Hershey market cap is $28.2 b, and annual revenue was $7.99 b in FY 2019

Hershey Gross profit (Q1, 2020)866.6 M

Hershey Gross profit margin (Q1, 2020), %42.5%

Hershey Net income (Q1, 2020)268.8 M

Hershey EBIT (Q1, 2020)382.8 M

Hershey Cash, 29-Mar-20201.1 B

Hershey EV32.2 B

Hershey revenue breakdown by geographic segment: 87.8% from North America and 12.2% from International and Other

USD | FY, 2015 | FY, 2016 | FY, 2017 | FY, 2018 | FY, 2019 |
---|---|---|---|---|---|

## Revenue | 7.4b | 7.4b | 7.5b | 7.8b | 8.0b |

| 1% | 1% | 4% | ||

## Cost of goods sold | 4.0b | 4.3b | 4.1b | 4.2b | 4.4b |

## Gross profit | 3.4b | 3.2b | 3.4b | 3.6b | 3.6b |

| 46% | 42% | 46% | 46% | 45% |

## General and administrative expense | 1.9b | ||||

## Operating expense total | 2.0b | ||||

## EBIT | 1.0b | 1.2b | 1.3b | 1.6b | 1.6b |

| 14% | 16% | 17% | 21% | 20% |

## Interest expense | 105.8m | 90.1m | 98.3m | 138.8m | |

## Pre tax profit | 901.8m | 1.1b | 1.1b | 1.4b | 1.4b |

## Income tax expense | 388.9m | 379.4m | 354.1m | 239.0m | 234.0m |

## Net Income | 513.0m | 720.0m | 1.1b |

- Source: SEC Filings

USD | Q1, 2017 | Q2, 2017 | Q3, 2017 | Q1, 2018 | Q2, 2018 | Q3, 2018 | Q1, 2019 | Q2, 2019 | Q3, 2018 | Q1, 2019 | Q2, 2019 | Q3, 2019 | Q1, 2020 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|

## Revenue | 1.8b | 1.6b | 2.0b | 1.9b | 1.7b | 2.0b | 2.0b | 1.8b | 2.1b | 2.0b | 1.8b | 2.1b | 2.0b |

## Cost of goods sold | 1.0b | 890.3m | 1.2b | 973.1m | 899.8m | 1.1b | 997.9m | 958.2m | 1.2b | 1.1b | 892.5m | 1.2b | 1.2b |

## Gross profit | 817.4m | 747.4m | 850.8m | 906.6m | 763.2m | 940.2m | 974.1m | 793.4m | 863.5m | 892.5m | 874.7m | 943.3m | 866.6m |

| 45% | 46% | 42% | 48% | 46% | 46% | 49% | 45% | 42% | 44% | 49% | 44% | 43% |

## General and administrative expense | 453.8m | 481.4m | 475.4m | ||||||||||

## Operating expense total | 1.5b | 1.4b | 1.6b | 464.7m | 482.5m | 483.8m | |||||||

## EBIT | 339.5m | 262.8m | 374.0m | 191.9m | 315.3m | 439.0m | 480.5m | 315.7m | 406.3m | 438.9m | 410.1m | 460.8m | 382.8m |

| 19% | 16% | 19% | 10% | 19% | 22% | 24% | 18% | 20% | 22% | 23% | 22% | 19% |

## Interest expense | 21.0m | 21.3m | 24.4m | 23.7m | 24.1m | 24.6m | 29.3m | 35.0m | 36.9m | 37.5m | |||

## Pre tax profit | 339.7m | 233.3m | 327.8m | 168.4m | 281.1m | 400.8m | 449.2m | 260.0m | 356.9m | 395.9m | 363.2m | 407.4m | 335.0m |

## Income tax expense | 109.9m | 87.3m | 100.4m | 70.1m | 78.4m | 126.8m | 98.5m | 36.7m | 91.4m | 92.1m | 49.9m | 82.2m | 66.2m |

## Net Income | 229.8m | 146.0m | 227.4m | 312.8m | 325.3m | 268.8m |

- Source: SEC Filings

usd | Y, 2009 | Y, 2010 | FY, 2010 | FY, 2011 | Y, 2011 | Y, 2012 | FY, 2012 | FY, 2013 | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 | FY, 2018 | FY, 2019 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|

## Cash | 253.6m | 884.6m | 884.6m | 693.7m | 693.7m | 728.3m | 728.3m | 1.1b | 374.9m | 346.5m | 297.0m | 380.2m | 588.0m | 493.3m |

