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Hershey (HSY) Financials

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$188.70 +2.57 (+1.38%)
Closing price 03:59 PM Eastern
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$191.79 +3.09 (+1.64%)
As of 06:10 PM Eastern
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Annual Income Statements for Hershey

Annual Income Statements for Hershey

This table shows Hershey's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 513 720 783 1,178 1,150 1,279 1,478 1,645 1,862 2,221
Consolidated Net Income / (Loss)		 513 720 757 1,171 1,147 1,275 1,483 1,645 1,862 2,221
Net Income / (Loss) Continuing Operations		 513 720 757 1,171 1,147 1,275 1,483 1,645 1,862 2,221
Total Pre-Tax Income 		902 1,099 1,111 1,410 1,381 1,495 1,797 1,917 2,172 2,474
Total Operating Income		 1,038 1,255 1,313 1,624 1,596 1,783 2,044 2,261 2,561 2,898
Total Gross Profit		 3,383 3,170 3,455 3,575 3,622 3,701 4,049 4,499 4,998 5,301
Total Revenue		 7,387 7,440 7,515 7,791 7,986 8,150 8,971 10,419 11,165 11,202
Operating Revenue		 7,387 7,440 7,515 7,791 7,986 8,150 8,971 10,419 11,165 11,202
Total Cost of Revenue		 4,004 4,271 4,060 4,216 4,364 4,448 4,923 5,921 6,167 5,901
Operating Cost of Revenue		 4,004 4,271 4,060 4,216 4,364 4,448 4,923 5,921 6,167 5,901
Total Operating Expenses		 2,345 1,914 2,142 1,952 2,027 1,919 2,005 2,238 2,437 2,403
Selling, General & Admin Expense		 1,969 1,891 1,885 1,875 1,906 1,891 2,001 2,236 2,437 2,374
Restructuring Charge		 95 19 48 19 8.11 19 3.53 1.99 0.44 29
Total Other Income / (Expense), net		 -136 -156 -203 -214 -215 -288 -246 -344 -389 -424
Interest Expense		 106 90 - - - - 127 - 152 166
Other Income / (Expense), net		 -30 -66 -104 -75 -71 -138 -119 -206 -237 -259
Income Tax Expense		 389 379 354 239 234 220 314 272 310 253
Basic Earnings per Share		 $4.59 $3.45 $3.79 $11.00 $5.64 $12.02 $14.02 $15.69 $17.83 $21.42
Weighted Average Basic Shares Outstanding		 234.20M 228.60M 227.60M 224.70M 209.75M 207.17M 205.24M 204.04M 203.95M 202.41M
Diluted Earnings per Share		 $4.51 $3.34 $3.66 $10.80 $5.46 $11.82 $13.77 $15.41 $17.56 $21.10
Weighted Average Diluted Shares Outstanding		 234.20M 228.60M 227.60M 224.70M 209.75M 207.17M 205.24M 204.04M 203.95M 202.41M
Weighted Average Basic & Diluted Shares Outstanding		 234.20M 228.60M 227.60M 224.70M 209.75M 207.17M 205.24M 204.04M 203.95M 202.41M
Cash Dividends to Common per Share		 $4.27 $2.40 $2.55 $5.26 $2.99 $6.02 $6.51 $7.40 $8.51 $10.46

Quarterly Income Statements for Hershey

This table shows Hershey's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Period end date 10/2/2022 12/31/2022 4/2/2023 7/2/2023 10/1/2023 12/31/2023 3/31/2024 6/30/2024 9/29/2024 12/31/2024 3/30/2025
Net Income / (Loss) Attributable to Common Shareholders		 399 396 587 407 519 349 797 181 446 797 224
Consolidated Net Income / (Loss)		 399 396 587 407 519 349 797 181 446 797 224
Net Income / (Loss) Continuing Operations		 399 396 587 407 519 349 797 181 446 797 224
Total Pre-Tax Income 		473 363 759 440 653 320 986 246 519 723 324
Total Operating Income		 557 527 800 561 736 464 1,058 288 613 939 369
Total Gross Profit		 1,109 1,145 1,382 1,132 1,360 1,123 1,676 834 1,233 1,558 944
Total Revenue		 2,728 2,652 2,988 2,490 3,030 2,657 3,253 2,074 2,987 2,888 2,805
Operating Revenue		 2,728 2,652 2,988 2,490 3,030 2,657 3,253 2,074 2,987 2,888 2,805
Total Cost of Revenue		 1,620 1,508 1,605 1,358 1,670 1,534 1,577 1,241 1,755 1,329 1,861
Operating Cost of Revenue		 1,620 1,508 1,605 1,358 1,670 1,534 1,577 1,241 1,755 1,329 1,861
Total Operating Expenses		 552 618 582 571 624 659 618 546 620 619 575
Selling, General & Admin Expense		 552 616 582 572 624 659 618 541 592 623 559
Restructuring Charge		 0.00 - 0.81 - 0.00 - 0.00 4.94 28 -3.54 16
Total Other Income / (Expense), net		 -84 -164 -41 -121 -83 -145 -72 -42 -94 -216 -46
Interest & Investment Income		 -35 - -38 -37 - - -40 -41 - - -45
Other Income / (Expense), net		 -48 -128 -2.98 -84 -43 -107 -32 -0.57 -50 -176 -0.95
Income Tax Expense		 74 -33 172 33 135 -29 189 65 72 -74 99
Basic Earnings per Share		 $3.82 $3.78 $5.61 $3.91 $4.96 $3.35 $7.64 $1.75 $4.31 $7.72 $2.17
Weighted Average Basic Shares Outstanding		 205.08M 204.04M 204.40M 204.47M 204.50M 203.95M 202.23M 202.29M 202.35M 202.41M 202.60M
Diluted Earnings per Share		 $3.75 $3.71 $5.51 $3.86 $4.88 $3.31 $7.52 $1.72 $4.25 $7.61 $2.13
Weighted Average Diluted Shares Outstanding		 205.08M 204.04M 204.40M 204.47M 204.50M 203.95M 202.23M 202.29M 202.35M 202.41M 202.60M
Weighted Average Basic & Diluted Shares Outstanding		 205.08M 204.04M 204.40M 204.47M 204.50M 203.95M 202.23M 202.29M 202.35M 202.41M 202.60M
Cash Dividends to Common per Share		 $1.98 $1.98 $1.98 $1.98 $2.28 $2.28 $2.62 $2.62 $2.62 $2.62 $2.62

