The Hershey CoMEX:HSY 74 Beneish M-Score is -2.59 as of Jun. 26, 2026. GuruFocus rates MEX:HSY with a GF Score™ of 74/100 and a GF Value™ of MXN3,699.50 (Modestly Undervalued). The stock has 6 warning signs investors should review. Among 1,849 Consumer Packaged Goods companies, The Hershey Co ranks better than 56.14% on this metric.
The zones of discrimination for M-Score is as such:
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Good Sign:
Beneish M-Score -2.59 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for The Hershey Co's Beneish M-Score or its related term are showing as below:
MEX:HSY'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.89 Med: -2.56 Max: -2.11
Current: -2.59
During the past 13 years, the highest Beneish M-Score of The Hershey Co was -2.11. The lowest was -2.89. And the median was -2.56.
The Hershey Co Beneish M-Score Related Terms
The Hershey Co Beneish M-Score Historical Data
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The historical data trend for The Hershey Co's Beneish M-Score 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.
MEX:HSY vs TR, MDLZ, SOWG: Beneish M-Score Comparison
For the Confectioners subindustry, The Hershey Co's Beneish M-Score, along with its competitors' market caps and Beneish M-Score 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 Beneish M-Score vs Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, The Hershey Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where The Hershey Co's Beneish M-Score falls into.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of The Hershey Co for today is based on a combination of the following eight different indices:
M
=
-4.84
+
0.92 * DSRI
+
0.528 * GMI
+
0.404 * AQI
+
0.892 * SGI
+
0.115 * DEPI
=
-4.84
+
0.92 * 0.9553
+
0.528 * 1.218
+
0.404 * 1.1786
+
0.892 * 1.0223
+
0.115 * 0.8808
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9644
+
4.679 * -0.088266
-
0.327 * 0.9481
=
-2.72
* 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.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
DEPI
=
(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))
/
(Depreciation_t / (Depreciaton_t + PPE_t))
=
(9281.261 / (9281.261 + 77619.454))
/
(9460.271 / (9460.271 + 68556.016))
=
0.106803
/
0.12126
=
0.8808
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
TATA
=
(IncomefromContinuingOperations_t
-
CashFlowsfromOperations_t)
/
TotalAssets_t
=
(NetIncome_t - NonOperatingIncome_t
-
CashFlowsfromOperations_t)
/
TotalAssets_t
=
(19858.066 - -805.399
-
42694.286)
/
249595.884
=
-0.088266
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
The Hershey Co has a M-score of -2.72 suggests that the company is unlikely to be a manipulator.
The Hershey Co (MEX:HSY) has a Beneish M-Score of -2.59 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on The Hershey Co and its competitors. According to the industry distribution chart, The Hershey Co ranks #811 out of 1849 companies in the Consumer Packaged Goods industry, placing it in the top 43.9%.
Is The Hershey Co's Beneish M-Score too high?
The Hershey Co's current Beneish M-Score is -2.59. Based on the distribution chart, The Hershey Co ranks #811 out of 1849 companies in the Consumer Packaged Goods industry, which is above the industry midpoint. Overall, The Hershey Co has a GF Score™ of 74/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does The Hershey Co's Beneish M-Score compare to TR and MDLZ?
According to the Consumer Packaged Goods industry distribution chart, The Hershey Co ranks #811 out of 1849 companies for Beneish M-Score. This puts The Hershey Co in the upper half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Consumer Packaged Goods company?
A good Beneish M-Score depends on the Consumer Packaged Goods industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on The Hershey Co and its competitors. The Hershey Co's current Beneish M-Score is -2.59. 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?
Based on GuruFocus' analysis, The Hershey Co (MEX:HSY) is currently considered Modestly Undervalued. The stock's GF Value™ is MXN3,699.50, compared to a current price of MXN3,090.00 — trading 16.5% below its estimated fair value. The current Beneish M-Score is -2.59. 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 Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For The Hershey Co (MEX:HSY), the current Beneish M-Score is -2.59 as of Jun. 26, 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 (MEX:HSY) Overvalued in 2026?
Based on GuruFocus' analysis, The Hershey Co stock appears to be undervalued.
The current stock price of MXN3,090.00 is trading 16.5% below its estimated GF Value™ of MXN3,699.50.
GuruFocus considers The Hershey Co to be Modestly Undervalued.
Key valuation signals for MEX:HSY:
Beneish M-Score: -2.59
GF Value™: MXN3,699.50 vs. price of MXN3,090.00 (16.5% below fair value)
No single metric tells the full story. See the MEX: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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