥ 33% (10y, 3y avgs)n/a
- –Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) n/a
- –P/E × P/B ≤ 22.5Product n/a
Valuation lab
What do you have to believe?
A cash-flow valuation isn’t meaningful here: free cash flow is negative or not reported (common for banks, insurers and early-stage companies). Use book value and earnings power instead.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 7,440 | 7,515 | 7,791 | 7,986 | 8,150 | 8,971 | 10,419 | 11,165 | 11,202 | 11,693 |
| Gross profit | 3,170 | 3,455 | 3,575 | 3,622 | 3,701 | 4,049 | 4,499 | 4,998 | 5,301 | 3,923 |
| Operating income | 1,255 | 1,313 | 1,624 | 1,596 | 1,783 | 2,044 | 2,261 | 2,561 | 2,898 | 1,442 |
| Operating margin | 16.9% | 17.5% | 20.8% | 20.0% | 21.9% | 22.8% | 21.7% | 22.9% | 25.9% | 12.3% |
| Pre-tax income | 1,099 | 1,111 | 1,410 | 1,381 | 1,495 | 1,797 | 1,917 | 2,172 | 2,474 | 1,214 |
| Income tax | 379 | 354 | 239 | 234 | 220 | 314 | 272 | 310 | 253 | 331 |
| Net income | 720 | 783 | 1,178 | 1,150 | 1,279 | 1,478 | 1,645 | 1,862 | 2,221 | 883 |
| EPS (diluted) | — | — | — | — | — | — | — | — | — | — |
| Diluted shares | — | — | — | — | — | — | — | — | — | — |
Who owns it