Annual Cash Flow Statements for Hershey

This table details how cash moves in and out of Hershey's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents		 -28 -50 83 208 -95 651 -815 135 -62 329
Net Cash From Operating Activities		 1,256 1,013 1,250 1,600 1,764 1,700 2,083 2,328 2,323 2,532
Net Cash From Continuing Operating Activities		 1,256 1,013 1,250 1,600 1,764 1,700 2,083 2,328 2,323 2,532
Net Income / (Loss) Continuing Operations		 513 720 757 1,171 1,147 1,275 1,483 1,645 1,862 2,221
Consolidated Net Income / (Loss)		 513 720 757 1,171 1,147 1,275 1,483 1,645 1,862 2,221
Depreciation Expense		 245 302 262 295 292 295 315 379 420 455
Non-Cash Adjustments To Reconcile Net Income		 347 34 270 131 195 181 129 176 264 -242
Changes in Operating Assets and Liabilities, net		 152 -43 -38 2.32 131 -51 156 128 -222 97
Net Cash From Investing Activities		 -477 -595 -329 -1,503 -780 -531 -2,223 -787 -1,199 -960
Net Cash From Continuing Investing Activities		 -477 -595 -329 -1,503 -780 -531 -2,223 -787 -1,199 -960
Purchase of Property, Plant & Equipment		 -357 -269 -258 -329 -318 -442 -496 -519 -771 -606
Acquisitions		 -249 -330 -79 -1,391 -482 -87 -1,729 -276 -423 -361
Other Investing Activities, net		 - - 0.00 0.00 20 -2.44 2.54 7.64 -4.93 6.63
Net Cash From Financing Activities		 -797 -464 -844 116 -1,081 -499 -681 -1,416 -1,148 -1,297
Net Cash From Continuing Financing Activities		 -797 -464 -844 116 -1,081 -499 -681 -1,416 -1,148 -1,297
Repayment of Debt		 -355 -224 -81 -911 -1,174 -663 430 -250 -729 301
Repurchase of Common Equity		 -583 -593 -300 -248 -527 -211 -458 -389 -265 -494
Payment of Dividends		 -476 -499 -526 -563 -610 -641 -686 -775 -889 -1,085
Issuance of Debt		 561 793 0.95 1,846 990 990 0.00 0.00 744 0.00
Other Financing Activities, net		 56 59 63 -8.68 241 26 33 -1.36 -8.99 -18
Effect of Exchange Rate Changes		 -10 -3.14 6.13 -5.39 3.33 -6.99 -5.08 9.89 -38 54
Cash Interest Paid		 88 91 102 132 140 151 128 132 161 180
Cash Income Taxes Paid		 369 426 352 119 238 215 275 221 304 202

Quarterly Cash Flow Statements for Hershey

This table details how cash moves in and out of Hershey's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Period end date 10/2/2022 12/31/2022 4/2/2023 7/2/2023 10/1/2023 12/31/2023 3/31/2024 6/30/2024 9/29/2024 12/31/2024 3/30/2025
Net Change in Cash & Equivalents		 -12 136 -3.54 -14 25 -69 119 -53 148 116 785
Net Cash From Operating Activities		 446 768 755 294 516 758 569 326 695 942 397
Net Cash From Continuing Operating Activities		 446 768 755 294 516 758 569 326 695 942 397
Net Income / (Loss) Continuing Operations		 399 396 587 407 519 349 797 181 446 797 224
Consolidated Net Income / (Loss)		 399 396 587 407 519 349 797 181 446 797 224
Depreciation Expense		 94 100 98 102 103 117 108 110 113 124 120
Non-Cash Adjustments To Reconcile Net Income		 59 71 12 86 52 113 -235 87 51 -145 281
Changes in Operating Assets and Liabilities, net		 -106 200 58 -300 -158 179 -101 -53 85 166 -228
Net Cash From Investing Activities		 -159 -277 -188 -328 -220 -463 -228 -162 -160 -411 -147
Net Cash From Continuing Investing Activities		 -159 -277 -188 -328 -220 -463 -228 -162 -160 -411 -147
Purchase of Property, Plant & Equipment		 -119 -159 -176 -154 -218 -223 -213 -130 -128 -135 -146
Purchase of Investments		 - - - - - - - - - - 3.56
Other Investing Activities, net		 3.56 -2.09 0.09 -0.71 -2.36 -1.94 -0.32 0.10 0.51 6.34 -5.02
Net Cash From Financing Activities		 -321 -340 -552 46 -278 -364 -222 -231 -394 -450 537
Net Cash From Continuing Financing Activities		 -321 -340 -552 46 -278 -364 -222 -231 -394 -450 537
Repayment of Debt		 -122 -102 -1.19 -751 -1.18 24 -1.57 -1.46 -1.45 305 -1,168
Repurchase of Common Equity		 - -34 -240 - - -25 -494 - - - 0.00
Payment of Dividends		 -207 -207 -207 -206 -238 -238 -273 -271 -270 -270 -272
Issuance of Debt		 - - -91 1,001 -40 -126 570 40 -127 -483 1,986
Other Financing Activities, net		 8.27 2.54 -13 2.16 1.11 0.83 -22 0.57 4.97 -1.40 -9.84
Effect of Exchange Rate Changes		 21 -14 - - 6.56 0.02 - - 6.33 35 -2.27
Cash Interest Paid		 29 41 33 44 35 49 34 54 41 51 38
Cash Income Taxes Paid		 18 31 12 217 35 39 31 134 15 21 39

Annual Balance Sheets for Hershey

This table presents Hershey's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Total Assets		 5,344 5,524 5,554 7,703 8,140 9,132 10,412 10,949 11,903 12,947
Total Current Assets		 1,849 1,817 2,002 2,239 2,117 2,978 2,246 2,620 2,912 3,759
Cash & Equivalents		 347 297 380 588 493 1,144 329 464 402 731
Accounts Receivable		 599 581 588 594 569 615 671 711 824 800
Inventories, net		 751 746 753 785 815 964 989 1,173 1,341 1,254
Prepaid Expenses		 152 193 281 272 240 254 257 272 346 974
Plant, Property, & Equipment, net		 2,240 2,177 2,107 2,130 2,153 0.00 0.00 2,770 3,310 3,459
Total Noncurrent Assets		 1,255 1,530 1,445 3,334 3,870 6,154 8,166 5,559 5,681 5,729
Goodwill		 684 812 821 1,801 1,986 1,988 2,633 2,607 2,696 2,706
Intangible Assets		 379 493 369 1,278 1,341 1,295 2,038 1,966 1,879 1,874
Noncurrent Deferred & Refundable Income Taxes		 36 57 3.02 1.17 31 29 41 40 44 37
Other Noncurrent Operating Assets		 155 168 252 253 512 2,841 3,454 945 1,061 1,112
Total Liabilities & Shareholders' Equity		 5,344 5,524 5,554 7,703 8,140 9,132 10,412 10,949 11,903 12,947
Total Liabilities		 4,297 4,697 4,622 6,296 6,395 6,894 7,655 7,649 7,804 8,232
Total Current Liabilities		 2,218 1,909 2,077 2,419 2,009 1,892 2,493 3,257 3,008 3,929
Short-Term Debt		 863 633 859 1,203 736 513 942 1,447 1,025 1,912
Accounts Payable		 474 523 523 502 551 580 692 971 1,086 1,159
Accrued Expenses		 857 751 676 679 702 782 856 833 868 807
Current Deferred & Payable Income Tax Liabilities		 23 3.21 18 34 20 17 3.07 6.71 29 51
Total Noncurrent Liabilities		 2,079 2,787 2,546 3,877 4,387 5,002 5,162 4,392 4,796 4,303
Long-Term Debt		 1,557 2,347 2,061 3,254 3,531 4,090 4,087 3,344 3,789 3,190
Noncurrent Deferred & Payable Income Tax Liabilities		 53 40 46 177 200 229 288 328 346 424
Other Noncurrent Operating Liabilities		 469 400 439 446 656 683 787 720 661 688
Total Equity & Noncontrolling Interests		 1,047 828 932 1,407 1,745 2,238 2,757 3,300 4,099 4,715
Total Preferred & Common Equity		 998 786 915 1,399 1,739 2,234 2,757 3,300 4,099 4,715
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 998 786 915 1,399 1,739 2,234 2,757 3,300 4,099 4,715
Common Stock		 1,144 1,230 1,285 1,342 1,364 1,413 1,482 1,518 1,567 1,599
Retained Earnings		 5,898 6,116 6,371 7,032 1,290 1,929 2,720 3,590 4,562 5,698
Treasury Stock		 -5,672 -6,184 -6,427 -6,619 -591 -769 - -1,556 -1,800 -2,279
Accumulated Other Comprehensive Income / (Loss)		 -371 -376 -314 -357 -324 -338 -249 -252 -230 -304

