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Hershey (HSY)

Market Price (6/8/2026): $184.57 | Market Cap: $37.5 BilInvestor Relations Sector: Consumer Staples | Industry: Packaged Foods & Meats

Hershey (HSY)

Market Price (6/8/2026): $184.57
Market Cap: $37.5 Bil
Sector: Consumer Staples
Industry: Packaged Foods & Meats

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.9%, Dividend Yield is 2.9%

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 11%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 20%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 15%, CFO LTM is 2.3 Bil

Low stock price volatility
Vol 12M is 27%

Megatrend and thematic drivers
Megatrends include Health & Wellness Trends, E-commerce & DTC Adoption, and Sustainable Consumption. Themes include Organic & Natural Products, Show more.

Weak multi-year price returns
2Y Excs Rtn is -41%, 3Y Excs Rtn is -100%

Short seller report
Grizzly Reports report on 10/23/2024.

Key risks
HSY key risks include [1] eroding profitability and increased leverage from volatile cocoa prices and [2] reputational damage from product safety litigation, Show more.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.9%, Dividend Yield is 2.9%
1 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 11%
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 20%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 15%, CFO LTM is 2.3 Bil
3 Low stock price volatility
Vol 12M is 27%
4 Megatrend and thematic drivers
Megatrends include Health & Wellness Trends, E-commerce & DTC Adoption, and Sustainable Consumption. Themes include Organic & Natural Products, Show more.
5 Weak multi-year price returns
2Y Excs Rtn is -41%, 3Y Excs Rtn is -100%
6 Short seller report
Grizzly Reports report on 10/23/2024.
7 Key risks
HSY key risks include [1] eroding profitability and increased leverage from volatile cocoa prices and [2] reputational damage from product safety litigation, Show more.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 6/1/2026

Hershey (HSY) stock has lost about 20% since 2/28/2026 because of the following key factors:

1. Lingering Impact of High Commodity Costs on Profitability. Hershey experienced pressure on its profitability due to elevated commodity and tariff-related costs, particularly from cocoa, despite previously implementing price increases. The company's adjusted gross margin declined by 80 basis points to 40.4% in the first quarter of 2026 compared to the prior year. This followed a significant 59.9% drop in Q4 2025 net income, where soaring cocoa and tariff costs largely overwhelmed earlier price increases. While cocoa prices began to fall later in the specified period, large manufacturers like Hershey are often locked into older, higher-priced contracts, delaying the full benefit of market price reductions.

2. Decreased Sales Volume due to Price Elasticity. To counteract rising input costs, Hershey implemented price increases across its product portfolio. However, these higher prices led to a decline in sales volume, indicating consumer price sensitivity. In Q1 2026, the volume in the North America Confectionery segment fell approximately 4 points, contributing to an overall volume decline of about 2 points for the company.

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Stock Movement Drivers

Fundamental Drivers

The -21.3% change in HSY stock from 2/28/2026 to 6/7/2026 was primarily driven by a -36.4% change in the company's P/E Multiple.
(LTM values as of)22820266072026Change
Stock Price ($)234.48184.58-21.3%
Change Contribution By: 
Total Revenues ($ Mil)11,69311,9912.6%
Net Income Margin (%)7.6%9.1%20.8%
P/E Multiple53.934.3-36.4%
Shares Outstanding (Mil)203203-0.1%
Cumulative Contribution-21.3%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 6/7/2026
ReturnCorrelation
HSY-21.3% 
Market (SPY)7.8%-0.6%
Sector (XLP)-6.8%60.4%

Fundamental Drivers

The -0.5% change in HSY stock from 11/30/2025 to 6/7/2026 was primarily driven by a -22.9% change in the company's Net Income Margin (%).
(LTM values as of)113020256072026Change
Stock Price ($)185.43184.58-0.5%
Change Contribution By: 
Total Revenues ($ Mil)11,48911,9914.4%
Net Income Margin (%)11.8%9.1%-22.9%
P/E Multiple27.734.323.9%
Shares Outstanding (Mil)203203-0.1%
Cumulative Contribution-0.5%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 6/7/2026
ReturnCorrelation
HSY-0.5% 
Market (SPY)8.5%-8.0%
Sector (XLP)6.6%54.2%

