Hershey Co (HSY) - Net Assets
Based on the latest financial reports, Hershey Co (HSY) has net assets worth $4.64 Billion USD as of December 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($13.74 Billion) and total liabilities ($9.10 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check HSY asset resilience ratio to evaluate the company's liquid asset resilience ratio.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $4.64 Billion |
| % of Total Assets | 33.74% |
| Annual Growth Rate | 4.74% |
| 5-Year Change | 68.17% |
| 10-Year Change | 460.21% |
| Growth Volatility | 27.09 |
Hershey Co - Net Assets Trend (1985–2025)
This chart illustrates how Hershey Co's net assets have evolved over time, based on quarterly financial data. Also explore Hershey Co asset portfolio for the complete picture of this company's asset base.
Annual Net Assets for Hershey Co (1985–2025)
The table below shows the annual net assets of Hershey Co from 1985 to 2025. For live valuation and market cap data, see Hershey Co market capitalisation.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | $4.64 Billion | -1.65% |
| 2024-12-31 | $4.71 Billion | +15.02% |
| 2023-12-31 | $4.10 Billion | +24.23% |
| 2022-12-31 | $3.30 Billion | +19.67% |
| 2021-12-31 | $2.76 Billion | +23.21% |
| 2020-12-31 | $2.24 Billion | +28.25% |
| 2019-12-31 | $1.74 Billion | +24.00% |
| 2018-12-31 | $1.41 Billion | +51.06% |
| 2017-12-31 | $931.57 Million | +12.55% |
| 2016-12-31 | $827.69 Million | -20.98% |
| 2015-12-31 | $1.05 Billion | -31.37% |
| 2014-12-31 | $1.53 Billion | -5.56% |
| 2013-12-31 | $1.62 Billion | +54.15% |
| 2012-12-31 | $1.05 Billion | +20.14% |
| 2011-12-31 | $872.65 Million | -6.93% |
| 2010-12-31 | $937.60 Million | +23.31% |
| 2009-12-31 | $760.34 Million | +117.27% |
| 2008-12-31 | $349.94 Million | -43.88% |
| 2007-12-31 | $623.52 Million | -8.77% |
| 2006-12-31 | $683.42 Million | -33.07% |
| 2005-12-31 | $1.02 Billion | -6.26% |
| 2004-12-31 | $1.09 Billion | -14.89% |
| 2003-12-31 | $1.28 Billion | -6.70% |
| 2002-12-31 | $1.37 Billion | +19.57% |
| 2001-12-31 | $1.15 Billion | -2.37% |
| 2000-12-31 | $1.18 Billion | +6.96% |
| 1999-12-31 | $1.10 Billion | +5.40% |
| 1998-12-31 | $1.04 Billion | +22.22% |
| 1997-12-31 | $852.80 Million | -26.55% |
| 1996-12-31 | $1.16 Billion | +7.20% |
| 1995-12-31 | $1.08 Billion | -24.85% |
| 1994-12-31 | $1.44 Billion | +2.04% |
| 1993-12-31 | $1.41 Billion | -3.62% |
| 1992-12-31 | $1.47 Billion | +9.74% |
| 1991-12-31 | $1.34 Billion | +7.38% |
| 1990-12-31 | $1.24 Billion | +11.32% |
| 1989-12-31 | $1.12 Billion | +11.05% |
| 1988-12-31 | $1.01 Billion | +20.84% |
| 1987-12-31 | $832.40 Million | +14.36% |
| 1986-12-31 | $727.90 Million | 0.00% |
| 1985-12-31 | $727.90 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to Hershey Co's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 744.0% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | $5.50 Billion | 118.52% |
| Common Stock | $221.55 Million | 4.78% |
| Total Equity | $4.64 Billion | 100.00% |
Hershey Co Competitors by Market Cap
The table below lists competitors of Hershey Co ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Xylem Inc
NYSE:XYL
|
$27.69 Billion |
|
FTAI Aviation Ltd.
NASDAQ:FTAI
|
$27.72 Billion |
|
Biogen Inc
NASDAQ:BIIB
|
$27.74 Billion |
|
SHINHAN FINL ADR/1 SW5000
F:KSF1
|
$27.77 Billion |
|
Natera Inc
NASDAQ:NTRA
|
$27.53 Billion |
|
Sampo A SDB
ST:SAMPO-SDB
|
$27.48 Billion |
|
China Merchants Bank Co. Ltd
F:M4B
|
$27.48 Billion |
|
Amrize Ltd
NYSE:AMRZ
|
$27.46 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Hershey Co's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 4,714,654,000 to 4,636,750,000, a change of -77,904,000 (-1.7%).
