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The Hershey CoHAM:HSY -2.05%74 Cyclically Adjusted PB Ratio is 11.20 as of Sep. 16, 2026, which is 53% below its 10-year median of 23.86. GuruFocus rates HAM:HSY with a GF Score™ of 74/100 and a GF Value™ of €178.52. The stock has 6 warning signs investors should review. Among 1,268 Consumer Packaged Goods companies, The Hershey Co ranks worse than 97.08% on this metric.
The historical rank and industry rank for The Hershey Co's Cyclically Adjusted PB Ratio or its related term are showing as below:
HAM:HSY'
s Cyclically Adjusted PB Ratio Range Over the Past 10 Years
Min: 11.77 Med: 23.86 Max: 30.56
Current: 11.89
During the past years, The Hershey Co's highest Cyclically Adjusted PB Ratio was 30.56. The lowest was 11.77. And the median was 23.86.
HAM:HSY's Cyclically Adjusted PB Ratio is ranked worse than 97.08% of 1268
companies
in the Consumer Packaged Goods industry
Industry Median: 1.245
vs HAM:HSY: 11.89
The Shiller PE Ratio was first used by professor Robert Shiller. He uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings per share of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio. The Cyclically Adjusted Book per Share is the average of the inflation adjusted book value per share of a company over the past 10 years.
The Hershey Co's adjusted book value per share data for the three months ended in Jun. 2026 was €19.863. Add all the adjusted book value per share for the past 10 years together and divide the count will get our Cyclically Adjusted Book per Share, which is €13.22 for the trailing ten years ended in Jun. 2026.
Shiller PE for Stocks: The True Measure of Stock Valuation
The Hershey Co (HAM:HSY) Cyclically Adjusted PB Ratio Explanation
Compared with the regular PB Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PB Ratio smoothed out the fluctuations of book value during business cycles. Therefore it is more accurate in reflecting the valuation of the company.
If a company has consistent business performance, the Cyclically Adjusted PB Ratio should give similar results to regular PB Ratio.
The Hershey Co Cyclically Adjusted PB Ratio Related Terms
The Hershey Co Cyclically Adjusted PB Ratio Historical Data
* Premium members only.
The historical data trend for The Hershey Co's Cyclically Adjusted PB Ratio can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
HAM:HSY vs TR, SOWG, RMCF: Cyclically Adjusted PB Ratio Comparison
For the Confectioners subindustry, The Hershey Co's Cyclically Adjusted PB Ratio, along with its competitors' market caps and Cyclically Adjusted PB Ratio data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
The Hershey Co Cyclically Adjusted PB Ratio vs Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, The Hershey Co's Cyclically Adjusted PB Ratio distribution charts can be found below:
* The bar in red indicates where The Hershey Co's Cyclically Adjusted PB Ratio falls into.
The Hershey Co Cyclically Adjusted PB Ratio Calculation
Like the Shiller PE Ratio, the Cyclically Adjusted PB Ratio takes the Book Value per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/B calculation. Because it considers this 10-year average, it's often referred to as the CAPB Ratio.
The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio.
The Hershey Co's Cyclically Adjusted PB Ratio for today is calculated as
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.
What does a Cyclically Adjusted PB Ratio of 11.20 mean?
The Hershey Co (HAM:HSY) has a Cyclically Adjusted PB Ratio of 11.20 as of Sep. 16, 2026. Cyclically Adjusted PB Ratio is the ratio of share price to a company's inflation-adjusted book value per share over a 10-year period. View historical data on The Hershey Co and its competitors. This is 53% below median its historical median of 23.86. Over the past decade, The Hershey Co's Cyclically Adjusted PB Ratio has ranged from 11.77 to 30.56. According to the industry distribution chart, The Hershey Co ranks #1231 out of 1268 companies in the Consumer Packaged Goods industry, placing it in the top 97.1%.
Is The Hershey Co's Cyclically Adjusted PB Ratio too high?
