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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.

Common-Size Balance Sheet: Assets

Hershey Co., common-size consolidated balance sheet: assets

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Cash and cash equivalents 4.24 3.16 12.53 6.06 7.63
Accounts receivable, trade, net 6.50 6.45 6.74 6.98 7.71
Inventories 10.71 9.49 10.56 10.01 10.19
Prepaid expenses 1.31 1.24 1.05 1.03 0.89
Other current assets 1.17 1.23 1.74 1.92 2.64
Prepaid expenses and other 2.49% 2.47% 2.79% 2.95% 3.53%
Current assets 23.93% 21.57% 32.61% 26.01% 29.07%
Property, plant and equipment, net 25.30 24.84 25.03 26.45 27.66
Goodwill 23.81 25.29 21.77 24.40 23.38
Other intangibles 17.96 19.57 14.18 16.48 16.59
Pension 0.49 0.69 0.09 0.00 0.00
Capitalized software, net 2.92 2.50 2.06 1.89 1.64
Operating lease ROU assets 2.98 3.38 2.46 2.71 0.00
Investments in unconsolidated affiliates 1.22 0.89 0.57 0.00 0.00
Other non-current assets 1.02 0.88 0.91 1.69 1.64
Other non-current assets 8.63% 8.34% 6.09% 6.29% 3.28%
Deferred income taxes 0.37 0.39 0.32 0.38 0.02
Non-current assets 76.07% 78.43% 67.39% 73.99% 70.93%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

The asset structure exhibits a strong predominance of non-current assets, which consistently comprise between 67% and 78% of total assets throughout the analyzed five-year period. Current assets demonstrate notable volatility, peaking in 2020 at 32.61% before contracting to 21.57% in 2021 and partially recovering to 23.93% in 2022.

Liquidity and Working Capital Trends
Cash and cash equivalents show significant fluctuation, reaching a peak of 12.53% of total assets in 2020 before dropping sharply to 3.16% in 2021. Inventories remained relatively stable, maintaining a range between 9.49% and 10.71%, indicating a consistent inventory-to-asset ratio. Net trade receivables also remained steady, fluctuating minimally between 6.45% and 7.71%.
Fixed and Intangible Asset Composition
Property, plant and equipment, net, showed a gradual decline from 27.66% in 2018 to a low of 24.84% in 2021, before stabilizing at 25.30% in 2022. A substantial portion of the asset base is concentrated in intangible assets; Goodwill and other intangibles combined often represent over 40% of total assets. Both categories peaked in 2021, with Goodwill reaching 25.29% and other intangibles reaching 19.57%.
Long-term Strategic Assets
A consistent upward trend is observed in capitalized software, which increased from 1.64% of total assets in 2018 to 2.92% in 2022. Operating lease right-of-use assets appeared in 2019 and remained relatively stable between 2.46% and 3.38%. Investments in unconsolidated affiliates also showed a steady increase, growing from 0.57% in 2020 to 1.22% by the end of 2022.

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