HSY vs TR: Hershey and Tootsie Roll Industries compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Hershey is the larger company, worth $32.5B, about 11.6 times Tootsie Roll Industries.
- Hershey grew revenue faster over the last year (+6.6% vs -0.6%).
- Hershey keeps more of each dollar of revenue as operating profit (17.8% vs 11.9%).
- On earnings, Tootsie Roll Industries is the cheaper stock (28.2x vs 29.8x).
- Tootsie Roll Industries's price assumes faster free cash flow growth: about 10% 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 | TR |
|---|---|---|
| Market cap | $32.5B | $2.8B |
| Share price | $162.74 | $37.48 |
| Revenue (last fiscal year) | $11.7B | $733M |
| Free cash flow (last fiscal year) | $1.8B | $96M |
| Revenue growth, last year | +6.6% | -0.6% |
| Revenue growth per year, last 5 fiscal years | +6.8% | +6.4% |
| Operating margin | 17.8% | 11.9% |
| Net margin | 12.2% | 13.0% |
| Return on equity | 32.6% | 10.0% |
| P/E (trailing) | 29.8x | 28.2x |
| Price / free cash flow | 18.6x | 29.2x |
| EV / EBITDA | 19.1x | 17.8x |
| FCF growth the price implies | 3.5% | 10.0% |
| Dividend yield | 3.5% | 0.93% |
| Debt / equity | 2.06x | 0.33x |
| Fundamental grade | C | C |
| Superinvestors holding it | 7 | 0 |
| Insider purchases, last 12 months | 0 | 0 |
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% |
Tootsie Roll Industries
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $571M | $54M | 11.8% |
| 2022 | $687M | $49M | 16.1% |
| 2023 | $769M | $68M | 13.2% |
| 2024 | $723M | $121M | 13.9% |
| 2025 | $733M | $96M | 13.8% |
Where the revenue comes from
Hershey · by segments, 2025
North America Confectionery$9.5B81%
North America Salty Snacks$1.3B11%
International$942M8%
Tootsie Roll Industries · by products, 2025
Product$725M99%
Rental and Royalty$8M1%
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 Tootsie Roll Industries?
Hershey (HSY), at $32.5B against $2.8B.
Is HSY or TR cheaper?
By trailing P/E, Tootsie Roll Industries (28.2x) is cheaper than Hershey (29.8x). A lower multiple can also mean the market expects less growth.
Which grows faster, HSY or TR?
Hershey: revenue grew +6.6% over the last year, against -0.6%.
More comparisons
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.