The Hershey Company
- Open
- 176.67
- Day high
- 177.03
- Day low
- 174.87
- Prev close
- 176.00
- Volume
- 134K
- Mkt cap
- $35.4B
- P/E (TTM)
- 23.8
- EPS (TTM)
- $7.36
- P/B
- 7.8
- P/S
- 2.9
- Yield
- 3.25%
- Per share
- $5.73
- ▼Insiders net selling -$73.2M over the last 3 months (0 open-market buys, 192 sales)
- 🏛Institutions mixed (13F)
The Hershey Company (HSY) is a Consumer Defensive company listed on NYSE. The stock is down 4% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 192 sales (SEC Form 4). Drillr has 1 published research article covering HSY.
The Hershey Company (HSY) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 10 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
HSY earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 30, 2026 | $1.42 | $1.90 | +33.8% | $2.8B | +5.3% |
| Apr 30, 2026 | $2.03 | $2.35 | +15.9% | $3.1B | +2.7% |
| Feb 5, 2026 | $1.42 | $1.71 | +20.7% | $3.1B | +3.6% |
| Oct 30, 2025 | $1.09 | $1.30 | +19.0% | $3.2B | +2.1% |
| Jul 30, 2025 | $0.99 | $1.21 | +21.6% | $2.6B | +4.8% |
| May 1, 2025 | $1.96 | $2.09 | +6.6% | $2.8B | -0.3% |
| Feb 6, 2025 | $2.39 | $2.69 | +12.6% | $2.9B | +2.1% |
| Nov 7, 2024 | $2.56 | $2.34 | -8.6% | $3.0B | -2.9% |
| Aug 1, 2024 | $1.46 | $1.27 | -12.7% | $2.1B | -10.6% |
| May 3, 2024 | $2.77 | $3.07 | +10.8% | $3.3B | +4.4% |
| Feb 8, 2024 | $1.96 | $2.02 | +3.2% | $2.7B | -2.6% |
| Oct 26, 2023 | $2.45 | $2.60 | +6.1% | $3.0B | +2.3% |
HSY insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 31, 2026 | HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL10 percent owner | Sell | 5,703 | $181.41 |
| Aug 31, 2026 | HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL10 percent owner | Sell | 3,956 | $180.72 |
| Aug 31, 2026 | HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL10 percent owner | Sell | 478 | $182.64 |
| Aug 31, 2026 | HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL10 percent owner | Sell | 642 | $181.40 |
| Aug 31, 2026 | HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL10 percent owner | Sell | 116 | $183.58 |
| Aug 31, 2026 | HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL10 percent owner | Sell | 5,866 | $179.41 |
| Aug 31, 2026 | HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL10 percent owner | Sell | 341 | $182.23 |
| Aug 31, 2026 | HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL10 percent owner | Sell | 2,898 | $180.34 |
| Aug 26, 2026 | HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL10 percent owner | Sell | 285 | $188.20 |
| Aug 26, 2026 | HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL10 percent owner | Sell | 821 | $188.72 |
| Aug 26, 2026 | HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL10 percent owner | Sell | 4,953 | $186.63 |
| Aug 26, 2026 | HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL10 percent owner | Sell | 95 | $187.04 |
| Aug 26, 2026 | HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL10 percent owner | Sell | 8,616 | $189.59 |
| Aug 26, 2026 | HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL10 percent owner | Sell | 3,565 | $186.30 |
| Aug 26, 2026 | HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL10 percent owner | Sell | 468 | $190.07 |
Source: HSY SEC Form 4 filings, latest Aug 31, 2026. For informational purposes only — not investment advice.
See the full HSY insider & 13F page →The Hershey Company company profile
Overview
The Hershey Company (NYSE:HSY) is one of America's oldest and largest chocolate and confectionery manufacturers, founded in 1894 by Milton S. Hershey in Hershey, Pennsylvania. What began as a small chocolate business has evolved into a diversified snacking company with iconic brands like Hershey's, Reese's, Kit Kat, and Twizzlers. Over its 130-year history, Hershey has expanded beyond traditional chocolate into salty snacks, gums, mints, and pantry items, operating primarily in North America while maintaining a growing international presence. The company went public in 1980 and today stands as a dominant force in the North American confectionery market, though it faces ongoing challenges from volatile commodity costs, particularly cocoa pricing, and evolving consumer preferences.
Business
Hershey operates in the consumer packaged goods industry, specifically focusing on confectionery and snacking products. The company manufactures and sells chocolate, candy, gum, mints, and various snack foods to consumers through retail channels. Confectionery products include chocolate bars, candies, and seasonal items like Halloween and Easter treats, while salty snacks encompass popcorn, pretzels, and meat snacks that provide different taste experiences and consumption occasions. The company operates through three main business segments: 1. North America Confectionery represents the largest portion of revenue, encompassing traditional chocolate and candy products sold under brands like Hershey's, Reese's, Kit Kat, Jolly Rancher, and Twizzlers. This segment includes both everyday chocolate consumption and seasonal products, with seasonal items comprising 25-30% of the total business. 2. North America Salty Snacks includes brands like SkinnyPop popcorn, Dot's Homestyle Pretzels, Paqui chips, and Pirates Booty. This segment has shown strong growth momentum and represents Hershey's expansion beyond traditional confectionery into broader snacking categories. 3. International operations focus on expanding Hershey's brands globally, with particular strength in markets like Brazil, Mexico, and India. The international segment has shown double-digit growth in key markets, though it remains the smallest of the three segments. The company's product portfolio spans multiple consumption occasions, from impulse purchases at checkout counters to planned snacking at home, targeting both children and adults across various demographic segments.
