• Hershey average debt/equity ratio for 2023 was 1.01, a 12.93% decline from 2022.
• Hershey average debt/equity ratio for 2022 was 1.16, a 30.95% decline from 2021.
• Hershey average debt/equity ratio for 2021 was 1.68, a 18.05% decline from 2020.

Debt/equity ratio can be defined as a measure of a company's financial leverage calculated by dividing its long-term debt by stockholders' equity.