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Compare Stocks › ADBE vs HSY

Adobe Inc. (ADBE) vs The Hershey Company (HSY): Which Is the Better Buy in 2026?

As of 2026-06-19, ADBE is undervalued at $195, with a DCF intrinsic value of $558 and a margin of safety of 65%. HSY is overvalued at $173, with an intrinsic value of $144 and a margin of safety of -20%. Of the two, ADBE has the wider margin of safety.

ADBE
Adobe Inc.
$195.16
VS
HSY
The Hershey Company
$172.63

Rewards

ADBE
  • ★Adobe Inc. has maintained ROIC above 15% for 4 consecutive years, indicating a durable competitive advantage.
  • ★Gross margin of 89.4% indicates strong pricing power — typical of businesses with significant intellectual property or brand strength.
  • ★Adobe Inc. scores 100/100 on the Economic Moat Score (Wide Moat), with roic consistency as the strongest competitive dimension.
HSY
  • ★The Hershey Company has maintained ROIC above 10% for 4 consecutive years, suggesting solid business economics.
  • ★The Hershey Company scores 72/100 on the Economic Moat Score (Wide Moat), with revenue predictability as the strongest competitive dimension.
  • ★Management has timed buybacks well — 2 out of 3 years showed value-accretive repurchases.

Risks

ADBE
    HSY
    • ⚠25 insider sales totaling $101.8M with no purchases in the past 3 months — insiders are reducing their exposure.

    Key Valuation Metrics

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    ADBE
    HSY
    Valuation
    $9.22B
    Free Cash Flow
    $1.53B
    11.88%
    FCF Yield
    4.36%
    11.16
    Trailing P/E
    32.15
    7.09
    Forward P/E
    17.37
    Quality & Moat
    37.82%
    ROIC
    19.41%
    62.95%
    ROE
    23.23%
    89.40%
    Gross Margin
    35.03%
    0.57
    PEG Ratio
    1.05
    Balance Sheet Safety
    0.13
    Net Debt / Equity
    1.01
    N/A
    Interest Coverage
    N/A
    0.15
    Net Debt / EBITDA
    2.13
    0.00%
    Dividend Yield
    3.18%
    ADBE: 10Ties: 1HSY: 1
    ADBEHSY

    Historical Fundamentals

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    ADBE

    Price ÷ Earnings Per Share — how many years of current earnings you're paying for at today's price. Lower P/E may indicate undervaluation. The dashed forward point is the forward P/E — today's price ÷ analyst consensus EPS.

    HSY

    Price ÷ Earnings Per Share — how many years of current earnings you're paying for at today's price. Lower P/E may indicate undervaluation. The dashed forward point is the forward P/E — today's price ÷ analyst consensus EPS.

    Price ÷ Earnings Per Share — how many years of current earnings you're paying for at today's price. Lower P/E may indicate undervaluation. The dashed forward point is the forward P/E — today's price ÷ analyst consensus EPS.

    $1 Retained Earnings Test

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    ADBE
    $-0.60
    created per $1 retained over 3 years
    Market Cap Declined
    Σ Retained
    $18.12B
    Δ Market Cap
    $-10.93B
    Buffett's "$1 Test": For every $1 of earnings retained, has management created at least $1 of market value?
    > $1 created per $1 retained = Value Creator · < $1 created = Value Destroyer
    HSY
    $-5.53
    created per $1 retained over 3 years
    Market Cap Declined
    Σ Retained
    $1.91B
    Δ Market Cap
    $-10.55B
    Buffett's "$1 Test": For every $1 of earnings retained, has management created at least $1 of market value?
    > $1 created per $1 retained = Value Creator · < $1 created = Value Destroyer

    Buffett's "$1 Test": For every $1 of earnings retained, has management created at least $1 of market value?
    > $1 created per $1 retained = Value Creator · < $1 created = Value Destroyer

    Discounted Cash Flow (DCF) Analysis

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    ADBE
    65.0% Margin of Safety
    Price is 65.0% below estimated fair value
    Current Price: $195.16
    Fair Value: $558.28
    Strongly undervalued
    Undervalued
    Fairly valued
    Overvalued
    Strongly overvalued
    HSY
    20.3% Overvalued
    Price is 20.3% above estimated fair value
    Current Price: $172.63
    Fair Value: $143.53
    Strongly undervalued
    Undervalued
    Fairly valued
    Overvalued
    Strongly overvalued

    Reverse DCF — Market-Implied Growth

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    ADBE

    What growth rate is the market pricing in at $195?