Quarterly Balance Sheets for Hershey

This table presents Hershey's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Period end date 10/2/2022 12/31/2022 4/2/2023 7/2/2023 10/1/2023 12/31/2023 3/31/2024 6/30/2024 9/29/2024 12/31/2024 3/30/2025
Total Assets		 10,833 10,949 11,112 11,526 11,936 11,903 12,390 12,416 12,621 12,947 13,968
Total Current Assets		 2,693 2,620 2,726 2,881 3,190 2,912 3,387 3,336 3,552 3,759 4,804
Cash & Equivalents		 328 464 460 446 471 402 520 467 615 731 1,515
Accounts Receivable		 929 711 857 764 1,128 824 1,206 846 1,143 800 880
Inventories, net		 1,184 1,173 1,180 1,385 1,348 1,341 1,138 1,459 1,302 1,254 1,467
Prepaid Expenses		 251 272 229 285 244 346 523 563 492 974 942
Plant, Property, & Equipment, net		 2,623 2,770 2,822 3,015 3,156 3,310 3,333 3,368 3,389 3,459 3,437
Total Noncurrent Assets		 5,518 5,559 5,563 5,630 5,589 5,681 5,669 5,712 5,681 5,729 5,727
Goodwill		 2,605 2,607 2,608 2,696 2,693 2,696 2,694 2,692 2,692 2,706 2,708
Intangible Assets		 1,985 1,966 1,948 1,928 1,907 1,879 1,859 1,839 1,819 1,874 1,854
Noncurrent Deferred & Refundable Income Taxes		 39 40 43 44 38 44 45 41 40 37 39
Other Noncurrent Operating Assets		 888 945 965 962 950 1,061 1,071 1,140 1,129 1,112 1,127
Total Liabilities & Shareholders' Equity		 10,833 10,949 11,112 11,526 11,936 11,903 12,390 12,416 12,621 12,947 13,968
Total Liabilities		 7,750 7,649 7,653 7,831 7,968 7,804 8,281 8,406 8,416 8,232 9,283
Total Current Liabilities		 3,389 3,257 3,281 2,726 2,936 3,008 3,489 3,886 4,195 3,929 3,016
Short-Term Debt		 1,546 1,447 1,361 868 828 1,025 1,595 1,926 2,101 1,912 748
Accounts Payable		 915 971 1,005 1,014 1,085 1,086 946 1,138 1,215 1,159 1,415
Accrued Expenses		 845 833 780 828 969 868 872 784 807 807 827
Current Deferred & Payable Income Tax Liabilities		 82 6.71 135 16 55 29 75 37 72 51 25
Total Noncurrent Liabilities		 4,361 4,392 4,372 5,105 5,032 4,796 4,792 4,520 4,221 4,303 6,267
Long-Term Debt		 3,341 3,344 3,341 4,086 4,086 3,789 3,790 3,489 3,189 3,190 5,177
Noncurrent Deferred & Payable Income Tax Liabilities		 270 328 318 304 304 346 339 331 323 424 413
Other Noncurrent Operating Liabilities		 751 720 712 715 642 661 664 700 709 688 676
Total Equity & Noncontrolling Interests		 3,083 3,300 3,458 3,695 3,968 4,099 4,108 4,010 4,205 4,715 4,685
Total Preferred & Common Equity		 3,083 3,300 3,458 3,695 3,968 4,099 4,108 4,010 4,205 4,715 4,685
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 3,083 3,300 3,458 3,695 3,968 4,099 4,108 4,010 4,205 4,715 4,685
Common Stock		 1,502 1,518 1,507 1,523 1,543 1,567 1,537 1,547 1,564 1,599 1,594
Retained Earnings		 3,401 3,590 3,971 4,171 4,451 4,562 5,087 4,997 5,173 5,698 5,652
Treasury Stock		 -1,524 -1,556 -1,781 - - -1,800 - - -2,280 -2,279 -2,270
Accumulated Other Comprehensive Income / (Loss)		 -296 -252 -238 -221 -251 -230 -231 -252 -252 -304 -291

