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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- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Reportable Segments
- Analysis of Geographic Areas
- Price to FCFE (P/FCFE)
- Total Asset Turnover since 2005
- Analysis of Revenues
- 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).
- Price to Earnings (P/E) Ratio
- The P/E ratio demonstrates fluctuations over the analyzed period, beginning at 22.59 and generally increasing through 2019, peaking at 29.21 by the end of that year. It then shows some variability around the mid-to-high twenties range throughout 2020 and 2021. Notably, the ratio ascends above 29 during 2022, reaching a high of 32.89 in early 2023 before decreasing to 26.68 by mid-2023. This indicates market valuation relative to earnings has been somewhat volatile but overall trending upward, signaling periods of increased investor confidence or expectations of future growth, with a slight decline in the most recent quarter analyzed.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio follows a broadly similar pattern to the P/E ratio, starting at 16.16 and rising steadily to over 21 by the end of 2019. After some modest fluctuations, it stabilizes around the low twenties during 2020 and into 2021. This ratio peaks at 23.88 in early 2023, indicating a relatively high price valuation compared to operating profit at that time, before declining to 19.54 in the most recent quarter. This trend suggests changes in investor sentiment and operating profitability relative valuation, with a peak valuation in early 2023 followed by some moderation.
- Price to Sales (P/S) Ratio
- The P/S ratio mostly trends upward throughout the periods, starting at 3.26 and increasing to a peak of 5.2 in early 2023. Despite some slight decreases towards mid-2023 (4.4), the ratio remains elevated compared to earlier years, reflecting rising market valuation relative to sales. This persistent increase signals stronger investor expectations or confidence in the company's revenue-generating capacities over time.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio exhibits a declining trend from 18.07 at the start of the period to about 14.03 by the end of 2020. It fluctuates slightly thereafter, with a minor rebound to 16.15 early in 2023, but again decreases to 12.93 by mid-2023. This trend suggests a gradual decrease in market valuation relative to book value over time, particularly in the recent quarters, possibly reflecting a shift in how investors value the company’s net assets or balance sheet strength.
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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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).
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.
- Share Price Trend
- The share price exhibited an overall upward trend from March 31, 2019, to July 2, 2023. Starting at $122.44, the price increased significantly to a peak of $273.33 by April 2, 2023, before experiencing a moderate decline to $233.56 by July 2, 2023. This pattern reflects a period of substantial growth with some short-term volatility toward the end of the observed period.
- Earnings Per Share (EPS) Trend
- EPS demonstrated steady growth throughout the periods. Beginning at $5.42 in March 2019, EPS rose consistently to reach $8.75 by July 2023. Although there were minor fluctuations, the general trajectory indicates improving profitability or earnings performance over the timeframe examined.
- Price-to-Earnings (P/E) Ratio Trend
- The P/E ratio showed moderate variability over time, starting at 22.59 in March 2019 and ending at 26.68 in July 2023. Notable fluctuations were observed, including peaks around late 2019 and early 2023, with the highest value reaching 32.89. Despite these variations, there was an overall slight upward trend in the P/E multiple, suggesting changing market expectations regarding future earnings growth or shifts in investor sentiment.
- Relationship Between Metrics
- The simultaneous increase in share price and EPS over the period suggests that the market responded positively to the company's improving earnings. The P/E ratio’s fluctuations indicate that although earnings increased, market valuation multiples varied, reflecting changes in investor confidence or external market conditions. The peak P/E ratio occurring near the share price peak indicates heightened valuation optimism during that period, later followed by a valuation re-adjustment.
Price to Operating Profit (P/OP)
Hershey Co., historical P/OP calculation (quarterly data)
| Jul 2, 2023 | Apr 2, 2023 | Dec 31, 2022 | Oct 2, 2022 | Jul 3, 2022 | Apr 3, 2022 | Dec 31, 2021 | Oct 3, 2021 | Jul 4, 2021 | Apr 4, 2021 | Dec 31, 2020 | Sep 27, 2020 | Jun 28, 2020 | Mar 29, 2020 | Dec 31, 2019 | Sep 29, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| 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).
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 notable trends in the share price, operating profit per share, and the price-to-operating profit ratio over the analyzed periods.
- Share Price
-
The share price demonstrated a general upward trend from March 2019 through July 2023. Initially priced at 122.44 US dollars, it rose steadily with occasional fluctuations, reaching a peak of 273.33 US dollars in April 2023 before declining to 233.56 US dollars in July 2023. This progression reflects significant capital appreciation over the period analyzed.