    -1.6%
    Market-Implied Owner Earnings Growth
    Standard FCF implies -4.0%

    The market implies -1.6% Owner Earnings growth, below historical trends — potential opportunity.

    Standard FCF implies a more demanding -4.0%, reflecting heavy growth investment expected to generate future returns.

    HSY

    What growth rate is the market pricing in at $173?

    +18.8%
    Market-Implied Owner Earnings Growth
    Standard FCF implies +11.3%

    The market implies +18.8% Owner Earnings growth, above historical trends.

    Standard FCF implies a demanding +11.3%, reflecting heavy growth investment.

    Economic Moat Score

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    ADBE
    100/100
    Wide Moat
    70+ Wide · 40-69 Narrow · <40 None

    Wide moat with strength across all dimensions. ROIC Consistency is the standout factor.

    Composite score measuring competitive advantage durability across four dimensions: returns above cost of capital, pricing power stability, revenue predictability, and capital efficiency. Based on 4 years of fundamental data.
    HSY
    72/100
    Wide Moat
    70+ Wide · 40-69 Narrow · <40 None

    Wide moat driven primarily by revenue predictability. Margin Stability is the area most vulnerable to competitive pressure.

    Composite score measuring competitive advantage durability across four dimensions: returns above cost of capital, pricing power stability, revenue predictability, and capital efficiency. Based on 4 years of fundamental data.

    Forensic Accounting

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    ADBE
    -2.85
    Unlikely Manipulator
    Above -1.78 = likely manipulator · -2.22 to -1.78 = grey zone

    M-Score Trend

    Beneish's 8-variable model estimates the probability of earnings manipulation. An M-Score above -1.78 signals elevated risk — companies in this range have historically been 3-5× more likely to be manipulating earnings. Scores between -2.22 and -1.78 fall in a grey zone warranting further investigation.
    HSY
    -2.78
    Unlikely Manipulator
    Above -1.78 = likely manipulator · -2.22 to -1.78 = grey zone

    M-Score Trend

    Beneish's 8-variable model estimates the probability of earnings manipulation. An M-Score above -1.78 signals elevated risk — companies in this range have historically been 3-5× more likely to be manipulating earnings. Scores between -2.22 and -1.78 fall in a grey zone warranting further investigation.

    Beneish's 8-variable model estimates the probability of earnings manipulation. An M-Score above -1.78 signals elevated risk — companies in this range have historically been 3-5× more likely to be manipulating earnings. Scores between -2.22 and -1.78 fall in a grey zone warranting further investigation.

    Ownership Breakdown

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    ADBE
    Insiders 0.2%Institutions 88.1%Retail & Other 11.7%
    No. of Institutional Holders3,191
    High insider ownership aligns management incentives with shareholders — a key signal in Buffett-style analysis. Institutional concentration can indicate smart-money conviction but also crowding risk.
    HSY
    Insiders 0.3%Institutions 87.9%Retail & Other 11.8%
    No. of Institutional Holders1,935
    High insider ownership aligns management incentives with shareholders — a key signal in Buffett-style analysis. Institutional concentration can indicate smart-money conviction but also crowding risk.

    High insider ownership aligns management incentives with shareholders. Institutional concentration can indicate smart-money conviction but also crowding risk.

    Insider Buying Activity

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    ADBE
    0
    Buys (3M)
    0
    Buys (12M)
    DURN DANIEL J
    Chief Financial Officer
    $507,758
    @ $390.58 · 2025-03-20
    RICKS DAVID A
    Director
    $998,946
    @ $443.98 · 2025-01-28
    Open market purchases · includes direct & indirect ownership · excludes option exercises
    HSY
    0
    Buys (3M)
    3
    Buys (12M)
    Total value (12M): $445,411
    SCHECHTMAN NATALIE S
    Officer
    $37,258
    @ $186.29 · 2025-11-24
    TANNER KIRK L.
    Chief Executive Officer
    $370,915
    @ $185.46 · 2025-11-21
    TAFFET STACY
    Officer
    $37,238
    @ $186.19 · 2025-11-21
    Open market purchases · includes direct & indirect ownership · excludes option exercises

    Open market purchases · includes direct & indirect ownership · excludes option exercises.