Annual Metrics And Ratios for Hershey

This table displays calculated financial ratios and metrics derived from Hershey's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Growth Metrics		 - - - - - - - - - -
Revenue Growth		 -0.47% 0.73% 1.01% 3.67% 2.51% 2.05% 10.08% 16.14% 7.16% 0.33%
EBITDA Growth		 -21.77% 19.07% -1.39% 25.38% -1.50% 6.76% 15.49% 8.66% 12.73% 12.81%
EBIT Growth		 -27.49% 18.06% 1.62% 28.12% -1.55% 7.83% 17.04% 6.75% 13.09% 13.60%
NOPAT Growth		 -34.62% 39.26% 8.84% 50.73% -1.71% 14.74% 10.87% 15.04% 13.17% 18.54%
Net Income Growth		 -39.43% 40.37% 5.07% 54.79% -2.08% 11.22% 16.26% 10.93% 13.19% 19.31%
EPS Growth		 -38.13% -25.94% 9.58% 195.08% -49.44% 116.48% 16.50% 11.91% 13.95% 20.16%
Operating Cash Flow Growth		 48.79% -19.33% 23.30% 28.05% 10.24% -3.64% 22.55% 11.76% -0.20% 8.97%
Free Cash Flow Firm Growth		 406.62% -37.68% 115.84% -148.90% 337.45% 23.84% -105.52% 2,486.77% -25.91% 54.64%
Invested Capital Growth		 -3.22% 12.48% -1.11% 51.99% 4.57% 3.23% 30.90% 2.28% 11.59% 6.75%
Revenue Q/Q Growth		 -1.35% 0.83% -0.41% 0.62% 1.01% 1.46% 1.60% 3.23% 0.04% 2.10%
EBITDA Q/Q Growth		 -2.81% -6.13% 5.13% 5.56% -6.51% 2.86% 3.58% 1.79% -0.89% 15.40%
EBIT Q/Q Growth		 -3.80% -7.41% 5.61% 6.56% -7.85% 3.10% 3.86% 1.28% -1.75% 18.17%
NOPAT Q/Q Growth		 4.04% -8.64% 7.81% 14.00% -9.21% 11.21% 1.49% 5.62% -2.89% 25.35%
Net Income Q/Q Growth		 2.17% -11.82% 9.35% 14.70% -9.98% 7.31% 3.38% 3.56% -2.48% 25.23%
EPS Q/Q Growth		 -24.83% -54.43% 8.61% 0.00% 0.00% 36.18% 3.38% 3.84% -2.23% 25.60%
Operating Cash Flow Q/Q Growth		 19.42% -8.86% 5.13% 5.51% 3.73% -8.90% 3.72% 3.95% -0.43% 7.84%
Free Cash Flow Firm Q/Q Growth		 -0.53% 1.08% 0.43% -112.20% 77.15% -13.78% -106.85% 213.54% -12.16% 26.25%
Invested Capital Q/Q Growth		 -7.15% -8.42% -7.01% 2.83% -7.72% -1.62% 17.06% -0.20% 1.20% 2.32%
Profitability Metrics		 - - - - - - - - - -
Gross Margin		 45.79% 42.60% 45.98% 45.89% 45.36% 45.42% 45.13% 43.18% 44.76% 47.32%
EBITDA Margin		 16.96% 20.05% 19.57% 23.67% 22.74% 23.80% 24.96% 23.36% 24.57% 27.63%
Operating Margin		 14.05% 16.87% 17.48% 20.84% 19.98% 21.87% 22.78% 21.70% 22.94% 25.87%
EBIT Margin		 13.64% 15.99% 16.09% 19.88% 19.09% 20.18% 21.45% 19.72% 20.81% 23.56%
Profit (Net Income) Margin		 6.94% 9.68% 10.07% 15.03% 14.36% 15.65% 16.53% 15.79% 16.68% 19.83%
Tax Burden Percent		 56.88% 65.49% 68.12% 83.05% 83.05% 85.31% 82.51% 85.80% 85.72% 89.79%
Interest Burden Percent		 89.50% 92.42% 91.87% 91.04% 90.55% 90.92% 93.38% 93.31% 93.47% 93.72%
Effective Tax Rate		 43.12% 34.51% 31.88% 16.95% 16.95% 14.69% 17.49% 14.20% 14.28% 10.21%
Return on Invested Capital (ROIC)		 18.60% 24.79% 25.62% 30.83% 24.56% 27.12% 25.64% 25.72% 27.21% 29.58%
ROIC Less NNEP Spread (ROIC-NNEP)		 14.51% 20.50% 20.34% 25.29% 19.88% 20.33% 20.65% 19.19% 19.57% 20.90%
Return on Net Nonoperating Assets (RNNOA)		 21.37% 52.01% 60.38% 69.31% 48.20% 36.92% 33.73% 28.59% 23.12% 20.83%
Return on Equity (ROE)		 39.97% 76.80% 86.01% 100.14% 72.76% 64.04% 59.37% 54.31% 50.33% 50.40%
Cash Return on Invested Capital (CROIC)		 21.87% 13.04% 26.74% -10.44% 20.09% 23.94% -1.13% 23.46% 16.25% 23.04%
Operating Return on Assets (OROA)		 18.38% 21.89% 21.83% 23.37% 19.25% 19.04% 19.70% 19.24% 20.34% 21.24%
Return on Assets (ROA)		 9.35% 13.25% 13.66% 17.67% 14.48% 14.77% 15.17% 15.40% 16.29% 17.88%
Return on Common Equity (ROCE)		 38.19% 73.06% 83.17% 99.08% 72.43% 63.90% 59.33% 54.31% 50.33% 50.40%
Return on Equity Simple (ROE_SIMPLE)		 51.40% 91.63% 82.65% 83.72% 65.93% 57.08% 53.78% 49.85% 45.42% 47.11%
Net Operating Profit after Tax (NOPAT)		 590 822 895 1,348 1,325 1,521 1,686 1,940 2,195 2,602
NOPAT Margin		 7.99% 11.05% 11.90% 17.31% 16.60% 18.66% 18.80% 18.62% 19.66% 23.23%
Net Nonoperating Expense Percent (NNEP)		 4.09% 4.29% 5.29% 5.54% 4.68% 6.79% 4.99% 6.53% 7.63% 8.67%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - 23.97% 24.63% 26.51%
Cost of Revenue to Revenue		 54.21% 57.40% 54.02% 54.11% 54.64% 54.58% 54.87% 56.82% 55.24% 52.68%
SG&A Expenses to Revenue		 26.66% 25.42% 25.09% 24.06% 23.87% 23.20% 22.31% 21.46% 21.82% 21.19%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 31.75% 25.73% 28.50% 25.05% 25.38% 23.54% 22.35% 21.48% 21.83% 21.45%
Earnings before Interest and Taxes (EBIT)		 1,008 1,190 1,209 1,549 1,525 1,644 1,925 2,055 2,324 2,640
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 1,253 1,491 1,471 1,844 1,816 1,939 2,240 2,434 2,743 3,095
Valuation Ratios		 - - - - - - - - - -
Price to Book Value (P/BV)		 16.00 23.63 22.62 14.31 16.07 13.20 13.72 13.68 8.96 7.21
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 251.61
Price to Revenue (P/Rev)		 2.16 2.50 2.76 2.57 3.50 3.62 4.22 4.33 3.29 3.03
Price to Earnings (P/E)		 31.14 25.79 26.45 17.00 24.31 23.06 25.60 27.43 19.73 15.30
Dividend Yield		 3.03% 2.75% 2.59% 2.89% 2.24% 2.23% 1.86% 1.76% 2.39% 3.26%
Earnings Yield		 3.21% 3.88% 3.78% 5.88% 4.11% 4.34% 3.91% 3.65% 5.07% 6.54%
Enterprise Value to Invested Capital (EV/IC)		 5.80 6.07 6.70 4.53 5.75 5.78 5.70 6.48 4.83 4.22
Enterprise Value to Revenue (EV/Rev)		 2.45 2.86 3.10 3.07 3.97 4.04 4.74 4.75 3.68 3.42
Enterprise Value to EBITDA (EV/EBITDA)		 14.45 14.28 15.82 12.96 17.47 16.99 18.98 20.32 15.00 12.39
Enterprise Value to EBIT (EV/EBIT)		 17.96 17.90 19.24 15.43 20.81 20.04 22.09 24.07 17.70 14.53
Enterprise Value to NOPAT (EV/NOPAT)		 30.66 25.91 26.00 17.72 23.94 21.67 25.22 25.49 18.74 14.74
Enterprise Value to Operating Cash Flow (EV/OCF)		 14.40 21.01 18.62 14.94 17.99 19.39 20.41 21.24 17.71 15.15
Enterprise Value to Free Cash Flow (EV/FCFF)		 26.07 49.23 24.92 0.00 29.27 24.54 0.00 27.95 31.38 18.92
Leverage & Solvency		 - - - - - - - - - -
Debt to Equity		 2.31 3.60 3.14 3.17 2.45 2.06 1.82 1.45 1.17 1.08
Long-Term Debt to Equity		 1.49 2.84 2.21 2.31 2.02 1.83 1.48 1.01 0.92 0.68
Financial Leverage		 1.47 2.54 2.97 2.74 2.42 1.82 1.63 1.49 1.18 1.00
Leverage Ratio		 4.27 5.80 6.30 5.67 5.03 4.34 3.91 3.53 3.09 2.82
Compound Leverage Factor		 3.82 5.36 5.79 5.16 4.55 3.94 3.65 3.29 2.89 2.64