The Hershey Co's current Cyclically Adjusted PB Ratio of 11.20 is 53% below median its 10-year median of 23.86. Over the past 10 years, this metric has ranged from a low of 11.77 to a high of 30.56. The Consumer Packaged Goods industry median Cyclically Adjusted PB Ratio is 1.25. The Hershey Co's value of 11.20 is 799.6% above this industry median. Based on the distribution chart, The Hershey Co ranks #1231 out of 1268 companies in the Consumer Packaged Goods industry, which is in the bottom quartile relative to peers. Overall, The Hershey Co has a GF Score™ of 74/100, reflecting its overall financial health beyond just this single metric.
How does The Hershey Co's Cyclically Adjusted PB Ratio compare to TR and SOWG?
According to the Consumer Packaged Goods industry distribution chart, The Hershey Co ranks #1231 out of 1268 companies for Cyclically Adjusted PB Ratio. This places The Hershey Co in the lower half of its industry. The industry median Cyclically Adjusted PB Ratio is 1.25. The Hershey Co's value of 11.20 is 799.6% above this benchmark. Historically, The Hershey Co's own Cyclically Adjusted PB Ratio has ranged from 11.77 to 30.56 over the past decade. While the company's 10-year median is 23.86 vs. the industry median of 1.25, The Hershey Co has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Cyclically Adjusted PB Ratio for a Consumer Packaged Goods company?
The median Cyclically Adjusted PB Ratio among Consumer Packaged Goods companies is 1.25, based on 1,268 companies in the industry. Companies in the top quartile (top 25%) have a Cyclically Adjusted PB Ratio significantly above this median, while those in the bottom quartile fall well below. However, Cyclically Adjusted PB Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. The Hershey Co's current Cyclically Adjusted PB Ratio of 11.20 is 799.6% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Cyclically Adjusted PB Ratio mean?
A high Cyclically Adjusted PB Ratio can signal that a stock is expensive relative to its fundamentals. Cyclically Adjusted PB Ratio is the ratio of share price to a company's inflation-adjusted book value per share over a 10-year period. View historical data on The Hershey Co and its competitors. For the Consumer Packaged Goods industry, the median Cyclically Adjusted PB Ratio is 1.25 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. The Hershey Co's current Cyclically Adjusted PB Ratio is 11.20, which is 53% below median its own 10-year median of 23.86. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is The Hershey Co stock overvalued right now?
The Hershey Co (HAM:HSY) has a current Cyclically Adjusted PB Ratio of 11.20. The stock's GF Value™ is €178.52, compared to a current price of €148.05 — trading 17.1% below its estimated fair value. The current Cyclically Adjusted PB Ratio is 11.20, which is 53% below median its 10-year median of 23.86 and 799.6% above the Consumer Packaged Goods industry median of 1.25. The Hershey Co's overall GF Score™ is 74/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Cyclically Adjusted PB Ratio calculated?
Cyclically Adjusted PB Ratio is calculated from a company's financial statements. For The Hershey Co (HAM:HSY), the current Cyclically Adjusted PB Ratio is 11.20 as of Sep. 16, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is The Hershey Co (HAM:HSY) Overvalued in 2026?
Based on GuruFocus' analysis, The Hershey Co stock appears to be undervalued.
The current stock price of €148.05 is trading 17.1% below its estimated GF Value™ of €178.52.
Key valuation signals for HAM:HSY:
Cyclically Adjusted PB Ratio: 11.20 (53% below median its 10-year median of 23.86)
GF Value™: €178.52 vs. price of €148.05 (17.1% below fair value)
Industry Position: 799.6% above the Consumer Packaged Goods median (#1231 of 1268)
No single metric tells the full story. See the HAM:HSY stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Hershey is a leading US confectionery manufacturer (around a $55 billion market, according to Euromonitor), controlling 35% of the domestic chocolate aisle. Beyond its namesake label, the firm's portfolio has expanded over the last 85 years and now comprises 100 brands, including Reese's, Kit Kat, Kisses, and Ice Breakers. Hershey's products are sold in about 80 countries, albeit with just a high-single-digit percentage of sales coming from markets outside the US, including Brazil, India, and Mexico. The firm has sought inorganic opportunities to extend its reach beyond its core confectionery business, adding Amplify Snack Brands and its Skinny Pop ready-to-eat popcorn to its portfolio, as well as Pirate Brands, Dot's Pretzels, and LesserEvil over the past few years.
74GF Score
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Cyclically Adjusted PB Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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