Hershey (HSY) Financials

$155.73 -0.82 (-0.52%)

As of 05/20/2025 03:58 PM Eastern

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

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

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

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

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

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

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

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

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

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

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

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. Find out what analysts predict for Hershey in the coming months.

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 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 5/21/2025 by MarketBeat.com Staff

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Hershey (HSY) Financials

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Hershey (HSY) Financials

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