Hershey (HSY) Financials

$165.56 +1.47 (+0.90%)

Closing price 04/11/2025 03:59 PM Eastern

Extended Trading

$165.56 0.00 (0.00%)

As of 04/11/2025 07:55 PM Eastern

Annual Income Statements for Hershey

This table shows Hershey's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	513	720	783	1,178	1,150	1,279	1,478	1,645	1,862	2,221
Consolidated Net Income / (Loss)	513	720	757	1,171	1,147	1,275	1,483	1,645	1,862	2,221
Net Income / (Loss) Continuing Operations	513	720	757	1,171	1,147	1,275	1,483	1,645	1,862	2,221
Total Pre-Tax Income	902	1,099	1,111	1,410	1,381	1,495	1,797	1,917	2,172	2,474
Total Operating Income	1,038	1,255	1,313	1,624	1,596	1,783	2,044	2,261	2,561	2,898
Total Gross Profit	3,383	3,170	3,455	3,575	3,622	3,701	4,049	4,499	4,998	5,301
Total Revenue	7,387	7,440	7,515	7,791	7,986	8,150	8,971	10,419	11,165	11,202
Operating Revenue	7,387	7,440	7,515	7,791	7,986	8,150	8,971	10,419	11,165	11,202
Total Cost of Revenue	4,004	4,271	4,060	4,216	4,364	4,448	4,923	5,921	6,167	5,901
Operating Cost of Revenue	4,004	4,271	4,060	4,216	4,364	4,448	4,923	5,921	6,167	5,901
Total Operating Expenses	2,345	1,914	2,142	1,952	2,027	1,919	2,005	2,238	2,437	2,403
Selling, General & Admin Expense	1,969	1,891	1,885	1,875	1,906	1,891	2,001	2,236	2,437	2,374
Restructuring Charge	95	19	48	19	8.11	19	3.53	1.99	0.44	29
Total Other Income / (Expense), net	-136	-156	-203	-214	-215	-288	-246	-344	-389	-424
Interest Expense	106	90	-	-	-	-	127	-	152	166
Other Income / (Expense), net	-30	-66	-104	-75	-71	-138	-119	-206	-237	-259
Income Tax Expense	389	379	354	239	234	220	314	272	310	253
Basic Earnings per Share	$4.59	$3.45	$3.79	$11.00	$5.64	$12.02	$14.02	$15.69	$17.83	$21.42
Weighted Average Basic Shares Outstanding	234.20M	228.60M	227.60M	224.70M	209.75M	207.17M	205.24M	204.04M	203.95M	202.41M
Diluted Earnings per Share	$4.51	$3.34	$3.66	$10.80	$5.46	$11.82	$13.77	$15.41	$17.56	$21.10
Weighted Average Diluted Shares Outstanding	234.20M	228.60M	227.60M	224.70M	209.75M	207.17M	205.24M	204.04M	203.95M	202.41M
Weighted Average Basic & Diluted Shares Outstanding	234.20M	228.60M	227.60M	224.70M	209.75M	207.17M	205.24M	204.04M	203.95M	202.41M
Cash Dividends to Common per Share	$4.27	$2.40	$2.55	$5.26	$2.99	$6.02	$6.51	$7.40	$8.51	$10.46

This table shows Hershey's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Income / (Loss) Attributable to Common Shareholders	399	396	587	407	519	349	797	181	446	797
Consolidated Net Income / (Loss)	399	396	587	407	519	349	797	181	446	797
Net Income / (Loss) Continuing Operations	399	396	587	407	519	349	797	181	446	797
Total Pre-Tax Income	473	363	759	440	653	320	986	246	519	723
Total Operating Income	557	527	800	561	736	464	1,058	288	613	939
Total Gross Profit	1,109	1,145	1,382	1,132	1,360	1,123	1,676	834	1,233	1,558
Total Revenue	2,728	2,652	2,988	2,490	3,030	2,657	3,253	2,074	2,987	2,888
Operating Revenue	2,728	2,652	2,988	2,490	3,030	2,657	3,253	2,074	2,987	2,888
Total Cost of Revenue	1,620	1,508	1,605	1,358	1,670	1,534	1,577	1,241	1,755	1,329
Operating Cost of Revenue	1,620	1,508	1,605	1,358	1,670	1,534	1,577	1,241	1,755	1,329
Total Operating Expenses	552	618	582	571	624	659	618	546	620	619
Selling, General & Admin Expense	552	616	582	572	624	659	618	541	592	623
Restructuring Charge	0.00	-	0.81	-	0.00	-	0.00	4.94	28	-3.54
Total Other Income / (Expense), net	-84	-164	-41	-121	-83	-145	-72	-42	-94	-216
Other Income / (Expense), net	-48	-128	-2.98	-84	-43	-107	-32	-0.57	-50	-176
Income Tax Expense	74	-33	172	33	135	-29	189	65	72	-74
Basic Earnings per Share	$3.82	$3.78	$5.61	$3.91	$4.96	$3.35	$7.64	$1.75	$4.31	$7.72
Weighted Average Basic Shares Outstanding	205.08M	204.04M	204.40M	204.47M	204.50M	203.95M	202.23M	202.29M	202.35M	202.41M
Diluted Earnings per Share	$3.75	$3.71	$5.51	$3.86	$4.88	$3.31	$7.52	$1.72	$4.25	$7.61
Weighted Average Diluted Shares Outstanding	205.08M	204.04M	204.40M	204.47M	204.50M	203.95M	202.23M	202.29M	202.35M	202.41M
Weighted Average Basic & Diluted Shares Outstanding	205.08M	204.04M	204.40M	204.47M	204.50M	203.95M	202.23M	202.29M	202.35M	202.41M
Cash Dividends to Common per Share	$1.98	$1.98	$1.98	$1.98	$2.28	$2.28	$2.62	$2.62	$2.62	$2.62

