Stock Analysis on Net

Hershey Co. (NYSE:HSY)

This company has been moved to the archive! The financial data has not been updated since July 27, 2023.

Analysis of Short-term (Operating) Activity Ratios
Quarterly Data

Microsoft Excel

Short-term Activity Ratios (Summary)

Hershey Co., short-term (operating) activity ratios (quarterly data)

Microsoft Excel
Jul 2, 2023 Apr 2, 2023 Dec 31, 2022 Oct 2, 2022 Jul 3, 2022 Apr 3, 2022 Dec 31, 2021 Oct 3, 2021 Jul 4, 2021 Apr 4, 2021 Dec 31, 2020 Sep 27, 2020 Jun 28, 2020 Mar 29, 2020 Dec 31, 2019 Sep 29, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jul 1, 2018 Apr 1, 2018
Turnover Ratios
Inventory turnover 4.40 5.17 5.05 4.83 4.47 4.94 4.98 4.71 4.41 4.97 4.61 4.57 4.44 5.30 5.35 4.39 4.46 5.49 5.37
Receivables turnover 14.21 12.54 14.65 10.86 14.86 10.76 13.36 10.50 16.32 13.25 13.25 9.68 14.71 11.35 14.05 9.31 14.57 11.29 13.11
Payables turnover 6.01 6.08 6.10 6.26 6.17 6.18 7.11 7.19 7.59 8.17 7.67 7.43 8.36 8.29 7.92 7.68 8.91 8.67 8.39
Working capital turnover 70.12 10.57 13.75 7.75 7.50 8.21 11.55 73.74
Average No. Days
Average inventory processing period 83 71 72 75 82 74 73 78 83 73 79 80 82 69 68 83 82 67 68
Add: Average receivable collection period 26 29 25 34 25 34 27 35 22 28 28 38 25 32 26 39 25 32 28
Operating cycle 109 100 97 109 107 108 100 113 105 101 107 118 107 101 94 122 107 99 96
Less: Average payables payment period 61 60 60 58 59 59 51 51 48 45 48 49 44 44 46 48 41 42 43
Cash conversion cycle 48 40 37 51 48 49 49 62 57 56 59 69 63 57 48 74 66 57 53

Based on: 10-Q (reporting date: 2023-07-02), 10-Q (reporting date: 2023-04-02), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-02), 10-Q (reporting date: 2022-07-03), 10-Q (reporting date: 2022-04-03), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-03), 10-Q (reporting date: 2021-07-04), 10-Q (reporting date: 2021-04-04), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-29), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-07-01), 10-Q (reporting date: 2018-04-01).

Short-term activity ratio Description The company
Inventory turnover An activity ratio calculated as cost of goods sold divided by inventory. Hershey Co. inventory turnover ratio improved from Q4 2022 to Q1 2023 but then deteriorated significantly from Q1 2023 to Q2 2023.
Receivables turnover An activity ratio equal to revenue divided by receivables. Hershey Co. receivables turnover ratio deteriorated from Q4 2022 to Q1 2023 but then improved from Q1 2023 to Q2 2023 not reaching Q4 2022 level.
Payables turnover An activity ratio calculated as cost of goods sold divided by payables. Hershey Co. payables turnover ratio decreased from Q4 2022 to Q1 2023 and from Q1 2023 to Q2 2023.

Short-term activity ratio Description The company
Average inventory processing period An activity ratio equal to the number of days in the period divided by inventory turnover over the period. Hershey Co. number of days of inventory outstanding improved from Q4 2022 to Q1 2023 but then deteriorated significantly from Q1 2023 to Q2 2023.
Average receivable collection period An activity ratio equal to the number of days in the period divided by receivables turnover. Hershey Co. number of days of receivables outstanding deteriorated from Q4 2022 to Q1 2023 but then improved from Q1 2023 to Q2 2023 not reaching Q4 2022 level.
Operating cycle Equal to average inventory processing period plus average receivables collection period. Hershey Co. operating cycle deteriorated from Q4 2022 to Q1 2023 and from Q1 2023 to Q2 2023.
Average payables payment period An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period.
Cash conversion cycle A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period. Hershey Co. cash conversion cycle deteriorated from Q4 2022 to Q1 2023 and from Q1 2023 to Q2 2023.

