HSY
The Hershey Company
HSY's fundamentals are strong and it looks cheap: trading at 20x earnings, below its usual 26x. Analysts expect strong earnings growth.
HSY Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| Strong | |
| Healthy |
HSY's profitability, cash flow and balance sheet are currently healthy, and its revenue is stable.
HSY PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 19x | $173 | — |
| Current | 20x | $173 | — |
| Cheap | 21x | $181 | +4.7% |
| Fair | 26x | $229 | +32% |
| Expensive | 30x | $264 | +53% |
Historical ranges are pointers, not guarantees.
HSY's PE is in its cheap range at 20x. If earnings grow as analysts expect, today's price would be 19x next year's earnings.
HSY Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for HSY, with profitability improving.
HSY Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $9.27 | +4.9% |
| Q3 2026 | $8.84 | +32% |
| Q2 2026 | $7.32 | -3% |
| Q1 2026 | $5.37 | -34% |
| Q4 2025 | $4.34 | -60% |
| Q3 2025 | $6.71 | -23% |
| Q2 2025 | $7.55 | -16% |
| Q1 2025 | $8.13 | -20% |
| Q4 2024 | $10.92 | +21% |
HSY earned $8.84 per share over the past year, up 32% from the year before.
HSY Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $3.3B | +3% |
| Q2 2026 | $2.8B | +6.6% |
| Q1 2026 | $3.1B | +11% |
| Q4 2025 | $3.1B | +7% |
| Q3 2025 | $3.2B | +6.5% |
| Q2 2025 | $2.6B | +26% |
| Q1 2025 | $2.8B | -14% |
| Q4 2024 | $2.9B | +8.7% |
HSY's revenue has grown year over year for six quarters in a row: $3.3B last quarter, up 3% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 25% | +12 points |
| Q2 2026 | 23% | +16 points |
| Q1 2026 | 21% | +7.5 points |
| Q4 2025 | 14% | -18 points |
| Q3 2025 | 13% | -7.6 points |
| Q2 2025 | 7.4% | -6.5 points |
| Q1 2025 | 13% | -19 points |
| Q4 2024 | 33% | +15 points |
HSY's operating margin was 25% last quarter, up 12 points from the same quarter a year ago.
HSY Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $955.1M | -17% |
| Q2 2026 | $329.5M | +$376M |
| Q1 2026 | $354.2M | +41% |
| Q4 2025 | $788.5M | -2.3% |
| Q3 2025 | $1.1B | +102% |
| Q2 2025 | -$46.5M | -124% |
| Q1 2025 | $251.2M | -29% |
| Q4 2024 | $807.1M | +51% |
HSY generated $2.4B in free cash flow over the past year, up 12% from the year before.
HSY Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.3% | -2.6M shares |
| 1 year | -0.9% | -1.8M shares |
| 3 years | -1.8% | -3.8M shares |
| 5 years | -2.8% | -5.7M shares |
| Available history | -3.4% | -7.1M shares |
HSY has 202M diluted shares, down 0.9% from a year ago, with $439M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | $370.1M |
| Q1 2026 | $69.3M |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
HSY spent $439M buying back its own shares over the past year, after none the year before.
HSY Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.5x | Healthy |
| Q2 2026 | 1.8x | Healthy |
| Q1 2026 | 2.0x | Moderate |
| Q4 2025 | 2.3x | Moderate |
| Q3 2025 | 1.9x | Healthy |
| Q2 2025 | 2.0x | Healthy |
| Q1 2025 | 1.8x | Healthy |
| Q4 2024 | 1.3x | Healthy |
HSY's net debt is about 1.5 years of its operating earnings (EBITDA), down from 1.9 years a year ago.
HSY Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 47.4 | Neutral |
| Stochastic | 47.1 | Neutral |
HSY's weekly RSI is 47 (neutral) and its Stochastic is 47 (neutral).
HSY PE vs Consumer Defensive Sector
| Metric | HSY | Sector median | Relative |
|---|---|---|---|
| PE | 20x | 19x | 0.6% above |
| PE % | 9 | 18 | 9 pts below |
HSY is trading at 20x earnings, in line with the Consumer Defensive sector's median of 19x.
HSY Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $168.3 | 2.9% above |
| 20 week MA | $173.6 | 0.2% below |
| 50 week MA | $187.9 | 7.8% below |
| 100 week MA | $180.2 | 3.8% below |
| 200 week MA | $194.6 | 11% below |
HSY has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 11% below its 200-week average.
HSY Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $147.6 | $150.0 | +1.6% |
| 2021 | $150.0 | $188.5 | +26% |
| 2022 | $188.5 | $235.9 | +25% |
| 2023 | $235.9 | $186.4 | -21% |
| 2024 | $186.4 | $171.8 | -7.9% |
| 2025 | $171.8 | $184.2 | +7.2% |
| 2026 YTD | $184.2 | $173.3 | -5.9% |
HSY has finished higher in four of the last six years. It's down 5.9% so far in 2026.