This table details how cash moves in and out of Hershey's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Change in Cash & Equivalents	-28	-50	83	208	-95	651	-815	135	-62	329
Net Cash From Operating Activities	1,256	1,013	1,250	1,600	1,764	1,700	2,083	2,328	2,323	2,532
Net Cash From Continuing Operating Activities	1,256	1,013	1,250	1,600	1,764	1,700	2,083	2,328	2,323	2,532
Net Income / (Loss) Continuing Operations	513	720	757	1,171	1,147	1,275	1,483	1,645	1,862	2,221
Consolidated Net Income / (Loss)	513	720	757	1,171	1,147	1,275	1,483	1,645	1,862	2,221
Depreciation Expense	245	302	262	295	292	295	315	379	420	455
Non-Cash Adjustments To Reconcile Net Income	347	34	270	131	195	181	129	176	264	-242
Changes in Operating Assets and Liabilities, net	152	-43	-38	2.32	131	-51	156	128	-222	97
Net Cash From Investing Activities	-477	-595	-329	-1,503	-780	-531	-2,223	-787	-1,199	-960
Net Cash From Continuing Investing Activities	-477	-595	-329	-1,503	-780	-531	-2,223	-787	-1,199	-960
Purchase of Property, Plant & Equipment	-357	-269	-258	-329	-318	-442	-496	-519	-771	-606
Acquisitions	-249	-330	-79	-1,391	-482	-87	-1,729	-276	-423	-361
Other Investing Activities, net	-	-	0.00	0.00	20	-2.44	2.54	7.64	-4.93	6.63
Net Cash From Financing Activities	-797	-464	-844	116	-1,081	-499	-681	-1,416	-1,148	-1,297
Net Cash From Continuing Financing Activities	-797	-464	-844	116	-1,081	-499	-681	-1,416	-1,148	-1,297
Repayment of Debt	-355	-224	-81	-911	-1,174	-663	430	-250	-729	301
Repurchase of Common Equity	-583	-593	-300	-248	-527	-211	-458	-389	-265	-494
Payment of Dividends	-476	-499	-526	-563	-610	-641	-686	-775	-889	-1,085
Issuance of Debt	561	793	0.95	1,846	990	990	0.00	0.00	744	0.00
Other Financing Activities, net	56	59	63	-8.68	241	26	33	-1.36	-8.99	-18
Effect of Exchange Rate Changes	-10	-3.14	6.13	-5.39	3.33	-6.99	-5.08	9.89	-38	54
Cash Interest Paid	88	91	102	132	140	151	128	132	161	180
Cash Income Taxes Paid	369	426	352	119	238	215	275	221	304	202

This table details how cash moves in and out of Hershey's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Change in Cash & Equivalents	-12	136	-3.54	-14	25	-69	119	-53	148	116
Net Cash From Operating Activities	446	768	755	294	516	758	569	326	695	942
Net Cash From Continuing Operating Activities	446	768	755	294	516	758	569	326	695	942
Net Income / (Loss) Continuing Operations	399	396	587	407	519	349	797	181	446	797
Consolidated Net Income / (Loss)	399	396	587	407	519	349	797	181	446	797
Depreciation Expense	94	100	98	102	103	117	108	110	113	124
Non-Cash Adjustments To Reconcile Net Income	59	71	12	86	52	113	-235	87	51	-145
Changes in Operating Assets and Liabilities, net	-106	200	58	-300	-158	179	-101	-53	85	166
Net Cash From Investing Activities	-159	-277	-188	-328	-220	-463	-228	-162	-160	-411
Net Cash From Continuing Investing Activities	-159	-277	-188	-328	-220	-463	-228	-162	-160	-411
Purchase of Property, Plant & Equipment	-119	-159	-176	-154	-218	-223	-213	-130	-128	-135
Acquisitions	-44	-116	-12	-173	0.95	-239	-14	-32	-32	-283
Other Investing Activities, net	3.56	-2.09	0.09	-0.71	-2.36	-1.94	-0.32	0.10	0.51	6.34
Net Cash From Financing Activities	-321	-340	-552	46	-278	-364	-222	-231	-394	-450
Net Cash From Continuing Financing Activities	-321	-340	-552	46	-278	-364	-222	-231	-394	-450
Repayment of Debt	-122	-102	-1.19	-751	-1.18	24	-1.57	-1.46	-1.45	305
Payment of Dividends	-207	-207	-207	-206	-238	-238	-273	-271	-270	-270
Issuance of Debt	-	-	-91	1,001	-40	-126	570	40	-127	-483
Other Financing Activities, net	8.27	2.54	-13	2.16	1.11	0.83	-22	0.57	4.97	-1.40
Effect of Exchange Rate Changes	21	-14	-	-	6.56	0.02	-	-	6.33	35
Cash Interest Paid	29	41	33	44	35	49	34	54	41	51
Cash Income Taxes Paid	18	31	12	217	35	39	31	134	15	21

This table presents Hershey's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Total Assets	5,344	5,524	5,554	7,703	8,140	9,132	10,412	10,949	11,903	12,947
Total Current Assets	1,849	1,817	2,002	2,239	2,117	2,978	2,246	2,620	2,912	3,759
Cash & Equivalents	347	297	380	588	493	1,144	329	464	402	731
Accounts Receivable	599	581	588	594	569	615	671	711	824	800
Inventories, net	751	746	753	785	815	964	989	1,173	1,341	1,254
Prepaid Expenses	152	193	281	272	240	254	257	272	346	974
Plant, Property, & Equipment, net	2,240	2,177	2,107	2,130	2,153	0.00	0.00	2,770	3,310	3,459
Total Noncurrent Assets	1,255	1,530	1,445	3,334	3,870	6,154	8,166	5,559	5,681	5,729
Goodwill	684	812	821	1,801	1,986	1,988	2,633	2,607	2,696	2,706
Intangible Assets	379	493	369	1,278	1,341	1,295	2,038	1,966	1,879	1,874
Noncurrent Deferred & Refundable Income Taxes	36	57	3.02	1.17	31	29	41	40	44	37
Other Noncurrent Operating Assets	155	168	252	253	512	2,841	3,454	945	1,061	1,112
Total Liabilities & Shareholders' Equity	5,344	5,524	5,554	7,703	8,140	9,132	10,412	10,949	11,903	12,947
Total Liabilities	4,297	4,697	4,622	6,296	6,395	6,894	7,655	7,649	7,804	8,232
Total Current Liabilities	2,218	1,909	2,077	2,419	2,009	1,892	2,493	3,257	3,008	3,929
Short-Term Debt	863	633	859	1,203	736	513	942	1,447	1,025	1,912
Accounts Payable	474	523	523	502	551	580	692	971	1,086	1,159
Accrued Expenses	857	751	676	679	702	782	856	833	868	807
Current Deferred & Payable Income Tax Liabilities	23	3.21	18	34	20	17	3.07	6.71	29	51
Total Noncurrent Liabilities	2,079	2,787	2,546	3,877	4,387	5,002	5,162	4,392	4,796	4,303
Long-Term Debt	1,557	2,347	2,061	3,254	3,531	4,090	4,087	3,344	3,789	3,190
Noncurrent Deferred & Payable Income Tax Liabilities	53	40	46	177	200	229	288	328	346	424
Other Noncurrent Operating Liabilities	469	400	439	446	656	683	787	720	661	688
Total Equity & Noncontrolling Interests	1,047	828	932	1,407	1,745	2,238	2,757	3,300	4,099	4,715
Total Preferred & Common Equity	998	786	915	1,399	1,739	2,234	2,757	3,300	4,099	4,715
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	998	786	915	1,399	1,739	2,234	2,757	3,300	4,099	4,715
Common Stock	1,144	1,230	1,285	1,342	1,364	1,413	1,482	1,518	1,567	1,599
Retained Earnings	5,898	6,116	6,371	7,032	1,290	1,929	2,720	3,590	4,562	5,698
Treasury Stock	-5,672	-6,184	-6,427	-6,619	-591	-769	-	-1,556	-1,800	-2,279
Accumulated Other Comprehensive Income / (Loss)	-371	-376	-314	-357	-324	-338	-249	-252	-230	-304