Fundamental Drivers

The 18.3% change in HSY stock from 5/31/2025 to 6/7/2026 was primarily driven by a 78.6% change in the company's P/E Multiple.
(LTM values as of)53120256072026Change
Stock Price ($)156.02184.5818.3%
Change Contribution By: 
Total Revenues ($ Mil)10,75511,99111.5%
Net Income Margin (%)15.3%9.1%-40.5%
P/E Multiple19.234.378.6%
Shares Outstanding (Mil)203203-0.3%
Cumulative Contribution18.3%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2025 to 6/7/2026
ReturnCorrelation
HSY18.3% 
Market (SPY)26.6%-1.2%
Sector (XLP)3.5%50.0%

Fundamental Drivers

The -22.9% change in HSY stock from 5/31/2023 to 6/7/2026 was primarily driven by a -42.3% change in the company's Net Income Margin (%).
(LTM values as of)53120236072026Change
Stock Price ($)239.55184.58-22.9%
Change Contribution By: 
Total Revenues ($ Mil)10,74111,99111.6%
Net Income Margin (%)15.8%9.1%-42.3%
P/E Multiple28.934.318.7%
Shares Outstanding (Mil)2052030.8%
Cumulative Contribution-22.9%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2023 to 6/7/2026
ReturnCorrelation
HSY-22.9% 
Market (SPY)83.4%6.1%
Sector (XLP)24.6%52.3%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
HSY Return30%22%-18%-7%11%2%36%
Peers Return18%18%-10%-7%-7%-1%7%
S&P 500 Return27%-19%24%23%16%11%102%

Monthly Win Rates [3]
HSY Win Rate75%58%33%33%42%50% 
Peers Win Rate53%58%42%43%45%50% 
S&P 500 Win Rate75%42%67%75%67%67% 

Max Drawdowns [4]
HSY Max Drawdown-7%-12%-34%-18%-18%-23% 
Peers Max Drawdown-18%-17%-29%-19%-23%-20% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

[1] Cumulative total returns since the beginning of 2021
[2] Peers: MDLZ, TR, GIS, KHC, SJM. See HSY Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/5/2026 (YTD)

How Low Can It Go

EventHSYS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-24.1%-9.5%
  % Gain to Breakeven31.8%10.5%
  Time to Breakeven833 days24 days
2020 COVID-19 Crash
  % Loss-30.2%-33.7%
  % Gain to Breakeven43.3%50.9%
  Time to Breakeven364 days140 days
2008-2009 Global Financial Crisis
  % Loss-19.1%-53.4%
  % Gain to Breakeven23.7%114.4%
  Time to Breakeven127 days1085 days
Summer 2007 Credit Crunch
  % Loss-13.1%-8.6%
  % Gain to Breakeven15.1%9.5%
  Time to Breakeven980 days47 days

Compare to MDLZ, TR, GIS, KHC, SJM

In The Past

Hershey's stock fell -6.9% during the 2025 US Tariff Shock. Such a loss loss requires a 7.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventHSYS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-24.1%-9.5%
  % Gain to Breakeven31.8%10.5%
  Time to Breakeven833 days24 days
2020 COVID-19 Crash
  % Loss-30.2%-33.7%
  % Gain to Breakeven43.3%50.9%
  Time to Breakeven364 days140 days

Compare to MDLZ, TR, GIS, KHC, SJM

In The Past

Hershey's stock fell -6.9% during the 2025 US Tariff Shock. Such a loss loss requires a 7.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Hershey (HSY)

The Hershey Company, together with its subsidiaries, engages in the manufacture and sale of confectionery products and pantry items in the United States and internationally. The company operates through three segments: North America Confectionery, North America Salty Snacks, and International. It offers chocolate and non-chocolate confectionery products; gum and mint refreshment products, including mints, chewing gums, and bubble gums; pantry items, such as baking ingredients, toppings, beverages, and sundae syrups; and snack items comprising spreads, meat snacks, bars and snack bites, mixes, popcorn, and protein bars. The company provides its products primarily under the Hershey's, Reese's, Kisses, Jolly Rancher, Almond Joy, Brookside, barkTHINS, Cadbury, Good & Plenty, Heath, Kit Kat, Payday, Rolo, Twizzlers, Whoppers, York, Ice Breakers, Breath Savers, Bubble Yum, Lily's, SkinnyPop, Pirates Booty, Paqui, Dot's Homestyle Pretzels, and ONE Bar brands, as well as under the Pelon Pelo Rico, IO-IO, and Sofit brands. It markets and sells its products to wholesale distributors, chain grocery stores, mass merchandisers, chain drug stores, vending companies, wholesale clubs, convenience stores, dollar stores, concessionaires, and department stores. The company was founded in 1894 and is headquartered in Hershey, Pennsylvania.

