Question 1

What is Hershey's EV/EBITDA ratio?

Accepted Answer

Hershey (HSY) EV/EBITDA ratio is 20.7× as of June 5, 2026. The ratio is calculated by dividing enterprise value by trailing twelve-month EBITDA, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the EV/EBITDA ratio calculated?

Accepted Answer

EV/EBITDA = Enterprise Value ÷ Trailing Twelve-Month (TTM) EBITDA, where Enterprise Value = Market Capitalisation + Total Debt − Cash & Short-Term Investments. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the EV/EBITDA ratio?

Accepted Answer

The EV/EBITDA ratio (the enterprise multiple) compares enterprise value (EV) to trailing twelve-month (TTM) EBITDA. EV is calculated as market capitalisation + total debt − cash & short-term investments. Because EV/EBITDA is capital-structure-neutral and ignores non-cash depreciation and amortisation, it is the standard multiple used in M&A and for cross-company or cross-border comparisons. Note: this calculation uses a simplified EV (minority interest and preferred equity excluded due to data availability), consistent with most public financial-data providers.

Question 4

What is a good EV/EBITDA ratio for Hershey?

Accepted Answer

Mature, cash-generative businesses commonly trade in the 8–12× EV/EBITDA range; higher-growth, asset-light companies often trade at 15–25×+. EV/EBITDA is most useful for comparing companies with different capital structures (debt levels) or tax regimes. For Hershey specifically, the relevant sector benchmark is the current sector median of 13.0×.

Question 5

Is Hershey's EV/EBITDA ratio high or low?

Accepted Answer

Hershey's EV/EBITDA ratio of 20.7× is above its own 5-year average of 18.7× and above the sector median of 13.0×. That places the current reading at the 66th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Hershey's historical EV/EBITDA ratio range?

Accepted Answer

In the available daily series, Hershey (HSY) EV/EBITDA ratio has ranged from a low of 8.7× in 2010 to a high of 29.9× in 2026. The 5-year average is 18.7× and the 5-year median is 18.4×.

Question 7

What was Hershey's EV/EBITDA ratio in 2025?

Accepted Answer

Hershey (HSY) EV/EBITDA ratio at the end of 2025 was 23.6×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month EBITDA figure available at that date.

Question 8

Why does Hershey's EV/EBITDA ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (enterprise value, which tracks share price plus net debt) and the denominator (EBITDA). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$37.03B	$1.76B	23.6×	+11.0×	Dec 31, 2025
2024	$34.37B	$3.10B	12.6×	-3.0×	Dec 31, 2024
2023	$38.16B	$2.75B	15.6×	-5.8×	Dec 31, 2023
2022	$47.54B	$2.44B	21.4×	+1.4×	Dec 31, 2022
2021	$39.91B	$2.24B	20.1×	+1.8×	Dec 31, 2021
2020	$31.75B	$1.94B	18.2×	-0.8×	Dec 31, 2020
2019	$30.74B	$1.82B	19.0×	+4.8×	Dec 31, 2019
2018	$22.51B	$1.85B	14.2×	-3.8×	Dec 31, 2018
2017	$23.96B	$1.47B	18.0×	+1.5×	Dec 31, 2017
2016	$22.02B	$1.49B	16.5×	-0.9×	Dec 31, 2016
2015	$19.39B	$1.23B	17.5×	+2.1×	Dec 31, 2015
2014	$23.01B	$1.61B	15.4×	+0.7×	Dec 31, 2014
2013	$21.81B	$1.54B	14.7×	+1.6×	Dec 31, 2013
2012	$16.18B	$1.32B	13.1×	+1.2×	Dec 31, 2012
2011	$13.94B	$1.27B	11.9×	+1.1×	Dec 31, 2011
2010	$10.74B	$1.08B	10.8×	+1.3×	Dec 31, 2010
2009	$8.17B	$990.37M	9.6×	-2.2×	Dec 31, 2009
2008	$7.90B	$839.17M	11.8×	+1.3×	Dec 31, 2008
2007	$8.96B	$1.05B	10.5×	-0.7×	Dec 31, 2007
2006	$11.49B	$1.21B	11.1×	+0.9×	Dec 31, 2006
2005	$10.16B	$1.15B	10.3×	-0.5×	Dec 31, 2005
2004	$10.48B	$1.09B	10.8×	-0.2×	Dec 31, 2004
2003	$10.06B	$1.00B	10.9×	+0.1×	Dec 31, 2003
2002	$9.09B	$893.01M	10.8×	-1.4×	Dec 31, 2002
2001	$9.20B	$812.21M	12.3×	—	Dec 31, 2001


Keurig Dr Pepper (KDP)	15.0×
Bunge Global S.A. (BG)	14.2×
Hormel Foods (HRL)	13.4×
Sysco (SYY)	13.4×
Archer-Daniels-Midland (ADM)	13.0×
Dollar General (DG)	13.0×
Performance Food Group (PFGC)	12.6×
Kimberly-Clark (KMB)	12.6×
Kenvue (KVUE)	12.5×
General Mills (GIS)	12.4×
Marzetti (MZTI)	12.2×
Clorox (CLX)	12.1×
Constellation Brands (STZ)	12.0×
Tyson Foods (TSN)	11.9×
Lamb Weston (LW)	11.7×
Brown-Forman (BF-B)	11.6×
Altria Group (MO)	11.2×
Dollar Tree (DLTR)	11.0×
Kroger (KR)	10.4×
Campbell Soup (CPB)	10.1×
Andersons (ANDE)	9.8×
Universal Corporation (UVV)	8.7×
Target (TGT)	7.4×
Coca-Cola Europacific Partners (CCEP)	7.1×
Albertsons Companies (ACI)	7.1×

EV/EBITDA for Hershey (HSY)

EV/EBITDA daily chart for Hershey (HSY)

Historical EV/EBITDA for Hershey (HSY) from 2001 to 2025

About EV/EBITDA at Hershey (HSY)

Hershey EV/EBITDA by Year

Hershey EV/EBITDA 2025: 23.6×

Hershey EV/EBITDA 2024: 12.6×

Hershey EV/EBITDA 2023: 15.6×

Hershey EV/EBITDA 2022: 21.4×

Hershey EV/EBITDA 2021: 20.1×

Sector peers by EV/EBITDA — chart

Sector peers by EV/EBITDA — table

Frequently asked questions

Hershey (HSY) Key Financials

EV/EBITDA daily chart for Hershey (HSY)

Historical EV/EBITDA for Hershey (HSY) from 2001 to 2025

About EV/EBITDA at Hershey (HSY)

Hershey EV/EBITDA by Year

Hershey EV/EBITDA 2025: 23.6×

Hershey EV/EBITDA 2024: 12.6×

Hershey EV/EBITDA 2023: 15.6×

Hershey EV/EBITDA 2022: 21.4×

Hershey EV/EBITDA 2021: 20.1×

Sector peers by EV/EBITDA — chart

Sector peers by EV/EBITDA — table

Frequently asked questions

+What is Hershey's EV/EBITDA ratio?

+How is the EV/EBITDA ratio calculated?

+What is the EV/EBITDA ratio?

+What is a good EV/EBITDA ratio for Hershey?

+Is Hershey's EV/EBITDA ratio high or low?

+What is Hershey's historical EV/EBITDA ratio range?

+What was Hershey's EV/EBITDA ratio in 2025?

+Why does Hershey's EV/EBITDA ratio change over time?

Hershey (HSY) Key Financials