- Operating Profit per Share
-
Operating profit per share consistently increased throughout the timeframe, starting at 7.58 US dollars in March 2019 and reaching 11.95 US dollars by July 2023. The growth is relatively steady, with minor variances, indicating gradual improvement in the company's operating profitability on a per-share basis. The upward trend suggests enhanced operational efficiency or increased revenue generation.
- Price-to-Operating Profit (P/OP) Ratio
-
The P/OP ratio exhibited variability during the period. Early values ranged from 16.16 to 21.04, with some fluctuations in relation to the share price and operating profit per share changes. From late 2021 onward, the ratio trended higher, reaching a peak of 23.88 in April 2023 before moderating to 19.54 in July 2023. This pattern suggests that the market’s valuation of the company's operating profit increased over time, potentially reflecting heightened investor optimism or expectations for future growth, followed by a correction in the most recent quarter.
In summary, the data indicates a positive trajectory in both share price and operating profitability per share over multiple years, accompanied by a generally rising price multiple that suggests increasing investor confidence. The recent moderation in both share price and valuation ratio may point to a short-term reevaluation by the market.
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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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).
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 Trend
- The share price exhibited a general upward trajectory over the observed periods. Starting at $122.44 at the end of March 2019, it experienced fluctuations with intermittent declines but maintained an overall increase. Notably, from December 2021 onwards, the share price accelerated significantly, reaching a peak of $273.33 by early April 2023. However, there was a subsequent decline to $233.56 by early July 2023, indicating some recent volatility.
- Sales Per Share Trend
- Sales per share demonstrated a steady and gradual increase throughout the time frame. Beginning at $37.53 in March 2019, the metric consistently rose each quarter, culminating at $53.11 by early July 2023. This reflects ongoing growth in the company's revenue generation on a per-share basis without any marked declines or irregularities.
- Price-to-Sales (P/S) Ratio Trend
- The P/S ratio maintained a generally increasing trend with some short-term variability. Initially at 3.26 in March 2019, the ratio climbed to above 4 by the end of 2019, reaching as high as 5.2 in April 2023. This rise indicates that the market valuation relative to sales increased over time, reflecting growing investor confidence or higher valuation multiples. However, a decline to 4.4 by early July 2023 accompanied the recent drop in share price, suggesting a possible reevaluation by the market.
- Overall Insights
- The data points to consistent improvement in sales per share, supporting revenue growth. Share price appreciation aligns with this trend, albeit with some volatility in later stages. The increasing P/S ratio suggests the market has been willing to pay a premium over sales, likely anticipating future growth. Recent declines in both share price and P/S ratio warrant attention to potential changes in market sentiment or company performance.
Price to Book Value (P/BV)
Hershey Co., historical P/BV calculation (quarterly data)
| Jul 2, 2023 | Apr 2, 2023 | Dec 31, 2022 | Oct 2, 2022 | Jul 3, 2022 | Apr 3, 2022 | Dec 31, 2021 | Oct 3, 2021 | Jul 4, 2021 | Apr 4, 2021 | Dec 31, 2020 | Sep 27, 2020 | Jun 28, 2020 | Mar 29, 2020 | Dec 31, 2019 | Sep 29, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| 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).
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 a general upward trend over the analyzed periods. Starting at $122.44, it experienced fluctuations with notable increases and decreases, reaching a peak of $273.33 in April 2023 before declining to $233.56 by July 2023. This indicates significant growth in market valuation, particularly from 2021 onwards, despite some volatility in recent quarters.
- Book Value Per Share (BVPS) Trend
- Book value per share showed consistent growth throughout the periods, increasing from $6.78 to $18.07. This steady rise points to an improvement in the underlying net asset value of the company on a per-share basis, reflecting either asset growth, earnings retention, or a combination of both over time.
- Price-to-Book Value Ratio (P/BV) Trend
- The P/BV ratio displayed a downward trajectory overall, starting at 18.07 and declining to 12.93 by the last period. Early periods saw a relatively high P/BV ratio fluctuating around 17 to 19, tending to decrease over time, reaching lower levels in 2023. This decline suggests that the share price growth is not keeping pace with the increase in book value or that market perceptions of valuation have become more conservative.
- Interrelationships and Insights
- The simultaneous rise in book value per share and share price indicates fundamental growth in the company's financial strength. However, the falling P/BV ratio implies a shift in market valuation dynamics, potentially reflecting changing investor sentiment or adjustments in growth expectations. The volatility in share price, notably the peak in April 2023 followed by a decline, may be influenced by external market factors or company-specific developments.
- Conclusion
- Overall, the company demonstrates solid asset growth as reflected in increasing BVPS. The market price has generally increased but with some volatility, while the decreasing P/BV ratio points to a moderation in market valuation relative to book value. These trends suggest a maturing valuation environment combined with underlying financial improvement.