Debt to Total Capital		 69.80% 78.26% 75.82% 76.01% 70.97% 67.28% 64.59% 59.22% 54.01% 51.97%
Short-Term Debt to Total Capital		 24.90% 16.62% 22.31% 20.52% 12.24% 7.50% 12.10% 17.89% 11.50% 19.48%
Long-Term Debt to Total Capital		 44.90% 61.65% 53.50% 55.49% 58.73% 59.79% 52.49% 41.33% 42.51% 32.50%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 1.43% 1.10% 0.42% 0.15% 0.10% 0.05% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 28.78% 20.64% 23.76% 23.85% 28.93% 32.66% 35.41% 40.78% 45.99% 48.03%
Debt to EBITDA		 1.93 2.00 1.99 2.42 2.35 2.37 2.25 1.97 1.75 1.65
Net Debt to EBITDA		 1.66 1.80 1.73 2.10 2.08 1.78 2.10 1.78 1.61 1.41
Long-Term Debt to EBITDA		 1.24 1.57 1.40 1.76 1.94 2.11 1.82 1.37 1.38 1.03
Debt to NOPAT		 4.10 3.63 3.26 3.31 3.22 3.03 2.98 2.47 2.19 1.96
Net Debt to NOPAT		 3.51 3.26 2.84 2.87 2.85 2.27 2.79 2.23 2.01 1.68
Long-Term Debt to NOPAT		 2.64 2.86 2.30 2.41 2.66 2.69 2.42 1.72 1.73 1.23
Altman Z-Score		 5.70 5.96 6.35 4.83 4.46 4.49 4.77 5.50 4.93 4.61
Noncontrolling Interest Sharing Ratio		 4.44% 4.87% 3.30% 1.06% 0.45% 0.23% 0.07% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - -
Current Ratio		 0.83 0.95 0.96 0.93 1.05 1.57 0.90 0.80 0.97 0.96
Quick Ratio		 0.43 0.46 0.47 0.49 0.53 0.93 0.40 0.36 0.41 0.39
Cash Flow Metrics		 - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 694 433 934 -457 1,084 1,343 -74 1,770 1,311 2,027
Operating Cash Flow to CapEx		 353.29% 381.24% 499.67% 573.80% 554.34% 384.86% 420.04% 448.11% 301.28% 417.80%
Free Cash Flow to Firm to Interest Expense		 6.56 4.80 0.00 0.00 0.00 0.00 -0.58 0.00 8.64 12.24
Operating Cash Flow to Interest Expense		 11.88 11.24 0.00 0.00 0.00 0.00 16.35 0.00 15.31 15.28
Operating Cash Flow Less CapEx to Interest Expense		 8.52 8.29 0.00 0.00 0.00 0.00 12.46 0.00 10.23 11.62
Efficiency Ratios		 - - - - - - - - - -
Asset Turnover		 1.35 1.37 1.36 1.18 1.01 0.94 0.92 0.98 0.98 0.90
Accounts Receivable Turnover		 12.35 12.61 12.85 13.18 13.74 13.77 13.94 15.07 14.55 13.80
Inventory Turnover		 5.16 5.71 5.42 5.48 5.45 5.00 5.04 5.48 4.91 4.55
Fixed Asset Turnover		 3.36 3.37 3.51 3.68 3.73 0.00 0.00 0.00 3.67 3.31
Accounts Payable Turnover		 8.37 8.57 7.76 8.22 8.29 7.87 7.74 7.12 6.00 5.26
Days Sales Outstanding (DSO)		 29.55 28.96 28.40 27.70 26.57 26.51 26.17 24.22 25.09 26.46
Days Inventory Outstanding (DIO)		 70.74 63.96 67.36 66.57 66.92 73.00 72.39 66.63 74.40 80.25
Days Payable Outstanding (DPO)		 43.59 42.60 47.01 44.40 44.04 46.40 47.17 51.26 60.86 69.44
Cash Conversion Cycle (CCC)		 56.70 50.32 48.75 49.87 49.44 53.12 51.40 39.59 38.62 37.27
Capital & Investment Metrics		 - - - - - - - - - -
Invested Capital		 3,121 3,511 3,472 5,277 5,518 5,697 7,457 7,627 8,511 9,086
Invested Capital Turnover		 2.33 2.24 2.15 1.78 1.48 1.45 1.36 1.38 1.38 1.27
Increase / (Decrease) in Invested Capital		 -104 389 -39 1,805 241 178 1,760 170 884 575
Enterprise Value (EV)		 18,096 21,294 23,265 23,898 31,728 32,950 42,517 49,452 41,138 38,348
Market Capitalization		 15,973 18,569 20,708 20,020 27,949 29,487 37,818 45,124 36,726 33,977
Book Value per Share		 $4.60 $3.70 $4.34 $6.67 $8.32 $10.73 $13.38 $16.09 $20.04 $23.30
Tangible Book Value per Share		 ($0.30) ($2.45) ($1.30) ($8.01) ($7.60) ($5.04) ($9.29) ($6.21) ($2.33) $0.67
Total Capital		 3,468 3,808 3,852 5,865 6,011 6,841 7,786 8,091 8,913 9,817
Total Debt		 2,421 2,980 2,920 4,458 4,266 4,603 5,029 4,791 4,814 5,102
Total Long-Term Debt		 1,557 2,347 2,061 3,254 3,531 4,090 4,087 3,344 3,789 3,190
Net Debt		 2,074 2,683 2,540 3,870 3,773 3,459 4,700 4,327 4,412 4,371
Capital Expenditures (CapEx)		 356 266 250 279 318 442 496 519 771 606
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 148 243 405 436 351 455 366 347 527 1,011
Debt-free Net Working Capital (DFNWC)		 494 540 785 1,024 844 1,599 695 811 929 1,742
Net Working Capital (NWC)		 -369 -93 -75 -179 108 1,086 -247 -637 -96 -170
Net Nonoperating Expense (NNE)		 77 102 138 177 179 245 203 295 333 381
Net Nonoperating Obligations (NNO)		 2,074 2,683 2,540 3,870 3,773 3,459 4,700 4,327 4,412 4,371
Total Depreciation and Amortization (D&A)		 245 302 262 295 292 295 315 379 420 455
Debt-free, Cash-free Net Working Capital to Revenue		 2.00% 3.27% 5.38% 5.60% 4.39% 5.58% 4.08% 3.33% 4.72% 9.03%
Debt-free Net Working Capital to Revenue		 6.69% 7.26% 10.44% 13.14% 10.57% 19.62% 7.75% 7.78% 8.32% 15.55%
Net Working Capital to Revenue		 -5.00% -1.25% -0.99% -2.30% 1.36% 13.33% -2.75% -6.11% -0.86% -1.52%
Earnings Adjustments		 - - - - - - - - - -
Adjusted Basic Earnings per Share		 $4.59 $6.60 $7.23 $5.76 $5.64 $6.30 $7.34 $15.69 $17.83 $21.42
Adjusted Weighted Average Basic Shares Outstanding		 216.52M 212.41M 210.48M 208.52M 209.75M 207.17M 205.24M 204.04M 203.95M 202.41M
Adjusted Diluted Earnings per Share		 $4.51 $6.48 $7.10 $5.58 $5.46 $6.11 $7.11 $15.41 $17.56 $21.10
Adjusted Weighted Average Diluted Shares Outstanding		 216.52M 212.41M 210.48M 208.52M 209.75M 207.17M 205.24M 204.04M 203.95M 202.41M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 216.52M 212.41M 210.48M 208.52M 209.75M 207.17M 205.24M 204.04M 203.95M 202.41M
Normalized Net Operating Profit after Tax (NOPAT)		 804 837 1,069 1,412 1,426 1,544 1,689 1,941 2,196 2,628
Normalized NOPAT Margin		 10.88% 11.25% 14.23% 18.13% 17.85% 18.95% 18.83% 18.63% 19.67% 23.46%
Pre Tax Income Margin		 12.21% 14.78% 14.78% 18.10% 17.29% 18.34% 20.03% 18.40% 19.45% 22.08%
Debt Service Ratios		 - - - - - - - - - -
EBIT to Interest Expense		 9.53 13.20 0.00 0.00 0.00 0.00 15.11 0.00 15.31 15.93
NOPAT to Interest Expense		 5.58 9.12 0.00 0.00 0.00 0.00 13.23 0.00 14.46 15.71
EBIT Less CapEx to Interest Expense		 6.16 10.25 0.00 0.00 0.00 0.00 11.21 0.00 10.23 12.28
NOPAT Less CapEx to Interest Expense		 2.22 6.17 0.00 0.00 0.00 0.00 9.34 0.00 9.38 12.05
Payout Ratios		 - - - - - - - - - -
Dividend Payout Ratio		 92.82% 69.37% 69.56% 48.04% 53.22% 50.24% 46.26% 47.12% 47.75% 48.84%
Augmented Payout Ratio		 206.40% 151.66% 109.26% 69.17% 99.20% 66.80% 77.15% 70.77% 61.98% 71.09%

