Hershey Ratios (2009-2025) | HSY

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Ratios	Apr2009	Jul2009	Oct2009	Dec2009	Apr2010	Jul2010	Oct2010	Dec2010	Apr2011	Jul2011	Oct2011	Dec2011	Apr2012	Jul2012	Sep2012	Dec2012	Mar2013	Jun2013	Sep2013	Dec2013	Mar2014	Jun2014	Sep2014	Dec2014	Apr2015	Jul2015	Oct2015	Dec2015	Apr2016	Jul2016	Oct2016	Dec2016	Apr2017	Jul2017	Oct2017	Dec2017	Apr2018	Jul2018	Sep2018	Dec2018	Mar2019	Jun2019	Sep2019	Dec2019	Mar2020	Jun2020	Sep2020	Dec2020	Apr2021	Jul2021	Oct2021	Dec2021	Apr2022	Jul2022	Oct2022	Dec2022	Apr2023	Jul2023	Oct2023	Dec2023	Mar2024	Jun2024	Sep2024	Dec2024	Mar2025	Jun2025	Sep2025	Dec2025
Profitability
Gross Margin	35.62%	38.70%	39.69%	40.54%	42.19%	44.32%	42.35%	41.78%	41.95%	42.58%	41.88%	40.28%	42.92%	43.73%	42.52%	43.13%	46.48%	47.63%	46.15%	43.83%	46.56%	45.46%	43.85%	44.13%	46.49%	46.58%	44.30%	45.97%	44.69%	45.64%	42.47%	37.67%	48.38%	46.05%	46.38%	43.16%	49.40%	45.30%	41.52%	47.50%	44.26%	49.50%	44.20%	44.09%	42.54%	46.42%	48.65%	44.03%	45.69%	46.52%	44.97%	43.54%	46.71%	42.15%	40.63%	43.16%	46.27%	45.46%	44.89%	42.27%	51.53%	40.19%	41.26%	53.97%	33.66%	30.45%	32.61%	37.04%
EBT Margin	10.44%	8.02%	17.34%	13.56%	16.31%	8.24%	17.93%	13.50%	16.11%	15.47%	18.35%	13.25%	17.93%	13.99%	15.87%	13.13%	20.15%	16.43%	18.82%	14.64%	20.43%	16.27%	17.61%	16.00%	19.34%	-1.02%	12.58%	15.53%	18.58%	14.25%	16.36%	10.08%	8.96%	16.90%	19.71%	13.42%	22.78%	14.84%	17.16%	17.30%	19.63%	20.55%	19.09%	10.36%	16.44%	19.57%	25.34%	12.05%	22.40%	21.03%	22.11%	14.74%	25.41%	17.01%	17.34%	13.69%	25.41%	17.65%	21.56%	12.03%	30.32%	11.85%	17.36%	25.04%	11.54%	5.70%	11.69%	11.96%
EBIT Margin	12.37%	9.96%	18.84%	15.09%	17.99%	10.09%	19.37%	15.37%	17.68%	17.23%	19.77%	14.61%	19.31%	15.71%	17.27%	14.43%	21.44%	17.83%	19.99%	15.68%	21.56%	17.57%	18.28%	17.09%	19.82%	0.48%	15.45%	17.97%	18.56%	16.04%	18.67%	14.15%	10.49%	19.27%	22.70%	17.23%	24.37%	18.02%	19.54%	21.19%	21.76%	23.20%	21.59%	13.84%	18.79%	22.45%	27.54%	18.54%	24.09%	22.96%	24.36%	19.74%	27.04%	19.24%	20.40%	19.86%	26.77%	22.51%	24.29%	17.47%	32.53%	13.87%	20.52%	32.52%	13.16%	7.37%	13.66%	14.39%
