HSYNYSESugar & Confectionery ProductsFiscal year ends December 31
HERSHEY CO
Financials through Q2 FY2026, quarter ended Jun 28, 2026Last filing: 10-Q on Jul 30, 2026
$167.00−3.83 (-2.24%)
Close on Oct 19, 2026
- Market cap
- –
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
33.5%−11.9 pts over 5 years
Operating margin
12.3%−9.5 pts over 5 years
Net margin
7.6%−8.1 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +4.4% | +3.9% | +7.5% | +4.7% | |
| Gross profit | -26.0% | -4.5% | +1.2% | +1.5% | |
| Operating income | -50.3% | -13.9% | -4.2% | +3.3% | |
| Net income | -60.2% | -18.7% | -7.1% | +5.6% | |
| Free cash flow | -5.3% | +0.3% | +7.7% | +7.3% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 80.7% | 64.4% | 18.9% | |
| Return on assets | 13.2% | 14.8% | 6.6% | |
| Current ratio | 0.95 | 1.57 | 1.19 | |
| Debt to equity | 3.79 | 2.06 | 1.17 | |
| Net debt to EBITDA | 1.72× | 1.66× | 2.30× | |
| Interest coverage | 13.7× | 11.6× | 6.4× | |
| Inventory turnover | 5.7× | 5.0× | 5.8× | |
| Capex to revenue | 3.6% | 5.4% | 3.9% |
Where the cash went
Fiscal 2021 to 2025, five years combined
Hershey generated $11.54B from operations and spent $8.97B on capital expenditure, dividends and share buybacks. 32% of that went back into the business.
Generated
$11.54B
Used
$8.97B
Capital expenditure$2.85B32%Dividends$4.52B50%Share buybacks$1.61B18%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin7.6%
×Asset turnover0.88×
×Equity multiplier2.85×
=Return on equity, FY202518.9%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 7.6% | 0.88× | 2.85× | 18.9% |
| FY2024 | 19.8% | 0.90× | 2.82× | 50.4% |
| FY2023 | 16.7% | 0.98× | 3.09× | 50.3% |
| FY2022 | 15.8% | 0.98× | 3.53× | 54.3% |
| FY2021 | 16.5% | 0.92× | 3.92× | 59.2% |
| FY2020 | 15.7% | 0.94× | 4.35× | 64.4% |
| FY2019 | 14.4% | 1.01× | 5.05× | 73.3% |
| FY2018 | 15.1% | 1.18× | 5.73× | 101.8% |
| FY2017 | 10.4% | 1.36× | 6.51× | 92.1% |
| FY2016 | 9.7% | 1.37× | 6.09× | 80.7% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$883.26M
- Cash generatingOperating cash flow above zero$2.28B
- Return on assets improvedROA up on the prior year18.7% → 6.8%
- Earnings backed by cashOperating cash flow above net income$2.28B vs $883.26M
- Less leverageLong-term debt to assets fell24.6% → 34.1%
- Better liquidityCurrent ratio rose0.96 → 1.19
- No dilutionShare count did not rise– → –
- Gross margin improvedGross margin up on the prior year47.32% → 33.55%
- More efficientAsset turnover rose0.94 → 0.90