# The Hershey Company (HSY)

> Source: Nexqual · https://nexqual.com/HSY · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, The Hershey Company (HSY), nexqual.com/HSY" · informational, not investment advice.

**Price:** USD 175.64 (+4.67% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 167.81 · day 168.16–175.75 · 52w 156.16–239.48 · market cap $35.3B · NYQ

## Key facts
- Last four reported quarters (through Jun 28, 2026): revenue $12.2B, net income $1.49B (12.2% margin), free cash flow $2.23B (SEC filings).
- Valuation: P/E 23.7x, EV/EBITDA 14.7x, net debt $4.40B.
- 4 of 80 tracked superinvestors hold HSY (13F, Q2 2026): 0 new, 0 added, 2 reduced, 2 unchanged.
- Analysts: Hold (mean 2.61 on a 1–5 scale) (23 analysts), mean target USD 197.05 (range 170–250).
- Total return with dividends: 1Y -0.3% vs S&P 500 +14.9%; 5Y +9.4% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 2.11, revenue estimate $3.25B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $8.97B | $10.4B | $11.2B | $11.2B | $11.7B | $12.2B |
| Gross profit | $4.05B | $4.50B | $5.00B | $5.30B | $3.92B | — |
| Operating income | $2.04B | $2.26B | $2.56B | $2.90B | $1.44B | $2.16B |
| Net income | $1.48B | $1.64B | $1.86B | $2.22B | $883M | $1.49B |
| Free cash flow | $1.59B | $1.81B | $1.55B | $1.93B | $1.82B | $2.23B |
| Gross margin | 45.1% | 43.2% | 44.8% | 47.3% | 33.5% | — |
| Operating margin | 22.8% | 21.7% | 22.9% | 25.9% | 12.3% | 17.8% |
| Net margin | 16.5% | 15.8% | 16.7% | 19.8% | 7.6% | 12.2% |
| Revenue growth | +10.1% | +16.1% | +7.2% | +0.3% | +4.4% | — |
| Cash + short-term investments | $329M | $464M | $402M | $731M | $926M | — |
| Total debt | $4.09B | $4.10B | $4.09B | $3.80B | $5.18B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 28, 2026)
P/E 23.7x · P/S 2.9x · EV/EBITDA 14.7x · EV/Sales 3.3x · P/FCF 15.8x · P/B 7.7x · FCF yield 6.31% · Earnings yield 4.22% · Dividend yield (paid, TTM) 3.16% · Buyback yield (TTM) 1.24% · Net debt $4.40B · EV $39.7B

## Superinvestors (SEC 13F-HR, Q2 2026)
4 of 80 tracked investors hold HSY. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Hillman Capital | Hillman Capital Management | 1.35% | $1.9M | Unchanged |
| Thomas Gayner | Markel Group | 0.10% | $13.2M | Unchanged |
| Mairs & Power | Mairs & Power Funds | 0.10% | $10.7M | Reduced -5.5% |
| Lee Ainslie | Maverick Capital | 0.01% | $1.2M | Reduced -70.3% |

## Analysts
Consensus Hold (mean 2.61 on a 1–5 scale), 23 analysts; mean target USD 197.05 (low 170, high 250).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-16 | Barclays | Target lowered | Equal-Weight | $200 → $178 |
| 2026-10-15 | JP Morgan | Target lowered | Neutral | $193 → $183 |
| 2026-10-13 | TD Cowen | Target lowered | Buy | $210 → $198 |
| 2026-10-05 | Wells Fargo | Target lowered | Equal-Weight | $190 → $170 |
| 2026-08-21 | RBC Capital | Target lowered | Sector Perform | $212 → $206 |
| 2026-08-03 | Barclays | Target lowered | Equal-Weight | $208 → $200 |
| 2026-07-31 | UBS | Target raised | Neutral | $190 → $198 |
| 2026-07-31 | JP Morgan | Target raised | Neutral | $191 → $193 |
| 2026-07-31 | Wells Fargo | Target lowered | Equal-Weight | $200 → $190 |
| 2026-07-23 | Evercore ISI Group | Target lowered | Outperform | $255 → $225 |
| 2026-07-22 | Stifel | Target lowered | Hold | $215 → $180 |
| 2026-07-21 | Barclays | Target lowered | Equal-Weight | $220 → $208 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -0.3% | +9.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -0.4% | +1.8% |
| Volatility (annualized) | 27.3% | 23.0% |
| Max drawdown | -32.3% (Feb 2026→Sep 2026) | -43.3% (May 2023→Jan 2025) |

## Peers (Confectioners)
MDLZ (Mondelez International, Inc.) USD 65.19 +3.91% · TR (Tootsie Roll Industries, Inc.) USD 37.19 +2.17% · KMB (Kimberly-Clark Corporation) USD 112.32 +5.32% · KVUE (Kenvue Inc.) USD 19.88 +4.41% · ADM (Archer-Daniels-Midland Company) USD 79.84 +0.60% · EL (Estee Lauder Companies, Inc. (T) USD 107.72 +3.92%

## More
Full page: https://nexqual.com/HSY · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-28)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| North America Confectionery | $2.17B | 78.0% | +4.2% | $705.8M | 32.5% |
| North America Salty Snacks | $387.8M | 13.9% | +22.9% | $62.6M | 16.1% |
| International | $225.9M | 8.1% | +5.7% | -$5.1M | -2.3% |
| Total revenue | $2.79B | 100% | — | $642.6M | 23.1% |

## Revenue by region (quarter ended 2026-06-28)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $2.44B | 87.5% | +6.7% |
| All other countries | $348.8M | 12.5% | +5.9% |
| Total revenue | $2.79B | 100% | — |

## Customer concentration

Period ended 2025-12-31: 27% of revenue from unnamed direct customers (10-K, filed 2026-02-17).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $2.11 | $2.28 | -7.2% | $3.25B | 17 |
| Next quarter (ends 2026-12-31) | $2.13 | $2.39 | -10.9% | $3.15B | 16 |
| Current fiscal year (ends 2026-12-31) | $8.48 | $8.42 | +0.7% | $12.28B | 22 |
| Next fiscal year (ends 2027-12-31) | $9.84 | $9.87 | -0.3% | $12.59B | 22 |