AI Analysis | Feedback

  • The Coca-Cola of chocolate and candy.
  • Like PepsiCo's Frito-Lay, but for both sweet and savory snacks.

AI Analysis | Feedback

  • Confectionery Products: This category includes a wide range of chocolate and non-chocolate candies, as well as gum and mint refreshment products.
  • Pantry Items: Hershey offers various baking ingredients, dessert toppings, beverages, and sundae syrups for home use.
  • Snack Items: The company provides a diverse selection of snacks, such as spreads, meat snacks, bars, mixes, popcorn, and protein bars.

AI Analysis | Feedback

The Hershey Company (HSY) primarily sells its products to other companies rather than directly to individuals. Its major customers are large retailers and distributors that then sell to consumers. Based on the company's description, key types of customers include:

  • Walmart Inc. (WMT) - A leading mass merchandiser and grocery retailer.
  • Target Corporation (TGT) - Another major mass merchandiser and general merchandise retailer.
  • The Kroger Co. (KR) - One of the largest grocery retailers in the United States.
  • CVS Health Corporation (CVS) - A prominent chain drug store operator.
  • Costco Wholesale Corporation (COST) - A major wholesale club.
  • Dollar General Corporation (DG) - A leading dollar store chain.

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Barry Callebaut (BARN.SW)

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Kirk Tanner
President and Chief Executive Officer

Kirk Tanner joined The Hershey Company as President and CEO in August 2025. He brings over 30 years of experience in the food and beverage industry, driving strategic growth for iconic brands. Before joining Hershey, Tanner served as President and Chief Executive Officer of Wendy's. Prior to Wendy's, he spent three decades at PepsiCo, Inc., where he was Chief Executive Officer of PepsiCo Beverages North America, overseeing a $25 billion business that included brands such as Gatorade, Mountain Dew, and Celsius. His career at PepsiCo encompassed numerous leadership roles across various sectors and regions, including President and Chief Operating Officer, North America Beverages, and President, Global Foodservice. Tanner holds a bachelor's degree in accounting from the University of Utah.

Steve Voskuil
Senior Vice President, Chief Financial Officer

Steve Voskuil joined Hershey in May 2019 and oversees the company's global finance organization, including financial planning and analysis, accounting and reporting, tax, treasury, internal audit, and investor relations. Before his tenure at Hershey, Voskuil was the Chief Financial Officer at Avanos Medical, a global medical device company, a position he held since 2014. Avanos Medical was previously Halyard Health, Inc., where Voskuil served as Senior Vice President and Chief Financial Officer for four years and led its successful spinoff from Kimberly-Clark. This experience involved a significant corporate transaction. He also spent over two decades as a finance executive at Kimberly-Clark, gaining extensive experience in mergers and acquisitions. Voskuil earned a bachelor's degree from the University of Wisconsin, Madison, and a Master of Science in management from Stanford Graduate School of Business.

Rohit Grover
President, International

Rohit Grover is responsible for leading Hershey's international business, including its scale markets, focused emerging markets, and export priorities. Grover has held various senior management roles within The Hershey Company since joining in 1999. Most recently, he served as Vice President and General Manager, Greater China, where he was instrumental in a major turnaround and restructuring of that business. His previous roles include General Manager of Hershey Canada and General Manager of Southeast Asia, and he also spearheaded Hershey's entry into the Middle East region. Grover began his career in marketing at Colgate Palmolive and MTV in India. He holds a Master of Business Administration in Finance and Marketing from the University of Miami and has attended executive programs at the University of Chicago and Harvard Business School.

