General Mills
GIS · Packaged Foods & Meats
$34.39
2.2%Hershey
HSY · Packaged Foods & Meats
$169.64
3.4%The short version
- General Mills is the larger business, with $18.4B of revenue in fiscal 2026 against $11.7B for Hershey, about 1.6 times as much.
- Hershey grew revenue faster (4.4%, against −5.5%).
- Hershey kept more of each dollar of sales as operating profit (12.3% operating margin, against 4.8% operating margin).
- Hershey turned more of its sales into free cash flow (15.6% FCF margin, against 8.8% FCF margin).
- Hershey earned a higher return on the capital invested in it (11.5%, against 2.0%).
| Latest fiscal year | GIS · FY26 | HSY · FY25 |
|---|---|---|
| Size | ||
| Market cap | $18.5B | — |
| Revenue | $18.4B | $11.7B |
| Free cash flow | $1.6B | $1.8B |
| Net income | −$87.6M | $883M |
| Growth | ||
| Revenue growth | −5.5% | 4.4% |
| 5-year growth | 0.3% | 7.5% |
| Share count change | −3.6% | — |
| Profitability | ||
| Gross margin | 33.6% | 33.6% |
| Operating margin | 4.8% | 12.3% |
| Net margin | −0.5% | 7.6% |
| FCF margin | 8.8% | 15.6% |
| Return on capital | 2.0% | 11.5% |
| Return on equity | −1.1% | 18.9% |
| Balance sheet | ||
| Net debt | $13.1B | $4.5B |
| Net debt / EBITDA | 9.1x | 2.3x |
| Dividends and buybacks | $1.8B | $1.1B |
| Valuation & quality | ||
| P/E | — | — |
| Piotroski F-score | 5 | — |
FY17
GIS $15.6B
HSY $7.5B
FY18
GIS $15.7B
HSY $7.8B
FY19
GIS $16.9B
HSY $8.0B
FY20
GIS $17.6B
HSY $8.1B
FY21
GIS $18.1B
HSY $9.0B
FY22
GIS $19.0B
HSY $10.4B
FY23
GIS $20.1B
HSY $11.2B
FY24
GIS $19.9B
HSY $11.2B
FY25
GIS $19.5B
HSY $11.7B
FY26
GIS $18.4B
HSY —
GIS
HSY
FY17
GIS 16.0%
HSY 17.5%
FY18
GIS 15.4%
HSY 20.8%
FY19
GIS 14.9%
HSY 20.0%
FY20
GIS 16.8%
HSY 21.9%
FY21
GIS 17.4%
HSY 22.8%
FY22
GIS 18.3%
HSY 21.7%
FY23
GIS 17.1%
HSY 22.9%
FY24
GIS 17.3%
HSY 25.9%
FY25
GIS 17.0%
HSY 12.3%
FY26
GIS 4.8%
HSY —
GIS
HSY
FY17
GIS $1.7B
HSY $992M
FY18
GIS $2.2B
HSY $1.3B
FY19
GIS $2.3B
HSY $1.4B
FY20
GIS $3.2B
HSY $1.3B
FY21
GIS $2.5B
HSY $1.6B
FY22
GIS $2.7B
HSY $1.8B
FY23
GIS $2.1B
HSY $1.6B
FY24
GIS $2.5B
HSY $1.9B
FY25
GIS $2.3B
HSY $1.8B
FY26
GIS $1.6B
HSY —
GIS
HSY
FY17
GIS 13.5%
HSY 25.6%
FY18
GIS 13.3%
HSY 30.5%
FY19
GIS 9.6%
HSY 24.2%
FY20
GIS 11.6%
HSY 26.7%
FY21
GIS 11.9%
HSY 25.5%
FY22
GIS 13.3%
HSY 25.7%
FY23
GIS 12.7%
HSY 27.2%
FY24
GIS 12.5%
HSY 29.6%
FY25
GIS 11.5%
HSY 11.5%
FY26
GIS 2.0%
HSY —
GIS
HSY
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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.