Quarterly Metrics And Ratios for Hershey

This table displays calculated financial ratios and metrics derived from Hershey's official financial filings.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Period end date 10/2/2022 12/31/2022 4/2/2023 7/2/2023 10/1/2023 12/31/2023 3/31/2024 6/30/2024 9/29/2024 12/31/2024 3/30/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 15.61% 14.02% 12.05% 4.96% 11.06% 0.18% 8.87% -16.70% -1.40% 8.67% -13.75%
EBITDA Growth		 -4.32% 9.40% 11.67% 8.87% 32.16% -4.92% 26.67% -31.17% -15.09% 87.10% -56.97%
EBIT Growth		 -7.86% 6.98% 12.15% 9.00% 36.33% -10.37% 28.75% -39.68% -18.77% 113.57% -64.11%
NOPAT Growth		 -4.13% 26.33% 8.95% 45.40% 24.27% -11.79% 38.29% -59.21% -9.68% 104.08% -70.10%
Net Income Growth		 -10.21% 16.63% 10.07% 28.97% 29.81% -11.92% 35.81% -55.55% -13.94% 128.22% -71.89%
EPS Growth		 -9.64% 18.15% 10.64% 29.97% 30.13% -10.78% 36.48% -55.44% -12.91% 129.91% -71.68%
Operating Cash Flow Growth		 15.63% 13.03% 15.07% -35.62% 15.53% -1.30% -24.66% 10.60% 34.81% 24.28% -30.30%
Free Cash Flow Firm Growth		 -795.26% 131.00% 134.62% 88.23% 77.06% -193.23% -190.60% -340.86% 131.18% 221.89% 132.05%
Invested Capital Growth		 19.97% 2.28% 2.10% 8.50% 10.05% 11.59% 16.52% 9.22% 5.59% 6.75% 1.36%
Revenue Q/Q Growth		 14.99% -2.78% 12.64% -16.65% 21.67% -12.31% 22.42% -36.22% 44.01% -3.35% -2.84%
EBITDA Q/Q Growth		 13.56% -17.27% 79.54% -35.45% 37.85% -40.48% 139.17% -64.93% 70.07% 31.15% -45.00%
EBIT Q/Q Growth		 16.39% -21.59% 99.88% -40.25% 45.57% -48.45% 187.13% -72.01% 96.02% 35.54% -51.75%
NOPAT Q/Q Growth		 31.64% 22.28% 7.63% -16.08% 12.51% -13.20% 68.75% -75.25% 149.12% 96.13% -75.28%
Net Income Q/Q Growth		 26.60% -0.80% 48.17% -30.69% 27.42% -32.69% 128.47% -77.32% 146.72% 78.49% -71.85%
EPS Q/Q Growth		 26.26% -1.07% 48.52% -29.95% 26.42% -32.17% 127.19% -77.13% 147.09% 79.06% -72.01%
Operating Cash Flow Q/Q Growth		 -2.38% 71.95% -1.60% -61.03% 75.17% 46.91% -24.88% -42.79% 113.53% 35.43% -57.87%
Free Cash Flow Firm Q/Q Growth		 23.54% 150.45% 13.72% -126.83% -49.02% -105.03% -10.51% -30.57% 110.54% 701.64% -70.94%
Invested Capital Q/Q Growth		 1.09% -0.20% 0.96% 6.52% 2.53% 1.20% 5.43% -0.16% -0.87% 2.32% 0.10%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 40.63% 43.16% 46.27% 45.46% 44.89% 42.27% 51.53% 40.19% 41.26% 53.97% 33.66%
EBITDA Margin		 22.09% 18.80% 29.96% 23.20% 26.29% 17.84% 34.86% 19.17% 22.64% 30.72% 17.39%
Operating Margin		 20.40% 19.86% 26.77% 22.51% 24.29% 17.48% 32.53% 13.87% 20.52% 32.52% 13.16%
EBIT Margin		 18.64% 15.03% 26.67% 19.12% 22.88% 13.45% 31.55% 13.85% 18.85% 26.43% 13.13%
Profit (Net Income) Margin		 14.64% 14.94% 19.65% 16.34% 17.11% 13.14% 24.52% 8.72% 14.94% 27.59% 7.99%
Tax Burden Percent		 84.44% 109.14% 77.34% 92.60% 79.36% 109.19% 80.86% 73.57% 86.03% 110.17% 69.27%
Interest Burden Percent		 93.04% 91.07% 95.27% 92.30% 94.26% 89.45% 96.12% 85.60% 92.13% 94.74% 87.88%
Effective Tax Rate		 15.56% -9.14% 22.66% 7.40% 20.64% -9.19% 19.14% 26.43% 13.97% -10.17% 30.73%
Return on Invested Capital (ROIC)		 24.82% 29.94% 29.18% 28.72% 26.80% 26.40% 36.06% 13.10% 22.41% 45.62% 10.85%
ROIC Less NNEP Spread (ROIC-NNEP)		 23.14% 25.98% 28.47% 26.28% 25.35% 22.79% 34.79% 12.45% 20.63% 40.20% 10.17%
Return on Net Nonoperating Assets (RNNOA)		 34.55% 38.73% 39.62% 36.61% 32.36% 26.92% 41.87% 15.28% 23.01% 40.06% 10.73%
Return on Equity (ROE)		 59.37% 68.66% 68.80% 65.33% 59.17% 53.32% 77.93% 28.38% 45.42% 85.68% 21.58%
Cash Return on Invested Capital (CROIC)		 8.06% 23.46% 24.01% 19.12% 18.60% 16.25% 13.95% 16.03% 18.57% 23.04% 20.90%
Operating Return on Assets (OROA)		 18.56% 14.66% 26.34% 18.78% 22.43% 13.14% 30.68% 12.74% 16.84% 23.83% 10.71%
Return on Assets (ROA)		 14.58% 14.58% 19.41% 16.05% 16.78% 12.84% 23.85% 8.02% 13.35% 24.87% 6.52%
Return on Common Equity (ROCE)		 59.28% 68.66% 68.80% 65.33% 59.17% 53.32% 77.93% 28.38% 45.42% 85.68% 21.58%
Return on Equity Simple (ROE_SIMPLE)		 51.52% 0.00% 49.11% 48.45% 48.12% 0.00% 50.44% 46.04% 42.18% 0.00% 35.18%
Net Operating Profit after Tax (NOPAT)		 470 575 619 519 584 507 856 212 528 1,035 256
NOPAT Margin		 17.23% 21.67% 20.71% 20.85% 19.28% 19.08% 26.30% 10.21% 17.66% 35.83% 9.12%
Net Nonoperating Expense Percent (NNEP)		 1.68% 3.95% 0.71% 2.45% 1.46% 3.61% 1.28% 0.65% 1.78% 5.42% 0.68%
Return On Investment Capital (ROIC_SIMPLE)		 - 7.10% - - - 5.69% - - - 10.54% 2.41%
Cost of Revenue to Revenue		 59.37% 56.84% 53.73% 54.54% 55.11% 57.73% 48.47% 59.81% 58.74% 46.03% 66.34%
SG&A Expenses to Revenue		 20.23% 23.24% 19.47% 22.96% 20.60% 24.79% 19.00% 26.08% 19.81% 21.57% 19.91%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 20.23% 23.31% 19.49% 22.95% 20.60% 24.79% 19.00% 26.32% 20.74% 21.44% 20.50%
Earnings before Interest and Taxes (EBIT)		 508 399 797 476 693 357 1,026 287 563 763 368
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 603 499 895 578 796 474 1,134 398 676 887 488
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 14.10 13.68 14.56 13.46 10.10 8.96 9.55 9.21 9.30 7.21 7.34
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 251.61 278.21
Price to Revenue (P/Rev)		 4.31 4.33 4.69 4.58 3.59 3.29 3.43 3.35 3.57 3.03 3.20
Price to Earnings (P/E)		 27.43 27.43 29.65 27.77 20.99 19.73 18.94 20.00 22.05 15.30 20.86
Dividend Yield		 1.76% 1.76% 1.62% 1.70% 2.19% 2.39% 1.88% 2.15% 2.13% 3.26% 3.23%
Earnings Yield		 3.65% 3.65% 3.37% 3.60% 4.76% 5.07% 5.28% 5.00% 4.53% 6.54% 4.79%
Enterprise Value to Invested Capital (EV/IC)		 6.28 6.48 7.09 6.61 5.29 4.83 4.91 4.67 4.93 4.22 4.27
Enterprise Value to Revenue (EV/Rev)		 4.76 4.75 5.08 4.99 3.99 3.68 3.86 3.80 3.99 3.42 3.61
Enterprise Value to EBITDA (EV/EBITDA)		 20.08 20.32 21.61 21.06 16.08 15.00 14.79 14.94 16.33 12.39 15.84
Enterprise Value to EBIT (EV/EBIT)		 23.67 24.07 25.51 24.87 18.82 17.70 17.27 17.71 19.60 14.53 19.57
Enterprise Value to NOPAT (EV/NOPAT)		 26.14 25.49 27.47 25.22 19.69 18.74 18.11 19.64 21.09 14.74 19.30
Enterprise Value to Operating Cash Flow (EV/OCF)		 21.44 21.24 22.50 23.95 19.08 17.71 20.64 19.31 18.65 15.15 16.44
Enterprise Value to Free Cash Flow (EV/FCFF)		 85.07 27.95 29.85 35.98 29.82 31.38 37.93 30.44 27.27 18.92 20.55
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.59 1.45 1.36 1.34 1.24 1.17 1.31 1.35 1.26 1.08 1.26
