The Hershey Company

HSY

Food Confectioners · Consumer Defensive

Price

$171.42

-3.30 (-1.89%)

Market Cap

$34.77B

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Share count falling — buybacks

−2.2% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 207.8M (2021) → 203.3M (2025)

Hershey makes chocolate, candy, and snacks that are sold in grocery stores, convenience stores, and online retailers across the United States and beyond. Its most well-known brands include Hershey's chocolate bars, Reese's peanut butter cups, Kit Kat (licensed in the US), and Jolly Rancher. Hershey is one of the largest candy makers in North America and has been selling chocolate under its name for over 125 years.

The company earns money by manufacturing and selling packaged food products to retailers, who then sell them to everyday consumers. Most of its revenue comes from North America, though it has a smaller international business in markets like Mexico, Brazil, and India. Hershey's moat comes from its powerful brand recognition and its wide distribution network, which makes it hard for smaller competitors to match its shelf space. The biggest risk the company faces right now is the rising cost of cocoa, which has surged to historic highs and puts pressure on profit margins.

Winston Score History

Politician Trades

7 trades / 12mo

3 Congressional buys and 4 sells on HSY in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+10.6% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+97.3% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (2%)

Research and development spending

Insider Activity

1.9%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$877M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

The Hershey Company is a rare growth stock that's already generating positive cash flow while growing at 11%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

39.4%

Modest — 39.4% gross margin

Operating Margin

20.6%

Excellent — 20.6% operating margin

ROCE

6.3%

Weak — 6.3% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+11.5%

Steady sales growth (11.5% YoY)

EPS YoY

-32.6%

Earnings shrinking (-32.6% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

215%

Turns 215% of profit into real cash

FCF Margin

13.0%

Converts sales into free cash efficiently (13.0%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

1.13

Elevated debt (1.13)

Interest Cover

8.17x

Comfortably covers interest (8.2x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

31.3x

Pricey — P/E 31.3

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+15.3

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (31.3 → 16.0)

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Dividends

Dividend Yield

3.29%

Moderate income — 3.29% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

+3.0%

Dividend flat

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