• Hershey average return on tangible equity for 2023 was -175.41, a 74.47% increase from 2022.
• Hershey average return on tangible equity for 2022 was -100.54, a 15.03% increase from 2021.
• Hershey average return on tangible equity for 2021 was -118.32, a 51.5% decline from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.