Skip to content
Markets
This is research, not advice. We’re not SEBI-registered.
Industry · 3 companies

Confectioners Stocks in the US

The 3 Confectioners companies we score in the US are Mondelez International, Inc. ($85.3B, the largest), The Hershey Company and Tootsie Roll Industries, Inc.. 1 of the 3 companies we score beats S&P 500 on share price over recent months. Prices are as of 4 Nov 2026.

Confectioners: Mondelez International, Inc. owns the largest revenue base; The Hershey Company has the fastest current growth.

3Companies every listed company in this industry
$123.3BCombined market value all of them together
3/3Revenue growing revenue over the last 12 months up on a year earlier
1/3Beating S&P 500 share price doing better than the index (relative strength)
1 of 3 beat the S&P 500 on share price over recent months

The main question: the biggest companies are not always the ones changing the most.

Start with size. Then the direction of earnings. Then the quality of the business. A share price that leads means more once those three agree.

Which are the biggest Confectioners stocks in the US?

The largest Confectioners stocks in the US by market value are Mondelez International, Inc. ($85.3B), The Hershey Company ($35.1B) and Tootsie Roll Industries, Inc. ($2.9B), at prices of 4 Nov 2026.

Share price | market value | P/E, biggest first. Prices and market values as of 4 Nov 2026; ratios as in the score list below.

How many Confectioners companies are listed in the US?

3 Confectioners companies in the Confectioners industry group (every listed company) have a page on Sector Alpha, by market value as of 4 November 2026, and all 3 are listed below, largest first. The largest is Mondelez International, Inc. ($85.3 billion) and the smallest with a market value is Tootsie Roll Industries, Inc.

Every Confectioners company with a page, largest first
CompanyMarket value
1. Mondelez International, Inc. MDLZ$85.3 billion
2. The Hershey Company HSY$35.1 billion
3. Tootsie Roll Industries, Inc. TR$2.9 billion

Download all 3 Confectioners companies (CSV)

How has Confectioners moved against S&P 500?

The line below covers up to 5.2 years and opens on the 5Y view; the buttons cut it shorter. Over the last two years (104 weeks) this industry is 16% behind S&P 500. Earnings across its companies fell 19% on average over the last four reported quarters.

Turning · ahead 1w

Price down, no fundamental support. 1 of 3 companies ahead of S&P 500 by 5% or more over three months.

Ahead of S&P 500 on the three-month view for 1 week running; 1 of the 3 companies in the industry index above their 200-day average (no change from four weeks earlier); 1 of those 3 ahead of S&P 500 by 5% or more over three months (1 more than four weeks earlier); earnings rising at 1 of the 3 that report earnings.

Ahead of S&P 500 for 1 week after being behind, with 0 → 1 of 3 participating. Earnings not confirming, 1 of 3 members have higher trailing twelve-month earnings than a year ago.

1Y

Confectioners against S&P 500

Both lines start at 200 in the first week shown

  • Confectioners 212
  • S&P 500 228
Confectioners against S&P 500
Week endingConfectionersS&P 500
14 Nov 2025200200
21 Nov 2025202196
28 Nov 2025202203
5 Dec 2025196204
12 Dec 2025195203
19 Dec 2025198203
26 Dec 2025196205
2 Jan 2026191203
9 Jan 2026197207
16 Jan 2026204206
23 Jan 2026203205
30 Jan 2026205206
6 Feb 2026222206
13 Feb 2026228203
20 Feb 2026222205
27 Feb 2026232204
6 Mar 2026226200
13 Mar 2026219197
20 Mar 2026216193
27 Mar 2026223189
3 Apr 2026222195
10 Apr 2026223202
17 Apr 2026215211
24 Apr 2026213213
1 May 2026216215
8 May 2026217220
15 May 2026213220
22 May 2026217222
29 May 2026211225
5 Jun 2026210220
12 Jun 2026211221
19 Jun 2026200222
26 Jun 2026206217
3 Jul 2026212222
10 Jul 2026202225
17 Jul 2026205221
24 Jul 2026203220
31 Jul 2026208222
7 Aug 2026213230
14 Aug 2026217231
21 Aug 2026219228
28 Aug 2026214229
4 Sep 2026206229
11 Sep 2026208227
18 Sep 2026202227
25 Sep 2026201230
2 Oct 2026196229
9 Oct 2026199232
16 Oct 2026207227
23 Oct 2026200226
30 Oct 2026204225
6 Nov 2026212228

