HSY
HERSHEY CO
Consumer Staples • CIK: 0000047111
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Market Cap
$19.17B
P/E (TTM)
29.5x
Rev Growth (TTM)
+4.7%
Net Margin (TTM)
11.8%
FCF Yield (TTM)
9.6%
FCF Margin (TTM)
16.0%
Cash Flow Health
Free Cash Flow8/8 positive
TTM$1.8B
Q3 '25
$756M+2687%
Q2 '25
$27M-89%
FCF Margin
TTM16.0%
Q3 '2523.8%+2190%
Sector: 8.5%Top 25%
OCF Margin20.0%
OCF/NI1.69x
CapEx Coverage5.1x
FCF Yield9.6%
FCF Growth (2Y)+2%
Cash Conversion Cycle
37 days
DSO: 28+DIO: 77−DPO: 68
Capital Allocation & Returns
Balanced
Total Shareholder YieldFY
FY2.6%
Div Yield2.6%
Balancing returns with reinvestment
Dividend & Payout Metrics
Dividend Yield (TTM)2.6%
FCF Payout Ratio27.6%
Free Cash Flow (TTM)$1.8B
Stock Repurchases (FY)$0
Capital Return / FCF29.4%
Est. Dividends Paid (TTM)$507.5M
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
18.2%
Volatile
-0.3% YoY-20.8%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
14.6%
8Q: 13.9%
Asset Turnover
0.86x
8Q: 0.90x
Leverage (1+D/E)
–
Asset & CapEx Efficiency
Fixed Asset Turn
3.34x
8Q:3.33x
+5.9%
Invested Cap Turn
1.25x
8Q:1.30x
-19.5%
CapEx Intensity
4.9%
8Q:6.6%
CapEx/Depreciation
0.91x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $11.5B | $3.2B↑21.7% | $2.6B↓6.8% | $2.8B↓2.8% | $2.9B↓3.3% | $3.0B↑44.0% | $2.1B↓36.2% | $3.3B↑22.4% | $2.7B |
Operating Income | $1.9B | $434.6M↑125.4% | $192.8M↓47.8% | $369.2M↓60.7% | $939.1M↑53.2% | $613.2M↑113.0% | $287.8M↓72.8% | $1.1B↑127.9% | $464.3M |
Net Income | $1.4B | $276.3M↑340.6% | $62.7M↓72.0% | $224.2M↓71.9% | $796.6M↑78.5% | $446.3M↑146.7% | $180.9M↓77.3% | $797.5M↑128.5% | $349.0M |
Operating Cash Flow | $2.3B | $841.9M↑650.3% | $112.2M↓71.7% | $396.7M↓57.9% | $941.6M↑35.4% | $695.3M↑113.5% | $325.6M↓42.8% | $569.1M↓24.9% | $757.6M |
Free Cash Flow | $1.8B | $756.0M↑2686.8% | $27.1M↓89.2% | $251.2M↓68.9% | $807.1M↑42.3% | $567.3M↑190.2% | $195.5M↓45.1% | $355.8M↓33.5% | $535.1M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
29.5x
Volatile
8Q: 148.6x+17065%
Multiple expansion without fundamental improvement
Valuation Lenses
Earnings
29.5x
vs – sector
Cash Flow
19.1x
EV/FCF vs –
Growth-Adj
–PEG
N/A
Quality-Adj
1.6P/E per %ROIC
ROIC: 18.2%
Shareholder Returns
Dividend
2.6%
Buyback
–
Total Yield
2.6%
Market Cap$19.17B
EV–
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
71/100
High Quality
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)
–
8Q:–
Return on Invested Capital (ROIC)Top 25%
18.2%
8Q:–
-20.8%
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 14.6%
Asset Turnover: 0.86x
Earnings Quality
Cash Conversion
1.69x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin37.7%
Capital Efficiency
Invested Capital Turnover1.25x
Working Capital
Cash Conversion Cycle37 days
Growth Quality & Momentum
Moderate Growth
Growth Quality Score
56/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
4.7%
OpInc Growth YoY
-29.1%
EPS Growth YoY
-20.2%
FCF 3Y CAGR
2.1%
Margin Quality & Sustainability
Low Quality
Profitability Cascade
Gross
37.7%
Operating
16.8%
Above Avg in sector
Net
11.8%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+4.2 pts
FCF: 16.0% | Net: 11.8%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Net Debt / EBITDA
–Net Debt: $4.23B
Interest Coverage
–
Leverage Metrics
Debt-to-Equity
–x
Balance sheet risk & solvency analysis