Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Return on Equity (ROE) since 2005
- Aggregate Accruals
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Historical Valuation Ratios (Summary)
Hershey Co., historical price multiples (quarterly data)
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).
The analysis of the quarterly financial ratios reveals noticeable trends and fluctuations across the reported periods. Each ratio offers insights into valuation and market perception over time.
- Price to Earnings (P/E) Ratio
- The P/E ratio exhibits an overall upward trend from the initial available data point of 19.52 in December 2018 to a peak of 32.89 during July 2023. There are intermittent fluctuations, with notable increases occurring from late 2019 through mid-2023. The ratio peaked near the end of 2022 and mid-2023 but showed a decline towards the most recent quarter ending in July 2023. This pattern suggests increasing investor expectations for earnings growth over time, alongside episodes of recalibration.
- Price to Operating Profit (P/OP) Ratio
- This ratio similarly trends upward, starting at 14.16 in December 2018 and reaching its highest level of 23.88 in July 2023. The increases appear steady with some minor variability, such as a slight dip in the final quarter of 2023 to 19.54. The P/OP ratio mirrors the P/E trend, reflecting rising market valuations relative to operating profit. This correlation implies confidence in operational profitability and growth prospects.
- Price to Sales (P/S) Ratio
- The P/S ratio demonstrates a consistent incremental increase from 2.95 in December 2018 to a peak of 5.2 in July 2023, followed by a decrease to 4.4 in the last quarter reported. The ratio's rising trend indicates growing investor valuation multiples applied to sales revenue, which may reflect improving top-line growth or greater optimism about revenue quality and sustainability. The recent decline could signal a period of market adjustment or reevaluation.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio displays a contrasting pattern relative to the other ratios, beginning at 20.08 in April 2018 and generally declining over the entire period to 12.93 by July 2023. Despite some fluctuations—such as intermittent increases in some quarters—the overall trajectory is downward. This suggests that market valuation relative to book value has decreased, potentially indicating a market perception of reduced asset value growth or a shift in capital structure. The decline may also imply that the market is less reliant on book value as a valuation anchor compared to earnings or sales metrics.
In summary, the ratios associated with earnings, operating profit, and sales demonstrate a clear upward valuation trend over time, pointing to improved market sentiment or anticipated growth. Meanwhile, the book value multiple shows a steady decline, highlighting changing investor focus or valuation standards. The most recent quarter suggests some moderation in valuation multiples, potentially reflecting evolving market conditions or risk assessments.
Price to Earnings (P/E)
Hershey Co., historical P/E calculation (quarterly data)
| 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Net income attributable to The Hershey Company (in thousands) | |||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Coca-Cola Co. | |||||||||||||||||||||||||||||
| Mondelēz International Inc. | |||||||||||||||||||||||||||||
| PepsiCo Inc. | |||||||||||||||||||||||||||||
| Philip Morris International Inc. | |||||||||||||||||||||||||||||
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 Data adjusted for splits and stock dividends.
2 Q2 2023 Calculation
EPS
= (Net income attributable to The Hershey CompanyQ2 2023
+ Net income attributable to The Hershey CompanyQ1 2023
+ Net income attributable to The Hershey CompanyQ4 2022
+ Net income attributable to The Hershey CompanyQ3 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Hershey Co. Quarterly or Annual Report.
4 Q2 2023 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The financial data reveals several key trends regarding share price, earnings per share (EPS), and the price-to-earnings (P/E) ratio over the analyzed periods.
- Share Price
- The share price demonstrated an overall upward trajectory from April 2018 through July 2023, increasing from $93.29 to a peak of $273.33 in April 2023. Notable surges occurred during the periods from March 2019 to June 2019 and from December 2021 to April 2023. Despite this general growth, some fluctuations were evident, including a dip during early 2020 corresponding likely with broader market turmoil, and a subsequent recovery thereafter. The share price showed volatility in mid-2023 with a decline from $273.33 in April to $233.56 in July.
- Earnings per Share (EPS)
- EPS values, available from March 2019 onwards, indicate steady improvement. Beginning at $5.65 in March 2019, EPS showed gradual increments in most quarters, reaching $8.75 by July 2023. This consistent growth in EPS suggests a strengthening profitability trend over the years. The increases between consecutive quarters are generally moderate and stable, with no sharp declines noted, underscoring a reliable earnings performance.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio fluctuated throughout the periods, starting at 19.52 in March 2019 and rising toward a peak of approximately 32.89 in April 2023, indicating an increasing market valuation relative to earnings. The P/E ratio experienced variability across quarters but generally trended upward corresponding with increases in share price and EPS. The upward trend in P/E implies growing investor confidence or higher expectations for future growth; however, the ratio’s peak followed by a decline to 26.68 in July 2023 aligns with the concurrent share price decrease, suggesting some market reassessment during this latest period.