Long-Term Debt to Equity		 1.08 1.01 0.97 1.11 1.03 0.92 0.92 0.87 0.76 0.68 1.11
Financial Leverage		 1.49 1.49 1.39 1.39 1.28 1.18 1.20 1.23 1.12 1.00 1.05
Leverage Ratio		 3.61 3.53 3.41 3.36 3.23 3.09 3.11 3.11 3.00 2.82 3.00
Compound Leverage Factor		 3.36 3.21 3.25 3.10 3.04 2.76 2.99 2.66 2.77 2.67 2.63
Debt to Total Capital		 61.32% 59.22% 57.62% 57.28% 55.33% 54.01% 56.72% 57.46% 55.72% 51.97% 55.85%
Short-Term Debt to Total Capital		 19.40% 17.89% 16.68% 10.03% 9.32% 11.50% 16.80% 20.44% 22.13% 19.48% 7.05%
Long-Term Debt to Total Capital		 41.92% 41.33% 40.94% 47.25% 46.01% 42.51% 39.92% 37.02% 33.59% 32.50% 48.79%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 38.68% 40.78% 42.38% 42.72% 44.67% 45.99% 43.28% 42.54% 44.28% 48.03% 44.15%
Debt to EBITDA		 2.04 1.97 1.86 1.92 1.78 1.75 1.81 1.93 1.97 1.65 2.42
Net Debt to EBITDA		 1.91 1.78 1.68 1.75 1.61 1.61 1.63 1.77 1.74 1.41 1.80
Long-Term Debt to EBITDA		 1.40 1.37 1.32 1.59 1.48 1.38 1.27 1.25 1.19 1.03 2.11
Debt to NOPAT		 2.66 2.47 2.37 2.30 2.17 2.19 2.21 2.54 2.55 1.96 2.95
Net Debt to NOPAT		 2.48 2.23 2.13 2.10 1.97 2.01 2.00 2.32 2.25 1.68 2.19
Long-Term Debt to NOPAT		 1.82 1.72 1.68 1.90 1.81 1.73 1.56 1.64 1.54 1.23 2.58
Altman Z-Score		 4.81 5.00 5.59 5.41 4.69 4.39 4.60 4.11 4.32 4.14 3.80
Noncontrolling Interest Sharing Ratio		 0.16% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.79 0.80 0.83 1.06 1.09 0.97 0.97 0.86 0.85 0.96 1.59
Quick Ratio		 0.37 0.36 0.40 0.44 0.54 0.41 0.49 0.34 0.42 0.39 0.79
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -802 405 460 -123 -184 -377 -417 -544 57 460 134
Operating Cash Flow to CapEx		 375.04% 481.32% 428.98% 190.67% 236.47% 340.50% 266.82% 250.17% 543.35% 699.94% 272.58%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 -4.63 0.00 0.00 0.00 1.29 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 12.97 0.00 0.00 0.00 15.69 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 7.49 0.00 0.00 0.00 12.80 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 1.00 0.98 0.99 0.98 0.98 0.98 0.97 0.92 0.89 0.90 0.82
Accounts Receivable Turnover		 11.40 15.07 12.45 15.31 10.85 14.55 11.08 13.68 9.67 13.80 10.31
Inventory Turnover		 5.18 5.48 5.52 4.70 4.85 4.91 5.30 4.23 4.61 4.55 4.75
Fixed Asset Turnover		 4.04 0.00 3.97 3.87 3.86 3.67 3.71 3.45 3.35 3.31 3.18
Accounts Payable Turnover		 7.22 7.12 6.67 6.44 6.14 6.00 6.29 5.60 5.31 5.26 5.24
Days Sales Outstanding (DSO)		 32.02 24.22 29.31 23.84 33.64 25.09 32.93 26.69 37.76 26.46 35.39
Days Inventory Outstanding (DIO)		 70.46 66.63 66.12 77.72 75.26 74.40 68.92 86.23 79.20 80.25 76.86
Days Payable Outstanding (DPO)		 50.58 51.26 54.71 56.64 59.45 60.86 58.00 65.24 68.73 69.44 69.67
Cash Conversion Cycle (CCC)		 51.90 39.59 40.73 44.92 49.45 38.62 43.85 47.68 48.23 37.27 42.58
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 7,642 7,627 7,701 8,203 8,410 8,511 8,973 8,959 8,880 9,086 9,095
Invested Capital Turnover		 1.44 1.38 1.41 1.38 1.39 1.38 1.37 1.28 1.27 1.27 1.19
Increase / (Decrease) in Invested Capital		 1,272 170 159 643 768 884 1,272 756 470 575 122
Enterprise Value (EV)		 48,016 49,452 54,609 54,223 44,509 41,138 44,099 41,866 43,790 38,348 38,792
Market Capitalization		 43,457 45,124 50,367 49,715 40,067 36,726 39,234 36,917 39,114 33,977 34,381
Book Value per Share		 $15.04 $16.09 $16.95 $18.08 $19.40 $20.04 $20.32 $19.83 $20.79 $23.30 $23.15
Tangible Book Value per Share		 ($7.35) ($6.21) ($5.38) ($4.55) ($3.10) ($2.33) ($2.20) ($2.57) ($1.51) $0.67 $0.61
Total Capital		 7,970 8,091 8,161 8,649 8,881 8,913 9,493 9,426 9,495 9,817 10,610
Total Debt		 4,887 4,791 4,703 4,954 4,914 4,814 5,385 5,416 5,290 5,102 5,925
Total Long-Term Debt		 3,341 3,344 3,341 4,086 4,086 3,789 3,790 3,489 3,189 3,190 5,177
Net Debt		 4,559 4,327 4,242 4,508 4,443 4,412 4,865 4,949 4,675 4,371 4,410
Capital Expenditures (CapEx)		 119 159 176 154 218 223 213 130 128 135 146
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 522 347 346 576 610 527 973 909 843 1,011 1,021
Debt-free Net Working Capital (DFNWC)		 850 811 806 1,023 1,082 929 1,493 1,376 1,458 1,742 2,536
Net Working Capital (NWC)		 -696 -637 -555 155 254 -96 -102 -550 -643 -170 1,788
Net Nonoperating Expense (NNE)		 71 178 31 112 66 158 58 31 81 238 32
Net Nonoperating Obligations (NNO)		 4,559 4,327 4,242 4,508 4,443 4,412 4,865 4,949 4,675 4,371 4,410
Total Depreciation and Amortization (D&A)		 94 100 98 102 103 117 108 110 113 124 120
Debt-free, Cash-free Net Working Capital to Revenue		 5.18% 3.33% 3.22% 5.31% 5.47% 4.72% 8.51% 8.26% 7.68% 9.03% 9.49%
Debt-free Net Working Capital to Revenue		 8.42% 7.78% 7.50% 9.42% 9.69% 8.32% 13.07% 12.50% 13.29% 15.55% 23.58%
Net Working Capital to Revenue		 -6.89% -6.11% -5.17% 1.43% 2.28% -0.86% -0.89% -4.99% -5.86% -1.52% 16.62%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $3.82 $3.78 $5.61 $3.91 $4.96 $3.35 $7.64 $1.75 $4.31 $7.72 $2.17
Adjusted Weighted Average Basic Shares Outstanding		 205.08M 204.04M 204.40M 204.47M 204.50M 203.95M 202.23M 202.29M 202.35M 202.41M 202.60M
Adjusted Diluted Earnings per Share		 $3.75 $3.71 $5.51 $3.86 $4.88 $3.31 $7.52 $1.72 $4.25 $7.61 $2.13
Adjusted Weighted Average Diluted Shares Outstanding		 205.08M 204.04M 204.40M 204.47M 204.50M 203.95M 202.23M 202.29M 202.35M 202.41M 202.60M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 205.08M 204.04M 204.40M 204.47M 204.50M 203.95M 202.23M 202.29M 202.35M 202.41M 202.60M
Normalized Net Operating Profit after Tax (NOPAT)		 470 369 619 519 584 325 856 215 551 655 267
Normalized NOPAT Margin		 17.23% 13.90% 20.73% 20.85% 19.28% 12.23% 26.30% 10.38% 18.45% 22.68% 9.52%
Pre Tax Income Margin		 17.34% 13.69% 25.41% 17.65% 21.56% 12.03% 30.32% 11.85% 17.36% 25.04% 11.54%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 17.44 0.00 0.00 0.00 12.71 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 14.69 0.00 0.00 0.00 11.90 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 11.95 0.00 0.00 0.00 9.82 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 9.21 0.00 0.00 0.00 9.02 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 47.14% 47.12% 47.18% 46.24% 44.96% 47.75% 46.10% 55.23% 59.32% 48.84% 65.72%
Augmented Payout Ratio		 69.51% 70.77% 72.23% 61.52% 59.29% 61.98% 71.15% 83.35% 88.59% 71.09% 65.72%

