Hershey vs Seaboard
Hershey is the larger business, with $11.69bn of revenue in fiscal 2025 against $9.75bn for Seaboard (1.2 times as much). Seaboard grew faster (7.1% against 4.4%). Hershey kept more of each dollar of sales as profit: a net margin of 7.6% against 5.1%. Seaboard carries less debt relative to equity (27.5% against 116.5%).
| Latest fiscal year | HersheyHSY, 2025 | SeaboardSEB, 2025 |
|---|---|---|
| Revenue | $11.69bn | $9.75bn |
| Revenue growth | 4.4% | 7.1% |
| Net income | $883m | $496m |
| Operating margin | 12.3% | 2.5% |
| Net margin | 7.6% | 5.1% |
| Return on equity | 18.9% | 10.0% |
| Free cash flow | $1.82bn | $6.0m |
| Cash | $926m | $178m |
| Total debt | $5.40bn | $1.44bn |
| Debt to equity | 116.5% | 27.5% |
| Dividend per share | — | $9.00 |
| Dividend yield | 4.5% | 0.3% |
| Share buybacks | $0 | $39.0m |
| Employees | — | 14,000 |
| Market value | $24.58bn | $3.30bn |
| Price vs our value range | Below our value range | Above our value range |
| Moat score | 87 (Strong) | 41 (Weak) |
| Insider trades, 12 months | 3 buys, 794 sales | 0 buys, 0 sales |