# Hershey (HSY) Forecast Calculator

Interactive five-year financial forecast and DCF for Hershey. Adjust revenue growth, margins, capex, and WACC to update revenue, free cash flow, and enterprise value.

- Canonical: https://finamodel.com/companies/hershey/forecast
- Industry: Staples
- Forecast start year: 2026

## Historical data

| Year | Revenue | Free cash flow | EBITDA | Net income |
|---:|---:|---:|---:|---:|
| 2021 | 7986252000 | 1445681000 | 1887496000 | 1149692000 |
| 2022 | 8149719000 | 1258031000 | 2077605000 | 1278708000 |
| 2023 | 8971337000 | 1587007000 | 2358724000 | 1477512000 |
| 2024 | 10419294000 | 1808356000 | 2639746000 | 1644817000 |
| 2025 | 11164992000 | 1552081000 | 2980682000 | 1861787000 |

## Frequently asked questions

### What is The Hershey Company's primary business?

The Hershey Company is a global leader in confectionery and snacking, manufacturing and selling a wide range of chocolate, sweets, mints, and salty snacks. Its business is primarily focused on the North American market, holding the number one market share in U.S. chocolate.

### What are the main revenue segments for The Hershey Company?

The Hershey Company generates the vast majority of its revenue from North America Confectionery, accounting for approximately 81% of total sales. North America Salty Snacks contributes about 10%, with the remaining 9% coming from International operations.

### What is a key capital expenditure assumption in The Hershey Company's financial model?

The financial model assumes Capex as a percentage of revenue at 0.0536, reflecting the company's asset-heavy manufacturing and distribution model. This includes investments in manufacturing plants, distribution centers, and equipment, with a mix of maintenance and growth-oriented spending.

### What factors are considered in the working capital profile for Hershey's valuation?

The working capital profile for Hershey considers Days Sales Outstanding (DSO) of 25-30 days, Days Inventory Outstanding (DIO) of 60-75 days, and Days Payable Outstanding (DPO) of 50-60 days. Net working capital is generally positive, with inventory management being a critical use of cash during commodity price spikes.

### Can I download an Excel financial model for The Hershey Company?

Yes, an Excel financial model for The Hershey Company is available for download. This general corporate model provides a forecast horizon from FY2026 to FY2030, allowing users to analyze the company's future financial performance.

### What is Hershey's competitive position in the market?

Hershey holds the number one market share position in U.S. chocolate and a leading position in U.S. total confection. The company competes primarily with major players like Mars, Mondelez, and Ferrero in the global confectionery and snacking market.