The Hershey Co
HSY—
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The Hershey Co AI Insights
Informational only. Not investment advice.Snapshot
- EPS down 44% YoY with gross profit down 16% TTM - margin compression accelerating despite 11.5B revenue base[EPS Growth 1Y]
- ROE of 31% TTM vs industry median 8.6% - capital efficiency remains exceptional despite earnings decline[Return on Equity]
- Tangible book value negative (-386M) with goodwill at 59% of equity - asset quality concern if impairment needed[Tangible Book Value]
Watch Triggers
- Gross Margin TTM: Recovery above 40% — Signals cocoa cost pass-through success and margin inflection
- EPS Growth 1Y: Turn positive — Would invalidate structural decline thesis and support premium multiple
- Inventory: Decline from 1.7B level — High inventory (15% of revenue) may signal demand weakness or cost hedging
Bull Case
FCF of 1.8B TTM (15% margin) funds 5.48 dividend (7.5% payout yield) with 1.3x debt/equity manageable leverage
Free Cash Flow TTMDividends Paid Per Share TTMDebt to Equity
Operating margin 17% is 3x industry median - brand moat enables pricing power to pass through input costs
Operating Margin TTMROE TTMROIC TTM
Bear Case
EPS declining 9% over 5Y and 14% over 3Y CAGR signals structural erosion, not cyclical trough
EPS Growth 5YEPS Growth 3YEPS Growth 1Y
P/E 24.8x vs industry 17.8x median - premium valuation despite deteriorating fundamentals
P/E RatioP/S RatioGross Profit 1Y Growth
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
40%
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Forward Thesis
Cocoa cost normalization could restore margins to historical levels within 12-18 months
1-3ymed
- Gross margin 37.7% TTM down from historical 45%+ levels
- FCF of 1.8B TTM proves cash generation intact despite margin pressure
- Operating margin 17% still 3x industry median shows pricing power
Gross profit down 16% YoY on cost inflationFCF margin 15.4% remains strongROIC 13.5% vs industry 5% median
Valuation Context
Caveats
Public Strategies Rankings
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HSY Fundamentals
Manufacturing → Food Manufacturing
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$42.0B | — | ||
$46.81B | — | ||
48 | — | ||
$11.69B | +4.4% | — | |
$4.34 | -62.9% | — | |
12.5% | -13.6% | — | |
7.55% | -12.3% | — | |
$1.75B | -9.2% | — | |
18.9% | -31.5% | — | |
Beta 5Y (Monthly) | unknown | — |
HSY Dividend History
105 dividends
2026
$1.452002/17/26$1.4520
2025
$5.480011/17/25$1.3700
08/15/25$1.3700
05/16/25$1.3700
02/14/25$1.3700
2024
$5.480011/18/24$1.3700
08/16/24$1.3700
05/16/24$1.3700
02/16/24$1.3700
2023