Jason Reiman
Senior Vice President, Chief Supply Chain Officer

Jason Reiman oversees all global supply chain-related strategies and activities for Hershey, encompassing procurement, manufacturing, quality and regulatory, engineering, logistics, supply chain planning, and network strategy and optimization. A veteran of Hershey for over 20 years, Reiman has held senior executive roles leading all aspects of the supply chain across the company's U.S. and international businesses. Before joining Hershey in 1996, he worked as a supply chain consultant with Manugistics, Inc. Reiman holds a bachelor's degree in business logistics from Penn State University. He serves on the board of directors of the World Cocoa Foundation.

Andrew Archambault
President, U.S. Confection

Andrew Archambault serves as President of Hershey's U.S. Confection business, where he is responsible for leading brand and commercial strategies and execution, P&L oversight, and building the future portfolio to advance the company's vision. He brings nearly three decades of experience leading iconic consumer brands, with deep expertise in business transformation, team development, and customer relationships.

AI Analysis | Feedback

The Hershey Company (HSY) faces several key risks to its business operations and financial performance.

The most significant risk is the volatility and elevated cost of key commodities, particularly cocoa. Sky-high cocoa prices have led to a substantial increase in production costs, pressuring operating margins and significantly impacting net income. This commodity inflation is considered a "structural cost shock" that is projected to contract the company's adjusted gross profit margin by a massive 650 to 700 basis points and contribute to a mid-30% range decline in adjusted earnings per share for the full year 2025.

Another crucial risk is the stagnation of sales volumes and evolving consumer preferences. While The Hershey Company has implemented price increases to offset higher costs, its revenue growth has primarily been driven by these price hikes rather than an increase in the quantity of products sold. Sales volumes have reportedly shrunk, and the company faces "growth headwinds" and "top-line stagnation risk." Additionally, a shift in consumer preferences towards healthier options presents a challenge for the traditional confectionery business.

Finally, the company operates in highly competitive markets, which poses a continuous risk to maintaining demand and market share. The competitive landscape means The Hershey Company must consistently offer products that appeal to consumers, and there is a risk that market demand for both new and existing products could decline.

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The emergence of lab-grown cocoa and chocolate alternatives, presenting a potential fundamental disruption to traditional cocoa sourcing and chocolate manufacturing.

AI Analysis | Feedback

The Hershey Company (HSY) operates within several large addressable markets, primarily in North America. Below are the estimated market sizes for its main products and services:

Addressable Markets for The Hershey Company (HSY)

  • Confectionery Products (Chocolate and Non-Chocolate)
    • The global confectionery market size was estimated at USD 284.23 billion in 2025.
    • In North America, the confectionery market was valued at USD 74.55 billion in 2025 and is projected to reach USD 101.8 billion by 2030.
    • In the United States, total confectionery sales (including chocolate, non-chocolate candy, and gum) reached USD 55 billion in 2025.
      • Within the U.S. confectionery market, chocolate sales accounted for USD 28.4 billion in 2025.
      • Non-chocolate candy sales in the U.S. were USD 22.5 billion in 2025.
  • Gum and Mint Refreshment Products
    • In the United States, gum sales accounted for USD 4.1 billion in 2025.
  • Pantry Items (e.g., Baking Ingredients, Spreads, Syrups)
    • The U.S. baking ingredients market is projected to reach USD 5,491.4 million (approximately USD 5.49 billion) in 2025, growing to USD 17,991.6 million by 2035.
    • The demand for sweet spreads in the USA is projected to be USD 5.9 billion in 2025.
  • Snack Items (e.g., Meat Snacks, Bars, Popcorn)
    • The U.S. salty snacks market sales are forecasted to reach USD 31.6 billion in 2026.
    • The U.S. meat snacks market size reached USD 4.55 billion in 2025 and is anticipated to grow to USD 8.46 billion by 2035.
    • The North America snack bar market size reached USD 14.85 billion in 2025 and is projected to grow to approximately USD 32.66 billion by 2035.

