Question 1

What is Hershey's P/FCF ratio?

Accepted Answer

Hershey (HSY) P/FCF ratio is 16.2× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. 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 P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Hershey?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Hershey specifically, the relevant sector benchmark is the current sector median of 16.5×.

Question 5

Is Hershey's P/FCF ratio high or low?

Accepted Answer

Hershey's P/FCF ratio of 16.2× is below its own 5-year average of 24.1× and below the sector median of 16.5×. That places the current reading at the 1th 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 P/FCF ratio range?

Accepted Answer

In the available daily series, Hershey (HSY) P/FCF ratio has ranged from a low of 8.9× in 2009 to a high of 59.8× in 2011. The 5-year average is 24.1× and the 5-year median is 24.8×.

Question 7

What was Hershey's P/FCF ratio in 2025?

Accepted Answer

Hershey (HSY) P/FCF ratio at the end of 2025 was 17.9×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Hershey's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). 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	$37B	$2.07B	17.9×	+0.1×	Dec 31, 2025
2024	$34.4B	$1.93B	17.8×	-6.7×	Dec 31, 2024
2023	$38.2B	$1.55B	24.6×	-1.7×	Dec 31, 2023
2022	$47.5B	$1.81B	26.3×	+1.1×	Dec 31, 2022
2021	$39.9B	$1.59B	25.1×	-0.1×	Dec 31, 2021
2020	$31.7B	$1.26B	25.2×	+4.0×	Dec 31, 2020
2019	$30.7B	$1.45B	21.3×	+3.6×	Dec 31, 2019
2018	$22.5B	$1.27B	17.7×	-6.5×	Dec 31, 2018
2017	$24B	$992M	24.2×	-6.7×	Dec 31, 2017
2016	$22B	$714M	30.8×	+8.2×	Dec 31, 2016
2015	$19.4B	$858M	22.6×	-26.6×	Dec 31, 2015
2014	$23B	$467M	49.2×	+23.2×	Dec 31, 2014
2013	$21.8B	$837M	26.0×	+6.2×	Dec 31, 2013
2012	$16.2B	$817M	19.8×	-40.0×	Dec 31, 2012
2011	$13.9B	$233M	59.8×	+44.4×	Dec 31, 2011
2010	$10.7B	$700M	15.3×	+6.5×	Dec 31, 2010
2009	$8.17B	$920M	8.9×	-24.5×	Dec 31, 2009
2008	$7.9B	$237M	33.4×	+17.8×	Dec 31, 2008
2007	$8.96B	$575M	15.6×	-6.3×	Dec 31, 2007
2006	$11.5B	$525M	21.9×	-16.1×	Dec 31, 2006
2005	$10.2B	$267M	38.0×	+20.6×	Dec 31, 2005
2004	$10.5B	$602M	17.4×	-9.5×	Dec 31, 2004
2003	$10.1B	$374M	26.9×	+8.4×	Dec 31, 2003
2002	$9.09B	$493M	18.5×	—	Dec 31, 2002


Tyson Foods (TSN)	18.4×
Colgate-Palmolive (CL)	18.2×
Kenvue (KVUE)	18.1×
Hormel Foods (HRL)	17.1×
Universal Corporation (UVV)	16.5×
Marzetti (MZTI)	15.3×
Kroger (KR)	14.3×
Brown-Forman (BF-B)	13.2×
Performance Food Group (PFGC)	12.9×
Altria Group (MO)	12.8×
Constellation Brands (STZ)	12.8×
Kimberly-Clark (KMB)	12.4×
Dollar Tree (DLTR)	12.0×
General Mills (GIS)	11.1×
McCormick & Company (MKC)	10.8×
Lamb Weston (LW)	10.3×
J. M. Smucker (SJM)	9.0×
Dollar General (DG)	8.7×
Coca-Cola Europacific Partners (CCEP)	8.3×
Archer-Daniels-Midland (ADM)	7.3×
Molson Coors Beverage (TAP)	7.0×
Campbell Soup (CPB)	6.8×
Kraft Heinz (KHC)	6.6×
Conagra Brands (CAG)	6.4×
Albertsons Companies (ACI)	4.4×

P/FCF Ratio for Hershey (HSY) 2002-2026

P/FCF Ratio daily chart for Hershey (HSY)

Historical P/FCF Ratio for Hershey (HSY) from 2002 to 2025

About P/FCF Ratio at Hershey (HSY)

Hershey P/FCF Ratio by Year

Hershey P/FCF Ratio 2025: 17.9×

Hershey P/FCF Ratio 2024: 17.8×

Hershey P/FCF Ratio 2023: 24.6×

Hershey P/FCF Ratio 2022: 26.3×

Hershey P/FCF Ratio 2021: 25.1×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Hershey (HSY) Key Financials