$4.456011/16/23$1.1920
08/17/23$1.1920
05/18/23$1.0360
02/16/23$1.0360
2022
$3.874011/17/22$1.0360
08/18/22$1.0360
05/19/22$0.9010
02/17/22$0.9010
2021
$3.410011/18/21$0.9010
08/19/21$0.9010
05/20/21$0.8040
02/18/21$0.8040
2020
$3.154011/19/20$0.8040
08/20/20$0.8040
05/21/20$0.7730
02/20/20$0.7730
2019
$2.990011/21/19$0.7730
08/22/19$0.7730
05/23/19$0.7220
02/21/19$0.7220
2018
$2.756011/20/18$0.7220
08/23/18$0.7220
05/24/18$0.6560
02/22/18$0.6560
2017
$2.548011/21/17$0.6560
08/23/17$0.6560
05/23/17$0.6180
02/22/17$0.6180
2016
$2.402011/21/16$0.6180
08/23/16$0.6180
05/23/16$0.5830
02/23/16$0.5830
2015
$2.236011/23/15$0.5830
08/21/15$0.5830
05/21/15$0.5350
02/23/15$0.5350
2014
$2.040011/21/14$0.5350
08/21/14$0.5350
05/21/14$0.4850
02/21/14$0.4850
2013
$1.810011/21/13$0.4850
08/21/13$0.4850
05/22/13$0.4200
02/21/13$0.4200
2012
$1.560011/20/12$0.4200
08/22/12$0.3800
05/23/12$0.3800
02/22/12$0.3800
2011
$1.380011/22/11$0.3450
08/23/11$0.3450
05/23/11$0.3450
02/23/11$0.3450
2010
$1.280011/22/10$0.3200
08/23/10$0.3200
05/21/10$0.3200
02/23/10$0.3200
2009
$1.190011/23/09$0.2975
08/21/09$0.2975
05/20/09$0.2975
02/23/09$0.2975
2008
$1.190011/21/08$0.2975
08/21/08$0.2975
05/21/08$0.2975
02/21/08$0.2975
2007
$1.135011/19/07$0.2975
08/22/07$0.2975
05/23/07$0.2700
02/21/07$0.2700
2006
$1.030011/20/06$0.2700
08/23/06$0.2700
05/23/06$0.2450
02/22/06$0.2450
2005
$0.930011/22/05$0.2450
08/23/05$0.2450
05/23/05$0.2200
02/23/05$0.2200
2004
$0.835011/22/04$0.2200
08/23/04$0.2200
05/21/04$0.1975
02/23/04$0.1975
2003
$0.722611/21/03$0.1975
08/21/03$0.1975
05/21/03$0.1638
02/21/03$0.1638
2002
$0.630211/20/02$0.1638
08/21/02$0.1638
05/22/02$0.1513
02/21/02$0.1513
2001
$0.582611/20/01$0.1513
08/22/01$0.1513
05/23/01$0.1400
02/21/01$0.1400
2000
$0.540011/20/00$0.1400
08/23/00$0.1400
05/23/00$0.1300
02/23/00$0.1300
HSY Stock Splits
1 stock split
06/16/040.5:1 split
HSY SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
02/17/26 | 12/31/25 | Unknown | |
10/30/25 | 09/28/25 | 10-Q | |
07/30/25 | 06/29/25 | 10-Q | |
05/01/25 | 03/30/25 | 10-Q | |
02/18/25 | 12/31/24 | 10-K | |
11/07/24 | 09/29/24 | 10-Q | |
08/01/24 | 06/30/24 | 10-Q | |
05/03/24 | 03/31/24 | 10-Q | |
02/20/24 | 12/31/23 | 10-K | |
10/26/23 | 10/01/23 | 10-Q | |
07/27/23 | 07/02/23 | 10-Q | |
04/27/23 | 04/02/23 | 10-Q | |
02/17/23 | 12/31/22 | 10-K | |
11/04/22 | 10/02/22 | 10-Q | |
07/28/22 | 07/03/22 | 10-Q | |
04/28/22 | 04/03/22 | 10-Q | |
02/18/22 | 12/31/21 | 10-K | |
10/28/21 | 10/03/21 | 10-Q | |
07/29/21 | 07/04/21 | 10-Q | |
04/29/21 | 04/04/21 | 10-Q | |
02/17/21 | 12/31/20 | 10-K | |
11/06/20 | 09/27/20 | 10-Q | |
07/23/20 | 06/28/20 | 10-Q | |
04/23/20 | 03/29/20 | 10-Q | |
