Hershey Co., current enterprise value calculation

Current share price (P)	$233.56
No. shares of common stock outstanding	204,467,895
US$ in thousands
Common equity (market value)¹	47,755,522)
Add: Preferred stock, shares issued: none (per books)	—)
Add: Noncontrolling interest in subsidiary (per books)	—)
Total equity	47,755,522)
Add: Short-term debt (per books)	693,790)
Add: Current portion of long-term debt (per books)	753,578)
Add: Long-term portion of long-term debt (per books)	3,343,977)
Total equity and debt	52,546,867)
Less: Cash and cash equivalents	463,889)
Enterprise value (EV)	52,082,978)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 233.56 × 204,467,895

Hershey Co., EV calculation

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Share price^1, 2	$240.69	$202.59	$151.29	$160.11	$110.22
No. shares of common stock outstanding¹	204,035,956	205,241,853	207,165,543	209,749,611	208,519,794
US$ in thousands
Common equity (market value)³	49,109,414)	41,579,947)	31,342,075)	33,583,010)	22,983,052)
Add: Preferred stock, shares issued: none (book value)	—)	—)	—)	—)	—)
Add: Noncontrolling interest in subsidiary (book value)	—)	—)	3,531)	5,772)	8,545)
Total equity	49,109,414)	41,579,947)	31,345,606)	33,588,782)	22,991,597)
Add: Short-term debt (book value)	693,790)	939,423)	74,041)	32,282)	1,197,929)
Add: Current portion of long-term debt (book value)	753,578)	2,844)	438,829)	703,390)	5,387)
Add: Long-term portion of long-term debt (book value)	3,343,977)	4,086,627)	4,089,755)	3,530,813)	3,254,280)
Total equity and debt	53,900,759)	46,608,841)	35,948,231)	37,855,267)	27,449,193)
Less: Cash and cash equivalents	463,889)	329,266)	1,143,987)	493,262)	587,998)
Enterprise value (EV)	53,436,870)	46,279,575)	34,804,244)	37,362,005)	26,861,195)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Hershey Co. Annual Report.

³ 2022 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 240.69 × 204,035,956

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Hershey Co. EV increased from 2020 to 2021 and from 2021 to 2022.

Hershey Co. (NYSE:HSY)

Enterprise Value (EV)