{"slug":"hershey-company","name":"허쉬","name_en":"The Hershey Company","ticker":"HSY","updated_at":"2026-09-24T12:55:58.862565+00:00","canonical":"https://valuechain.wiki/hershey-company","citable":"밸류체인 그래프 기준 허쉬의 직접 연결 기업은 3곳(관계 기준 공급 2·매출 1)이고, 사슬을 2차까지 넓히면 8곳에 닿는다. 링크의 근거 출처는 7건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-09-24 기준).","citable_en":"Per the valuechain.wiki graph, The Hershey Company is directly linked to 3 companies (2 supply, 1 revenue relationships) and reaches 8 companies within two hops; the links are backed by 7 dated sources, 2 of them primary filings (as of 2026-09-24).","kicker":"북미 초콜릿·스낵","kicker_en":"North American confectionery and snacks","lead":"허쉬는 초콜릿·비초콜릿 제과와 짭짤한 스낵을 유통사와 대형 소매 채널에 판매한다. 코코아를 비롯한 원재료, 외부 제조 공급, 핵심 브랜드 라이선스에 돈을 쓰며 스낵 브랜드 인수로 사업 범위를 넓힌다.","lead_en":"Hershey sells chocolate, non-chocolate confectionery and salty snacks through distributors and large retail channels. It spends on cocoa and other ingredients, outsourced manufacturing supply and key brand licenses, while broadening its portfolio through snack-brand acquisitions.","categories":[{"key":"food-beverage-brands","ko":"식품·음료 브랜드","en":"Food & Beverage Brands","theme":"consumer-commerce","theme_ko":"소비 브랜드·유통","theme_en":"Consumer Brands & Commerce","theme_kind":"sector","primary":true}],"segments":{"parts":[{"name":"북미 제과","note":"FY2025 매출 94억 7,970만달러"},{"name":"북미 짭짤한 스낵","note":"FY2025 매출 12억 7,130만달러"},{"name":"해외","note":"FY2025 매출 9억 4,160만달러"}],"total":"FY2025 총매출 116억 9,257만 6,000달러 (SEC 10-K XBRL)","track":"C"},"segments_en":{"parts":[{"name":"North America Confectionery","note":"FY2025 net sales of $9,479.7 million"},{"name":"North America Salty Snacks","note":"FY2025 net sales of $1,271.3 million"},{"name":"International","note":"FY2025 net sales of $941.6 million"}],"total":"FY2025 total revenue of $11,692,576,000 (SEC 10-K XBRL)"},"returns_yearly":{"2021":29.6,"2022":21.9,"2023":-17.9,"2024":-6.5,"2025":11,"2026":-2.7},"return_asof":"2026-09-04","value_chain":{"leading":[{"slug":"unitedhealth-group","name":"유나이티드헬스 그룹","name_en":"UnitedHealth Group Incorporated","tier":2,"returns_yearly":{"2021":45.2,"2022":6.9,"2023":0.8,"2024":-2.4,"2025":-33.1,"2026":21.9}},{"slug":"walmart","name":"Walmart Inc","name_en":"Walmart Inc","tier":1,"returns_yearly":{"2021":2,"2022":-0.5,"2023":12.9,"2024":74,"2025":24.5,"2026":0.6}}],"benefiting":[{"slug":"packaging-corporation-of-america","name":"패키징 코퍼레이션 오브 아메리카","name_en":"Packaging Corporation of America","tier":1,"returns_yearly":{"2021":1.5,"2022":-2.6,"2023":31.9,"2024":41.7,"2025":-6.1,"2026":13.9}},{"slug":"nestle","name":"Nestlé","name_en":"Nestlé S.A.","tier":1,"returns_yearly":{"2021":22.1,"2022":-4.2,"2023":-9.3,"2024":-18.8,"2025":-1.8,"2026":11}},{"slug":"international-flavors-fragrances","name":"인터내셔널 플레이버스 앤 프래그런스","name_en":"International Flavors & Fragrances","tier":2,"returns_yearly":{"2021":41.5,"2022":-28.3,"2023":-19.5,"2024":6.3,"2025":-18.4,"2026":27.5}},{"slug":"starbucks","name":"Starbucks Corp","name_en":"Starbucks Corp","tier":2,"returns_yearly":{"2021":11.1,"2022":-13.2,"2023":-1.2,"2024":-2.5,"2025":-5.3,"2026":26.3}},{"slug":"mettler-toledo","name":"메틀러 토레도","name_en":"Mettler-Toledo International