In summary, the analyzed periods exhibit a robust growth in share price and EPS, reflecting positive financial performance and market perception. The increased P/E ratios throughout the timeline suggest elevated valuation multiples, although recent adjustment in mid-2023 points to possible market volatility or revised growth expectations.
Price to Operating Profit (P/OP)
Hershey Co., historical P/OP calculation (quarterly data)
| Jul 2, 2023 | Apr 2, 2023 | Dec 31, 2022 | Oct 2, 2022 | Jul 3, 2022 | Apr 3, 2022 | Dec 31, 2021 | Oct 3, 2021 | Jul 4, 2021 | Apr 4, 2021 | Dec 31, 2020 | Sep 27, 2020 | Jun 28, 2020 | Mar 29, 2020 | Dec 31, 2019 | Sep 29, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jul 1, 2018 | Apr 1, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Operating profit (in thousands) | |||||||||||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/OP ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Coca-Cola Co. | |||||||||||||||||||||||||||||
| Mondelēz International Inc. | |||||||||||||||||||||||||||||
| PepsiCo Inc. | |||||||||||||||||||||||||||||
| Philip Morris International Inc. | |||||||||||||||||||||||||||||
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 Data adjusted for splits and stock dividends.
2 Q2 2023 Calculation
Operating profit per share
= (Operating profitQ2 2023
+ Operating profitQ1 2023
+ Operating profitQ4 2022
+ Operating profitQ3 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Hershey Co. Quarterly or Annual Report.
4 Q2 2023 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The financial data reveals several notable trends over the observed periods.
- Share Price
- The share price shows an overall increasing trend from April 2018 through July 2023, rising from approximately $93.29 to $233.56. This increase is accompanied by considerable volatility, including notable peaks around December 2021 at $202.59 and April 2023 at $273.33, followed by some pullbacks such as the decline to $233.56 in July 2023. The consistent upward movement over the five-year horizon indicates sustained investor optimism, despite short-term fluctuations.
- Operating Profit Per Share (OPPS)
- Operating profit per share data begins in March 2019, starting at $7.79. Over the subsequent quarters, OPPS demonstrates steady growth, rising to $11.95 by July 2023. This reflects a consistent improvement in the company’s underlying profitability on a per-share basis, with incremental increases each period, suggesting effective operational performance and potential margin expansion.
- Price-to-Operating-Profit Ratio (P/OP)
- The price-to-operating-profit ratio exhibits variability over time, beginning at 14.16 in March 2019 and generally trending upward to reach a peak value of 23.88 in April 2023 before falling to 19.54 in July 2023. This suggests that the market valuation relative to operating profit has expanded, indicating either higher growth expectations or an increased investor willingness to pay a premium for operating earnings. The recent decline in the ratio could indicate a market reassessment of the valuation or a correction after reaching elevated levels.
In summary, the data indicates that while the company's operational profitability has steadily improved, the share price growth has been accompanied by fluctuations in valuation multiples. Market sentiment appears to have progressively favored the stock, but recent movements reflect some rebalancing in the valuation metrics.
Price to Sales (P/S)
Hershey Co., historical P/S calculation (quarterly data)
| Jul 2, 2023 | Apr 2, 2023 | Dec 31, 2022 | Oct 2, 2022 | Jul 3, 2022 | Apr 3, 2022 | Dec 31, 2021 | Oct 3, 2021 | Jul 4, 2021 | Apr 4, 2021 | Dec 31, 2020 | Sep 27, 2020 | Jun 28, 2020 | Mar 29, 2020 | Dec 31, 2019 | Sep 29, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jul 1, 2018 | Apr 1, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Net sales (in thousands) | |||||||||||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Coca-Cola Co. | |||||||||||||||||||||||||||||
| Mondelēz International Inc. | |||||||||||||||||||||||||||||
| PepsiCo Inc. | |||||||||||||||||||||||||||||
| Philip Morris International Inc. | |||||||||||||||||||||||||||||
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 Data adjusted for splits and stock dividends.
2 Q2 2023 Calculation
Sales per share
= (Net salesQ2 2023
+ Net salesQ1 2023
+ Net salesQ4 2022
+ Net salesQ3 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Hershey Co. Quarterly or Annual Report.