    Insider Selling Activity

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    ADBE
    2
    Sells (3M)
    4
    Sells (12M)
    Total value (12M): $1.05M
    FORUSZ JILLIAN
    Officer
    $185,915
    @ $246.25 · 2026-04-30
    DURN DANIEL J
    Chief Financial Officer
    $331,355
    @ $248.02 · 2026-04-20
    DURN DANIEL J
    Chief Financial Officer
    $485,323
    @ $294.85 · 2026-01-27
    FORUSZ JILLIAN
    Officer
    $50,344
    @ $337.88 · 2025-10-31
    FORUSZ JILLIAN
    Officer
    $175,828
    @ $380.58 · 2025-05-02
    FORUSZ JILLIAN
    Officer
    $145,567
    @ $435.83 · 2025-01-28
    BELSKY SCOTT K
    Officer
    $2.05M
    @ $431.61 · 2025-01-27
    BANSE AMY L
    Director
    $333,300
    @ $550.00 · 2024-12-06
    FORUSZ JILLIAN
    Officer
    $327,987
    @ $485.19 · 2024-10-29
    BELSKY SCOTT K
    Officer
    $232,525
    @ $483.42 · 2024-10-25
    BELSKY SCOTT K
    Officer
    $1.14M
    @ $511.48 · 2024-10-16
    DURN DANIEL J
    Chief Financial Officer
    $3.35M
    @ $515.44 · 2024-09-17
    GARFIELD MARK S.
    Officer
    $52,089
    @ $537.00 · 2024-07-25
    BELSKY SCOTT K
    Officer
    $258,297
    @ $537.00 · 2024-07-25
    GARFIELD MARK S.
    Officer
    $85,255
    @ $564.60 · 2024-07-16
    BELSKY SCOTT K
    Officer
    $1.25M
    @ $561.60 · 2024-07-16
    Direct ownership only · excludes indirect, option exercises, planned (10b5-1) sales & derivatives
    HSY
    25
    Sells (3M)
    47
    Sells (12M)
    Total value (12M): $131.91M
    HERSHEY TRUST CO
    Beneficial Owner of more than 10% of a Class of Security
    $3.63M
    @ $181.34 · 2026-06-12
    HERSHEY TRUST CO
    Beneficial Owner of more than 10% of a Class of Security
    $5.29M
    @ $176.31 · 2026-06-10
    HERSHEY TRUST CO
    Beneficial Owner of more than 10% of a Class of Security
    $3.67M
    @ $183.74 · 2026-06-05
    HERSHEY TRUST CO
    Beneficial Owner of more than 10% of a Class of Security
    $3.91M
    @ $195.74 · 2026-05-29
    HERSHEY TRUST CO
    Beneficial Owner of more than 10% of a Class of Security
    $3.90M
    @ $195.08 · 2026-05-27
    HERSHEY TRUST CO
    Beneficial Owner of more than 10% of a Class of Security
    $3.85M
    @ $192.47 · 2026-05-22
    HERSHEY TRUST CO
    Beneficial Owner of more than 10% of a Class of Security
    $5.75M
    @ $191.59 · 2026-05-20
    VOSKUIL STEVEN E
    Chief Financial Officer
    $279,375
    @ $186.25 · 2026-05-18
    HERSHEY TRUST CO
    Beneficial Owner of more than 10% of a Class of Security
    $3.79M
    @ $189.55 · 2026-05-15
    HERSHEY TRUST CO
    Beneficial Owner of more than 10% of a Class of Security
    $5.74M
    @ $191.37 · 2026-05-13
    HERSHEY TRUST CO
    Beneficial Owner of more than 10% of a Class of Security
    $3.72M
    @ $185.94 · 2026-05-08
    HERSHEY TRUST CO
    Beneficial Owner of more than 10% of a Class of Security
    $5.52M
    @ $184.08 · 2026-05-06
    HERSHEY TRUST CO
    Beneficial Owner of more than 10% of a Class of Security
    $3.68M
    @ $184.14 · 2026-05-01
    HERSHEY TRUST CO
    Beneficial Owner of more than 10% of a Class of Security
    $3.84M
    @ $191.94 · 2026-04-24
    HERSHEY TRUST CO
    Beneficial Owner of more than 10% of a Class of Security
    $5.72M
    @ $190.58 · 2026-04-22
    VOSKUIL STEVEN E
    Chief Financial Officer
    $291,150
    @ $194.10 · 2026-04-20
    HERSHEY TRUST CO
    Beneficial Owner of more than 10% of a Class of Security
    $3.85M