This table presents Hershey's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Total Assets	10,833	10,949	11,112	11,526	11,936	11,903	12,390	12,416	12,621	12,947
Total Current Assets	2,693	2,620	2,726	2,881	3,190	2,912	3,387	3,336	3,552	3,759
Cash & Equivalents	328	464	460	446	471	402	520	467	615	731
Accounts Receivable	929	711	857	764	1,128	824	1,206	846	1,143	800
Inventories, net	1,184	1,173	1,180	1,385	1,348	1,341	1,138	1,459	1,302	1,254
Prepaid Expenses	251	272	229	285	244	346	523	563	492	974
Plant, Property, & Equipment, net	2,623	2,770	2,822	3,015	3,156	3,310	3,333	3,368	3,389	3,459
Total Noncurrent Assets	5,518	5,559	5,563	5,630	5,589	5,681	5,669	5,712	5,681	5,729
Goodwill	2,605	2,607	2,608	2,696	2,693	2,696	2,694	2,692	2,692	2,706
Intangible Assets	1,985	1,966	1,948	1,928	1,907	1,879	1,859	1,839	1,819	1,874
Noncurrent Deferred & Refundable Income Taxes	39	40	43	44	38	44	45	41	40	37
Other Noncurrent Operating Assets	888	945	965	962	950	1,061	1,071	1,140	1,129	1,112
Total Liabilities & Shareholders' Equity	10,833	10,949	11,112	11,526	11,936	11,903	12,390	12,416	12,621	12,947
Total Liabilities	7,750	7,649	7,653	7,831	7,968	7,804	8,281	8,406	8,416	8,232
Total Current Liabilities	3,389	3,257	3,281	2,726	2,936	3,008	3,489	3,886	4,195	3,929
Short-Term Debt	1,546	1,447	1,361	868	828	1,025	1,595	1,926	2,101	1,912
Accounts Payable	915	971	1,005	1,014	1,085	1,086	946	1,138	1,215	1,159
Accrued Expenses	845	833	780	828	969	868	872	784	807	807
Current Deferred & Payable Income Tax Liabilities	82	6.71	135	16	55	29	75	37	72	51
Total Noncurrent Liabilities	4,361	4,392	4,372	5,105	5,032	4,796	4,792	4,520	4,221	4,303
Long-Term Debt	3,341	3,344	3,341	4,086	4,086	3,789	3,790	3,489	3,189	3,190
Noncurrent Deferred & Payable Income Tax Liabilities	270	328	318	304	304	346	339	331	323	424
Other Noncurrent Operating Liabilities	751	720	712	715	642	661	664	700	709	688
Total Equity & Noncontrolling Interests	3,083	3,300	3,458	3,695	3,968	4,099	4,108	4,010	4,205	4,715
Total Preferred & Common Equity	3,083	3,300	3,458	3,695	3,968	4,099	4,108	4,010	4,205	4,715
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	3,083	3,300	3,458	3,695	3,968	4,099	4,108	4,010	4,205	4,715
Common Stock	1,502	1,518	1,507	1,523	1,543	1,567	1,537	1,547	1,564	1,599
Retained Earnings	3,401	3,590	3,971	4,171	4,451	4,562	5,087	4,997	5,173	5,698
Treasury Stock	-1,524	-1,556	-1,781	-	-	-1,800	-	-	-2,280	-2,279
Accumulated Other Comprehensive Income / (Loss)	-296	-252	-238	-221	-251	-230	-231	-252	-252	-304