Inc.","tier":2,"returns_yearly":{"2021":48.9,"2022":-14.8,"2023":-16.1,"2024":0.9,"2025":13.9,"2026":-3.5}},{"slug":"cms-energy","name":"CMS 에너지","name_en":"CMS Energy Corporation","tier":2,"returns_yearly":{"2021":9.7,"2022":0.2,"2023":-5.2,"2024":18.6,"2025":8.1,"2026":-4.1}},{"slug":"dupont","name":"듀폰","name_en":"DuPont","tier":3,"returns_yearly":{"2021":15.4,"2022":-13.4,"2023":14.4,"2024":1,"2025":28.7,"2026":10.5}},{"slug":"microsoft","name":"마이크로소프트","name_en":"Microsoft","tier":3,"returns_yearly":{"2021":52.5,"2022":-28,"2023":58.2,"2024":12.9,"2025":15.6,"2026":4}}],"analysis":"북미 초콜릿·스낵 기업. 2026년 -2.7%다. 수요단(평균 -3.2%)·본주(-2.7%)·공급단(평균 +11%)이 비슷한 보폭이다. 전파가 한 바퀴 돈 동조 국면이라, 다음 구간은 사슬 방향보다 개별 실적이 가른다. 연결 노드 중 가장 앞선 곳은 네슬레(+11%), 가장 처진 곳은 월마트(-3.2%)다. 격차가 사슬 논리로 설명되면 후자가 다음 전파 후보이고, 설명되지 않으면 그 연결 자체를 다시 봐야 한다.","analysis_en":"The Hershey Company operates across North American confectionery and snacks. It is -2.7% in 2026. Demand side (avg -3.2%), the stock (-2.7%) and supply side (avg +11%) are moving in step. Propagation has completed a lap, so the next leg depends on individual results more than chain direction. Among connected nodes the furthest ahead is Nestlé S.A. (+11%) and the furthest behind is Walmart Inc (-3.2%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. It spends on cocoa and other ingredients, outsourced manufacturing supply and key brand licenses, while broadening its portfolio through snack-brand acquisitions.","analysis_asof":"2026-09-04"},"edges":[{"direction":"investment","counterparty":"LesserEvil","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-17","basis":"LesserEvil 인수의 잠정 총 인수대가","value":815150000,"period":"2025-11-18","basis_en":"Preliminary total purchase consideration for the LesserEvil acquisition","qualifier":null},"note":"허쉬는 2025년 11월 유기농 팝콘·퍼프 스낵 업체 LesserEvil을 인수했다. 잠정 배분된 총 인수대가는 8억 1,515만달러다.","note_en":"Hershey acquired organic popcorn and puffed-snack maker LesserEvil in November 2025. The preliminary purchase consideration allocated to net assets was $815.15 million.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-17","url":"https://www.sec.gov/Archives/edgar/data/47111/000162828026008586/hsy-20251231.htm","title":"HERSHEY CO 2025 Form 10-K","title_en":"HERSHEY CO 2025 Form 10-K","excerpt":"2025년 11월 18일 인수를 완료했으며 잠정 순자산 인수대가는 8억 1,515만달러였다.","excerpt_en":"On November 18, 2025, we completed the acquisition of LesserEvil, LLC."},{"stance":"confirms","publisher":"허쉬","publisher_en":"The Hershey Company","kind":"ir","lang":"en","published_at":"2025-11-19","url":"https://hershey.gcs-web.com/news-releases/news-release-details/hershey-completes-acquisition-lesserevil-expanding-consumer","title":"허쉬, LesserEvil 인수 완료로 소비자 선택 확대","title_en":"Hershey Completes Acquisition of LesserEvil, Expanding Consumer Choice","excerpt":"허쉬는 LesserEvil 인수를 완료해 짭짤한 스낵 포트폴리오와 제조 역량을 넓혔다고 발표했다.","excerpt_en":"The Hershey Company has closed its acquisition of LesserEvil."}]},{"direction":"revenue","counterparty":"McLane Company","counterparty_slug":null,"confidence":"high","metric":{"type":"revenue_share","unit":"%","as_of":"2026-02-17","basis":"McLane Company 대상 연결 순매출 비중","value":27,"period":"FY2025","basis_en":"Share of consolidated net sales made to McLane Company","qualifier":null},"note":"McLane은 허쉬의 최대 고객이다. 2025년 허쉬 연결 순매출의 약 27%가 이 미국 도매 유통사에서 발생했다.","note_en":"McLane is Hershey's largest customer. It accounted for approximately 27% of Hershey's consolidated net sales in 2025.