Inventory Turnover

Hershey Co., inventory turnover calculation (quarterly data)

Microsoft Excel
Jul 2, 2023 Apr 2, 2023 Dec 31, 2022 Oct 2, 2022 Jul 3, 2022 Apr 3, 2022 Dec 31, 2021 Oct 3, 2021 Jul 4, 2021 Apr 4, 2021 Dec 31, 2020 Sep 27, 2020 Jun 28, 2020 Mar 29, 2020 Dec 31, 2019 Sep 29, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jul 1, 2018 Apr 1, 2018
Selected Financial Data (US$ in thousands)
Cost of sales 1,358,181 1,605,292 1,507,532 1,619,653 1,372,583 1,420,741 1,313,261 1,298,504 1,063,977 1,246,997 1,223,173 1,139,805 914,777 1,170,695 1,156,213 1,191,104 892,473 1,123,984 1,043,550 1,216,100 958,195 997,899
Inventories 1,385,424 1,180,367 1,173,119 1,184,385 1,208,239 1,031,503 988,511 1,026,541 1,060,422 909,802 964,207 958,483 999,380 832,193 815,251 969,071 957,953 791,289 784,879 880,673 916,440 782,460
Short-term Activity Ratio
Inventory turnover1 4.40 5.17 5.05 4.83 4.47 4.94 4.98 4.71 4.41 4.97 4.61 4.57 4.44 5.30 5.35 4.39 4.46 5.49 5.37
Benchmarks
Inventory Turnover, Competitors2
Altria Group Inc. 5.38 5.14 5.46 6.00 5.93 5.73 5.96 6.41 4.10 3.72 3.98 4.10 3.96 3.83 3.09
Coca-Cola Co. 3.94 3.86 4.25 4.74 4.69 4.26 4.50 4.67 4.37 4.04 4.11 4.11 3.92 4.11 4.33
PepsiCo Inc. 7.01 7.22 7.77 7.83 7.26 7.95 8.53 8.11 6.82 7.10 7.62 7.43 7.01 8.49 9.03
Philip Morris International Inc. 1.25 1.10 1.15 1.54 1.41 1.19 1.15 1.20 1.11 1.05 1.00 1.20 1.11 1.16 1.14

Based on: 10-Q (reporting date: 2023-07-02), 10-Q (reporting date: 2023-04-02), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-02), 10-Q (reporting date: 2022-07-03), 10-Q (reporting date: 2022-04-03), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-03), 10-Q (reporting date: 2021-07-04), 10-Q (reporting date: 2021-04-04), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-29), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-07-01), 10-Q (reporting date: 2018-04-01).

1 Q2 2023 Calculation
Inventory turnover = (Cost of salesQ2 2023 + Cost of salesQ1 2023 + Cost of salesQ4 2022 + Cost of salesQ3 2022) ÷ Inventories
= (1,358,181 + 1,605,292 + 1,507,532 + 1,619,653) ÷ 1,385,424 = 4.40

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Inventory turnover An activity ratio calculated as cost of goods sold divided by inventory. Hershey Co. inventory turnover ratio improved from Q4 2022 to Q1 2023 but then deteriorated significantly from Q1 2023 to Q2 2023.

Receivables Turnover

Hershey Co., receivables turnover calculation (quarterly data)

Microsoft Excel
Jul 2, 2023 Apr 2, 2023 Dec 31, 2022 Oct 2, 2022 Jul 3, 2022 Apr 3, 2022 Dec 31, 2021 Oct 3, 2021 Jul 4, 2021 Apr 4, 2021 Dec 31, 2020 Sep 27, 2020 Jun 28, 2020 Mar 29, 2020 Dec 31, 2019 Sep 29, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jul 1, 2018 Apr 1, 2018
Selected Financial Data (US$ in thousands)
Net sales 2,490,280 2,987,614 2,652,338 2,728,153 2,372,582 2,666,221 2,326,128 2,359,839 1,989,422 2,295,948 2,185,244 2,219,829 1,707,329 2,037,317 2,068,125 2,134,422 1,767,217 2,016,488 1,987,902 2,079,593 1,751,615 1,971,959
Accounts receivable, trade, net 764,269 856,841 711,203 929,482 654,399 868,426 671,464 841,227 532,401 634,830 615,233 829,513 540,398 705,639 568,509 849,218 538,746 694,136 594,145 814,923 501,863 614,295
Short-term Activity Ratio
Receivables turnover1 14.21 12.54 14.65 10.86 14.86 10.76 13.36 10.50 16.32 13.25 13.25 9.68 14.71 11.35 14.05 9.31 14.57 11.29 13.11
Benchmarks
Receivables Turnover, Competitors2
Altria Group Inc. 395.05 429.71 522.83 485.38 592.47 562.37 553.47 723.94 199.99 181.90 190.90 171.23 182.78 175.79 165.20
Coca-Cola Co. 11.12 9.46 12.33 10.60 9.19 8.65 11.01 9.72 9.02 8.89 10.50 8.75 8.92 8.39 9.38
PepsiCo Inc. 7.87 8.41 8.50 7.79 7.80 8.58 9.16 8.03 7.67 8.03 8.37 7.38 7.71 8.04 8.59
Philip Morris International Inc. 8.07 8.80 8.25 8.21 8.32 8.65 10.06 9.10 8.50 8.82 9.88 9.40 8.72 10.85 9.68