- Net income of 883,259,000 contributed positively to equity growth.
- Dividend payments of 1,085,296,000 reduced retained earnings.
- Share repurchases of 21,297,000 reduced equity.
- Other comprehensive income increased equity by 303,890,000.
- Other factors decreased equity by 158,460,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $883.26 Million | +19.05% |
| Dividends Paid | $1.09 Billion | -23.41% |
| Share Repurchases | $21.30 Million | -0.46% |
| Other Comprehensive Income | $303.89 Million | +6.55% |
| Other Changes | $-158.46 Million | -3.42% |
| Total Change | $- | -1.65% |
Book Value vs Market Value Analysis
This analysis compares Hershey Co's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 8.15x
- The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
- The price-to-book ratio has decreased from 97.07x to 8.15x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 1985-12-31 | $1.92 | $185.94 | x |
| 1986-12-31 | $1.95 | $185.94 | x |
| 1987-12-31 | $2.30 | $185.94 | x |
| 1988-12-31 | $2.77 | $185.94 | x |
| 1989-12-31 | $3.10 | $185.94 | x |
| 1990-12-31 | $3.43 | $185.94 | x |
| 1991-12-31 | $3.68 | $185.94 | x |
| 1992-12-31 | $4.05 | $185.94 | x |
| 1993-12-31 | $3.91 | $185.94 | x |
| 1994-12-31 | $4.15 | $185.94 | x |
| 1995-12-31 | $3.20 | $185.94 | x |
| 1996-12-31 | $3.72 | $185.94 | x |
| 1997-12-31 | $2.83 | $185.94 | x |
| 1998-12-31 | $3.58 | $185.94 | x |
| 1999-12-31 | $3.89 | $185.94 | x |
| 2000-12-31 | $4.14 | $185.94 | x |
| 2001-12-31 | $4.17 | $185.94 | x |
| 2002-12-31 | $4.98 | $185.94 | x |
| 2003-12-31 | $4.84 | $185.94 | x |
| 2004-12-31 | $4.43 | $185.94 | x |
| 2005-12-31 | $4.09 | $185.94 | x |
| 2006-12-31 | $2.86 | $185.94 | x |
| 2007-12-31 | $2.56 | $185.94 | x |
| 2008-12-31 | $1.39 | $185.94 | x |
| 2009-12-31 | $3.15 | $185.94 | x |
| 2010-12-31 | $3.92 | $185.94 | x |
| 2011-12-31 | $3.73 | $185.94 | x |
| 2012-12-31 | $4.59 | $185.94 | x |
| 2013-12-31 | $7.11 | $185.94 | x |
| 2014-12-31 | $6.47 | $185.94 | x |
| 2015-12-31 | $4.52 | $185.94 | x |
| 2016-12-31 | $3.65 | $185.94 | x |
| 2017-12-31 | $4.28 | $185.94 | x |
| 2018-12-31 | $6.63 | $185.94 | x |
| 2019-12-31 | $8.25 | $185.94 | x |
| 2020-12-31 | $10.67 | $185.94 | x |
| 2021-12-31 | $13.27 | $185.94 | x |
| 2022-12-31 | $15.97 | $185.94 | x |
| 2023-12-31 | $19.94 | $185.94 | x |
| 2024-12-31 | $23.17 | $185.94 | x |
| 2025-12-31 | $22.81 | $185.94 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Hershey Co utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 19.05%
- The company demonstrates strong efficiency in generating profits from shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 7.55%
- • Asset Turnover: 0.85x
- • Equity Multiplier: 2.96x
- Recent ROE (19.05%) is below the historical average (43.17%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 1985 | 15.40% | 5.62% | 1.67x | 1.65x | $39.31 Million |
| 1986 | 18.24% | 6.12% | 1.60x | 1.86x | $60.01 Million |
| 1987 | 17.80% | 6.09% | 1.48x | 1.98x | $64.96 Million |
| 1988 | 21.26% | 9.87% | 1.23x | 1.75x | $113.31 Million |
| 1989 | 15.32% | 7.07% | 1.33x | 1.62x | $59.39 Million |
| 1990 | 17.36% | 7.95% | 1.31x | 1.67x | $91.55 Million |
| 1991 | 16.44% | 7.57% | 1.24x | 1.75x | $85.97 Million |