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-17","url":"https://www.sec.gov/Archives/edgar/data/47111/000162828026008586/hsy-20251231.htm","title":"HERSHEY CO 2025 Form 10-K","title_en":"HERSHEY CO 2025 Form 10-K","excerpt":"허쉬는 2025년 연결 순매출의 약 27%가 McLane Company에서 발생했다고 공시했다.","excerpt_en":"In 2025, approximately 27% of our consolidated net sales were made to McLane Company, Inc."}]},{"direction":"cost","counterparty":"Nestlé","counterparty_slug":"nestle","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-17","basis":"Nestlé에 지급하는 Kit Kat·Rolo 라이선스 비용","value":null,"period":"FY2025","basis_en":"Kit Kat and Rolo license payments to Nestlé","qualifier":"confirmed_no_disclosed_value"},"note":"허쉬는 Nestlé 계열사와의 라이선스에 따라 미국에서 Kit Kat과 Rolo를 제조·판매한다. 2025년 최소 판매량 요건을 넘겼지만 지급액은 공개하지 않았다.","note_en":"Hershey manufactures and sells Kit Kat and Rolo in the United States under a license from a Nestlé entity. It exceeded the minimum unit-volume requirement in 2025, but does not disclose payments.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-17","url":"https://www.sec.gov/Archives/edgar/data/47111/000162828026008586/hsy-20251231.htm","title":"HERSHEY CO 2025 Form 10-K","title_en":"HERSHEY CO 2025 Form 10-K","excerpt":"허쉬는 Société des Produits Nestlé SA와 미국 Kit Kat·Rolo 라이선스를 유지하며 2025년 최소 판매량을 넘겼다.","excerpt_en":"Société des Produits Nestlé SA | Kit Kat, Rolo | United States | Minimum unit volume sales exceeded in 2025."}]},{"direction":"revenue","counterparty":"Walmart Inc","counterparty_slug":"walmart","confidence":"high","metric":{"type":"revenue_share","unit":"%","as_of":"2026-02-17","basis":"Walmart로 유통되는 허쉬 제품의 매출 비중","value":null,"period":"FY2025","basis_en":"Share of Hershey sales distributed to Walmart","qualifier":"confirmed_no_disclosed_value"},"note":"허쉬는 McLane을 Walmart의 자사 제품 주력 유통사로 공시했다. Walmart 귀속 매출은 따로 공개하지 않아 수치는 비워 둔다.","note_en":"Hershey identifies McLane as the primary distributor of its products to Walmart. Hershey does not separately disclose the sales attributable to Walmart.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-17","url":"https://www.sec.gov/Archives/edgar/data/47111/000162828026008586/hsy-20251231.htm","title":"HERSHEY CO 2025 Form 10-K","title_en":"HERSHEY CO 2025 Form 10-K","excerpt":"McLane은 Walmart에 허쉬 제품을 공급하는 주력 유통사다.","excerpt_en":"the primary distributor of our products to Wal-Mart Stores, Inc."}]},{"direction":"cost","counterparty":"Barry Callebaut","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2023-02-17","basis":"Barry Callebaut 공급계약 금액","value":null,"period":"2021 long-term agreement","basis_en":"Value of the Barry Callebaut supply agreement","qualifier":"confirmed_no_disclosed_value"},"note":"Barry Callebaut는 장기 공급계약에 따라 북미 허쉬 사업에 액상 초콜릿과 완제품을 생산·공급한다. 