Based on: 10-Q (reporting date: 2023-07-02), 10-Q (reporting date: 2023-04-02), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-02), 10-Q (reporting date: 2022-07-03), 10-Q (reporting date: 2022-04-03), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-03), 10-Q (reporting date: 2021-07-04), 10-Q (reporting date: 2021-04-04), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-29), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-07-01), 10-Q (reporting date: 2018-04-01).

1 Q2 2023 Calculation
Receivables turnover = (Net salesQ2 2023 + Net salesQ1 2023 + Net salesQ4 2022 + Net salesQ3 2022) ÷ Accounts receivable, trade, net
= (2,490,280 + 2,987,614 + 2,652,338 + 2,728,153) ÷ 764,269 = 14.21

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Receivables turnover An activity ratio equal to revenue divided by receivables. Hershey Co. receivables turnover ratio deteriorated from Q4 2022 to Q1 2023 but then improved from Q1 2023 to Q2 2023 not reaching Q4 2022 level.

Payables Turnover

Hershey Co., payables turnover calculation (quarterly data)

Microsoft Excel
Jul 2, 2023 Apr 2, 2023 Dec 31, 2022 Oct 2, 2022 Jul 3, 2022 Apr 3, 2022 Dec 31, 2021 Oct 3, 2021 Jul 4, 2021 Apr 4, 2021 Dec 31, 2020 Sep 27, 2020 Jun 28, 2020 Mar 29, 2020 Dec 31, 2019 Sep 29, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jul 1, 2018 Apr 1, 2018
Selected Financial Data (US$ in thousands)
Cost of sales 1,358,181 1,605,292 1,507,532 1,619,653 1,372,583 1,420,741 1,313,261 1,298,504 1,063,977 1,246,997 1,223,173 1,139,805 914,777 1,170,695 1,156,213 1,191,104 892,473 1,123,984 1,043,550 1,216,100 958,195 997,899
Accounts payable 1,014,058 1,004,907 970,558 915,299 876,193 825,231 692,338 671,855 615,641 553,642 580,058 589,586 530,042 531,928 550,828 553,561 479,792 500,633 502,314 581,481 496,865 519,988
Short-term Activity Ratio
Payables turnover1 6.01 6.08 6.10 6.26 6.17 6.18 7.11 7.19 7.59 8.17 7.67 7.43 8.36 8.29 7.92 7.68 8.91 8.67 8.39
Benchmarks
Payables Turnover, Competitors2
Altria Group Inc. 14.10 15.61 11.67 15.92 17.13 18.36 15.86 27.28 28.31 26.76 20.57 21.92 27.77 27.63 21.80
Philip Morris International Inc. 3.28 3.00 2.80 3.29 3.25 3.24 3.01 3.49 3.66 3.72 3.44 4.54 5.00 5.04 4.57

Based on: 10-Q (reporting date: 2023-07-02), 10-Q (reporting date: 2023-04-02), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-02), 10-Q (reporting date: 2022-07-03), 10-Q (reporting date: 2022-04-03), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-03), 10-Q (reporting date: 2021-07-04), 10-Q (reporting date: 2021-04-04), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-29), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-07-01), 10-Q (reporting date: 2018-04-01).

1 Q2 2023 Calculation
Payables turnover = (Cost of salesQ2 2023 + Cost of salesQ1 2023 + Cost of salesQ4 2022 + Cost of salesQ3 2022) ÷ Accounts payable
= (1,358,181 + 1,605,292 + 1,507,532 + 1,619,653) ÷ 1,014,058 = 6.01

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Payables turnover An activity ratio calculated as cost of goods sold divided by payables. Hershey Co. payables turnover ratio decreased from Q4 2022 to Q1 2023 and from Q1 2023 to Q2 2023.