    @ $192.27 · 2026-04-17
    HERSHEY TRUST CO
    Beneficial Owner of more than 10% of a Class of Security
    $5.89M
    @ $196.46 · 2026-04-15
    HERSHEY TRUST CO
    Beneficial Owner of more than 10% of a Class of Security
    $4.15M
    @ $207.46 · 2026-04-10
    HERSHEY TRUST CO
    Beneficial Owner of more than 10% of a Class of Security
    $6.23M
    @ $207.76 · 2026-04-08
    ROBBIN-COKER CORDEL
    Director
    $26,161
    @ $202.80 · 2026-04-02
    HERSHEY TRUST CO
    Beneficial Owner of more than 10% of a Class of Security
    $2.05M
    @ $204.51 · 2026-04-02
    HERSHEY TRUST CO
    Beneficial Owner of more than 10% of a Class of Security
    $6.26M
    @ $208.60 · 2026-04-01
    HERSHEY TRUST CO
    Beneficial Owner of more than 10% of a Class of Security
    $6.42M
    @ $214.13 · 2026-03-27
    HERSHEY TRUST CO
    Beneficial Owner of more than 10% of a Class of Security
    $4.31M
    @ $215.34 · 2026-03-24
    HERSHEY TRUST CO
    Beneficial Owner of more than 10% of a Class of Security
    $6.36M
    @ $211.92 · 2026-03-20
    VOSKUIL STEVEN E
    Chief Financial Officer
    $325,065
    @ $216.71 · 2026-03-18
    HERSHEY TRUST CO
    Beneficial Owner of more than 10% of a Class of Security
    $4.37M
    @ $218.58 · 2026-03-17
    REIMAN JASON R
    Officer
    $452,140
    @ $226.07 · 2026-02-24
    GROVER ROHIT
    Officer
    $791,245
    @ $226.07 · 2026-02-24
    VOSKUIL STEVEN E
    Chief Financial Officer
    $329,490
    @ $219.66 · 2026-02-18
    VOSKUIL STEVEN E
    Chief Financial Officer
    $298,005
    @ $198.67 · 2026-01-20
    ROBBIN-COKER CORDEL
    Director
    $23,933
    @ $184.10 · 2026-01-05
    VOSKUIL STEVEN E
    Chief Financial Officer
    $282,765
    @ $188.51 · 2025-12-18
    VOSKUIL STEVEN E
    Chief Financial Officer
    $269,340
    @ $179.56 · 2025-11-18
    ROBBIN-COKER CORDEL
    Director
    $50,971
    @ $168.22 · 2025-11-03
    VOSKUIL STEVEN E
    Chief Financial Officer
    $281,280
    @ $187.52 · 2025-10-20
    VOSKUIL STEVEN E
    Chief Financial Officer
    $283,680
    @ $189.12 · 2025-09-18
    VOSKUIL STEVEN E
    Chief Financial Officer
    $267,795
    @ $178.53 · 2025-08-18
    BUCK MICHELE G
    Chief Executive Officer
    $3.74M
    @ $194.00 · 2025-07-30
    BUCK MICHELE G
    Chief Executive Officer
    $3.57M
    @ $185.00 · 2025-07-23
    GROVER ROHIT
    Officer
    $240,120
    @ $180.00 · 2025-07-21
    VOSKUIL STEVEN E
    Chief Financial Officer
    $900,000
    @ $180.00 · 2025-07-21
    BUCK MICHELE G
    Chief Executive Officer
    $3.47M
    @ $180.00 · 2025-07-21
    TUROFF JAMES
    General Counsel
    $227,500
    @ $175.00 · 2025-07-01
    GROVER ROHIT
    Officer
    $233,275
    @ $175.00 · 2025-07-01
    BUCK MICHELE G
    Chief Executive Officer
    $3.38M
    @ $175.00 · 2025-07-01
    TUROFF JAMES
    General Counsel
    $214,500
    @ $165.00 · 2025-06-09
    GROVER ROHIT
    Officer
    $219,945
    @ $165.00 · 2025-06-09
    TUROFF JAMES
    General Counsel
    $209,040
    @ $160.80 · 2025-05-30
    BUCK MICHELE G
    Chief Executive Officer
    $5.02M
    @ $160.80 · 2025-05-30
    MCCALMAN JENNIFER L.
    Officer
    $153,025
    @ $157.11 · 2025-05-28
    MALCOLM ROBERT M.
    Director
    $907,267
    @ $165.32 · 2025-05-02
    VOSKUIL STEVEN E
    Chief Financial Officer
    $540,000
    @ $180.00 · 2025-02-25
    Direct ownership only · excludes indirect, option exercises, planned (10b5-1) sales & derivatives