EBITDA Margin	12.37%	9.96%	18.84%	15.09%	17.99%	10.09%	19.37%	15.37%	17.68%	17.23%	19.77%	14.61%	19.31%	15.71%	17.27%	14.43%	21.44%	17.83%	19.99%	15.68%	21.56%	17.57%	18.28%	17.09%	19.82%	0.48%	15.45%	17.97%	18.56%	16.04%	18.67%	14.15%	10.49%	19.27%	22.70%	17.23%	24.37%	18.02%	19.54%	21.19%	21.76%	23.20%	21.59%	13.84%	18.79%	22.45%	27.54%	18.54%	24.09%	22.96%	24.36%	19.74%	27.04%	19.24%	20.40%	19.86%	26.77%	22.51%	24.29%	17.47%	32.53%	13.87%	20.52%	32.52%	13.16%	7.37%	13.66%	14.39%
Operating Margin	12.37%	9.96%	18.84%	15.09%	17.99%	10.09%	19.37%	15.37%	17.68%	17.23%	19.77%	14.61%	19.31%	15.71%	17.27%	14.43%	21.44%	17.83%	19.99%	15.68%	21.56%	17.57%	18.28%	17.09%	19.82%	0.48%	15.45%	17.97%	18.56%	16.04%	18.67%	14.15%	10.49%	19.27%	22.70%	17.23%	24.37%	18.02%	19.54%	21.19%	21.76%	23.20%	21.59%	13.84%	18.79%	22.45%	27.54%	18.54%	24.09%	22.96%	24.36%	19.74%	27.04%	19.24%	20.40%	19.86%	26.77%	22.51%	24.29%	17.47%	32.53%	13.87%	20.52%	32.52%	13.16%	7.37%	13.66%	14.39%
Net Margin	6.14%	6.09%	10.92%	6.13%	10.47%	3.79%	11.65%	9.14%	10.24%	9.81%	12.11%	7.56%	10.01%	8.06%	9.22%	7.90%	12.57%	9.92%	11.94%	8.94%	13.49%	10.65%	11.41%	10.07%	12.63%	-6.33%	7.89%	11.18%	12.57%	8.91%	11.35%	5.93%	5.23%	12.19%	13.48%	9.36%	17.79%	12.75%	12.76%	16.68%	15.07%	17.73%	15.24%	9.88%	13.19%	15.70%	20.15%	13.33%	17.29%	15.14%	18.85%	14.61%	20.01%	13.30%	14.64%	14.94%	19.65%	16.34%	17.11%	13.14%	24.52%	8.72%	14.94%	27.59%	7.99%	2.40%	8.69%	10.35%
FCF Margin	19.76%	11.59%	10.86%	28.30%	10.70%	3.99%	5.16%	29.83%	5.24%	2.55%	-6.75%	16.46%	10.81%	-0.89%	13.18%	24.62%	11.09%	-0.32%	11.37%	23.48%	6.96%	-6.01%	7.02%	14.95%	10.40%	8.39%	1.18%	28.40%	12.47%	2.23%	0.90%	23.42%	10.70%	3.00%	11.11%	26.54%	14.80%	9.99%	8.88%	31.18%	11.76%	15.05%	11.89%	33.31%	7.21%	16.48%	16.89%	20.81%	21.57%	14.82%	11.28%	22.82%	19.33%	15.06%	12.00%	22.93%	19.39%	5.62%	9.82%	20.14%	10.94%	9.42%	18.99%	27.95%	8.95%	1.04%	23.76%	25.51%
Efficiency