| 1992 | 16.56% | 7.53% | 1.20x | 1.82x | $96.07 Million |
| 1993 | 13.69% | 5.54% | 1.22x | 2.02x | $52.07 Million |
| 1994 | 12.78% | 5.11% | 1.25x | 2.01x | $40.09 Million |
| 1995 | 26.03% | 7.64% | 1.30x | 2.61x | $173.60 Million |
| 1996 | 23.53% | 6.85% | 1.25x | 2.74x | $157.10 Million |
| 1997 | 39.43% | 7.82% | 1.31x | 3.86x | $251.02 Million |
| 1998 | 32.71% | 7.69% | 1.30x | 3.27x | $236.67 Million |
| 1999 | 41.90% | 11.59% | 1.19x | 3.05x | $350.44 Million |
| 2000 | 28.47% | 7.93% | 1.22x | 2.93x | $217.04 Million |
| 2001 | 18.06% | 4.55% | 1.40x | 2.83x | $92.44 Million |
| 2002 | 29.42% | 9.79% | 1.18x | 2.54x | $266.41 Million |
| 2003 | 35.75% | 10.97% | 1.16x | 2.80x | $329.60 Million |
| 2004 | 51.96% | 13.34% | 1.17x | 3.34x | $477.17 Million |
| 2005 | 48.53% | 10.20% | 1.13x | 4.23x | $391.61 Million |
| 2006 | 81.80% | 11.31% | 1.19x | 6.08x | $490.72 Million |
| 2007 | 36.12% | 4.33% | 1.16x | 7.16x | $154.86 Million |
| 2008 | 97.86% | 6.07% | 1.41x | 11.42x | $279.59 Million |
| 2009 | 60.52% | 8.23% | 1.44x | 5.10x | $363.95 Million |
| 2010 | 56.50% | 8.99% | 1.33x | 4.74x | $419.57 Million |
| 2011 | 73.36% | 10.34% | 1.38x | 5.15x | $543.23 Million |
| 2012 | 63.04% | 9.95% | 1.40x | 4.54x | $556.09 Million |
| 2013 | 50.77% | 11.48% | 1.33x | 3.32x | $658.86 Million |
| 2014 | 58.20% | 11.41% | 1.32x | 3.87x | $701.41 Million |
| 2015 | 51.40% | 6.94% | 1.38x | 5.36x | $413.15 Million |
| 2016 | 91.63% | 9.68% | 1.35x | 7.03x | $641.46 Million |
| 2017 | 85.54% | 10.42% | 1.35x | 6.07x | $691.45 Million |
| 2018 | 84.19% | 15.11% | 1.01x | 5.51x | $1.04 Billion |
| 2019 | 66.10% | 14.40% | 0.98x | 4.68x | $975.77 Million |
| 2020 | 57.23% | 15.69% | 0.89x | 4.09x | $1.06 Billion |
| 2021 | 53.59% | 16.47% | 0.86x | 3.78x | $1.20 Billion |
| 2022 | 49.85% | 15.79% | 0.95x | 3.32x | $1.31 Billion |
| 2023 | 45.42% | 16.68% | 0.94x | 2.90x | $1.45 Billion |
| 2024 | 47.11% | 19.83% | 0.87x | 2.75x | $1.75 Billion |
| 2025 | 19.05% | 7.55% | 0.85x | 2.96x | $419.58 Million |
Industry Comparison
This section compares Hershey Co's net assets metrics with peer companies in the Confectioners industry.
Industry Context
- Industry: Confectioners
- Average net assets among peers: $3,403,086,677
- Average return on equity (ROE) among peers: -95.08%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Hershey Co (HSY) | $4.64 Billion | 15.40% | 1.96x | $27.53 Billion |
| Mondelez International Inc (MDLZ) | $13.46 Billion | 13.02% | 1.25x | $78.90 Billion |
| Rocky Mountain Chocolate Factory (RMCF) | $18.74 Million | 20.69% | 0.29x | $12.56 Million |
| Sow Good Inc. Common Stock (SOWG) | $2.81 Million | -431.43% | 2.17x | $5.55 Million |
| Tootsie Roll Industries Inc (TR) | $129.80 Million | 17.41% | 0.23x | $1.78 Billion |
About Hershey Co
The Hershey Company, together with its subsidiaries, engages in the manufacture and sale of confectionery products and pantry items in the United States and internationally. It operates through three segments: North America Confectionery, North America Salty Snacks, and International. The company offers chocolate and non-chocolate confectionery products; gum and mint refreshment products, includi… Read more