    Direct ownership only · excludes indirect, option exercises, planned (10b5-1) sales & derivatives.

    🎭 Mr. Market's Mood

    Learn more →
    ADBE
    FearGreed
    🥶Extreme Fear(17/100)

    "Mr. Market is panicking — potential buying opportunity if fundamentals are strong"

    Composite sentiment score based on 6 market signals. Inspired by Buffett's "Mr. Market" allegory — fear = potential opportunity, greed = potential risk. Must be used alongside fundamental analysis, not in isolation.
    HSY
    FearGreed
    😨Fear(28/100)

    "Market is pessimistic — investigate whether fears are temporary or structural"

    Composite sentiment score based on 6 market signals. Inspired by Buffett's "Mr. Market" allegory — fear = potential opportunity, greed = potential risk. Must be used alongside fundamental analysis, not in isolation.

    Composite sentiment score based on market signals. Inspired by Buffett’s "Mr. Market" allegory — fear = potential opportunity, greed = potential risk. Must be used alongside fundamental analysis, not in isolation.

    ⚖️ Buffett Signal

    Learn more →
    ADBE
    ⚪Awaiting DCF Data

    The Buffett Signal cross-references market sentiment with DCF valuation. Configure the DCF Analysis above to generate a signal.

    DCF Margin of Safety: N/AMr. Market's Mood: Extreme Fear (17)
    HSY
    ⚪Awaiting DCF Data

    The Buffett Signal cross-references market sentiment with DCF valuation. Configure the DCF Analysis above to generate a signal.

    DCF Margin of Safety: N/AMr. Market's Mood: Fear (28)
    View ADBE Full AnalysisView HSY Full Analysis

    Frequently Asked Questions: ADBE vs HSY

    Is Adobe Inc. or The Hershey Company more undervalued in 2026?▼

    Based on our discounted cash flow model, ADBE trades at a 65.0% margin of safety (intrinsic value $558 vs. price $195), compared to HSY's -20.3% margin of safety (intrinsic $144 vs. $173).

    Which stock has a wider economic moat, Adobe Inc. or The Hershey Company?▼

    ADBE scores 100/100 (Wide moat), while HSY scores 72/100 (Wide moat). The moat score measures competitive advantage durability across ROIC consistency, margin stability, revenue predictability, and reinvestment efficiency.

    Which company has better free cash flow, Adobe Inc. or The Hershey Company?▼

    Adobe Inc. (ADBE) generates a 11.9% free cash flow yield, compared to The Hershey Company's 4.4%. A higher FCF yield means the business converts more of its market value into cash that can be returned to shareholders or reinvested.

    Which stock has higher return on invested capital, Adobe Inc. or The Hershey Company?▼

    ADBE earns 37.8% ROIC versus HSY's 19.4%. A higher ROIC means the company generates more profit per dollar of capital employed, a hallmark of durable competitive advantage in Buffett-style analysis.