Working Capital Turnover

Hershey Co., working capital turnover calculation (quarterly data)

Microsoft Excel
Jul 2, 2023 Apr 2, 2023 Dec 31, 2022 Oct 2, 2022 Jul 3, 2022 Apr 3, 2022 Dec 31, 2021 Oct 3, 2021 Jul 4, 2021 Apr 4, 2021 Dec 31, 2020 Sep 27, 2020 Jun 28, 2020 Mar 29, 2020 Dec 31, 2019 Sep 29, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jul 1, 2018 Apr 1, 2018
Selected Financial Data (US$ in thousands)
Current assets 2,880,905 2,726,100 2,620,406 2,692,734 2,428,465 2,457,438 2,246,206 2,741,944 2,219,181 2,860,024 2,977,905 3,207,096 2,902,944 2,854,753 2,117,102 2,375,055 2,093,558 2,216,929 2,239,181 2,794,046 2,365,105 2,270,496
Less: Current liabilities 2,726,057 3,281,348 3,257,154 3,388,614 3,300,910 2,565,637 2,493,313 1,906,495 1,587,002 1,774,632 1,891,745 2,228,193 2,214,818 2,892,799 2,008,793 2,982,374 2,387,427 2,398,185 2,418,566 2,758,826 2,514,257 3,705,507
Working capital 154,848 (555,248) (636,748) (695,880) (872,445) (108,199) (247,107) 835,449 632,179 1,085,392 1,086,160 978,903 688,126 (38,046) 108,309 (607,319) (293,869) (181,256) (179,385) 35,220 (149,152) (1,435,011)
 
Net sales 2,490,280 2,987,614 2,652,338 2,728,153 2,372,582 2,666,221 2,326,128 2,359,839 1,989,422 2,295,948 2,185,244 2,219,829 1,707,329 2,037,317 2,068,125 2,134,422 1,767,217 2,016,488 1,987,902 2,079,593 1,751,615 1,971,959
Short-term Activity Ratio
Working capital turnover1 70.12 10.57 13.75 7.75 7.50 8.21 11.55 73.74
Benchmarks
Working Capital Turnover, Competitors2
Altria Group Inc.
Coca-Cola Co. 12.70 12.35 15.00 15.68 15.83 11.91 14.90 4.58 5.07 6.14 7.12 9.51 13.61
PepsiCo Inc. 31.12
Philip Morris International Inc. 10.52 10.81 15.29 15.02 14.70 109.05 17.73

Based on: 10-Q (reporting date: 2023-07-02), 10-Q (reporting date: 2023-04-02), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-02), 10-Q (reporting date: 2022-07-03), 10-Q (reporting date: 2022-04-03), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-03), 10-Q (reporting date: 2021-07-04), 10-Q (reporting date: 2021-04-04), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-29), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-07-01), 10-Q (reporting date: 2018-04-01).

1 Q2 2023 Calculation
Working capital turnover = (Net salesQ2 2023 + Net salesQ1 2023 + Net salesQ4 2022 + Net salesQ3 2022) ÷ Working capital
= (2,490,280 + 2,987,614 + 2,652,338 + 2,728,153) ÷ 154,848 = 70.12

2 Click competitor name to see calculations.


Average Inventory Processing Period

Hershey Co., average inventory processing period calculation (quarterly data)

Microsoft Excel
Jul 2, 2023 Apr 2, 2023 Dec 31, 2022 Oct 2, 2022 Jul 3, 2022 Apr 3, 2022 Dec 31, 2021 Oct 3, 2021 Jul 4, 2021 Apr 4, 2021 Dec 31, 2020 Sep 27, 2020 Jun 28, 2020 Mar 29, 2020 Dec 31, 2019 Sep 29, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jul 1, 2018 Apr 1, 2018
Selected Financial Data
Inventory turnover 4.40 5.17 5.05 4.83 4.47 4.94 4.98 4.71 4.41 4.97 4.61 4.57 4.44 5.30 5.35 4.39 4.46 5.49 5.37
Short-term Activity Ratio (no. days)
Average inventory processing period1 83 71 72 75 82 74 73 78 83 73 79 80 82 69 68 83 82 67 68
Benchmarks (no. days)
Average Inventory Processing Period, Competitors2
Altria Group Inc. 68 71 67 61 62 64 61 57 89 98 92 89 92 95 118
Coca-Cola Co. 93 95 86 77 78 86 81 78 84 90 89 89 93 89 84
PepsiCo Inc. 52 51 47 47 50 46 43 45 54 51 48 49 52 43 40
Philip Morris International Inc. 291 330 316 237 259 306 317 305 330 349 366 305 329 316 321

Based on: 10-Q (reporting date: 2023-07-02), 10-Q (reporting date: 2023-04-02), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-02), 10-Q (reporting date: 2022-07-03), 10-Q (reporting date: 2022-04-03), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-03), 10-Q (reporting date: 2021-07-04), 10-Q (reporting date: 2021-04-04), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-29), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-07-01), 10-Q (reporting date: 2018-04-01).

