Campbell's vs Hershey
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The short version
- Hershey is the larger business, with $11.7B of revenue in fiscal 2025 against $9.7B for Campbell's.
- Hershey grew revenue faster (4.4%, against −5.0%).
- Hershey kept more of each dollar of sales as operating profit (12.3% operating margin, against 8.7%).
- Hershey turned more of its sales into free cash flow (15.6% FCF margin, against 7.0%).
- Hershey earned a higher return on the capital invested in it (11.5%, against 6.2%).
| Latest fiscal year | CPB · FY26 | HSY · FY25 |
|---|---|---|
| Size | ||
| Market cap | $6.2B | — |
| Revenue | $9.7B | $11.7B |
| Free cash flow | $678M | $1.8B |
| Net income | $403M | $883M |
| Growth | ||
| Revenue growth | −5.0% | 4.4% |
| 5-year growth | 2.8% | 7.5% |
| Share count change | 0.0% | — |
| Profitability | ||
| Gross margin | 28.1% | 33.6% |
| Operating margin | 8.7% | 12.3% |
| Net margin | 4.1% | 7.6% |
| FCF margin | 7.0% | 15.6% |
| Return on capital | 6.2% | 11.5% |
| Return on equity | 10.4% | 18.9% |
| Balance sheet | ||
| Net debt | $6.7B | $4.5B |
| Net debt / EBITDA | 5.3x | 2.3x |
| Dividends and buybacks | $496M | $1.1B |
| Valuation & quality | ||
| P/E | — | — |
| Piotroski F-score | 5 | — |
Revenue
FY17
CPB $5.8B
HSY $7.5B
FY18
CPB $6.6B
HSY $7.8B
FY19
CPB $8.1B
HSY $8.0B
FY20
CPB $8.7B
HSY $8.1B
FY21
CPB $8.5B
HSY $9.0B
FY22
CPB $8.6B
HSY $10.4B
FY23
CPB $9.4B
HSY $11.2B
FY24
CPB $9.6B
HSY $11.2B
FY25
CPB $10.3B
HSY $11.7B
FY26
CPB $9.7B
HSY —
CPB
HSY
Operating margin
FY17
CPB 24.5%
HSY 17.5%
FY18
CPB 15.3%
HSY 20.8%
FY19
CPB 12.1%
HSY 20.0%
FY20
CPB 12.7%
HSY 21.9%
FY21
CPB 18.2%
HSY 22.8%
FY22
CPB 13.6%
HSY 21.7%
FY23
CPB 14.0%
HSY 22.9%
FY24
CPB 10.4%
HSY 25.9%
FY25
CPB 11.0%
HSY 12.3%
FY26
CPB 8.7%
HSY —
CPB
HSY
Free cash flow
FY17
CPB $950M
HSY $992M
FY18
CPB $898M
HSY $1.3B
FY19
CPB $1.0B
HSY $1.4B
FY20
CPB $1.1B
HSY $1.3B
FY21
CPB $760M
HSY $1.6B
FY22
CPB $939M
HSY $1.8B
FY23
CPB $773M
HSY $1.6B
FY24
CPB $668M
HSY $1.9B
FY25
CPB $705M
HSY $1.8B
FY26
CPB $678M
HSY —
CPB
HSY
Return on capital
FY17
CPB 19.8%
HSY 25.6%
FY18
CPB 11.0%
HSY 30.5%
FY19
CPB 7.3%
HSY 24.2%
FY20
CPB 9.8%
HSY 26.7%
FY21
CPB 14.5%
HSY 25.5%
FY22
CPB 11.2%
HSY 25.7%
FY23
CPB 12.3%
HSY 27.2%
FY24
CPB 7.9%
HSY 29.6%
FY25
CPB 7.9%
HSY 11.5%
FY26
CPB 6.2%
HSY —
CPB
HSY
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.