Question 1

What is Hershey's P/B ratio?

Accepted Answer

Hershey (HSY) P/B ratio is 7.4× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by book value of equity, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/B ratio calculated?

Accepted Answer

P/B = Market Capitalisation ÷ Book Value of Equity (most recent quarterly shareholders' equity), or equivalently Share Price ÷ Book Value Per Share. 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/B ratio?

Accepted Answer

The price-to-book (P/B) ratio compares a company's market capitalisation to its book value of equity (total shareholders' equity) on the most recent quarterly balance sheet. It is calculated as market cap ÷ book value of equity (equivalent to share price ÷ book value per share). A P/B below 1× implies the market values the business below its accounting net worth; values well above 1× reflect intangible assets, brand value, or a high return on equity.

Question 4

What is a good P/B ratio for Hershey?

Accepted Answer

A "good" P/B depends on the business model. Banks, insurers, and other capital-heavy financials typically trade near 1×; asset-light technology and consumer-brand companies can sustainably trade at 5×+ because much of their value is intangible. P/B is most informative when paired with return on equity (ROE). For Hershey specifically, the relevant sector benchmark is the current sector median of 3.4×.

Question 5

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

Accepted Answer

Hershey's P/B ratio of 7.4× is below its own 5-year average of 11.5× and above the sector median of 3.4×. That places the current reading at the 9th 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/B ratio range?

Accepted Answer

In the available daily series, Hershey (HSY) P/B ratio has ranged from a low of 6.2× in 2002 to a high of 32.8× in 2016. The 5-year average is 11.5× and the 5-year median is 10.1×.

Question 7

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

Accepted Answer

Hershey (HSY) P/B ratio at the end of 2025 was 8.0×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month book value figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (book value). 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	$4.64B	8.0×	+0.7×	Dec 31, 2025
2024	$34.4B	$4.71B	7.3×	-2.0×	Dec 31, 2024
2023	$38.2B	$4.1B	9.3×	-5.1×	Dec 31, 2023
2022	$47.5B	$3.3B	14.4×	-0.1×	Dec 31, 2022
2021	$39.9B	$2.76B	14.5×	+0.3×	Dec 31, 2021
2020	$31.7B	$2.23B	14.2×	-3.5×	Dec 31, 2020
2019	$30.7B	$1.74B	17.7×	+1.6×	Dec 31, 2019
2018	$22.5B	$1.4B	16.1×	-10.1×	Dec 31, 2018
2017	$24B	$915M	26.2×	-1.8×	Dec 31, 2017
2016	$22B	$786M	28.0×	+8.6×	Dec 31, 2016
2015	$19.4B	$998M	19.4×	+3.6×	Dec 31, 2015
2014	$23B	$1.46B	15.8×	+2.2×	Dec 31, 2014
2013	$21.8B	$1.6B	13.6×	-2.0×	Dec 31, 2013
2012	$16.2B	$1.04B	15.6×	-0.7×	Dec 31, 2012
2011	$13.9B	$857M	16.3×	+4.4×	Dec 31, 2011
2010	$10.7B	$902M	11.9×	+0.6×	Dec 31, 2010
2009	$8.17B	$720M	11.3×	-13.5×	Dec 31, 2009
2008	$7.9B	$318M	24.8×	+9.7×	Dec 31, 2008
2007	$8.96B	$593M	15.1×	-1.7×	Dec 31, 2007
2006	$11.5B	$683M	16.8×	+6.8×	Dec 31, 2006
2005	$10.2B	$1.02B	10.0×	+0.8×	Dec 31, 2005
2004	$10.5B	$1.14B	9.2×	+1.4×	Dec 31, 2004
2003	$10.1B	$1.28B	7.9×	+1.2×	Dec 31, 2003
2002	$9.09B	$1.37B	6.6×	—	Dec 31, 2002


Albertsons Companies (ACI)	5.0×
Coca-Cola Europacific Partners (CCEP)	4.4×
Marzetti (MZTI)	3.6×
Lamb Weston (LW)	3.6×
Target (TGT)	3.6×
Tootsie Roll Industries (TR)	3.4×
Kenvue (KVUE)	3.1×
Brown-Forman (BF-B)	2.9×
Mondelez International (MDLZ)	2.9×
Dollar General (DG)	2.9×
Constellation Brands (STZ)	2.8×
Performance Food Group (PFGC)	2.7×
General Mills (GIS)	2.5×
J. M. Smucker (SJM)	1.9×
McCormick & Company (MKC)	1.8×
Archer-Daniels-Midland (ADM)	1.5×
Bunge Global S.A. (BG)	1.5×
Campbell Soup (CPB)	1.5×
Hormel Foods (HRL)	1.5×
Keurig Dr Pepper (KDP)	1.4×
Tyson Foods (TSN)	1.2×
Conagra Brands (CAG)	1.0×
Universal Corporation (UVV)	0.9×
Molson Coors Beverage (TAP)	0.8×
Kraft Heinz (KHC)	0.6×

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

P/B Ratio daily chart for Hershey (HSY)

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

About P/B Ratio at Hershey (HSY)

Hershey P/B Ratio by Year

Hershey P/B Ratio 2025: 8.0×

Hershey P/B Ratio 2024: 7.3×

Hershey P/B Ratio 2023: 9.3×

Hershey P/B Ratio 2022: 14.4×

Hershey P/B Ratio 2021: 14.5×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

Hershey (HSY) Key Financials