3Y

Confectioners against S&P 500

Both lines start at 200 in the first week shown, every 2nd week shown

  • Confectioners 212
  • S&P 500 340
Confectioners against S&P 500
Week endingConfectionersS&P 500
17 Nov 2023200200
24 Nov 2023202202
8 Dec 2023199204
22 Dec 2023195210
5 Jan 2024201208
19 Jan 2024201214
2 Feb 2024206219
16 Feb 2024199222
1 Mar 2024198228
15 Mar 2024199226
29 Mar 2024199232
12 Apr 2024189227
26 Apr 2024193226
10 May 2024200231
24 May 2024195235
7 Jun 2024191237
21 Jun 2024184242
5 Jul 2024190246
19 Jul 2024191244
2 Aug 2024198236
16 Aug 2024192246
30 Aug 2024197250
13 Sep 2024210249
27 Sep 2024203254
11 Oct 2024194257
25 Oct 2024191257
8 Nov 2024188265
22 Nov 2024191264
6 Dec 2024188270
20 Dec 2024182262
3 Jan 2025183263
17 Jan 2025173265
31 Jan 2025171267
14 Feb 2025177271
28 Feb 2025186264
14 Mar 2025188250
28 Mar 2025191247
11 Apr 2025188237
25 Apr 2025187244
9 May 2025193250
23 May 2025189257
6 Jun 2025193266
20 Jun 2025198264
4 Jul 2025203277
18 Jul 2025206278
1 Aug 2025207276
15 Aug 2025203285
29 Aug 2025207286
12 Sep 2025208292
26 Sep 2025213294
10 Oct 2025215290
24 Oct 2025200300
7 Nov 2025194298
21 Nov 2025201292
5 Dec 2025195304
19 Dec 2025198302
2 Jan 2026190303
16 Jan 2026203307
30 Jan 2026205307
13 Feb 2026227302
27 Feb 2026231304
13 Mar 2026219294
27 Mar 2026222281
10 Apr 2026222301
24 Apr 2026213317
8 May 2026217327
22 May 2026216331
5 Jun 2026210327
19 Jun 2026199331
3 Jul 2026212330
17 Jul 2026205330
31 Jul 2026208331
14 Aug 2026216344
28 Aug 2026213341
11 Sep 2026207339
25 Sep 2026200342
9 Oct 2026198345
23 Oct 2026200337
6 Nov 2026212340

5Y

Confectioners against S&P 500

Both lines start at 200 in the first week shown, every 4th week shown

  • Confectioners 241
  • S&P 500 327
Confectioners against S&P 500
Week endingConfectionersS&P 500
19 Nov 2021200200
10 Dec 2021217201
7 Jan 2022223199
4 Feb 2022218191
4 Mar 2022224184
1 Apr 2022230193
29 Apr 2022230176
27 May 2022221177
24 Jun 2022227166
22 Jul 2022223169
19 Aug 2022236180
16 Sep 2022222164
14 Oct 2022224153
11 Nov 2022242170
9 Dec 2022258168
6 Jan 2023259166
3 Feb 2023262176
3 Mar 2023257172
31 Mar 2023272175
28 Apr 2023279177
26 May 2023267179
23 Jun 2023261185
21 Jul 2023253193
18 Aug 2023236186
15 Sep 2023228189
13 Oct 2023210184
10 Nov 2023219188
8 Dec 2023227196
5 Jan 2024229200
2 Feb 2024235211
1 Mar 2024226219
29 Mar 2024227223
26 Apr 2024219217
24 May 2024222226
21 Jun 2024210232
19 Jul 2024218234
16 Aug 2024219236
13 Sep 2024239240
11 Oct 2024221247
8 Nov 2024214255
6 Dec 2024214259
3 Jan 2025208252
31 Jan 2025195257
28 Feb 2025212253
28 Mar 2025217237
25 Apr 2025213235
23 May 2025215247
20 Jun 2025225253
18 Jul 2025234268
15 Aug 2025231274
12 Sep 2025237280
10 Oct 2025245279
7 Nov 2025220286
5 Dec 2025222292
2 Jan 2026216291
30 Jan 2026233295
27 Feb 2026263293
27 Mar 2026253270
24 Apr 2026242305
22 May 2026246318
19 Jun 2026227319
17 Jul 2026233317
14 Aug 2026246331
11 Sep 2026236326
9 Oct 2026225332
6 Nov 2026241327