1 Q2 2023 Calculation
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ 4.40 = 83

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average inventory processing period An activity ratio equal to the number of days in the period divided by inventory turnover over the period. Hershey Co. number of days of inventory outstanding improved from Q4 2022 to Q1 2023 but then deteriorated significantly from Q1 2023 to Q2 2023.

Average Receivable Collection Period

Hershey Co., average receivable collection period calculation (quarterly data)

Microsoft Excel
Jul 2, 2023 Apr 2, 2023 Dec 31, 2022 Oct 2, 2022 Jul 3, 2022 Apr 3, 2022 Dec 31, 2021 Oct 3, 2021 Jul 4, 2021 Apr 4, 2021 Dec 31, 2020 Sep 27, 2020 Jun 28, 2020 Mar 29, 2020 Dec 31, 2019 Sep 29, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jul 1, 2018 Apr 1, 2018
Selected Financial Data
Receivables turnover 14.21 12.54 14.65 10.86 14.86 10.76 13.36 10.50 16.32 13.25 13.25 9.68 14.71 11.35 14.05 9.31 14.57 11.29 13.11
Short-term Activity Ratio (no. days)
Average receivable collection period1 26 29 25 34 25 34 27 35 22 28 28 38 25 32 26 39 25 32 28
Benchmarks (no. days)
Average Receivable Collection Period, Competitors2
Altria Group Inc. 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2
Coca-Cola Co. 33 39 30 34 40 42 33 38 40 41 35 42 41 43 39
PepsiCo Inc. 46 43 43 47 47 43 40 45 48 45 44 49 47 45 43
Philip Morris International Inc. 45 41 44 44 44 42 36 40 43 41 37 39 42 34 38

Based on: 10-Q (reporting date: 2023-07-02), 10-Q (reporting date: 2023-04-02), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-02), 10-Q (reporting date: 2022-07-03), 10-Q (reporting date: 2022-04-03), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-03), 10-Q (reporting date: 2021-07-04), 10-Q (reporting date: 2021-04-04), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-29), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-07-01), 10-Q (reporting date: 2018-04-01).

1 Q2 2023 Calculation
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 14.21 = 26

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average receivable collection period An activity ratio equal to the number of days in the period divided by receivables turnover. Hershey Co. number of days of receivables outstanding deteriorated from Q4 2022 to Q1 2023 but then improved from Q1 2023 to Q2 2023 not reaching Q4 2022 level.

Operating Cycle

Hershey Co., operating cycle calculation (quarterly data)

No. days

Microsoft Excel
Jul 2, 2023 Apr 2, 2023 Dec 31, 2022 Oct 2, 2022 Jul 3, 2022 Apr 3, 2022 Dec 31, 2021 Oct 3, 2021 Jul 4, 2021 Apr 4, 2021 Dec 31, 2020 Sep 27, 2020 Jun 28, 2020 Mar 29, 2020 Dec 31, 2019 Sep 29, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jul 1, 2018 Apr 1, 2018
Selected Financial Data
Average inventory processing period 83 71 72 75 82 74 73 78 83 73 79 80 82 69 68 83 82 67 68
Average receivable collection period 26 29 25 34 25 34 27 35 22 28 28 38 25 32 26 39 25 32 28
Short-term Activity Ratio
Operating cycle1 109 100 97 109 107 108 100 113 105 101 107 118 107 101 94 122 107 99 96
Benchmarks
Operating Cycle, Competitors2
Altria Group Inc. 69 72 68 62 63 65 62 58 91 100 94 91 94 97 120
Coca-Cola Co. 126 134 116 111 118 128 114 116 124 131 124 131 134 132 123
PepsiCo Inc. 98 94 90 94 97 89 83 90 102 96 92 98 99 88 83
Philip Morris International Inc. 336 371 360 281 303 348 353 345 373 390 403 344 371 350 359

Based on: 10-Q (reporting date: 2023-07-02), 10-Q (reporting date: 2023-04-02), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-02), 10-Q (reporting date: 2022-07-03), 10-Q (reporting date: 2022-04-03), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-03), 10-Q (reporting date: 2021-07-04), 10-Q (reporting date: 2021-04-04), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-29), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-07-01), 10-Q (reporting date: 2018-04-01).