4 Q2 2023 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price demonstrated a general upward trajectory over the examined periods, starting at $93.29 in April 2018 and reaching a peak of $273.33 in April 2023. Although there were periods of fluctuation, such as a decline from $160.11 in December 2019 to $136.91 in March 2020, the overall trend was positive. Notably, the share price experienced substantial growth between December 2021 and April 2023, with values rising from $202.59 to $273.33 before a subsequent decrease to $233.56 by July 2023.
- Sales Per Share Patterns
- Sales per share data begins from March 2019, showing a consistent increase from $37.36 to $53.11 by July 2023. The growth appears steady with incremental increases each period, reflecting rising sales efficiency or volume per share over time, indicating improving operational performance or market demand.
- Price-to-Sales (P/S) Ratio Analysis
- The P/S ratio begins at 2.95 in March 2019 and generally trends upward, peaking at 5.20 in April 2023 before slightly declining to 4.40 in July 2023. This rising ratio suggests that the market valuation of the company, relative to its sales, has increased over time. The progression from around 3 to over 5 indicates growing investor confidence or premium being placed on the company's sales base despite some fluctuations notably between highs and dips across quarters.
- Overall Insights
- Combining these metrics, the company shows strong stock price appreciation accompanied by steadily improving sales per share, suggesting improved business performance at the operational level. The rising P/S ratio indicates increasing market valuation relative to sales, which could reflect expectations of future growth or profitability. Periodic declines in share price correspond with short-term market corrections or external factors but do not obscure the long-term positive trend. The consistency in sales per share growth supports the sustainability of the valuation increases observed.
Price to Book Value (P/BV)
Hershey Co., historical P/BV calculation (quarterly data)
| Jul 2, 2023 | Apr 2, 2023 | Dec 31, 2022 | Oct 2, 2022 | Jul 3, 2022 | Apr 3, 2022 | Dec 31, 2021 | Oct 3, 2021 | Jul 4, 2021 | Apr 4, 2021 | Dec 31, 2020 | Sep 27, 2020 | Jun 28, 2020 | Mar 29, 2020 | Dec 31, 2019 | Sep 29, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jul 1, 2018 | Apr 1, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Total The Hershey Company stockholders’ equity (in thousands) | |||||||||||||||||||||||||||||
| Book value per share (BVPS)2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/BV ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Coca-Cola Co. | |||||||||||||||||||||||||||||
| Mondelēz International Inc. | |||||||||||||||||||||||||||||
| PepsiCo Inc. | |||||||||||||||||||||||||||||
| Philip Morris International Inc. | |||||||||||||||||||||||||||||
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 Data adjusted for splits and stock dividends.
2 Q2 2023 Calculation
BVPS = Total The Hershey Company stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Hershey Co. Quarterly or Annual Report.
4 Q2 2023 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited an overall upward trend from April 2018 to July 2023, starting at $93.29 and reaching a peak of $273.33 in April 2023, indicating significant appreciation in market value. Notable increases occurred in the periods from March 2019 to June 2019 and from April 2021 to December 2021. There are fluctuations observed, with some periods showing declines, such as between December 2019 and March 2020, and again from April 2023 to July 2023, where the share price dropped from $273.33 to $233.56.
- Book Value Per Share (BVPS) Trend
- BVPS steadily increased throughout the period under review, moving from $4.65 in April 2018 to $18.07 by July 2023. This consistent growth in book value indicates strengthening net assets per share over time, reflecting sustained improvement in the company's equity base. The increments are relatively smooth without notable decreases, suggesting stable underlying financial health.
- Price-to-Book Value (P/BV) Ratio Analysis
- The P/BV ratio showed a declining trend from 20.08 in April 2018 to a lower level of 12.93 by July 2023, despite some fluctuations. Initial values were high, with the ratio near or above 18 through much of 2018 and into early 2019, indicating the market price was several times greater than the book value. Over time, the ratio decreased to a range roughly between 12 and 16, suggesting a relative valuation contraction or that the book value growth outpaced share price appreciation in certain periods. The ratio's variability suggests changes in market sentiment or adjustments in perceived growth prospects.
- Summary
- The overall financial data reveal consistent growth in book value per share, indicative of progressively stronger equity positions. Share prices showed marked growth but with greater volatility, pointing to varying investor sentiment and market influences during different periods. The declining P/BV ratio indicates that while share prices increased substantially, the growth in book value helped moderate the escalation in valuations, potentially signaling a maturing market perception of the company’s intrinsic value. The recent drop in share price from April to July 2023 warrants monitoring for potential market or company-specific factors influencing this reversal.