This table displays calculated financial ratios and metrics derived from Hershey's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-0.47%	0.73%	1.01%	3.67%	2.51%	2.05%	10.08%	16.14%	7.16%	0.33%
EBITDA Growth	-21.77%	19.07%	-1.39%	25.38%	-1.50%	6.76%	15.49%	8.66%	12.73%	12.81%
EBIT Growth	-27.49%	18.06%	1.62%	28.12%	-1.55%	7.83%	17.04%	6.75%	13.09%	13.60%
NOPAT Growth	-34.62%	39.26%	8.84%	50.73%	-1.71%	14.74%	10.87%	15.04%	13.17%	18.54%
Net Income Growth	-39.43%	40.37%	5.07%	54.79%	-2.08%	11.22%	16.26%	10.93%	13.19%	19.31%
EPS Growth	-38.13%	-25.94%	9.58%	195.08%	-49.44%	116.48%	16.50%	11.91%	13.95%	20.16%
Operating Cash Flow Growth	48.79%	-19.33%	23.30%	28.05%	10.24%	-3.64%	22.55%	11.76%	-0.20%	8.97%
Free Cash Flow Firm Growth	406.62%	-37.68%	115.84%	-148.90%	337.45%	23.84%	-105.52%	2,486.77%	-25.91%	54.64%
Invested Capital Growth	-3.22%	12.48%	-1.11%	51.99%	4.57%	3.23%	30.90%	2.28%	11.59%	6.75%
Revenue Q/Q Growth	-1.35%	0.83%	-0.41%	0.62%	1.01%	1.46%	1.60%	3.23%	0.04%	2.10%
EBITDA Q/Q Growth	-2.81%	-6.13%	5.13%	5.56%	-6.51%	2.86%	3.58%	1.79%	-0.89%	15.40%
EBIT Q/Q Growth	-3.80%	-7.41%	5.61%	6.56%	-7.85%	3.10%	3.86%	1.28%	-1.75%	18.17%
NOPAT Q/Q Growth	4.04%	-8.64%	7.81%	14.00%	-9.21%	11.21%	1.49%	5.62%	-2.89%	25.35%
Net Income Q/Q Growth	2.17%	-11.82%	9.35%	14.70%	-9.98%	7.31%	3.38%	3.56%	-2.48%	25.23%
EPS Q/Q Growth	-24.83%	-54.43%	8.61%	0.00%	0.00%	36.18%	3.38%	3.84%	-2.23%	25.60%
Operating Cash Flow Q/Q Growth	19.42%	-8.86%	5.13%	5.51%	3.73%	-8.90%	3.72%	3.95%	-0.43%	7.84%
Free Cash Flow Firm Q/Q Growth	-0.53%	1.08%	0.43%	-112.20%	77.15%	-13.78%	-106.85%	213.54%	-12.16%	26.25%
Invested Capital Q/Q Growth	-7.15%	-8.42%	-7.01%	2.83%	-7.72%	-1.62%	17.06%	-0.20%	1.20%	2.32%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	45.79%	42.60%	45.98%	45.89%	45.36%	45.42%	45.13%	43.18%	44.76%	47.32%
EBITDA Margin	16.96%	20.05%	19.57%	23.67%	22.74%	23.80%	24.96%	23.36%	24.57%	27.63%
Operating Margin	14.05%	16.87%	17.48%	20.84%	19.98%	21.87%	22.78%	21.70%	22.94%	25.87%
EBIT Margin	13.64%	15.99%	16.09%	19.88%	19.09%	20.18%	21.45%	19.72%	20.81%	23.56%
Profit (Net Income) Margin	6.94%	9.68%	10.07%	15.03%	14.36%	15.65%	16.53%	15.79%	16.68%	19.83%
Tax Burden Percent	56.88%	65.49%	68.12%	83.05%	83.05%	85.31%	82.51%	85.80%	85.72%	89.79%
Interest Burden Percent	89.50%	92.42%	91.87%	91.04%	90.55%	90.92%	93.38%	93.31%	93.47%	93.72%
Effective Tax Rate	43.12%	34.51%	31.88%	16.95%	16.95%	14.69%	17.49%	14.20%	14.28%	10.21%
Return on Invested Capital (ROIC)	18.60%	24.79%	25.62%	30.83%	24.56%	27.12%	25.64%	25.72%	27.21%	29.58%
ROIC Less NNEP Spread (ROIC-NNEP)	14.51%	20.50%	20.34%	25.29%	19.88%	20.33%	20.65%	19.19%	19.57%	20.90%
Return on Net Nonoperating Assets (RNNOA)	21.37%	52.01%	60.38%	69.31%	48.20%	36.92%	33.73%	28.59%	23.12%	20.83%
Return on Equity (ROE)	39.97%	76.80%	86.01%	100.14%	72.76%	64.04%	59.37%	54.31%	50.33%	50.40%
Cash Return on Invested Capital (CROIC)	21.87%	13.04%	26.74%	-10.44%	20.09%	23.94%	-1.13%	23.46%	16.25%	23.04%
Operating Return on Assets (OROA)	18.38%	21.89%	21.83%	23.37%	19.25%	19.04%	19.70%	19.24%	20.34%	21.24%
Return on Assets (ROA)	9.35%	13.25%	13.66%	17.67%	14.48%	14.77%	15.17%	15.40%	16.29%	17.88%
Return on Common Equity (ROCE)	38.19%	73.06%	83.17%	99.08%	72.43%	63.90%	59.33%	54.31%	50.33%	50.40%
Return on Equity Simple (ROE_SIMPLE)	51.40%	91.63%	82.65%	83.72%	65.93%	57.08%	53.78%	49.85%	45.42%	47.11%
Net Operating Profit after Tax (NOPAT)	590	822	895	1,348	1,325	1,521	1,686	1,940	2,195	2,602
NOPAT Margin	7.99%	11.05%	11.90%	17.31%	16.60%	18.66%	18.80%	18.62%	19.66%	23.23%
Net Nonoperating Expense Percent (NNEP)	4.09%	4.29%	5.29%	5.54%	4.68%	6.79%	4.99%	6.53%	7.63%	8.67%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	23.97%	24.63%	26.51%
Cost of Revenue to Revenue	54.21%	57.40%	54.02%	54.11%	54.64%	54.58%	54.87%	56.82%	55.24%	52.68%
SG&A Expenses to Revenue	26.66%	25.42%	25.09%	24.06%	23.87%	23.20%	22.31%	21.46%	21.82%	21.19%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	31.75%	25.73%	28.50%	25.05%	25.38%	23.54%	22.35%	21.48%	21.83%	21.45%
Earnings before Interest and Taxes (EBIT)	1,008	1,190	1,209	1,549	1,525	1,644	1,925	2,055	2,324	2,640
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,253	1,491	1,471	1,844	1,816	1,939	2,240	2,434	2,743	3,095
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	16.00	23.63	22.62	14.31	16.07	13.20	13.72	13.68	8.96	7.21
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	251.61
Price to Revenue (P/Rev)	2.16	2.50	2.76	2.57	3.50	3.62	4.22	4.33	3.29	3.03
Price to Earnings (P/E)	31.14	25.79	26.45	17.00	24.31	23.06	25.60	27.43	19.73	15.30
Dividend Yield	3.03%	2.75%	2.59%	2.89%	2.24%	2.23%	1.86%	1.76%	2.39%	3.26%
Earnings Yield	3.21%	3.88%	3.78%	5.88%	4.11%	4.34%	3.91%	3.65%	5.07%	6.54%
Enterprise Value to Invested Capital (EV/IC)	5.80	6.07	6.70	4.53	5.75	5.78	5.70	6.48	4.83	4.22
Enterprise Value to Revenue (EV/Rev)	2.45	2.86	3.10	3.07	3.97	4.04	4.74	4.75	3.68	3.42
Enterprise Value to EBITDA (EV/EBITDA)	14.45	14.28	15.82	12.96	17.47	16.99	18.98	20.32	15.00	12.39
Enterprise Value to EBIT (EV/EBIT)	17.96	17.90	19.24	15.43	20.81	20.04	22.09	24.07	17.70	14.53
Enterprise Value to NOPAT (EV/NOPAT)	30.66	25.91	26.00	17.72	23.94	21.67	25.22	25.49	18.74	14.74
Enterprise Value to Operating Cash Flow (EV/OCF)	14.40	21.01	18.62	14.94	17.99	19.39	20.41	21.24	17.71	15.15
Enterprise Value to Free Cash Flow (EV/FCFF)	26.07	49.23	24.92	0.00	29.27	24.54	0.00	27.95	31.38	18.92
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.31	3.60	3.14	3.17	2.45	2.06	1.82	1.45	1.17	1.08
Long-Term Debt to Equity	1.49	2.84	2.21	2.31	2.02	1.83	1.48	1.01	0.92	0.68
Financial Leverage	1.47	2.54	2.97	2.74	2.42	1.82	1.63	1.49	1.18	1.00
Leverage Ratio	4.27	5.80	6.30	5.67	5.03	4.34	3.91	3.53	3.09	2.82
Compound Leverage Factor	3.82	5.36	5.79	5.16	4.55	3.94	3.65	3.29	2.89	2.64