AI Analysis | Feedback

The Hershey Company (HSY) is expected to drive future revenue growth over the next 2-3 years through several key strategies: * Strategic Price Increases: Hershey has been implementing price increases across its portfolio to offset higher commodity costs, particularly for cocoa and sugar. These pricing actions are a key lever in managing the business and are expected to continue contributing to net sales growth. * Product Innovation and Portfolio Expansion: The company is focused on accelerating innovation and launching new products. Recent successes, such as Reese's Caramel, have driven market share gains and strong sales. This focus on innovation is a significant part of their strategy to meet consumer demands and drive growth within its confectionery and pantry items. * Growth in the North America Salty Snacks Segment: Hershey's North America Salty Snacks segment has demonstrated robust performance, contributing significantly to overall revenue growth. This growth is fueled by a combination of organic price increases, volume/mix improvements, and strategic acquisitions in the snack category. * International Market Performance and Expansion: The company's International segment continues to be a contributor to revenue. Despite some specific market adjustments, the segment has shown mid-single-digit net sales increases in regions like Europe, AMEA, and India, indicating ongoing opportunities for expansion and growth outside North America.

AI Analysis | Feedback

Share Repurchases

  • A $500 million share repurchase authorization approved in May 2021 was completed by March 31, 2024.
  • An additional $500 million share repurchase authorization was approved in December 2023, which commenced after the completion of the earlier program.
  • Significant quarterly repurchases include $493.86 million in Q1 2024 and $25.05 million in Q4 2023.

Share Issuance

  • Hershey's shares outstanding experienced slight declines, with a 0.05% decrease in 2025, a 1% decrease in 2024, and a 0.5% decrease in 2023, indicating that share repurchases have generally outweighed any new issuances.

Outbound Investments

  • In April 2025, Hershey acquired LesserEvil, an organic snack manufacturer, for $750 million to expand its snacking portfolio.
  • Hershey acquired Sour Strips in November 2024 for an undisclosed amount.
  • In November 2021, the company acquired Dot's Homestyle Pretzels and its co-packer, Pretzel Inc., for $1.2 billion, significantly bolstering its salty snacks segment.

Capital Expenditures

  • Capital expenditures were $771.1 million in 2023 and $605.9 million in 2024.
  • Projected capital expenditures are between $425 million and $450 million for 2025, and $425 million to $475 million for 2026.
  • These expenditures are primarily focused on expanding core confection capacity, enhancing digital infrastructure, including a new enterprise resource planning (ERP) system, and the Advancing Agility & Automation Initiative to improve supply chain efficiency.

Better Bets vs. Hershey (HSY)

Latest Trefis Analyses

TitleDate
0DASHBOARDS 
1Hershey Stock Plummets 7.6% With 6-Day Losing Streak06/05/2026
2Cal-Maine Foods or Hershey: Which Stock Has More Upside?03/03/2026
3HSY Stock Surges 22% With A 6-day Spree On Record Earnings Beat02/07/2026
4Is Hershey Stock Built to Withstand a Pullback?02/06/2026
5HSY Stock Surges 12% With A 7-day Winning Spree On Analyst Upgrades01/16/2026
6HSY Stock Surges 8.9% With A 5-day Winning Spree On Analyst Upgrades01/14/2026
7Hershey Earnings Notes12/23/2025
8Hershey vs Keurig Dr Pepper: Which Is A Better Investment?08/18/2025
9Hershey vs Cal-Maine Foods: Which Is A Better Investment?08/18/2025
10ARTICLES 
11Hershey Stock Plummets -7.6% With 6-Day Losing Streak06/05/2026
12HSY Stock Surges 22% With A 6-day Winning Spree On Q4 Earnings Beat02/07/2026
13With Hershey Stock Surging, Have You Considered The Downside?02/06/2026
14S&P 500 Stocks Trading At 52-Week High02/05/2026
15Hershey vs Cal-Maine Foods: Which Stock Could Rally?11/04/2025
Title
0DASHBOARDS
1Hershey Stock Plummets 7.6% With 6-Day Losing Streak
2Cal-Maine Foods or Hershey: Which Stock Has More Upside?
3HSY Stock Surges 22% With A 6-day Spree On Record Earnings Beat
4Is Hershey Stock Built to Withstand a Pullback?
5HSY Stock Surges 12% With A 7-day Winning Spree On Analyst Upgrades
6HSY Stock Surges 8.9% With A 5-day Winning Spree On Analyst Upgrades
7Hershey Earnings Notes
8Hershey vs Keurig Dr Pepper: Which Is A Better Investment?
9Hershey vs Cal-Maine Foods: Which Is A Better Investment?
10ARTICLES
11Hershey Stock Plummets -7.6% With 6-Day Losing Streak
12HSY Stock Surges 22% With A 6-day Winning Spree On Q4 Earnings Beat
13With Hershey Stock Surging, Have You Considered The Downside?
14S&P 500 Stocks Trading At 52-Week High
15Hershey vs Cal-Maine Foods: Which Stock Could Rally?