1 Q2 2023 Calculation
Operating cycle = Average inventory processing period + Average receivable collection period
= 83 + 26 = 109

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Operating cycle Equal to average inventory processing period plus average receivables collection period. Hershey Co. operating cycle deteriorated from Q4 2022 to Q1 2023 and from Q1 2023 to Q2 2023.

Average Payables Payment Period

Hershey Co., average payables payment period calculation (quarterly data)

Microsoft Excel
Jul 2, 2023 Apr 2, 2023 Dec 31, 2022 Oct 2, 2022 Jul 3, 2022 Apr 3, 2022 Dec 31, 2021 Oct 3, 2021 Jul 4, 2021 Apr 4, 2021 Dec 31, 2020 Sep 27, 2020 Jun 28, 2020 Mar 29, 2020 Dec 31, 2019 Sep 29, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jul 1, 2018 Apr 1, 2018
Selected Financial Data
Payables turnover 6.01 6.08 6.10 6.26 6.17 6.18 7.11 7.19 7.59 8.17 7.67 7.43 8.36 8.29 7.92 7.68 8.91 8.67 8.39
Short-term Activity Ratio (no. days)
Average payables payment period1 61 60 60 58 59 59 51 51 48 45 48 49 44 44 46 48 41 42 43
Benchmarks (no. days)
Average Payables Payment Period, Competitors2
Altria Group Inc. 26 23 31 23 21 20 23 13 13 14 18 17 13 13 17
Philip Morris International Inc. 111 122 130 111 112 113 121 105 100 98 106 80 73 72 80

Based on: 10-Q (reporting date: 2023-07-02), 10-Q (reporting date: 2023-04-02), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-02), 10-Q (reporting date: 2022-07-03), 10-Q (reporting date: 2022-04-03), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-03), 10-Q (reporting date: 2021-07-04), 10-Q (reporting date: 2021-04-04), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-29), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-07-01), 10-Q (reporting date: 2018-04-01).

1 Q2 2023 Calculation
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 6.01 = 61

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average payables payment period An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period.

Cash Conversion Cycle

Hershey Co., cash conversion cycle calculation (quarterly data)

No. days

Microsoft Excel
Jul 2, 2023 Apr 2, 2023 Dec 31, 2022 Oct 2, 2022 Jul 3, 2022 Apr 3, 2022 Dec 31, 2021 Oct 3, 2021 Jul 4, 2021 Apr 4, 2021 Dec 31, 2020 Sep 27, 2020 Jun 28, 2020 Mar 29, 2020 Dec 31, 2019 Sep 29, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jul 1, 2018 Apr 1, 2018
Selected Financial Data
Average inventory processing period 83 71 72 75 82 74 73 78 83 73 79 80 82 69 68 83 82 67 68
Average receivable collection period 26 29 25 34 25 34 27 35 22 28 28 38 25 32 26 39 25 32 28
Average payables payment period 61 60 60 58 59 59 51 51 48 45 48 49 44 44 46 48 41 42 43
Short-term Activity Ratio
Cash conversion cycle1 48 40 37 51 48 49 49 62 57 56 59 69 63 57 48 74 66 57 53
Benchmarks
Cash Conversion Cycle, Competitors2
Altria Group Inc. 43 49 37 39 42 45 39 45 78 86 76 74 81 84 103
Philip Morris International Inc. 225 249 230 170 191 235 232 240 273 292 297 264 298 278 279

Based on: 10-Q (reporting date: 2023-07-02), 10-Q (reporting date: 2023-04-02), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-02), 10-Q (reporting date: 2022-07-03), 10-Q (reporting date: 2022-04-03), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-03), 10-Q (reporting date: 2021-07-04), 10-Q (reporting date: 2021-04-04), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-29), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-07-01), 10-Q (reporting date: 2018-04-01).

1 Q2 2023 Calculation
Cash conversion cycle = Average inventory processing period + Average receivable collection period – Average payables payment period
= 83 + 2661 = 48

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Cash conversion cycle A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period. Hershey Co. cash conversion cycle deteriorated from Q4 2022 to Q1 2023 and from Q1 2023 to Q2 2023.