## Accounts Receivable | 390.1m | 399.5m | 461.4m | 588.3m | 594.1m | 568.5m | ||||||||

## Prepaid Expenses | 168.3m | 280.6m | 272.2m | 240.1m | ||||||||||

## Inventories | 533.6m | 649.0m | 633.3m | 659.5m | 801.0m | 751.0m | 745.7m | 752.8m | 784.9m | 815.3m | ||||

## Current Assets | 2.0b | 2.0b | 2.1b | 2.5b | 2.2b | 1.8b | 1.8b | 2.0b | 2.2b | 2.1b | ||||

## PP&E | 1.4b | 1.6b | 1.7b | 2.2b | 2.2b | 2.2b | 2.1b | 2.1b | 2.2b | |||||

## Goodwill | 524.1m | 516.7m | 588.0m | 576.6m | 793.0m | 684.3m | 812.3m | 821.1m | 1.8b | 2.0b | ||||

## Total Assets | 4.3b | 4.4b | 4.8b | 5.4b | 5.6b | 5.3b | 5.5b | 5.6b | 7.7b | 8.1b | ||||

## Accounts Payable | 410.7m | 420.0m | 442.0m | 461.5m | 482.0m | 474.3m | 522.5m | 523.2m | 502.3m | 550.8m | ||||

## Short-term debt | 261.4m | 97.6m | 257.7m | 914.0k | 250.8m | 499.9m | 243.0k | 859.5m | 1.2b | 735.7m | ||||

## Current Liabilities | 1.3b | 1.2b | 1.5b | 1.4b | 1.9b | 2.2b | 1.9b | 2.1b | 2.4b | 2.0b | ||||

## Long-term debt | 1.5b | 1.7b | 1.5b | 1.8b | 1.5b | 1.6b | 2.3b | 2.1b | 3.3b | 3.5b | ||||

## Total Debt | 1.8b | 1.8b | 1.8b | 1.8b | 1.8b | 2.1b | 2.3b | 2.4b | 3.3b | 4.3b | ||||

## Total Liabilities | 3.3b | 3.5b | 3.7b | 4.7b | 4.6b | 6.3b | 6.4b | |||||||

## Common Stock | 299.2m | 299.3m | 299.3m | 299.3m | 359.9m | 359.9m | 359.9m | |||||||

## Preferred Stock | ||||||||||||||

## Additional Paid-in Capital | 434.9m | 490.8m | 593.0m | 664.9m | 754.2m | 783.9m | 869.9m | 925.0m | 982.2m | 1.1b | ||||

## Retained Earnings | 4.4b | 4.7b | 5.0b | 5.5b | 5.9b | 5.9b | 6.1b | 6.4b | 7.0b | 1.3b | ||||

## Total Equity | 937.6m | 872.6m | 1.0b | 1.6b | 1.5b | 1.0b | 827.7m | 931.6m | 1.4b | 1.7b | ||||

## Debt to Equity Ratio | 1.1 x | 1.2 x | 2 x | 2.8 x | 2.5 x | 2.3 x | ||||||||

## Debt to Assets Ratio | 0.3 x | 0.3 x | 0.4 x | 0.4 x | 0.4 x | 0.4 x | ||||||||

## Financial Leverage | 4.6 x | 5.1 x | 4.5 x | 3.3 x | 3.7 x | 5.1 x | 6.7 x | 6 x | 5.5 x | 4.7 x |

- Source: SEC Filings

- Source: SEC Filings

USD | FY, 2010 | FY, 2011 | FY, 2012 | FY, 2013 | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 | FY, 2018 | FY, 2019 |
---|---|---|---|---|---|---|---|---|---|---|

## Net Income | 509.8m | 629.0m | 660.9m | 820.5m | 846.9m | 513.0m | 720.0m | 756.5m | 1.2b | 1.1b |

## Depreciation and Amortization | 197.1m | 215.8m | 210.0m | 301.8m | 261.9m | 295.1m | 291.5m | |||

## Accounts Receivable | (20.3m) | (9.4m) | 50.5m | (6.9m) | 8.6m | 40.3m | ||||

## Inventories | 13.9m | (115.3m) | (26.6m) | (26.3m) | (88.5m) | 52.0m | 14.0m | (71.4m) | (12.7m) | (21.2m) |

## Accounts Payable | 90.4m | 7.9m | 21.7m | 13.4m | (53.0m) | (100.3m) | 41.1m | |||

## Cash From Operating Activities | 901.4m | 580.9m | 1.1b | 838.2m | 1.2b | 983.5m | 1.2b | 1.6b | 1.8b | |

## Purchases of PP&E | (179.5m) | (324.0m) | (258.7m) | (257.7m) | (328.6m) | (318.2m) | ||||

## Cash From Investing Activities | (199.3m) | (333.0m) | (473.4m) | (862.6m) | (477.3m) | (595.5m) | (328.7m) | (1.5b) | (780.5m) | |

## Short-term Borrowings | (1.2m) | (10.8m) | (77.7m) | |||||||

## Long-term Borrowings | (256.2m) | (99.4m) | (250.8m) | (1.4m) | (355.4m) | (500.0m) | (910.8m) | (6.2m) | ||

## Dividends Paid | 213.0m | (228.3m) | (341.2m) | (440.4m) | (476.1m) | (499.5m) | (526.3m) | (562.5m) | (610.3m) | |

## Cash From Financing Activities | (71.1m) | (438.8m) | (586.9m) | (719.3m) | (755.2m) | (434.4m) | (843.8m) | 116.1m | (1.1b) | |

## Net Change in Cash | 631.0m | (191.0m) | 34.6m | 83.2m | 207.8m | (94.7m) | ||||

## Interest Paid | 97.9m | 97.9m | 100.3m | 92.6m | 87.8m | 88.4m | 91.0m | 101.9m | 132.5m | 139.5m |

## Income Taxes Paid | 350.9m | 292.3m | 327.2m | 373.9m | 384.3m | 368.9m | 425.5m | 351.8m | 118.8m | 238.1m |

- Source: SEC Filings

- Source: SEC Filings

USD | Y, 2020 |
---|---|

## EV/EBIT | 84 x |

## EV/CFO | 130.7 x |

## Financial Leverage | 5.3 x |