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Financials

HSYMDLZTRGISKHCSJMMedian
NameHershey Mondelez.Tootsie .General .Kraft He.JM Smuck. 
Mkt Price184.5862.0438.3933.1522.58103.5450.22
Mkt Cap37.579.62.917.826.811.022.3
Rev LTM11,99139,30473618,37124,9908,92715,181
Op Inc LTM1,7233,7981012,6724,5991,2822,197
FCF LTM1,8522,575991,6503,9459711,751
FCF 3Y Avg1,6673,2051002,1643,3978101,916
CFO LTM2,3493,8891392,2264,7481,2882,288
CFO 3Y Avg2,2824,4941282,8624,3811,2592,572

Growth & Margins

HSYMDLZTRGISKHCSJMMedian
NameHershey Mondelez.Tootsie .General .Kraft He.JM Smuck. 
Rev Chg LTM11.5%7.8%2.4%-6.5%-1.7%1.6%2.0%
Rev Chg 3Y Avg4.0%6.2%1.4%-2.7%-2.5%2.4%1.9%
Rev Chg Q10.6%8.2%2.1%-8.4%0.8%7.0%4.5%
QoQ Delta Rev Chg LTM2.6%2.0%0.4%-2.2%0.2%1.7%1.1%
Op Inc Chg LTM-23.6%-16.9%-10.1%-25.7%-12.3%-24.5%-20.3%
Op Inc Chg 3Y Avg-7.7%5.7%-0.1%-3.7%-0.1%8.5%-0.1%
Op Mgn LTM14.4%9.7%13.7%14.5%18.4%14.4%14.4%
Op Mgn 3Y Avg20.0%13.7%14.2%17.0%19.7%16.9%17.0%
QoQ Delta Op Mgn LTM1.9%0.3%-0.0%-1.0%-0.2%-0.8%-0.1%
CFO/Rev LTM19.6%9.9%18.8%12.1%19.0%14.4%16.6%
CFO/Rev 3Y Avg20.1%12.1%17.3%14.7%17.1%14.6%15.9%
FCF/Rev LTM15.4%6.6%13.4%9.0%15.8%10.9%12.2%
FCF/Rev 3Y Avg14.7%8.6%13.6%11.1%13.3%9.3%12.2%

Valuation

HSYMDLZTRGISKHCSJMMedian
NameHershey Mondelez.Tootsie .General .Kraft He.JM Smuck. 
Mkt Cap37.579.62.917.826.811.022.3
P/S3.12.03.91.01.11.21.6
P/Op Inc21.821.028.56.75.88.614.8
P/EBIT21.920.720.97.1-5.9-15.813.9
P/E34.330.528.98.0-4.6-8.818.5
P/CFO16.020.520.88.05.68.612.3
Total Yield5.9%6.4%4.4%19.9%-14.4%-7.2%5.1%
Dividend Yield2.9%3.2%0.9%7.4%7.1%4.2%3.7%
FCF Yield 3Y Avg4.3%3.7%3.8%7.2%10.1%7.0%5.7%
D/E0.20.30.00.80.80.70.5
Net D/E0.10.3-0.10.70.60.70.4

Returns

HSYMDLZTRGISKHCSJMMedian
NameHershey Mondelez.Tootsie .General .Kraft He.JM Smuck. 
1M Rtn0.0%0.8%-9.7%-4.4%-4.1%5.5%-2.0%
3M Rtn-17.3%7.2%-8.5%-23.9%-6.3%-5.9%-7.4%
6M Rtn2.7%15.0%5.7%-25.6%-4.0%5.6%4.2%
12M Rtn17.5%-3.1%15.2%-36.0%-9.9%-2.7%-2.9%
3Y Rtn-21.6%-7.7%11.1%-54.4%-28.5%-23.1%-22.3%
1M Excs Rtn-0.5%0.0%-8.5%-5.7%-0.6%7.9%-0.5%
3M Excs Rtn-26.9%-2.4%-18.1%-33.4%-15.9%-15.4%-17.0%
6M Excs Rtn-4.1%4.9%-2.0%-33.8%-14.4%-2.4%-3.3%
12M Excs Rtn-5.9%-27.5%-9.9%-59.5%-33.4%-27.4%-27.4%
3Y Excs Rtn-99.6%-84.8%-65.8%-131.9%-106.4%-97.4%-98.5%