Inventory Average			0.60B	0.63B	0.59B	0.62B	0.76B	0.72B	0.69B	0.75B	0.81B	0.73B	0.65B	0.72B	0.76B	0.68B	0.63B	0.70B	0.77B	0.71B	0.67B	0.77B	0.88B	0.85B	0.77B	0.81B	0.84B	0.78B	0.76B	0.82B	0.86B	0.79B	0.77B	0.87B	0.94B	0.85B	0.77B	0.85B	0.90B	0.83B	0.79B	0.87B	0.96B	0.89B	0.82B	0.92B	0.98B	0.96B	0.94B	0.99B	1.04B	1.01B	1.01B	1.12B	1.20B	1.18B	1.18B	1.28B	1.37B	1.34B	1.24B	1.30B	1.38B	1.28B	1.36B	1.65B	1.77B	1.57B
Assets Average			3.63B	3.72B	3.69B	3.66B	3.75B	4.08B	4.25B	4.27B	4.22B	4.27B	4.50B	4.63B	4.70B	4.75B	4.80B	4.77B	4.89B	5.22B	5.39B	5.31B	5.55B	5.77B	5.69B	5.60B	5.54B	5.49B	5.33B	5.44B	5.71B	5.68B	5.43B	5.36B	5.52B	5.60B	6.44B	7.37B	7.62B	7.77B	7.78B	7.83B	8.13B	8.30B	8.50B	8.88B	9.08B	9.19B	9.08B	8.96B	9.16B	9.93B	10.53B	10.62B	10.71B	10.89B	11.03B	11.32B	11.73B	11.92B	12.15B	12.40B	12.52B	12.78B	13.46B	13.81B	13.61B	13.66B
Equity Average			0.51B	2.38B	2.45B	0.72B	0.76B	2.60B	2.63B	0.94B	0.97B	2.82B	2.80B	0.99B	1.04B	1.02B	1.08B	1.12B	1.24B	1.48B	1.64B	1.64B	1.61B	1.56B	1.42B	1.26B	1.07B	0.99B	0.96B	0.83B	0.86B	0.88B	0.84B	0.86B	0.85B	0.89B	0.96B	1.03B	1.16B	1.33B	1.42B	1.55B	1.72B	1.75B	1.71B	1.72B	1.91B	2.15B	2.25B	2.27B	2.41B	2.65B	2.84B	2.90B	2.99B	3.19B	3.38B	3.58B	3.83B	4.03B	4.10B	4.06B	4.11B	4.46B	4.70B	4.60B	4.54B	4.60B
Invested Capital		0.66B	0.82B	5.67B	0.76B	0.73B	1.09B	6.19B	1.14B	1.27B	2.53B	6.55B	2.73B	2.93B	2.76B	2.84B	2.91B	2.92B	3.15B	3.41B	3.46B	3.40B	3.42B	3.31B	3.13B	3.00B	3.02B	3.10B	2.95B	2.85B	3.55B	3.18B	3.20B	3.22B	3.19B	3.29B	3.35B	4.62B	4.51B	4.67B	4.66B	4.93B	5.01B	5.98B	5.92B	6.64B	6.95B	6.77B	6.71B	6.37B	6.64B	6.85B	7.01B	6.98B	7.18B	7.40B	7.56B	7.79B	8.06B	8.19B	8.20B	8.10B	8.30B	8.51B	10.47B	9.99B	9.74B	9.82B
Asset Utilization Ratio			1.45	1.42	1.48	1.51	1.49	1.39	1.37	1.38	1.42	1.42	1.39	1.37	1.37	1.40	1.40	1.43	1.42	1.37	1.33	1.37	1.33	1.29	1.32	1.34	1.35	1.35	1.37	1.35	1.29	1.31	1.38	1.40	1.37	1.34	1.18	1.04	1.02	1.00	1.01	1.00	0.97	0.96	0.94	0.89	0.88	0.89	0.93	0.97	0.96	0.90	0.89	0.92	0.94	0.96	0.97	0.96	0.95	0.94	0.94	0.89	0.88	0.88	0.80	0.82	0.84	0.86
Leverage & Solvency
Interest Coverage Ratio	6.40	5.13	12.54	10.81	10.35	5.46	13.46	8.52	10.42	9.78	12.48	13.80
