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Hershey Co.
HSYConsumer StaplesGenerated Jul 5, 2026, 08:13 PM UTC
HSY (Hershey Co.) analytical snapshot. Return on equity 56.43%, ROA 14.38%, ROIC 77.61%. Net income up ▲ +13.2% YoY. Debt/equity 1.12, current ratio 1.24, net debt $4.82B. Market cap $40.76B at $182.14 per share. EV/Operating income ≈ 17.80 (EV $45.59B). FCF DCF intrinsic value ≈ $119.30 → implied downside +34.5%. Risk: Elevated. Macro: Risk-on · Supportive. Composite analytical score -26 (data confidence 81%). Descriptive analytics from public filings — not investment advice.
Market cap
$40.76B
223.81M shares
Price
$182.14
NYQ
P/E (ttm)
—
Revenue (FY)
—
Net margin
—
Free cash flow
$1.55B
Risk level
Elevated
Free SEC analysis
— computed from SEC filings, free to readFree previewFundamentals Analyst
Fundamentals
Fundamentals Analyst
score 15Stable
80% conf
Return on equity 56.43%, ROA 14.38%, ROIC 77.61%. Net income up ▲ +13.2% YoY. Debt/equity 1.12, current ratio 1.24, net debt $4.82B.
- Return on equity 56.43%, ROA 14.38%, ROIC 77.61%.
- Net income up ▲ +13.2% YoY.
- Debt/equity 1.12, current ratio 1.24, net debt $4.82B.
Revenue (FY)
—
Net margin
—
ROE
56.43%
ROA 14.38%
ROIC
77.61%
EPS (diluted)
—
Free cash flow
$1.55B
Debt / equity
1.12
Cash $366.0M
Current ratio
1.24
Equity $4.64B
Annual fundamentals — up to 10 years (SEC 10-K, US-GAAP)
| FY | Revenue | Rev YoY | Gross% | Op% | Net% | FCF | ROE% |
|---|---|---|---|---|---|---|---|
| 2016 | — | — | — | — | — | $473.6M | 84.86 |
| 2017 | — | — | — | — | — | $899.5M | 65.27 |
| 2018 | $7.44B | — | 42.60 | 16.87 | 9.68 | $744.0M | 78.66 |
| 2019 | $1.97B | -73.5% | 175.23 | 66.60 | 39.71 | $991.8M | 55.98 |
| 2020 | $7.79B | +295.1% | 45.89 | 20.84 | 15.11 | $1.27B | 67.71 |
| 2021 | — | — | — | — | — | $1.45B | 51.46 |
| 2022 | — | — | — | — | — | $1.26B | — |
| 2023 | — | — | — | — | — | $1.59B | — |
| 2024 | — | — | — | — | — | $1.81B | 59.65 |
| 2025 | — | — | — | — | — | $1.55B | 56.43 |
Quarterly revenue trend (last 6 quarters, SEC 10-Q)
| Quarter end | Revenue | YoY | QoQ | Net margin |
|---|---|---|---|---|
| Apr 1, 2018 | $1.97B | — | — | 17.76% |
| Jul 1, 2018 | $3.72B | — | +88.8% | 15.50% |
| Jul 1, 2018 | $1.75B | — | -53.0% | 32.94% |
| Mar 31, 2019 | $2.02B | — | +15.1% | 15.09% |
| Jun 30, 2019 | $3.78B | — | +87.6% | 16.31% |
| Jun 30, 2019 | $1.77B | — | -53.3% | 34.92% |
Revenue (annual, SEC 10-K)
2016: 0
2017: 0
2018: 7,440
2019: 1,972
2020: 7,791
2021: 0
2022: 0
2023: 0
2024: 0
2025: 0
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Profitability trends (%)
GrossOperatingNet
Free cash flow (annual)
2016: 474
2017: 900
2018: 744
2019: 992
2020: 1,271
2021: 1,446
2022: 1,258
2023: 1,587
2024: 1,808
2025: 1,552
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Sources:SEC EDGAR — Company Facts (XBRL)
Free previewRegulatory Analyst
Filings & Ownership
Regulatory Analyst
score -10Stable
80% conf
Latest annual report (10-K) filed Feb 17, 2026. Latest quarterly report (10-Q) filed Apr 30, 2026. 7 recent 8-K material-event filings in the index.
- Latest annual report (10-K) filed Feb 17, 2026.
- Latest quarterly report (10-Q) filed Apr 30, 2026.
- 7 recent 8-K material-event filings in the index.
- Recent insider Form 4s: 0 buy vs 1 sell transactions — net selling $260.1K.
- ~10,000+ recent 13F-HR filings reference Hershey Co.; broad institutional reporting.
- Recent filers include DSAM Partners LLP, ALLEGHANY CORP /DE, ALLEGHANY CORP /DE.
- 20 recent 13G passive institutional ownership notices.