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
North America Confectionery9,1199,1238,5367,6827,085
North America Salty Snacks1,1361,0931,029555438
International948949853733627
Total11,20211,16510,4198,9718,150


Operating Income by Segment
$ Mil20252024202320222021
North America Confectionery2,9463,1172,8112,4762,275
Unallocated mark-to-market losses on commodity derivatives460-59-7824-6
North America Salty Snacks19915816010176
International11214810874-0
Costs associated with business realignment activities-118-3-4-17-32
Unallocated corporate expense-701-800-736-615-521
Long-lived and intangible asset impairment charges    -9
Total2,8982,5612,2612,0441,783


Price Behavior

Price Behavior
Market Price$184.58 
Market Cap ($ Bil)37.5 
First Trading Date07/01/1985 
Distance from 52W High-21.3% 
   50 Days200 Days
DMA Price$192.74$191.45
DMA Trendupdown
Distance from DMA-4.2%-3.6%
 3M1YR
Volatility26.3%27.1%
Downside Capture17.40-14.32
Upside Capture-58.578.90
Correlation (SPY)0.7%-0.3%
HSY Betas & Captures as of 5/31/2026

 1M2M3M6M1Y3Y
Beta-0.33-0.180.07-0.13-0.010.11
Up Beta-0.130.15-0.20-0.03-0.220.12
Down Beta3.061.520.860.200.140.07
Up Capture-23%-45%-35%-14%11%1%
Bmk +ve Days13283667141432
Stock +ve Days10192560129372
Down Capture-266%-94%45%-49%-19%35%
Bmk -ve Days7132757109318
Stock -ve Days10223864121379

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with HSY
HSY17.8%27.2%0.58-
Sector ETF (XLP)4.3%12.8%0.0649.9%
Equity (SPY)25.3%12.1%1.57-1.3%
Gold (GLD)27.6%26.9%0.883.4%
Commodities (DBC)36.9%19.0%1.52-9.8%
Real Estate (VNQ)12.5%13.3%0.6325.2%
Bitcoin (BTCUSD)-42.0%42.5%-1.16-11.9%

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Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with HSY
HSY3.7%22.6%0.11-
Sector ETF (XLP)6.1%13.3%0.2457.2%
Equity (SPY)13.5%17.1%0.6215.9%
Gold (GLD)17.3%18.1%0.784.7%
Commodities (DBC)9.5%19.4%0.38-0.5%
Real Estate (VNQ)3.2%18.8%0.0728.9%
Bitcoin (BTCUSD)11.3%54.6%0.40-1.5%

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Based On 10-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with HSY
HSY9.7%23.4%0.40-
Sector ETF (XLP)7.5%14.7%0.3861.5%
Equity (SPY)15.3%17.9%0.7333.9%
Gold (GLD)13.0%16.0%0.678.8%
Commodities (DBC)7.1%18.0%0.327.0%
Real Estate (VNQ)5.6%20.7%0.2443.5%
Bitcoin (BTCUSD)63.3%66.9%1.036.1%

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Short Interest

Short Interest: As Of Date5152026
Short Interest: Shares Quantity10.5 Mil
Short Interest: % Change Since 430202617.5%
Average Daily Volume2.0 Mil
Days-to-Cover Short Interest5.3 days
Basic Shares Quantity203.2 Mil
Short % of Basic Shares5.2%