Key Financial Trends

Hershey Co. (NYSE: HSY) has shown stable revenue streams over the last several quarters with some recent fluctuations. The company reported total revenue of approximately $2.81 billion in Q1 2025, a slight decrease from Q4 2024's $2.89 billion. Operating costs remain substantial, with cost of revenue at about $1.86 billion in Q1 2025, leading to a gross profit of approximately $944 million, down from $1.56 billion in Q4 2024.

Net income for Q1 2025 was $224 million, considerably lower than the $797 million reported in Q4 2024, reflecting a challenging start to the year. Diluted earnings per share dropped to $2.13 in Q1 2025 from $7.61 in the previous quarter, signaling pressure on profitability. The company continues to pay healthy dividends, with a declared cash dividend of $2.615 per share in Q1 2025, steady compared to prior quarters.

On the balance sheet, Hershey has increased its total assets to about $13.97 billion in Q1 2025 from $12.95 billion at the end of 2024, primarily driven by increases in current assets like cash and equivalents, which surged to approximately $1.52 billion. Total liabilities also rose to $9.28 billion, reflecting increased debt levels, with long-term debt up significantly to $5.18 billion in Q1 2025 from $3.19 billion in Q4 2024.

Cash flow from operations declined dramatically in Q1 2025 to $397 million from $942 million in Q4 2024, possibly contributing to tighter liquidity management. The company invested about $146.99 million in capital expenditures and spent $271.59 million on dividends. Notably, the firm issued $1.99 billion in debt while repaying $1.17 billion, suggesting active management of its capital structure.

  • Steady dividend payments at $2.615 per share in Q1 2025 signal Hershey's commitment to returning capital to shareholders.
  • Increase in total assets to $13.97 billion in Q1 2025, indicating potential growth or capital improvements.
  • Strong gross profit margins maintained, with Q1 2025 gross profit at $944 million, despite revenue declines.
  • Issuer actively managing debt with significant issuance and repayment in Q1 2025, which can be positive or negative depending on interest costs and usage.
  • Diluted shares outstanding remained stable, indicating no recent dilution.
  • Operating cash flow remains positive but saw a quarter-over-quarter decline from $942 million to $397 million, requiring monitoring.
  • Net income dropped sharply in Q1 2025 to $224 million from $797 million in Q4 2024, signaling profitability pressures.
  • Operating expenses and restructuring costs increased slightly, pressuring operating income which decreased to $369 million in Q1 2025 from $939 million in Q4 2024.
  • Increase in long-term debt to $5.18 billion in Q1 2025, which could heighten financial risk if not supported by earnings growth.
  • Decline in net cash from operating activities in Q1 2025 may impact liquidity and funding for operations or investment.

Overall, Hershey has experienced some financial strains in Q1 2025 compared with the strong performance in Q4 2024, notably in earnings and operating cash flow. The company maintains a solid balance sheet with increasing asset base, but the rise in debt and weakening profitability suggests investors should watch for the company's next steps in managing costs and driving revenue growth.

08/01/25 05:39 PMAI Generated. May Contain Errors.

Frequently Asked Questions About Hershey's Financials

When does Hershey's fiscal year end?

According to the most recent income statement we have on file, Hershey's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Hershey's net income changed over the last 9 years?

Hershey's net income appears to be on an upward trend, with a most recent value of $2.22 billion in 2024, rising from $512.95 million in 2015. The previous period was $1.86 billion in 2023. See Hershey's forecast for analyst expectations on what’s next for the company.

What is Hershey's operating income?
Hershey's total operating income in 2024 was $2.90 billion, based on the following breakdown:
  • Total Gross Profit: $5.30 billion
  • Total Operating Expenses: $2.40 billion
How has Hershey's revenue changed over the last 9 years?

Over the last 9 years, Hershey's total revenue changed from $7.39 billion in 2015 to $11.20 billion in 2024, a change of 51.7%.

How much debt does Hershey have?

Hershey's total liabilities were at $8.23 billion at the end of 2024, a 5.5% increase from 2023, and a 91.6% increase since 2015.

How much cash does Hershey have?

In the past 9 years, Hershey's cash and equivalents has ranged from $296.97 million in 2016 to $1.14 billion in 2020, and is currently $730.75 million as of their latest financial filing in 2024.

How has Hershey's book value per share changed over the last 9 years?

Over the last 9 years, Hershey's book value per share changed from 4.60 in 2015 to 23.30 in 2024, a change of 406.1%.


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This page (NYSE:HSY) was last updated on 8/1/2025 by MarketBeat.com Staff
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