Latest 10-K
Feb 17, 2026
Annual report
Latest 10-Q
Apr 30, 2026
8-K (recent)
7
Insider net
-$260.1K
0B/1S
13F filers
10k+
Activist 13D
0
Recent 13F institutional filers (SEC EDGAR full-text)
| Filer | Form | Filed |
|---|---|---|
| DSAM Partners LLP | 13F-HR | Aug 13, 2015 |
| ALLEGHANY CORP /DE | 13F-HR | May 5, 2015 |
| ALLEGHANY CORP /DE | 13F-HR | Nov 12, 2014 |
| ALLEGHANY CORP /DE | 13F-HR | Feb 4, 2015 |
| COLUMBIA CAPITAL LLC | 13F-HR | Mar 5, 2013 |
Recent insider Form 4 activity
| Insider | Date | Net | Buys/Sells |
|---|---|---|---|
| Voskuil Steven E | Jun 22, 2026 | -$260.1K | 0/1 |
Recent 8-K material events
| Date | Form | Description |
|---|---|---|
| Jun 9, 2026 | 8-K | FORM 8-K DATED JUNE 3, 2026 |
| May 28, 2026 | 8-K | FORM 8-K DATED MAY 28, 2026 |
| May 8, 2026 | 8-K | FORM 8-K DATED MAY 5, 2026 |
| Apr 30, 2026 | 8-K | FORM 8-K DATED APRIL 30, 2026 |
| Apr 14, 2026 | 8-K | FORM 8-K DATED APRIL 14, 2026 |
| Mar 31, 2026 | 8-K | FORM 8-K DATED MARCH 31, 2026 |
| Feb 5, 2026 | 8-K | FORM 8-K DATED FEBRUARY 5, 2026 |
Insider Form 4 sentiment (transactions)
Buys: 0
Sells: 1
Buys
Sells
Free previewSEC Filing Analyst
SEC Filing Deep-Analysis
SEC Filing Analyst
score -43Deteriorating
72% conf
3 risk signal(s), 1 positive signal(s), 2 watch item(s) detected from XBRL filing diff analysis. 3 risk signal(s) detected versus 1 positive signal(s). The balance of evidence suggests elevated filing-specific risk that warrants monitoring in subsequent filings.
- Gross margin compression: Gross margin contracted +164.0%pp (from 228.1% to 64.1%). This may reflect input cost inflation, pricing pressure, or product mix shift toward lower-margin segments.
- Material weakness in internal controls: The term "material weakness" appears in 21 recent filing(s) (vs 2 in the prior period). This risk language is ongoing.
- NEW: Restatement of financial statements in latest filing: The term "restate" "financial statements" appears in recent 10-K/10-Q filings but was NOT present in the prior 24-month period. This is a new risk disclosure that warrants attention. Found in 2 filing(s).
- Operating cash flow exceeds net income: OCF is 1.25x net income, indicating high earnings quality — cash conversion is strong and accruals are not inflating reported profits.
- R&D intensity declining: R&D as % of revenue fell from 2.4% to 0.6%. This may signal reduced innovation investment — potentially impacting long-term competitive position. Compare with peer R&D trends.
- NEW: Off-balance sheet arrangements: Off-balance sheet arrangements appears in recent filings but not in the prior 24-month period. Monitor for materiality.
- Endogenous analysis: 3 risk signal(s) detected versus 1 positive signal(s). The balance of evidence suggests elevated filing-specific risk that warrants monitoring in subsequent filings.
- 20 disclosure(s) dropped from prior year — reduced reporting granularity.
- 2 new risk-language term(s) detected in filing text: Restatement of financial statements, Off-balance sheet arrangements.
- Ongoing high-severity risk language: Material weakness in internal controls.