Debt to Total Capital	69.80%	78.26%	75.82%	76.01%	70.97%	67.28%	64.59%	59.22%	54.01%	51.97%
Short-Term Debt to Total Capital	24.90%	16.62%	22.31%	20.52%	12.24%	7.50%	12.10%	17.89%	11.50%	19.48%
Long-Term Debt to Total Capital	44.90%	61.65%	53.50%	55.49%	58.73%	59.79%	52.49%	41.33%	42.51%	32.50%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	1.43%	1.10%	0.42%	0.15%	0.10%	0.05%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	28.78%	20.64%	23.76%	23.85%	28.93%	32.66%	35.41%	40.78%	45.99%	48.03%
Debt to EBITDA	1.93	2.00	1.99	2.42	2.35	2.37	2.25	1.97	1.75	1.65
Net Debt to EBITDA	1.66	1.80	1.73	2.10	2.08	1.78	2.10	1.78	1.61	1.41
Long-Term Debt to EBITDA	1.24	1.57	1.40	1.76	1.94	2.11	1.82	1.37	1.38	1.03
Debt to NOPAT	4.10	3.63	3.26	3.31	3.22	3.03	2.98	2.47	2.19	1.96
Net Debt to NOPAT	3.51	3.26	2.84	2.87	2.85	2.27	2.79	2.23	2.01	1.68
Long-Term Debt to NOPAT	2.64	2.86	2.30	2.41	2.66	2.69	2.42	1.72	1.73	1.23
Altman Z-Score	5.70	5.96	6.35	4.83	4.46	4.49	4.77	5.50	4.93	4.61
Noncontrolling Interest Sharing Ratio	4.44%	4.87%	3.30%	1.06%	0.45%	0.23%	0.07%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.83	0.95	0.96	0.93	1.05	1.57	0.90	0.80	0.97	0.96
Quick Ratio	0.43	0.46	0.47	0.49	0.53	0.93	0.40	0.36	0.41	0.39
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	694	433	934	-457	1,084	1,343	-74	1,770	1,311	2,027
Operating Cash Flow to CapEx	353.29%	381.24%	499.67%	573.80%	554.34%	384.86%	420.04%	448.11%	301.28%	417.80%
Free Cash Flow to Firm to Interest Expense	6.56	4.80	0.00	0.00	0.00	0.00	-0.58	0.00	8.64	12.24
Operating Cash Flow to Interest Expense	11.88	11.24	0.00	0.00	0.00	0.00	16.35	0.00	15.31	15.28
Operating Cash Flow Less CapEx to Interest Expense	8.52	8.29	0.00	0.00	0.00	0.00	12.46	0.00	10.23	11.62
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.35	1.37	1.36	1.18	1.01	0.94	0.92	0.98	0.98	0.90
Accounts Receivable Turnover	12.35	12.61	12.85	13.18	13.74	13.77	13.94	15.07	14.55	13.80
Inventory Turnover	5.16	5.71	5.42	5.48	5.45	5.00	5.04	5.48	4.91	4.55
Fixed Asset Turnover	3.36	3.37	3.51	3.68	3.73	0.00	0.00	0.00	3.67	3.31
Accounts Payable Turnover	8.37	8.57	7.76	8.22	8.29	7.87	7.74	7.12	6.00	5.26
Days Sales Outstanding (DSO)	29.55	28.96	28.40	27.70	26.57	26.51	26.17	24.22	25.09	26.46
Days Inventory Outstanding (DIO)	70.74	63.96	67.36	66.57	66.92	73.00	72.39	66.63	74.40	80.25
Days Payable Outstanding (DPO)	43.59	42.60	47.01	44.40	44.04	46.40	47.17	51.26	60.86	69.44
Cash Conversion Cycle (CCC)	56.70	50.32	48.75	49.87	49.44	53.12	51.40	39.59	38.62	37.27
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,121	3,511	3,472	5,277	5,518	5,697	7,457	7,627	8,511	9,086
Invested Capital Turnover	2.33	2.24	2.15	1.78	1.48	1.45	1.36	1.38	1.38	1.27
Increase / (Decrease) in Invested Capital	-104	389	-39	1,805	241	178	1,760	170	884	575
Enterprise Value (EV)	18,096	21,294	23,265	23,898	31,728	32,950	42,517	49,452	41,138	38,348
Market Capitalization	15,973	18,569	20,708	20,020	27,949	29,487	37,818	45,124	36,726	33,977
Book Value per Share	$4.60	$3.70	$4.34	$6.67	$8.32	$10.73	$13.38	$16.09	$20.04	$23.30
Tangible Book Value per Share	($0.30)	($2.45)	($1.30)	($8.01)	($7.60)	($5.04)	($9.29)	($6.21)	($2.33)	$0.67
Total Capital	3,468	3,808	3,852	5,865	6,011	6,841	7,786	8,091	8,913	9,817
Total Debt	2,421	2,980	2,920	4,458	4,266	4,603	5,029	4,791	4,814	5,102
Total Long-Term Debt	1,557	2,347	2,061	3,254	3,531	4,090	4,087	3,344	3,789	3,190
Net Debt	2,074	2,683	2,540	3,870	3,773	3,459	4,700	4,327	4,412	4,371
Capital Expenditures (CapEx)	356	266	250	279	318	442	496	519	771	606
Debt-free, Cash-free Net Working Capital (DFCFNWC)	148	243	405	436	351	455	366	347	527	1,011
Debt-free Net Working Capital (DFNWC)	494	540	785	1,024	844	1,599	695	811	929	1,742
Net Working Capital (NWC)	-369	-93	-75	-179	108	1,086	-247	-637	-96	-170
Net Nonoperating Expense (NNE)	77	102	138	177	179	245	203	295	333	381
Net Nonoperating Obligations (NNO)	2,074	2,683	2,540	3,870	3,773	3,459	4,700	4,327	4,412	4,371
Total Depreciation and Amortization (D&A)	245	302	262	295	292	295	315	379	420	455
Debt-free, Cash-free Net Working Capital to Revenue	2.00%	3.27%	5.38%	5.60%	4.39%	5.58%	4.08%	3.33%	4.72%	9.03%
Debt-free Net Working Capital to Revenue	6.69%	7.26%	10.44%	13.14%	10.57%	19.62%	7.75%	7.78%	8.32%	15.55%
Net Working Capital to Revenue	-5.00%	-1.25%	-0.99%	-2.30%	1.36%	13.33%	-2.75%	-6.11%	-0.86%	-1.52%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$4.59	$6.60	$7.23	$5.76	$5.64	$6.30	$7.34	$15.69	$17.83	$21.42
Adjusted Weighted Average Basic Shares Outstanding	216.52M	212.41M	210.48M	208.52M	209.75M	207.17M	205.24M	204.04M	203.95M	202.41M
Adjusted Diluted Earnings per Share	$4.51	$6.48	$7.10	$5.58	$5.46	$6.11	$7.11	$15.41	$17.56	$21.10
Adjusted Weighted Average Diluted Shares Outstanding	216.52M	212.41M	210.48M	208.52M	209.75M	207.17M	205.24M	204.04M	203.95M	202.41M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	216.52M	212.41M	210.48M	208.52M	209.75M	207.17M	205.24M	204.04M	203.95M	202.41M
Normalized Net Operating Profit after Tax (NOPAT)	804	837	1,069	1,412	1,426	1,544	1,689	1,941	2,196	2,628
Normalized NOPAT Margin	10.88%	11.25%	14.23%	18.13%	17.85%	18.95%	18.83%	18.63%	19.67%	23.46%
Pre Tax Income Margin	12.21%	14.78%	14.78%	18.10%	17.29%	18.34%	20.03%	18.40%	19.45%	22.08%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	9.53	13.20	0.00	0.00	0.00	0.00	15.11	0.00	15.31	15.93
NOPAT to Interest Expense	5.58	9.12	0.00	0.00	0.00	0.00	13.23	0.00	14.46	15.71
EBIT Less CapEx to Interest Expense	6.16	10.25	0.00	0.00	0.00	0.00	11.21	0.00	10.23	12.28
NOPAT Less CapEx to Interest Expense	2.22	6.17	0.00	0.00	0.00	0.00	9.34	0.00	9.38	12.05
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	92.82%	69.37%	69.56%	48.04%	53.22%	50.24%	46.26%	47.12%	47.75%	48.84%
Augmented Payout Ratio	206.40%	151.66%	109.26%	69.17%	99.20%	66.80%	77.15%	70.77%	61.98%	71.09%

