Hershey vs J.M. Smucker
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KIRA’s take AI analyst
I put Hershey and J.M. Smucker side by side, using each one’s latest annual report. Here is what stands out:
- Hershey is the larger business, with $11.7B of revenue in fiscal 2025 against $9.1B for J.M. Smucker.
- Hershey grew revenue faster (4.4%, against 3.7%).
- Hershey kept more of each dollar of sales as operating profit (12.3% operating margin, against 4.0%).
- Hershey turned more of its sales into free cash flow (15.6% FCF margin, against 12.8%).
- Hershey earned a higher return on the capital invested in it (11.5%, against 2.2%).
Who comes out ahead
Of the 9 measures where higher (or lower) is clearly better, how many each company leads.
Hershey
HSY
9/9
Revenue growth5-year growthGross marginOperating marginNet marginFCF marginReturn on capitalReturn on equityNet debt / EBITDA
J.M. Smucker
SJM
0/9
Side by side
Best in the row
| Latest fiscal year | HSY FY25 | SJM FY26 |
|---|---|---|
| Size | ||
| Market cap | — | — |
| Revenue | $11.7B | $9.1B |
| Free cash flow | $1.8B | $1.2B |
| Net income | $883M | −$139M |
| Growth | ||
| Revenue growth | 4.4% | 3.7% |
| 5-year growth | 7.5% | 2.5% |
| Share count change | — | — |
| Profitability | ||
| Gross margin | 33.6% | 33.5% |
| Operating margin | 12.3% | 4.0% |
| Net margin | 7.6% | −1.5% |
| FCF margin | 15.6% | 12.8% |
| Return on capital | 11.5% | 2.2% |
| Return on equity | 18.9% | −2.4% |
| Balance sheet | ||
| Net debt | $4.5B | $6.9B |
| Net debt / EBITDA | 2.3x | 7.5x |
| Dividends and buybacks | $1.1B | $470M |
| Valuation & quality | ||
| P/E | — | 60.7x |
| Piotroski F-score | — | — |
Ten years
Revenue
FY17
HSY $7.5B
SJM $7.4B
FY18
HSY $7.8B
SJM $7.4B
FY19
HSY $8.0B
SJM $7.8B
FY20
HSY $8.1B
SJM $7.8B
FY21
HSY $9.0B
SJM $8.0B
FY22
HSY $10.4B
SJM $8.0B
FY23
HSY $11.2B
SJM $8.5B
FY24
HSY $11.2B
SJM $8.2B
FY25
HSY $11.7B
SJM $8.7B
FY26
HSY —
SJM $9.1B
HSY
SJM
Operating margin
FY17
HSY 17.5%
SJM 14.1%
FY18
HSY 20.8%
SJM 14.2%
FY19
HSY 20.0%
SJM 11.9%
FY20
HSY 21.9%
SJM 15.7%
FY21
HSY 22.8%
SJM 17.3%
FY22
HSY 21.7%
SJM 12.8%
FY23
HSY 22.9%
SJM 1.9%
FY24
HSY 25.9%
SJM 16.0%
FY25
HSY 12.3%
SJM −7.7%
FY26
HSY —
SJM 4.0%
HSY
SJM
Free cash flow
FY17
HSY $992M
SJM $867M
FY18
HSY $1.3B
SJM $896M
FY19
HSY $1.4B
SJM $781M
FY20
HSY $1.3B
SJM $986M
FY21
HSY $1.6B
SJM $1.3B
FY22
HSY $1.8B
SJM $719M
FY23
HSY $1.6B
SJM $717M
FY24
HSY $1.9B
SJM $643M
FY25
HSY $1.8B
SJM $817M
FY26
HSY —
SJM $1.2B
HSY
SJM
Return on capital
FY17
HSY 25.6%
SJM 5.8%
FY18
HSY 30.5%
SJM 8.5%
FY19
HSY 24.2%
SJM 5.2%
FY20
HSY 26.7%
SJM 6.8%
FY21
HSY 25.5%
SJM 8.0%
FY22
HSY 25.7%
SJM 6.1%
FY23
HSY 27.2%
SJM 1.1%
FY24
HSY 29.6%
SJM 7.2%
FY25
HSY 11.5%
SJM −3.6%
FY26
HSY —
SJM 2.2%
HSY
SJM
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.