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Hershey Co.
HSYConsumer StaplesGenerated Aug 19, 2026, 09:43 PM UTC
HSY (Hershey Co.) analytical snapshot. Revenue grew +4.4% YoY to $11.69B. 5-year revenue CAGR +5.4%; 10y CAGR +5.2%. Net margin at 7.55% (contracting ▼). Market cap $42.25B at $188.79 per share. EV/Operating income ≈ 32.66 (EV $47.08B). FCF DCF intrinsic value ≈ $123.16 → implied downside +34.8%. Risk: Elevated. Macro: Risk-on · Supportive. Composite analytical score -17 (data confidence 81%). Descriptive analytics from public filings — not investment advice.
Free SEC analysis
— computed from SEC filings, free to readFilings & Ownership
Latest quarterly report (10-Q) filed Jul 30, 2026. 7 recent 8-K material-event filings in the index. Recent insider Form 4s: 0 buy vs 0 sell transactions.
- Latest quarterly report (10-Q) filed Jul 30, 2026.
- 7 recent 8-K material-event filings in the index.
- Recent insider Form 4s: 0 buy vs 0 sell transactions.
- ~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.
| 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 |
| Date | Form | Description |
|---|---|---|
| Jul 30, 2026 | 8-K | FORM 8-K DATED JULY 30, 2026 |
| 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 |
SEC Filing Deep-Analysis
2 risk signal(s), 1 positive signal(s), 1 watch item(s) detected from XBRL filing diff analysis. 2 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 +13.8%pp (from 47.3% to 33.5%). 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" "internal control" appears in 5 recent filing(s) (vs 2 in the prior period). This risk language is ongoing.
- Operating cash flow exceeds net income: OCF is 2.58x net income, indicating high earnings quality — cash conversion is strong and accruals are not inflating reported profits.
- 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: 2 risk signal(s) detected versus 1 positive signal(s). The balance of evidence suggests elevated filing-specific risk that warrants monitoring in subsequent filings.
- 6 new XBRL disclosure(s) in latest filing — expanding reporting scope.
- 20 disclosure(s) dropped from prior year — reduced reporting granularity.
- 1 new risk-language term(s) detected in filing text: Off-balance sheet arrangements.
- Ongoing high-severity risk language: Material weakness in internal controls.
| Metric | Prior year | Latest year | Change | % Change |
|---|---|---|---|---|
| Revenue | $11.20B | $11.69B | $490.3M | +4.4% |
| Gross profit | $5.30B | $3.92B | $-1.38B | -26.0% |
| Operating income | $2.90B | $1.44B | $-1.46B | -50.3% |
| Net income | $2.22B | $883.3M | $-1.34B | -60.2% |
| Operating cash flow | $2.53B | $2.28B | $-254.2M | -10.0% |
| Capex | $605.9M | $454.6M | $-151.3M | -25.0% |
| Total assets | $12.95B | $13.74B | $794.4M | +6.1% |
| Total liabilities | $8.23B | $9.10B | $872.3M | +10.6% |
| Long-term debt | $4.23B | $4.53B | $294.4M | +7.0% |
| Cash & equivalents | $730.7M | $925.9M | $195.1M | +26.7% |
| Stockholders equity | $4.71B | $4.64B | $-77.9M | -1.7% |
| Inventory | $1.25B | $1.43B | $175.2M | +14.0% |
| Accounts receivable | $800.4M | $729.5M | $-70.9M | -8.9% |
| R&D expense | $55.8M | $61.7M | $5.9M | +10.5% |
| SG&A expense | $2.37B | $2.46B | $86.9M | +3.7% |
| Interest expense | $174.3M | $224.8M | $50.5M | +29.0% |
| Type | Concepts |
|---|---|
| Added | BusinessCombinationProvisionalInformationInitialAccountingIncompleteAdjustmentConsiderationTransferred, BusinessCombinationProvisionalInformationInitialAccountingIncompleteAdjustmentPropertyPlantAndEquipment, FiniteLivedIntangibleAssetsNet, PaymentForContingentConsiderationLiabilityFinancingActivities, StockRepurchasedDuringPeriodValue, TreasuryStockSharesAcquired |
| Removed | AdvertisingExpense, AllowanceForDoubtfulAccountsReceivableCurrent, CommonStockSharesIssued, CommonStockSharesOutstanding, CurrentFederalTaxExpenseBenefit, CurrentForeignTaxExpenseBenefit, CurrentIncomeTaxExpenseBenefit, CurrentStateAndLocalTaxExpenseBenefit, DebtAndCapitalLeaseObligations, DeferredFederalIncomeTaxExpenseBenefit |
| Term | Severity | Recent | Prior | Status |
|---|---|---|---|---|
| Material weakness in internal controls | high | 5 | 2 | Ongoing |
| Impairment charge | medium | 5 | 2 | Ongoing |
| Restructuring | medium | 5 | 8 | Ongoing |
| Off-balance sheet arrangements | medium | 5 | 0 | NEW |
| Related party transactions | low | 5 | 5 | Ongoing |
Fundamentals
Revenue grew +4.4% YoY to $11.69B. 5-year revenue CAGR +5.4%; 10y CAGR +5.2%. Net margin at 7.55% (contracting ▼).