This table displays calculated financial ratios and metrics derived from Hershey's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	15.61%	14.02%	12.05%	4.96%	11.06%	0.18%	8.87%	-16.70%	-1.40%	8.67%
EBITDA Growth	-4.32%	9.40%	11.67%	8.87%	32.16%	-4.92%	26.67%	-31.17%	-15.09%	87.10%
EBIT Growth	-7.86%	6.98%	12.15%	9.00%	36.33%	-10.37%	28.75%	-39.68%	-18.77%	113.57%
NOPAT Growth	-4.13%	26.33%	8.95%	45.40%	24.27%	-11.79%	38.29%	-59.21%	-9.68%	104.08%
Net Income Growth	-10.21%	16.63%	10.07%	28.97%	29.81%	-11.92%	35.81%	-55.55%	-13.94%	128.22%
EPS Growth	-9.64%	18.15%	10.64%	29.97%	30.13%	-10.78%	36.48%	-55.44%	-12.91%	129.91%
Operating Cash Flow Growth	15.63%	13.03%	15.07%	-35.62%	15.53%	-1.30%	-24.66%	10.60%	34.81%	24.28%
Free Cash Flow Firm Growth	-795.26%	131.00%	134.62%	88.23%	77.06%	-193.23%	-190.60%	-340.86%	131.18%	221.89%
Invested Capital Growth	19.97%	2.28%	2.10%	8.50%	10.05%	11.59%	16.52%	9.22%	5.59%	6.75%
Revenue Q/Q Growth	14.99%	-2.78%	12.64%	-16.65%	21.67%	-12.31%	22.42%	-36.22%	44.01%	-3.35%
EBITDA Q/Q Growth	13.56%	-17.27%	79.54%	-35.45%	37.85%	-40.48%	139.17%	-64.93%	70.07%	31.15%
EBIT Q/Q Growth	16.39%	-21.59%	99.88%	-40.25%	45.57%	-48.45%	187.13%	-72.01%	96.02%	35.54%
NOPAT Q/Q Growth	31.64%	22.28%	7.63%	-16.08%	12.51%	-13.20%	68.75%	-75.25%	149.12%	96.13%
Net Income Q/Q Growth	26.60%	-0.80%	48.17%	-30.69%	27.42%	-32.69%	128.47%	-77.32%	146.72%	78.49%
EPS Q/Q Growth	26.26%	-1.07%	48.52%	-29.95%	26.42%	-32.17%	127.19%	-77.13%	147.09%	79.06%
Operating Cash Flow Q/Q Growth	-2.38%	71.95%	-1.60%	-61.03%	75.17%	46.91%	-24.88%	-42.79%	113.53%	35.43%
Free Cash Flow Firm Q/Q Growth	23.54%	150.45%	13.72%	-126.83%	-49.02%	-105.03%	-10.51%	-30.57%	110.54%	701.64%
Invested Capital Q/Q Growth	1.09%	-0.20%	0.96%	6.52%	2.53%	1.20%	5.43%	-0.16%	-0.87%	2.32%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	40.63%	43.16%	46.27%	45.46%	44.89%	42.27%	51.53%	40.19%	41.26%	53.97%
EBITDA Margin	22.09%	18.80%	29.96%	23.20%	26.29%	17.84%	34.86%	19.17%	22.64%	30.72%
Operating Margin	20.40%	19.86%	26.77%	22.51%	24.29%	17.48%	32.53%	13.87%	20.52%	32.52%
EBIT Margin	18.64%	15.03%	26.67%	19.12%	22.88%	13.45%	31.55%	13.85%	18.85%	26.43%
Profit (Net Income) Margin	14.64%	14.94%	19.65%	16.34%	17.11%	13.14%	24.52%	8.72%	14.94%	27.59%
Tax Burden Percent	84.44%	109.14%	77.34%	92.60%	79.36%	109.19%	80.86%	73.57%	86.03%	110.17%
Interest Burden Percent	93.04%	91.07%	95.27%	92.30%	94.26%	89.45%	96.12%	85.60%	92.13%	94.74%
Effective Tax Rate	15.56%	-9.14%	22.66%	7.40%	20.64%	-9.19%	19.14%	26.43%	13.97%	-10.17%
Return on Invested Capital (ROIC)	24.82%	29.94%	29.18%	28.72%	26.80%	26.40%	36.06%	13.10%	22.41%	45.62%
ROIC Less NNEP Spread (ROIC-NNEP)	23.14%	25.98%	28.47%	26.28%	25.35%	22.79%	34.79%	12.45%	20.63%	40.20%
Return on Net Nonoperating Assets (RNNOA)	34.55%	38.73%	39.62%	36.61%	32.36%	26.92%	41.87%	15.28%	23.01%	40.06%
Return on Equity (ROE)	59.37%	68.66%	68.80%	65.33%	59.17%	53.32%	77.93%	28.38%	45.42%	85.68%
Cash Return on Invested Capital (CROIC)	8.06%	23.46%	24.01%	19.12%	18.60%	16.25%	13.95%	16.03%	18.57%	23.04%
Operating Return on Assets (OROA)	18.56%	14.66%	26.34%	18.78%	22.43%	13.14%	30.68%	12.74%	16.84%	23.83%
Return on Assets (ROA)	14.58%	14.58%	19.41%	16.05%	16.78%	12.84%	23.85%	8.02%	13.35%	24.87%
Return on Common Equity (ROCE)	59.28%	68.66%	68.80%	65.33%	59.17%	53.32%	77.93%	28.38%	45.42%	85.68%
Return on Equity Simple (ROE_SIMPLE)	51.52%	0.00%	49.11%	48.45%	48.12%	0.00%	50.44%	46.04%	42.18%	0.00%
Net Operating Profit after Tax (NOPAT)	470	575	619	519	584	507	856	212	528	1,035
NOPAT Margin	17.23%	21.67%	20.71%	20.85%	19.28%	19.08%	26.30%	10.21%	17.66%	35.83%
Net Nonoperating Expense Percent (NNEP)	1.68%	3.95%	0.71%	2.45%	1.46%	3.61%	1.28%	0.65%	1.78%	5.42%
Return On Investment Capital (ROIC_SIMPLE)	-	7.10%	-	-	-	5.69%	-	-	-	10.54%
Cost of Revenue to Revenue	59.37%	56.84%	53.73%	54.54%	55.11%	57.73%	48.47%	59.81%	58.74%	46.03%
SG&A Expenses to Revenue	20.23%	23.24%	19.47%	22.96%	20.60%	24.79%	19.00%	26.08%	19.81%	21.57%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	20.23%	23.31%	19.49%	22.95%	20.60%	24.79%	19.00%	26.32%	20.74%	21.44%
Earnings before Interest and Taxes (EBIT)	508	399	797	476	693	357	1,026	287	563	763
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	603	499	895	578	796	474	1,134	398	676	887
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	14.10	13.68	14.56	13.46	10.10	8.96	9.55	9.21	9.30	7.21
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	251.61
Price to Revenue (P/Rev)	4.31	4.33	4.69	4.58	3.59	3.29	3.43	3.35	3.57	3.03
Price to Earnings (P/E)	27.43	27.43	29.65	27.77	20.99	19.73	18.94	20.00	22.05	15.30
Dividend Yield	1.76%	1.76%	1.62%	1.70%	2.19%	2.39%	1.88%	2.15%	2.13%	3.26%
Earnings Yield	3.65%	3.65%	3.37%	3.60%	4.76%	5.07%	5.28%	5.00%	4.53%	6.54%
Enterprise Value to Invested Capital (EV/IC)	6.28	6.48	7.09	6.61	5.29	4.83	4.91	4.67	4.93	4.22
Enterprise Value to Revenue (EV/Rev)	4.76	4.75	5.08	4.99	3.99	3.68	3.86	3.80	3.99	3.42
Enterprise Value to EBITDA (EV/EBITDA)	20.08	20.32	21.61	21.06	16.08	15.00	14.79	14.94	16.33	12.39
Enterprise Value to EBIT (EV/EBIT)	23.67	24.07	25.51	24.87	18.82	17.70	17.27	17.71	19.60	14.53
Enterprise Value to NOPAT (EV/NOPAT)	26.14	25.49	27.47	25.22	19.69	18.74	18.11	19.64	21.09	14.74
Enterprise Value to Operating Cash Flow (EV/OCF)	21.44	21.24	22.50	23.95	19.08	17.71	20.64	19.31	18.65	15.15
Enterprise Value to Free Cash Flow (EV/FCFF)	85.07	27.95	29.85	35.98	29.82	31.38	37.93	30.44	27.27	18.92
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.59	1.45	1.36	1.34	1.24	1.17	1.31	1.35	1.26	1.08
Long-Term Debt to Equity	1.08	1.01	0.97	1.11	1.03	0.92	0.92	0.87	0.76	0.68
Financial Leverage	1.49	1.49	1.39	1.39	1.28	1.18	1.20	1.23	1.12	1.00