Returns Analyses

Earnings Returns History

Updated 6/3/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
3/31/2026-2.7%-3.1%-11.4%
2/5/20269.0%12.2%10.0%
10/30/2025-2.4%-3.1%6.4%
7/30/20251.4%1.5%-1.7%
5/1/2025-0.0%0.9%-3.1%
2/6/20254.4%8.3%27.9%
11/7/2024-2.2%4.3%-0.4%
8/1/20241.1%1.2%-2.2%
...
SUMMARY STATS   
# Positive161713
# Negative8711
Median Positive3.0%4.2%6.4%
Median Negative-2.3%-3.0%-1.7%
Max Positive9.0%12.2%27.9%
Max Negative-2.9%-3.4%-11.4%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202604/30/202610-Q
12/31/202502/17/202610-K
09/30/202510/30/202510-Q
06/30/202507/30/202510-Q
03/31/202505/01/202510-Q
12/31/202402/18/202510-K
09/30/202411/07/202410-Q
06/30/202408/01/202410-Q
03/31/202405/03/202410-Q
12/31/202302/20/202410-K
09/30/202310/26/202310-Q
06/30/202307/27/202310-Q
03/31/202304/27/202310-Q
12/31/202202/17/202310-K
09/30/202211/04/202210-Q
06/30/202207/28/202210-Q

Recent Forward Guidance

Updated 5/31/2026

Latest: Q1 2026 Earnings Reported 3/31/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Net sales growth4.0%4.5%5.0%00AffirmedGuidance: 4.5% for 2026
2026 Organic net sales growth2.5%3.0%3.5%  Higher New
2026 Reported earnings per share growth79.0%84.0%89.0%00AffirmedGuidance: 84.0% for 2026
2026 Adjusted earnings per share growth30.0%32.5%35.0%00AffirmedGuidance: 32.5% for 2026
2026 Reported EPS7.777.988.190 AffirmedGuidance: 7.98 for 2026
2026 Adjusted EPS8.28.368.520 AffirmedGuidance: 8.36 for 2026
2026 Effective tax rate25.0%26.0%27.0%00AffirmedGuidance: 26.0% for 2026
2026 Other expense 15.00 Mil 0 AffirmedGuidance: 15.00 Mil for 2026
2026 Interest expense200.00 Mil205.00 Mil210.00 Mil0 AffirmedGuidance: 205.00 Mil for 2026
2026 Capital expenditures425.00 Mil450.00 Mil475.00 Mil0 AffirmedGuidance: 450.00 Mil for 2026
2026 Advancing Agility & Automation Initiative savings 100.00 Mil 0 AffirmedGuidance: 100.00 Mil for 2026

Prior: Q4 2025 Earnings Reported 2/5/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Net sales growth4.0%4.5%5.0%50.0%1.5%Higher NewActual: 3.0% for 2025
2026 Reported EPS7.777.988.1942.5% Higher NewActual: 5.6 for 2025
2026 Adjusted EPS8.28.368.5240.5% Higher NewActual: 5.95 for 2025
2026 Capital expenditures425.00 Mil450.00 Mil475.00 Mil5.9% Higher NewActual: 425.00 Mil for 2025
2026 Interest expense200.00 Mil205.00 Mil210.00 Mil5.1% Higher NewActual: 195.00 Mil for 2025
2026 Reported earnings per share growth79.0%84.0%89.0%-271.4%133.0%Higher NewActual: -49.0% for 2025
2026 Adjusted earnings per share growth30.0%32.5%35.0%-189.0%69.0%Higher NewActual: -36.5% for 2025
2026 Effective tax rate25.0%26.0%27.0%   
2026 Other expense 15.00 Mil    
2026 Advancing Agility & Automation Initiative savings 100.00 Mil    

Insider Activity

Updated 6/3/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Hershey, Trust CO Trustee IN Trust For Milton Hershey SchoolDirectSell6032026184.7310,0001,847,300278,225,389Form
2Hershey, Trust CO Trustee IN Trust For Milton Hershey SchoolDirectSell6032026184.2710,0001,842,663279,369,588Form
3Hershey, Trust CO Trustee IN Trust For Milton Hershey SchoolDirectSell6032026186.0610,0001,860,629283,954,102Form
4Hershey, Trust CO Trustee IN Trust For Milton Hershey SchoolDirectSell6012026194.4110,0001,944,132298,641,882Form
5Hershey, Trust CO Trustee IN Trust For Milton Hershey SchoolDirectSell6012026197.0810,0001,970,766304,703,849Form

Industry Resources

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Core Cache Last Updated: 6/7/2026