HSY vs MDLZ: Hershey and Mondelez International compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Mondelez International is the larger company, worth $77.3B, about 2.4 times Hershey.
- Mondelez International grew revenue faster over the last year (+8.2% vs +6.6%).
- Hershey keeps more of each dollar of revenue as operating profit (17.8% vs 9.3%).
- On earnings, Mondelez International is the cheaper stock (29.8x vs 29.8x).
- Mondelez International's price assumes faster free cash flow growth: about 7% a year, against 4% for Hershey (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | HSY | MDLZ |
|---|---|---|
| Market cap | $32.5B | $77.3B |
| Share price | $162.74 | $60.41 |
| Revenue (last fiscal year) | $11.7B | $38.5B |
| Free cash flow (last fiscal year) | $1.8B | $3.2B |
| Revenue growth, last year | +6.6% | +8.2% |
| Revenue growth per year, last 5 fiscal years | +6.8% | +7.6% |
| Operating margin | 17.8% | 9.3% |
| Net margin | 12.2% | 6.6% |
| Return on equity | 32.6% | 10.1% |
| P/E (trailing) | 29.8x | 29.8x |
| Price / free cash flow | 18.6x | 23.9x |
| EV / EBITDA | 19.1x | 18.7x |
| FCF growth the price implies | 3.5% | 7.3% |
| Dividend yield | 3.5% | 3.3% |
| Debt / equity | 2.06x | 1.76x |
| Fundamental grade | C | C |
| Superinvestors holding it | 7 | 9 |
| Insider purchases, last 12 months | 0 | 2 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Hershey
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $9.0B | $1.6B | 22.8% |
| 2022 | $10.4B | $1.8B | 21.7% |
| 2023 | $11.2B | $1.6B | 22.9% |
| 2024 | $11.2B | $1.9B | 25.9% |
| 2025 | $11.7B | $1.8B | 12.3% |
Mondelez International
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $28.7B | $3.2B | 16.2% |
| 2022 | $31.5B | $3.0B | 11.2% |
| 2023 | $36.0B | $3.6B | 15.3% |
| 2024 | $36.4B | $3.5B | 17.4% |
| 2025 | $38.5B | $3.2B | 9.2% |
Where the revenue comes from
Hershey · by segments, 2025
North America Confectionery$9.5B81%
North America Salty Snacks$1.3B11%
International$942M8%
Mondelez International · by segments, 2025
Europe$15.0B39%
North America$10.7B28%
AMEA$7.9B21%
Latin America$4.9B13%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open HSY in InvestinglyQuestions
Which is bigger, Hershey or Mondelez International?
Mondelez International (MDLZ), at $77.3B against $32.5B.
Is HSY or MDLZ cheaper?
By trailing P/E, Mondelez International (29.8x) is cheaper than Hershey (29.8x). A lower multiple can also mean the market expects less growth.
Which grows faster, HSY or MDLZ?
Mondelez International: revenue grew +8.2% over the last year, against +6.6%.
More comparisons
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.