계약 금액과 물량은 공개되지 않았다.","note_en":"Barry Callebaut manufactures and supplies liquid chocolate and finished products to Hershey's North American business under a long-term agreement. Contract value and volume are not disclosed.","sources":[{"stance":"mentions","publisher":"한국경제","publisher_en":"The Korea Economic Daily","kind":"news","lang":"ko","published_at":"2025-07-23","url":"https://www.hankyung.com/article/202507236601i","title":"코코아 가격 급등에 백기…허쉬, 초콜릿가격 올린다","title_en":"Hershey raises chocolate prices as cocoa costs surge","excerpt":"허쉬는 가격 인상이 전례 없는 코코아 가격 급등을 포함한 원재료비 상승을 반영한다고 밝혔다.","excerpt_en":"Hershey said the increase reflects higher ingredient costs, including the unprecedented surge in cocoa prices."},{"stance":"mentions","publisher":"국제코코아기구","publisher_en":"International Cocoa Organization","kind":"research","lang":"en","published_at":"2025-02-28","url":"https://www.icco.org/wp-content/uploads/Cocoa-Market-Report-February-2025.pdf","title":"2025년 2월 코코아 시장 보고서","title_en":"Cocoa Market Report, February 2025","excerpt":"국제코코아기구는 코코아 가격 급등이 2025년 허쉬 이익에 상당한 압력을 줄 것이라는 회사 전망을 짚었다.","excerpt_en":"Hershey reported that it expect the surge in cocoa prices to put significant pressure on 2025 earnings."},{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2023-02-17","url":"https://www.sec.gov/Archives/edgar/data/47111/000004711123000012/hsy_20221231exhibit107.htm","title":"Amended and Restated Master Supply Agreement between The Hershey Company and Barry Callebaut AG","title_en":"Amended and Restated Master Supply Agreement between The Hershey Company and Barry Callebaut AG","excerpt":"계약은 Callebaut가 승인된 시설에서 허쉬 제품을 생산·포장·납품하도록 규정한다.","excerpt_en":"Callebaut will produce, package and deliver the Products for Hershey only at Callebaut's Facilities."},{"stance":"confirms","publisher":"Barry Callebaut","publisher_en":"Barry Callebaut","kind":"ir","lang":"en","published_at":"2021-09-02","url":"https://www.barry-callebaut.com/en-IN/about-us/media/news-stories/hershey-and-barry-callebaut-extend-strategic-supply-agreement","title":"허쉬와 Barry Callebaut, 전략적 공급계약 연장","title_en":"Hershey and Barry Callebaut extend strategic supply agreement","excerpt":"Barry Callebaut는 북미 허쉬 사업에 액상 초콜릿과 완제품을 계속 공급한다고 발표했다.","excerpt_en":"Barry Callebaut will continue to supply Hershey's North American business with liquid chocolate and finished products."}]},{"direction":"cost","counterparty":"패키징 코퍼레이션 오브 아메리카","counterparty_slug":"packaging-corporation-of-america","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2024-12-31","basis":"허쉬의 PCA 펄프·종이 포장재 구매액","value":null,"period":"FY2024","basis_en":"Hershey purchases of pulp and paper packaging from PCA","qualifier":"confirmed_no_disclosed_value"},"note":"허쉬는 2024년 글로벌 펄프·종이 포장재 1차 공급사 명단에 PCA를 포함했으며, 상대별 구매액은 공개하지 않았다.","note_en":"The Hershey Company listed PCA among its global Tier 1 pulp and paper packaging suppliers for 2024 but did not disclose the customer-specific purchase amount.","sources":[{"stance":"confirms","publisher":"허쉬","publisher_en":"The Hershey Company","kind":"ir","lang":"en","published_at":"2025-11-25","url":"https://www.thehersheycompany.com/content/dam/hershey-corporate/documents/pdf/Hershey%27s%20Pulp%20and%20Paper%20Sourcing%20Data.pdf?1=","title":"2024 펄프·종이 포장재 추적성 공급사 및 제지공장 목록","title_en":"2024 Pulp & Paper Packaging Traceability - Supplier and Mill List","excerpt":"허쉬의 2024년 1차 공급사 명단에 Packaging Corporation of America가 포함됐다.","excerpt_en":"Packaging Corporation of America appears in Hershey’s 2024 Tier 1 supplier list."}]}]}