Earnings, each company rebased to 100, the sector takes the median

Latest quarter April to June 2026: 94.1, from 3 companies

Earnings, each company rebased to 100, the sector takes the median
QuarterMedian earnings index
Jan 2022100.0 (2 companies)
Apr 2022100.0 (3 companies)
Jul 2022101.0 (3 companies)
Oct 2022100.4 (4 companies)
Jan 2023106.7 (2 companies)
Apr 2023105.9 (3 companies)
Jul 2023112.3 (3 companies)
Oct 2023120.4 (4 companies)
Jan 2024129.7 (3 companies)
Apr 2024115.7 (3 companies)
Jul 2024111.6 (3 companies)
Oct 2024134.4 (3 companies)
Jan 2025104.2 (3 companies)
Apr 202596.7 (3 companies)
Jul 202589.7 (3 companies)
Oct 202563.2 (3 companies)
Jan 202669.0 (3 companies)
Apr 202694.1 (3 companies)

Both lines start at 200 in the same week, so the gap between them tells the story: the industry line is an equal-weighted index of its 3 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member set to 100 at the start and the industry taking the middle value, so a price line pulling away from flat bars means the market is paying more for the same earnings. A bar turns grey when that figure is lower than the quarter before. The rules are fixed and the same everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover or tap any point to read both values and the gap.

Is Confectioners outperforming S&P 500?

Confectioners has done worse than the S&P 500 by 4.3% over the last 52 weeks. Over 13 weeks the gap is a lead of 0.7%. Mondelez International, Inc. is the strongest against the sector itself at +11%.

+0.7%Sector vs S&P 500 · 13 weeks
−4.3%Sector vs S&P 500 · 52 weeks
1 of 3Stocks leading S&P 500
1 of 3Stocks leading the sector

What is the bottom line on Confectioners?

Confectioners has done worse than the S&P 500 by 4.3% over 52 weeks, but is 0.7% ahead over the last 13 weeks. 1 of 3 companies we track is beating the S&P 500 on relative strength (how a share price has done against the index over recent months), and 1 of 3 is ahead of the industry itself.

How does each Confectioners stock score?

A score that ranks each company against the others in its industry. The four parts shown always add up to the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or old evidence affects only its own part, never as a hidden adjustment.

Growth & earnings · 35% Capital efficiency · 25% Valuation · 20% Relative strength · 20%

Mondelez International, Inc. has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 82.3% evidence confidence.

  1. 1Mondelez International, Inc.MDLZ · turning · mixed, leaning good · 82% evidence56.6out of 100GrowthCapitalValuationRelative
    How the score adds upGrowth & earnings 17.1/35 · Revenue 6.9% · PAT −3.4% · OPM change 8.6 pp · 95% evidenceCapital efficiency 11.9/25 · ROCE 9.6% · OPM 22% · 76% evidenceValuation 7.6/20 · P/E 21.1× · PEG 2.25 · 50% evidenceRelative strength 20.0/20 · RS sector 11% · RS bench 5.8% · 1Y 17.8% · 100% evidence · 1 of 12 weeks aheadExact sum: 17.1 + 11.9 + 7.6 + 20 = 56.6 · What this means: Relative strength against the index is 5.8%, and revenue and profit growth are weak.
  2. 2The Hershey CompanyHSY · basing · mixed, leaning weak · 72% evidence49.3out of 100GrowthCapitalValuationRelative
    How the score adds upGrowth & earnings 17.0/35 · Revenue 7.7% · PAT −2.7% · OPM change 15.5 pp · 95% evidenceCapital efficiency 20.9/25 · ROCE 20.6% · OPM 23.1% · 76% evidenceValuation 10.0/20 · P/E 24.4× · PEG — · 0% evidenceRelative strength 1.4/20 · RS sector −8.5% · RS bench −13.4% · 1Y 2.2% · 100% evidence · 0 of 12 weeks aheadExact sum: 17 + 20.9 + 10 + 1.4 = 49.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer.
  3. 3Tootsie Roll Industries, Inc.TR · basing · weak · 82% evidence25.0out of 100GrowthCapitalValuationRelative
    How the score adds upGrowth & earnings 6.8/35 · Revenue 1.8% · PAT 4.3% · OPM change −5.8 pp · 95% evidenceCapital efficiency 8.8/25 · ROCE 9.3% · OPM 8.9% · 76% evidenceValuation 7.5/20 · P/E 31.1× · PEG 2.29 · 50% evidenceRelative strength 1.9/20 · RS sector −3.8% · RS bench −8.6% · 1Y 4.1% · 100% evidence · 1 of 12 weeks aheadExact sum: 6.8 + 8.8 + 7.5 + 1.9 = 25 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer.
How this score is built, and what the marks mean

