COMP <GO>

HSY vs COST // RETURN ON INVESTED CAPITAL (ROIC)

The Hershey Company (NYSE) VS. Costco Wholesale Corporation (NASDAQ) • 15-METRIC TALLY: HSY 9 — COST 6

▲ RETURN ON INVESTED CAPITAL (ROIC) LEADER: COST

LAST: $165.61 (+3.33%) • MKT CAP: $32.20B

roic

14.80%

LAST: $1,012.28 (+1.63%) • MKT CAP: $448.57B

roic

42.43%

15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (HSY VS. COST) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	HSY	COST	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	33.50%	12.82%	+20.68	HSY	/gross-margins <GO>
Return on Invested Capital (ROIC) ACTIVE	14.80%	42.43%	-27.63	COST	/roic <GO>
EV/EBITDA & P/E Valuation	19.3x	31.4x	-12.06	HSY	/valuation <GO>
Free Cash Flow Yield	5.66%	2.09%	+3.57	HSY	/fcf-yield <GO>
Operating Margin	12.30%	3.85%	+8.45	HSY	/operating-margins <GO>
Net Profit Margin	7.60%	3.04%	+4.56	HSY	/net-margins <GO>
Revenue Growth (YoY)	4.40%	10.14%	-5.74	COST	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	3.37%	0.58%	+2.79	HSY	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	3.93	9.38	-5.45	COST	/balance-sheet <GO>
Piotroski F-Score Quality	7/9	6/9	+1.00	HSY	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	7.20%	4.46%	+2.74	COST	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	48.4	66.5	-18.12	COST	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	1.08	0.73	+0.35	HSY	/macro-sensitivity <GO>
Forward P/E Multiple	33.9x	39.7x	-5.82	HSY	/forward-pe <GO>
Enterprise Scale & Market Cap	$32.20B	$448.57B	-$416.37B	COST	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	HSY REV	COST REV	HSY GROSS %	COST GROSS %	HSY FCF	COST FCF
FY 2026	—	$303.15B	—	12.8%	—	$9.38B
FY 2025	$11.69B	$275.24B	33.5%	12.8%	$1.82B	$7.84B
FY 2024	$11.20B	$254.45B	47.3%	12.6%	$1.93B	$6.63B
FY 2023	$11.16B	$242.29B	44.0%	12.3%	$1.82B	$6.75B
FY 2022	—	$226.95B	—	12.2%	—	$3.50B

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

HSY // BETA 1.08

COST // BETA 0.73