02/20/20 | 12/31/19 | 10-K | |
10/25/19 | 09/29/19 | 10-Q | |
07/25/19 | 06/30/19 | 10-Q | |
04/25/19 | 03/31/19 | 10-Q | |
02/22/19 | 12/31/18 | 10-K | |
10/26/18 | 09/30/18 | 10-Q | |
07/27/18 | 07/01/18 | 10-Q | |
04/26/18 | 04/01/18 | 10-Q | |
02/27/18 | 12/31/17 | 10-K | |
10/27/17 | 10/01/17 | 10-Q | |
07/28/17 | 07/02/17 | 10-Q | |
04/28/17 | 04/02/17 | 10-Q | |
02/21/17 | 12/31/16 | 10-K | |
10/28/16 | 10/02/16 | 10-Q | |
07/28/16 | 07/03/16 | 10-Q | |
04/29/16 | 04/03/16 | 10-Q | |
02/26/16 | 12/31/15 | 10-K | |
10/30/15 | 10/04/15 | 10-Q | |
08/07/15 | 07/05/15 | 10-Q | |
05/01/15 | 04/05/15 | 10-Q | |
02/20/15 | 12/31/14 | 10-K | |
10/31/14 | 09/28/14 | 10-Q | |
08/01/14 | 06/29/14 | 10-Q | |
05/02/14 | 03/30/14 | 10-Q | |
02/21/14 | 12/31/13 | 10-K | |
11/01/13 | 09/29/13 | 10-Q | |
08/07/13 | 06/30/13 | 10-Q | |
05/08/13 | 03/31/13 | 10-Q | |
02/22/13 | 12/31/12 | 10-K | |
11/07/12 | 09/30/12 | 10-Q | |
08/08/12 | 07/01/12 | 10-Q | |
05/09/12 | 04/01/12 | 10-Q | |
02/17/12 | 12/31/11 | 10-K | |
11/04/11 | 10/02/11 | 10-Q | |
08/10/11 | 07/03/11 | 10-Q | |
05/11/11 | 04/03/11 | 10-Q | |
02/18/11 | 12/31/10 | 10-K | |
11/04/11 | 10/03/10 | 10-Q | |
08/10/11 | 07/04/10 | 10-Q | |
05/12/10 | 04/04/10 | 10-Q | |
02/19/10 | 12/31/09 | 10-K | |
11/12/09 | 10/04/09 | 10-Q | |
11/10/10 | 10/04/09 | 10-Q | |
08/11/10 | 07/05/09 | 10-Q | |
08/13/09 | 07/05/09 | 10-Q | |
05/13/09 | 04/05/09 | 10-Q | |
02/20/09 | 12/31/08 | 10-K | |
11/05/08 | 09/30/08 | Unknown | -- |
08/06/08 | 06/30/08 | Unknown | -- |
05/07/08 | 03/31/08 | 8-K | |
02/19/08 | 12/31/07 | 8-K | |
11/07/07 | 09/30/07 | 10-Q | |
08/08/07 | 06/30/07 | Unknown | -- |
05/10/07 | 03/30/07 | Unknown | -- |
02/23/07 | 12/31/06 | 10-K | |
11/08/06 | 09/30/06 | Unknown | -- |
08/09/06 | 06/30/06 | Unknown | -- |
05/10/06 | 03/30/06 | Unknown | -- |
02/28/06 | 12/31/05 | 10-K | |
11/09/05 | 09/30/05 | Unknown | -- |
08/09/05 | 06/30/05 | Unknown | -- |
05/11/05 | 03/30/05 | Unknown | -- |
03/07/05 | 12/31/04 | 10-K | |
11/10/04 | 09/30/04 | Unknown | -- |
08/11/04 | 06/30/04 | Unknown | -- |
03/31/04 | 03/30/04 | Unknown | -- |
03/12/04 | 12/31/03 | 8-K | |
11/05/03 | 09/30/03 | 8-K | |
08/06/03 | 06/30/03 | 8-K | |
03/31/03 | 03/30/03 | Unknown | -- |
12/31/02 | 12/31/02 | Unknown | -- |
11/12/02 | 09/30/02 | Unknown | -- |
08/07/02 | 06/30/02 | 10-Q | |
04/26/02 | 03/30/02 | Unknown | -- |
03/15/02 | 12/31/01 | 10-K405 | |
11/07/01 | 09/30/01 | 10-Q | |
08/08/01 | 06/30/01 | 4 | |
05/10/01 | 03/31/01 | 4 | |
03/15/01 | 12/31/00 | 5 | |
11/09/00 | 09/30/00 | 4 | |
08/09/00 | 06/30/00 | Unknown | -- |
05/10/00 | 03/30/00 | Unknown | -- |