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led S&P 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led S&P 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read.

How have Confectioners share prices moved?

Mondelez International, Inc. has the strongest one-year price move in Confectioners at +17.8%. It also leads on relative strength against the S&P 500, at +5.8%. 1 of 3 companies we track is ahead of the index on that measure. Every line covers 314 weekly closes through 4 November 2026.

Price and relative strength

Price · same starting point: Every company, the sector's own index and S&P 500 all start level on the left edge of the window, so only the distance between the lines counts: the highest line has risen the most since then, and the chart at the top of this page is drawn the same way. It opens on one year; the buttons beside it stretch that to three or five.

RS vs S&P 500: How far ahead of or behind S&P 500 each company has been running, measured against its own recent average of that comparison, so the flat line at zero IS S&P 500: above it the company is beating the market, below it the market is beating the company. It opens on one year.

RS vs sector: The same measure taken against Confectioners itself instead of the whole market, so the flat line at zero is the sector: above it the company is beating its own peers, which is the sharper test of the two. It opens on one year.

1Y

Price of all 3 companies, each started at 100

52 weekly closes

  • Mondelez 119
  • Tootsie Roll 100
  • The Hershey Company 97
  • S&P 500 114
Price of all 3 companies, each started at 100
Week endingMondelezTootsie RollThe Hershey CompanyS&P 500
14 Nov 2025100100100100
21 Nov 20251009910498
28 Nov 202510197105102
5 Dec 20259796102102
12 Dec 20259595102102
19 Dec 20259696106101
26 Dec 20259695103103
2 Jan 20269490102102
9 Jan 20269793106103
16 Jan 202610195110103
23 Jan 202610395107103
30 Jan 202610396109103
6 Feb 2026106100129103
13 Feb 2026110107124102
20 Feb 2026103105124103
27 Feb 2026108107132102
6 Mar 2026103110126100
13 Mar 20269711112199
20 Mar 20269910611797
27 Mar 202610311111994
3 Apr 202610111411598
10 Apr 2026104116113101
17 Apr 2026101112108106
24 Apr 2026101110107106
1 May 2026108111102107
8 May 2026108111104110
15 May 2026106106104110
22 May 2026109105109111
29 May 202610899108113
5 Jun 2026109100103110
12 Jun 2026111102101110
19 Jun 20261069596111
26 Jun 2026107100100109
3 Jul 2026107107102111
10 Jul 202610410097112
17 Jul 202610710296111
24 Jul 20261069897110
31 Jul 202611010298111
7 Aug 2026110104102115
14 Aug 2026112107103116
21 Aug 2026113107104114
28 Aug 2026110108100115
4 Sep 202610810297115
11 Sep 202611010297114
18 Sep 20261079895113
25 Sep 202610610093115
2 Oct 20261029989115
9 Oct 20261069891116
16 Oct 202611210095114
23 Oct 20261129195113
30 Oct 20261149692113
6 Nov 202611910097114

