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Hershey HSY Debt-to-equity

Debt-to-equity at other companies

PepsiCo logo
PepsiCoPEP
2.5×-0.2×
Mondelez International logo
Mondelez InternationalMDLZ
0.1×0.0×
General Mills logo
General MillsGIS
1.3×-0.1×
Church & Dwight logo
Church & DwightCHD
0.6×0.0×
The Kraft Heinz Company logo
The Kraft Heinz CompanyKHC
0.5×+0.1×
PFG
Performance Food GroupPFGC
1.7×-0.1×

Other financials

Income statement

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Revenue$3.1B+10.7%
Gross profit$1.2B+29.5%
Operating income$640.7M+73.5%
Net income$435.1M+94.1%

Balance sheet

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Cash & equivalents$877.0M-42.1%
Total debt$5.3B-8.8%
Total assets$13.8B-0.9%

Cash flow

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Operating cash flow$468.8M+18.2%
CapEx$114.6M-21.3%
Free cash flow$354.2M+41.0%

Valuation

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Market cap$35.56B+21.6%
Enterprise value$39.94B+19.6%
P/E32.5×+14.8×
P/S+0.2×

Profitability

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Gross margin35%-7.4pp
Operating margin14.3%-6.3pp
Net margin9.1%-6.2pp

Returns & leverage

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Return on equity18.9%-31.5pp
Current ratio1.2×-0.4×

Where this comes from

Calculated from Hershey’s reported figures.

Based on the most recent quarter.

The official record: Hershey’s 10-Q, filed April 30, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Hershey's debt-to-equity?
Hershey (HSY) reported debt-to-equity of 1.1× in Q4 2025.
How has Hershey's debt-to-equity changed year-over-year?
Hershey's debt-to-equity increased by 9.8% year-over-year, from 1× to 1.1×.
What does debt-to-equity mean?
How much debt the company carries for every dollar of shareholder equity.
How do you interpret debt-to-equity?
Lower is generally safer, but moderate leverage can boost returns. Read in the context of cash-flow stability — a utility tolerates more debt than a cyclical. Negative equity makes the ratio meaningless and it is suppressed there.
How does debt-to-equity compare across companies?
Comparable within an industry; capital structures differ sharply across sectors. Not meaningful for banks.