- Revenue grew +4.4% YoY to $11.69B.
- 5-year revenue CAGR +5.4%; 10y CAGR +5.2%.
- Net margin at 7.55% (contracting ▼).
- Return on equity 19.05%, ROA 6.43%, ROIC 31.09%.
- Gross margin 33.55%, operating margin 12.33%.
- Free cash flow margin 15.59% ($1.82B).
- Net income down ▼ +60.2% YoY.
- Debt/equity 1.12, current ratio 1.18, net debt $4.82B.
- Asset turnover 0.84 — capital efficiency.
| FY | Revenue | Rev YoY | Gross% | Op% | Net% | FCF | ROE% |
|---|---|---|---|---|---|---|---|
| 2024 | $11.20B | +0.3% | 47.32 | 25.87 | 19.83 | $1.93B | 47.11 |
| 2025 | $11.69B | +4.4% | 33.55 | 12.33 | 7.55 | $1.82B | 19.05 |
| Quarter end | Revenue | YoY | QoQ | Net margin |
|---|---|---|---|---|
| Apr 1, 2018 | $1.97B | — | — | 17.76% |
| Jul 1, 2018 | $1.75B | — | -11.2% | 12.95% |
| Mar 31, 2019 | $2.02B | — | +15.1% | 15.09% |
| Jun 30, 2019 | $1.77B | — | -12.4% | 17.70% |
Pro analysis — preview
— score, signals & key metrics shown; full reasoning lockedValuation
Market cap $42.25B at $188.79 per share. EV/Operating income ≈ 32.66 (EV $47.08B). FCF DCF intrinsic value ≈ $123.16 → implied downside +34.8%.
- Market cap $42.25B at $188.79 per share.
Price & Technicals
Price $188.79 — downtrend (below 200-DMA); 1-month momentum positive. RSI(14) 57.81.
- Price $188.79 — downtrend (below 200-DMA); 1-month momentum positive.
Macro & Rates
Risk-on · Supportive. Real GDP growth 1.50% (quarterly, as of Apr 1, 2026). CPI inflation +3.3% YoY. Fed funds rate 3.63%, 10Y Treasury 4.71%.
- Market regime: Risk-on · Supportive.
Risk Scorecard
Composite risk Elevated. Leverage debt/equity 1.12 (moderate). Liquidity current ratio 1.18 (adequate).
- Composite risk: Elevated.
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3 sections free · 4 Pro previews · composite -17
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.
Analytical read
deterministic previewMarket regime: Risk-on · Supportive..
Peer comparison
Defensive groupHow HSY stacks up against tracked peers with similar macro sensitivity — by analytical score and macro exposure.
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| Walmart Inc. WMT | -14 | Neutral |
| PepsiCo Inc. PEP | -16 | Neutral |
| Sysco Corp. SYY | -16 | Neutral |
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| Kimberly-Clark Corp. KMB | -18 | Neutral |
| Moderna Inc. MRNA | -21 | Neutral |
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