Debt to Equity		4.19	2.90	0.37	2.01	2.19	1.83	0.41	2.06	1.78	1.72	0.39	2.14	1.70	1.77	1.71	1.61	1.69	1.41	1.21	1.18	1.24	1.37	1.27	1.68	1.80	2.69	1.96	2.38	3.32	3.16	3.60	3.36	3.42	3.42	2.81	4.35	4.04	3.76	3.16	3.09	2.24	2.37	2.43	2.56	2.78	2.36	2.02	1.96	1.89	1.78	1.82	1.70	1.47	1.34	1.24	1.19	1.34	1.24	1.10	1.24	1.20	1.04	0.95	1.23	1.21	1.13	1.12
Debt Ratio		0.50	0.46	0.42	0.41	0.42	0.39	0.42	0.43	0.42	0.39	0.42	0.41	0.40	0.37	0.38	0.37	0.40	0.37	0.37	0.36	0.38	0.37	0.34	0.38	0.40	0.45	0.38	0.39	0.46	0.51	0.54	0.53	0.55	0.51	0.47	0.59	0.58	0.60	0.58	0.56	0.48	0.49	0.52	0.48	0.55	0.53	0.50	0.49	0.48	0.48	0.48	0.47	0.40	0.38	0.37	0.37	0.43	0.41	0.38	0.41	0.39	0.35	0.35	0.41	0.40	0.38	0.38
Equity Ratio		0.12	0.16	1.13	0.20	0.19	0.21	1.03	0.21	0.23	0.22	1.07	0.19	0.23	0.21	0.22	0.23	0.24	0.27	0.30	0.31	0.31	0.27	0.27	0.23	0.22	0.17	0.20	0.17	0.14	0.16	0.15	0.16	0.16	0.15	0.17	0.13	0.14	0.16	0.18	0.18	0.22	0.21	0.21	0.19	0.20	0.22	0.25	0.25	0.26	0.27	0.26	0.27	0.27	0.28	0.30	0.31	0.32	0.33	0.34	0.33	0.32	0.33	0.36	0.34	0.33	0.34	0.34
Times Interest Earned	6.40	5.13	12.54	10.81	10.35	5.46	13.46	8.52	10.42	9.78	12.48	13.80
Dividends & Payouts
FCF Payout Ratio	0.27	0.48	0.41	0.17	0.47	1.44	0.89	0.16	0.94	2.25	-0.69	0.29	0.45	-6.61	0.36	0.21	0.45	-18.72	0.50	0.23	0.81	-1.10	0.84	0.38	0.57	0.86	5.34	0.23	0.54	3.30	7.17	0.28	0.64	2.57	0.60	0.26	0.46	0.76	0.80	0.24	0.62	0.56	0.62	0.23	1.07	0.56	0.44	0.36	0.33	0.55	0.68	0.34	0.35	0.50	0.63	0.34	0.36	1.47	0.80	0.44	0.77	1.38	0.48	0.34	1.08	10.00	0.36	0.34
Valuation
Enterprise Value	-0.07B	0.01B	-0.08B	-0.23B	-0.27B	-0.22B	-0.22B	-0.86B	-0.73B	-0.77B	-0.27B	-0.67B	-0.54B	-0.57B	-0.45B	-0.72B	-0.72B	-0.56B	-0.69B	-1.11B	-0.94B	-0.66B	-0.51B	-0.41B	-0.36B	-0.35B	-0.30B	-0.30B	-0.24B	-0.20B	-0.29B	-0.26B	-0.26B	-0.20B	-0.26B	-0.36B	-0.46B	-0.45B	-0.81B	-0.58B	-0.46B	-0.36B	-0.29B	-0.49B	-1.09B	-1.16B	-1.20B	-1.14B	-1.12B	-0.42B	-0.67B	-0.33B	-0.34B	-0.34B	-0.33B	-0.46B	-0.46B	-0.45B	-0.47B	-0.40B	-0.52B	-0.47B	-0.61B	-0.73B	-1.52B	-0.91B	-1.16B	-0.93B
Return Ratios