Leverage Ratio	3.61	3.53	3.41	3.36	3.23	3.09	3.11	3.11	3.00	2.82
Compound Leverage Factor	3.36	3.21	3.25	3.10	3.04	2.76	2.99	2.66	2.77	2.67
Debt to Total Capital	61.32%	59.22%	57.62%	57.28%	55.33%	54.01%	56.72%	57.46%	55.72%	51.97%
Short-Term Debt to Total Capital	19.40%	17.89%	16.68%	10.03%	9.32%	11.50%	16.80%	20.44%	22.13%	19.48%
Long-Term Debt to Total Capital	41.92%	41.33%	40.94%	47.25%	46.01%	42.51%	39.92%	37.02%	33.59%	32.50%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	38.68%	40.78%	42.38%	42.72%	44.67%	45.99%	43.28%	42.54%	44.28%	48.03%
Debt to EBITDA	2.04	1.97	1.86	1.92	1.78	1.75	1.81	1.93	1.97	1.65
Net Debt to EBITDA	1.91	1.78	1.68	1.75	1.61	1.61	1.63	1.77	1.74	1.41
Long-Term Debt to EBITDA	1.40	1.37	1.32	1.59	1.48	1.38	1.27	1.25	1.19	1.03
Debt to NOPAT	2.66	2.47	2.37	2.30	2.17	2.19	2.21	2.54	2.55	1.96
Net Debt to NOPAT	2.48	2.23	2.13	2.10	1.97	2.01	2.00	2.32	2.25	1.68
Long-Term Debt to NOPAT	1.82	1.72	1.68	1.90	1.81	1.73	1.56	1.64	1.54	1.23
Altman Z-Score	4.81	5.00	5.59	5.41	4.69	4.39	4.60	4.11	4.32	4.14
Noncontrolling Interest Sharing Ratio	0.16%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.79	0.80	0.83	1.06	1.09	0.97	0.97	0.86	0.85	0.96
Quick Ratio	0.37	0.36	0.40	0.44	0.54	0.41	0.49	0.34	0.42	0.39
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-802	405	460	-123	-184	-377	-417	-544	57	460
Operating Cash Flow to CapEx	375.04%	481.32%	428.98%	190.67%	236.47%	340.50%	266.82%	250.17%	543.35%	699.94%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	-4.63	0.00	0.00	0.00	1.29	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	12.97	0.00	0.00	0.00	15.69	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	7.49	0.00	0.00	0.00	12.80	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.00	0.98	0.99	0.98	0.98	0.98	0.97	0.92	0.89	0.90
Accounts Receivable Turnover	11.40	15.07	12.45	15.31	10.85	14.55	11.08	13.68	9.67	13.80
Inventory Turnover	5.18	5.48	5.52	4.70	4.85	4.91	5.30	4.23	4.61	4.55
Fixed Asset Turnover	4.04	0.00	3.97	3.87	3.86	3.67	3.71	3.45	3.35	3.31
Accounts Payable Turnover	7.22	7.12	6.67	6.44	6.14	6.00	6.29	5.60	5.31	5.26
Days Sales Outstanding (DSO)	32.02	24.22	29.31	23.84	33.64	25.09	32.93	26.69	37.76	26.46
Days Inventory Outstanding (DIO)	70.46	66.63	66.12	77.72	75.26	74.40	68.92	86.23	79.20	80.25
Days Payable Outstanding (DPO)	50.58	51.26	54.71	56.64	59.45	60.86	58.00	65.24	68.73	69.44
Cash Conversion Cycle (CCC)	51.90	39.59	40.73	44.92	49.45	38.62	43.85	47.68	48.23	37.27
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	7,642	7,627	7,701	8,203	8,410	8,511	8,973	8,959	8,880	9,086
Invested Capital Turnover	1.44	1.38	1.41	1.38	1.39	1.38	1.37	1.28	1.27	1.27
Increase / (Decrease) in Invested Capital	1,272	170	159	643	768	884	1,272	756	470	575
Enterprise Value (EV)	48,016	49,452	54,609	54,223	44,509	41,138	44,099	41,866	43,790	38,348
Market Capitalization	43,457	45,124	50,367	49,715	40,067	36,726	39,234	36,917	39,114	33,977
Book Value per Share	$15.04	$16.09	$16.95	$18.08	$19.40	$20.04	$20.32	$19.83	$20.79	$23.30
Tangible Book Value per Share	($7.35)	($6.21)	($5.38)	($4.55)	($3.10)	($2.33)	($2.20)	($2.57)	($1.51)	$0.67
Total Capital	7,970	8,091	8,161	8,649	8,881	8,913	9,493	9,426	9,495	9,817
Total Debt	4,887	4,791	4,703	4,954	4,914	4,814	5,385	5,416	5,290	5,102
Total Long-Term Debt	3,341	3,344	3,341	4,086	4,086	3,789	3,790	3,489	3,189	3,190
Net Debt	4,559	4,327	4,242	4,508	4,443	4,412	4,865	4,949	4,675	4,371
Capital Expenditures (CapEx)	119	159	176	154	218	223	213	130	128	135
Debt-free, Cash-free Net Working Capital (DFCFNWC)	522	347	346	576	610	527	973	909	843	1,011
Debt-free Net Working Capital (DFNWC)	850	811	806	1,023	1,082	929	1,493	1,376	1,458	1,742
Net Working Capital (NWC)	-696	-637	-555	155	254	-96	-102	-550	-643	-170
Net Nonoperating Expense (NNE)	71	178	31	112	66	158	58	31	81	238
Net Nonoperating Obligations (NNO)	4,559	4,327	4,242	4,508	4,443	4,412	4,865	4,949	4,675	4,371
Total Depreciation and Amortization (D&A)	94	100	98	102	103	117	108	110	113	124
Debt-free, Cash-free Net Working Capital to Revenue	5.18%	3.33%	3.22%	5.31%	5.47%	4.72%	8.51%	8.26%	7.68%	9.03%
Debt-free Net Working Capital to Revenue	8.42%	7.78%	7.50%	9.42%	9.69%	8.32%	13.07%	12.50%	13.29%	15.55%
Net Working Capital to Revenue	-6.89%	-6.11%	-5.17%	1.43%	2.28%	-0.86%	-0.89%	-4.99%	-5.86%	-1.52%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.82	$3.78	$5.61	$3.91	$4.96	$3.35	$7.64	$1.75	$4.31	$7.72
Adjusted Weighted Average Basic Shares Outstanding	205.08M	204.04M	204.40M	204.47M	204.50M	203.95M	202.23M	202.29M	202.35M	202.41M
Adjusted Diluted Earnings per Share	$3.75	$3.71	$5.51	$3.86	$4.88	$3.31	$7.52	$1.72	$4.25	$7.61
Adjusted Weighted Average Diluted Shares Outstanding	205.08M	204.04M	204.40M	204.47M	204.50M	203.95M	202.23M	202.29M	202.35M	202.41M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	205.08M	204.04M	204.40M	204.47M	204.50M	203.95M	202.23M	202.29M	202.35M	202.41M
Normalized Net Operating Profit after Tax (NOPAT)	470	369	619	519	584	325	856	215	551	655
Normalized NOPAT Margin	17.23%	13.90%	20.73%	20.85%	19.28%	12.23%	26.30%	10.38%	18.45%	22.68%
Pre Tax Income Margin	17.34%	13.69%	25.41%	17.65%	21.56%	12.03%	30.32%	11.85%	17.36%	25.04%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	17.44	0.00	0.00	0.00	12.71	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	14.69	0.00	0.00	0.00	11.90	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	11.95	0.00	0.00	0.00	9.82	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	9.21	0.00	0.00	0.00	9.02	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	47.14%	47.12%	47.18%	46.24%	44.96%	47.75%	46.10%	55.23%	59.32%	48.84%
Augmented Payout Ratio	69.51%	70.77%	72.23%	61.52%	59.29%	61.98%	71.15%	83.35%	88.59%	71.09%