Revenue
$7.79B
+295.1% YoY
Gross profit
$5.00B
+11.1% YoY
Operating income
$2.56B
+13.3% YoY
Net income
$1.86B
+13.2% YoY
Operating cash flow
$2.32B
-0.2% YoY
Capex
$771.1M
+48.4% YoY
Total assets
$12.95B
+8.8% YoY
Total liabilities
$8.23B
+5.5% YoY
Filing quality score
70/100
stable
SEC XBRL metric changes (latest annual vs prior)
| Metric | Prior year | Latest year | Change | % Change |
|---|---|---|---|---|
| Revenue | $1.97B | $7.79B | $5.82B | +295.1% |
| Gross profit | $4.50B | $5.00B | $499.0M | +11.1% |
| Operating income | $2.26B | $2.56B | $300.1M | +13.3% |
| Net income | $1.64B | $1.86B | $217.0M | +13.2% |
| Operating cash flow | $2.33B | $2.32B | $-4.6M | -0.2% |
| Capex | $519.5M | $771.1M | $251.6M | +48.4% |
| Total assets | $11.90B | $12.95B | $1.04B | +8.8% |
| Total liabilities | $7.80B | $8.23B | $428.4M | +5.5% |
| Long-term debt | $3.26B | $4.23B | $974.5M | +29.9% |
| Cash & equivalents | $374.9M | $346.5M | $-28.3M | -7.6% |
| Stockholders equity | $2.76B | $3.30B | $542.3M | +19.7% |
| Inventory | $1.34B | $1.25B | $-86.9M | -6.5% |
| Accounts receivable | $823.6M | $800.4M | $-23.2M | -2.8% |
| R&D expense | $46.9M | $50.0M | $3.1M | +6.6% |
| SG&A expense | $2.24B | $2.44B | $200.5M | +9.0% |
| Interest expense | $140.1M | $161.5M | $21.4M | +15.3% |
XBRL disclosure changes (new vs dropped concepts)
| Type | Concepts |
|---|---|
| Removed | AdvertisingExpense, AllowanceForDoubtfulAccountsReceivableCurrent, CommonStockSharesIssued, CommonStockSharesOutstanding, CurrentFederalTaxExpenseBenefit, CurrentForeignTaxExpenseBenefit, CurrentIncomeTaxExpenseBenefit, CurrentStateAndLocalTaxExpenseBenefit, DebtAndCapitalLeaseObligations, DeferredFederalIncomeTaxExpenseBenefit |
Risk language in filing text (EDGAR full-text search)
| Term | Severity | Recent | Prior | Status |
|---|---|---|---|---|
| Material weakness in internal controls | high | 21 | 2 | Ongoing |
| Restatement of financial statements | high | 2 | 0 | NEW |
| Impairment charge | medium | 49 | 2 | Ongoing |
| Restructuring | medium | 65 | 8 | Ongoing |
| Off-balance sheet arrangements | medium | 28 | 0 | NEW |
| Related party transactions | low | 9 | 6 | Ongoing |
Filing signal breakdown
Red flags: 3
Positive: 1
Watch: 2
Red flags
Positive
Watch
Unlock the rest
- ProValuationMarket cap $40.76B at $182.14 per share.
- ProPrice & TechnicalsPrice $182.14 — downtrend (below 200-DMA); 1-month momentum negative.
- ProMacro & RatesMarket regime: Risk-on · Supportive.
- ProRisk ScorecardComposite risk: Elevated.
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3 sections free · 4 Pro sections locked · composite -26
Macro exposure
Defensive · Low sensitivityMacro regime: Risk-on · Supportive. Hershey Co. is a defensive name (low macro sensitivity) — a supportive backdrop, though defensives lag risk-on tapes.
Macro regime
Risk-on · Supportive
Yield curve
Normal
VIX
16.59
Fed funds
3.63%
CPI YoY
+4.2%
Analytical read
deterministic previewHSY (Hershey Co.
Risk
Elevated
Macro regime
Risk-on · Supportive
Macro exposure
Neutral
Descriptive analytics from public filings and macro data — not investment advice.
Peer comparison
Defensive groupHow HSY stacks up against tracked peers with similar macro sensitivity — by analytical score and macro exposure.
| Company | Score | Macro |
|---|---|---|
| Bristol-Myers Squibb BMY | 12 | Neutral |
| Cigna Group CI | 9 | Neutral |
| Procter & Gamble PG | 9 | Neutral |
| UnitedHealth Group UNH | 6 | Neutral |
| CVS Health Corp. CVS | 6 | Neutral |
| Zoetis Inc. ZTS | 3 | Neutral |
| Eli Lilly & Co. LLY | 3 | Neutral |
| Colgate-Palmolive CL | 1 | Neutral |
| Coca-Cola Co. KO | 1 | Neutral |
| Gilead Sciences GILD | 1 | Neutral |
| Intuitive Surgical Inc. ISRG | -1 | Neutral |
| Moderna Inc. MRNA | -4 | Neutral |
| Regeneron Pharmaceuticals REGN | -4 | Neutral |
| DexCom Inc. DXCM | -7 | Neutral |
| AbbVie Inc. ABBV | -7 | Neutral |
| Johnson & Johnson JNJ | -7 | Neutral |
| Vertex Pharmaceuticals VRTX | -8 | Neutral |
| Kimberly-Clark Corp. KMB | -10 | Neutral |
| Sysco Corp. SYY | -10 | Neutral |
| Danaher Corp. DHR | -11 | Neutral |
| Mondelez International MDLZ | -11 | Neutral |
| Merck & Co. MRK | -11 | Neutral |
| Biogen Inc. BIIB | -11 | Neutral |
| Amgen Inc. AMGN | -14 | Neutral |
| HCA Healthcare HCA | -14 | Neutral |
| Illumina Inc. ILMN | -16 | Neutral |
| Kroger Co. KR | -16 | Neutral |
| Thermo Fisher Scientific TMO | -18 | Neutral |
| Costco Wholesale COST | -18 | Neutral |
| PepsiCo Inc. PEP | -21 | Neutral |
| Walmart Inc. WMT | -25 | Neutral |
| Hershey Co. HSY● you | -26 | Neutral |
| Abbott Laboratories ABT | -30 | Neutral |
| Pfizer Inc. PFE | -49 | Neutral |