Return on Sales	0.06%	0.06%	0.11%	0.06%	0.10%	0.04%	0.12%	0.09%	0.10%	0.10%	0.12%	0.09%	0.11%	0.10%	0.10%	0.09%	0.13%	0.11%	0.13%	0.10%	0.13%	0.11%	0.11%	0.10%	0.13%	-0.06%	0.08%	0.11%	0.13%	0.09%	0.11%	0.06%	0.05%	0.12%	0.13%	0.09%	0.18%	0.13%	0.13%	0.17%	0.15%	0.18%	0.15%	0.10%	0.13%	0.16%	0.20%	0.13%	0.17%	0.15%	0.19%	0.15%	0.20%	0.13%	0.15%	0.15%	0.20%	0.16%	0.17%	0.13%	0.25%	0.09%	0.15%	0.28%	0.08%	0.02%	0.09%	0.10%
Return on Capital Employed			0.28%	0.27%	0.31%	0.31%	0.36%	0.33%	0.31%	0.34%	0.35%	0.34%	0.35%	0.35%	0.35%	0.34%	0.35%	0.33%	0.35%	0.35%	0.34%	0.34%	0.40%	0.36%	0.39%	0.31%	0.31%	0.32%	0.33%	0.45%	0.36%	0.33%	0.30%	0.32%	0.40%	0.37%	0.58%	0.33%	0.32%	0.30%	0.29%	0.31%	0.34%	0.25%	0.27%	0.23%	0.24%	0.24%	0.27%	0.27%	0.27%	0.27%	0.28%	0.30%	0.30%	0.30%	0.30%	0.28%	0.30%	0.29%	0.33%	0.30%	0.29%	0.33%	0.21%	0.19%	0.19%	0.14%
Return on Invested Capital			0.62%	0.14%	0.16%	0.66%	0.56%	0.16%	0.16%	0.56%	0.36%	0.15%	0.16%	0.26%	0.25%	0.26%	0.27%	0.27%	0.28%	0.27%	0.26%	0.26%	0.26%	0.27%	0.27%	0.20%	0.19%	0.19%	0.19%	0.29%	0.28%	0.24%	0.22%	0.24%	0.26%	0.28%	0.35%	0.30%	0.26%	0.29%	0.28%	0.29%	0.29%	0.24%	0.22%	0.20%	0.20%	0.22%	0.24%	0.25%	0.26%	0.25%	0.26%	0.27%	0.26%	0.27%	0.27%	0.28%	0.29%	0.27%	0.30%	0.26%	0.25%	0.31%	0.21%	0.18%	0.17%	0.11%
Return on Assets			0.12%	0.11%	0.13%	0.12%	0.12%	0.12%	0.12%	0.14%	0.15%	0.15%	0.15%	0.15%	0.14%	0.14%	0.15%	0.15%	0.16%	0.16%	0.15%	0.16%	0.15%	0.15%	0.15%	0.10%	0.09%	0.09%	0.09%	0.14%	0.14%	0.13%	0.11%	0.12%	0.13%	0.13%	0.16%	0.14%	0.13%	0.15%	0.14%	0.16%	0.16%	0.14%	0.13%	0.12%	0.13%	0.14%	0.15%	0.16%	0.16%	0.15%	0.15%	0.15%	0.15%	0.15%	0.15%	0.16%	0.16%	0.16%	0.17%	0.15%	0.14%	0.17%	0.12%	0.11%	0.10%	0.06%
Return on Equity			0.89%	0.17%	0.19%	0.61%	0.60%	0.20%	0.20%	0.64%	0.64%	0.22%	0.24%	0.68%	0.63%	0.65%	0.65%	0.65%	0.63%	0.55%	0.51%	0.51%	0.52%	0.54%	0.59%	0.45%	0.47%	0.52%	0.52%	0.90%	0.95%	0.81%	0.70%	0.75%	0.81%	0.85%	1.05%	1.00%	0.88%	0.88%	0.79%	0.78%	0.74%	0.65%	0.65%	0.62%	0.62%	0.59%	0.62%	0.63%	0.60%	0.56%	0.57%	0.56%	0.53%	0.52%	0.50%	0.50%	0.50%	0.46%	0.50%	0.45%	0.43%	0.50%	0.35%	0.33%	0.30%	0.19%

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Hershey Ratios (2009-2025) | HSY

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