Revenue model
Hershey generates revenue primarily through product sales to retailers, who then sell to end consumers. The company sells its products to wholesale distributors, chain grocery stores, mass merchandisers, drug stores, vending companies, wholesale clubs, convenience stores, dollar stores, and department stores. Revenue comes from the markup on manufactured goods, with pricing power derived from strong brand recognition and consumer loyalty. The business model relies heavily on brand strength and distribution reach. Hershey's iconic brands command premium pricing compared to private label alternatives, allowing the company to maintain healthy gross margins. The company invests significantly in marketing and advertising to maintain brand equity and drive consumer demand. Several factors significantly impact Hershey's profitability margins: Cost pressures from commodity price volatility, particularly cocoa, can severely impact margins. Cocoa prices have experienced historic highs, with potential unmitigated tariff impacts of up to $100 million per quarter projected for 2025. Sugar, dairy, and packaging materials also affect input costs. Pricing power allows Hershey to offset inflation through strategic price increases, though consumer price sensitivity can limit this lever. The company has implemented 6-7% net price increases to address cocoa inflation, balancing margin protection with volume retention. Operational efficiency through productivity improvements, manufacturing optimization, and supply chain enhancements helps offset cost pressures. Hershey targets $300 million in net savings through transformation programs. Channel mix affects margins, as different retail channels offer varying profit margins. The shift toward value channels like dollar stores during economic pressure can impact overall profitability. Seasonal dynamics create margin variability, with seasonal products like Halloween and Easter candy typically offering higher margins but concentrated sales periods.
Competitive moat
Hershey possesses a moderate to strong economic moat built primarily on brand strength, distribution advantages, and scale economies. The company's brands like Hershey's, Reese's, and Kit Kat have achieved iconic status in American culture, creating strong consumer loyalty that allows premium pricing over generic alternatives. This brand power is reinforced by decades of marketing investment and emotional connections formed during childhood. The company benefits from significant distribution advantages through established relationships with major retailers and optimal shelf placement in high-traffic areas like checkout counters. Hershey's scale allows it to invest in marketing, innovation, and manufacturing efficiency at levels difficult for smaller competitors to match. However, the moat faces several challenges. Commodity cost volatility, particularly in cocoa, can severely pressure margins and force difficult pricing decisions that may impact market share. The company has limited control over these input costs, making it vulnerable to supply chain disruptions. Private label competition poses an ongoing threat, especially during economic downturns when consumers become more price-sensitive. Smaller manufacturers can sometimes offer competitive products at lower prices, though they typically lack the marketing resources and distribution reach of established brands. Changing consumer preferences toward healthier snacking options and concerns about sugar consumption create long-term challenges. The potential impact of GLP-1 weight management drugs on snacking behavior represents an emerging risk, though Hershey has not observed material impacts to date. Regulatory risks around sugar content, marketing to children, and health claims could impact the business model. Additionally, the company's heavy dependence on the North American market makes it vulnerable to regional economic downturns or demographic shifts. Despite these challenges, Hershey's combination of brand strength, distribution reach, and scale advantages provides meaningful competitive protection, though the moat is not impregnable and requires continuous investment to maintain.
Risks & safety
Hershey presents a moderate margin of safety with solid financial fundamentals but elevated valuation metrics and some leverage concerns. • Liquidity and Solvency: Current ratio of 1.59 indicates adequate short-term liquidity. Cash and short-term investments of $1.5 billion provide reasonable cushion. Debt-to-equity ratio of 1.34 shows moderate leverage levels that require monitoring. • Cash Generation: Strong free cash flow of $1.9 billion annually demonstrates healthy cash generation capabilities. Operating cash flow of $2.5 billion provides good coverage for capital expenditures and dividend payments. • Valuation Metrics: Price-to-earnings ratio of 38.7 appears elevated for a mature consumer goods company. EV/EBITDA of 20.0 suggests premium valuation. Price-to-book ratio of 7.4 indicates market optimism may be stretched. • Profitability: Return on equity of 47% shows strong profitability, though this may be inflated by leverage. EBITDA margins remain healthy despite commodity pressures. • Other Considerations: Significant exposure to cocoa price volatility creates earnings uncertainty. Potential tariff impacts of $100 million per quarter add near-term risk. Strong dividend history provides some downside protection for income-focused investors.
Recent development
Over the past few years, Hershey has pursued several strategic initiatives to diversify beyond traditional chocolate and expand its snacking portfolio. The company has made significant acquisitions in the salty snacks category, including Dot's Homestyle Pretzels and Amplify Snack Brands (SkinnyPop), which have shown strong growth momentum and helped establish Hershey as a broader snacking company rather than just a chocolate manufacturer. Capacity expansion has been a major focus, with Hershey investing in a 15% increase across its production network from 2020-2024. The company has added new manufacturing lines, particularly for high-demand products like Reese's, and acquired Weaver popcorn manufacturing facilities to support its salty snacks growth. Innovation acceleration has become increasingly important, with the company increasing innovation efforts by approximately 35% and focusing on expanding its sweets portfolio with products like Jolly Rancher gummies and Shaq-branded items. The company expects significant Reese's innovation in fall 2025 and continues to explore white spaces in sweets, better-for-you products, and salty snacks. International expansion efforts have shown success, with double-digit growth in key markets like Brazil and share gains in India and Mexico. The Reese's brand has demonstrated particular strength in international markets, providing a platform for global expansion. The company has also focused on operational efficiency through transformation programs targeting $300 million in net savings, while implementing pricing strategies to address historic cocoa cost inflation. Leadership transition is underway with CEO Michele Buck's announced retirement, as the board conducts a search for a successor who can navigate the evolving industry landscape.
HSY company profile · for informational purposes only — not investment advice.
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