Frequently Asked Questions About Hershey's Financials

When does Hershey's fiscal year end?

According to the most recent income statement we have on file, Hershey's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Hershey's net income changed over the last 9 years?

Hershey's net income appears to be on an upward trend, with a most recent value of $2.22 billion in 2024, rising from $512.95 million in 2015. The previous period was $1.86 billion in 2023.

What is Hershey's operating income?

Hershey's total operating income in 2024 was $2.90 billion, based on the following breakdown:

Total Gross Profit: $5.30 billion
Total Operating Expenses: $2.40 billion

How has Hershey revenue changed over the last 9 years?

Over the last 9 years, Hershey's total revenue changed from $7.39 billion in 2015 to $11.20 billion in 2024, a change of 51.7%.

How much debt does Hershey have?

Hershey's total liabilities were at $8.23 billion at the end of 2024, a 5.5% increase from 2023, and a 91.6% increase since 2015.

How much cash does Hershey have?

In the past 9 years, Hershey's cash and equivalents has ranged from $296.97 million in 2016 to $1.14 billion in 2020, and is currently $730.75 million as of their latest financial filing in 2024.

How has Hershey's book value per share changed over the last 9 years?

Over the last 9 years, Hershey's book value per share changed from 4.60 in 2015 to 23.30 in 2024, a change of 406.1%.

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This page (NYSE:HSY) was last updated on 4/13/2025 by MarketBeat.com Staff

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Hershey (HSY) Financials

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