3Y

Price of all 3 companies, each started at 100

156 weekly closes, every 2nd shown

  • Mondelez 95
  • Tootsie Roll 126
  • The Hershey Company 89
  • S&P 500 170
Price of all 3 companies, each started at 100
Week endingMondelezTootsie RollThe Hershey CompanyS&P 500
17 Nov 2023100100100100
24 Nov 202310110498101
8 Dec 202310110495102
22 Dec 20231019993105
5 Jan 202410410396104
19 Jan 202410310197107
2 Feb 2024109100101110
16 Feb 20241029998111
1 Mar 20241039996114
15 Mar 202410010099113
29 Mar 20249910099116
12 Apr 2024949495113
26 Apr 20241009395113
10 May 202410193105116
24 May 20249794101117
7 Jun 20249690100119
21 Jun 2024948893121
5 Jul 2024959494123
19 Jul 2024949498122
2 Aug 202410094102118
16 Aug 2024998999123
30 Aug 20241029399125
13 Sep 2024107104103125
27 Sep 20241059899127
11 Oct 20241009595129
25 Oct 2024989493129
8 Nov 2024949690133
22 Nov 20249110489132
6 Dec 20248910289135
20 Dec 2024849987131
3 Jan 20258510286131
17 Jan 2025829878133
31 Jan 2025829776134
14 Feb 2025869681135
28 Feb 2025919788132
14 Mar 20259110287125
28 Mar 20259610187123
11 Apr 20259510085118
25 Apr 20259310283122
9 May 20259410687125
23 May 20259410979129
6 Jun 20259411283133
20 Jun 20259711088132
4 Jul 20259811490139
18 Jul 20259912087139
1 Aug 20259112196138
15 Aug 20258812491143
29 Aug 20258712994143
12 Sep 20258812994146
26 Sep 20259013296147
10 Oct 20258713898145
24 Oct 20258612192150
7 Nov 20258112187149
21 Nov 20258112595146
5 Dec 20257812193152
19 Dec 20257712297151
2 Jan 20267611493152
16 Jan 202681120101153
30 Jan 20268312299154
13 Feb 202689135114151
27 Feb 202687136121152
13 Mar 202678141111147
27 Mar 202683141109141
10 Apr 202684147103151
24 Apr 20268213998158
8 May 20268714195164
22 May 20268713399165
5 Jun 20268812794164
19 Jun 20268512088166
3 Jul 20268613593165
17 Jul 20268613088165
31 Jul 20268812989166
14 Aug 20269013694172
28 Aug 20268813791171
11 Sep 20268812988170
25 Sep 20268512685171
9 Oct 20268612483173
23 Oct 20269011587169
6 Nov 20269512689170

5Y

Price of all 3 companies, each started at 100

260 weekly closes, every 4th shown

  • Mondelez 111
  • Tootsie Roll 137
  • The Hershey Company 97
  • S&P 500 164
Price of all 3 companies, each started at 100
Week endingMondelezTootsie RollThe Hershey CompanyS&P 500
19 Nov 2021100100100100
10 Dec 2021103119104100
7 Jan 202211211310999
4 Feb 202211110211396
4 Mar 202210611111992
1 Apr 202210511712297
29 Apr 202210711212688
27 May 202210510611989
24 Jun 202210411212383
22 Jul 202210211012084
19 Aug 202210811413090
16 Sep 202210010912382
14 Oct 20229411612476
11 Nov 202210713112285
9 Dec 202211114213284
6 Jan 202311214812683
3 Feb 202310915013288
3 Mar 202310914113386
31 Mar 202311514814287
28 Apr 202312713515289
26 May 202312412814490
23 Jun 202312112214592
21 Jul 202312211413896
18 Aug 202311810912293
15 Sep 20231199911895
13 Oct 202310210110692
10 Nov 202311410110794
8 Dec 202311811310498
5 Jan 2024121112105100
2 Feb 2024127108110105
1 Mar 2024120107105109
29 Mar 2024116109109112
26 Apr 2024117101104108
24 May 2024113102110113
21 Jun 202411096102116
19 Jul 2024110102107117
16 Aug 202411697108118
13 Sep 2024124113112120
11 Oct 2024117103104124
8 Nov 202410910598128
6 Dec 202410411197130
3 Jan 20259911194126
31 Jan 20259610683128
28 Feb 202510610596127
28 Mar 202511211095119
25 Apr 202510811191117
23 May 202510911987124
20 Jun 202511311996127
18 Jul 202511513196134
15 Aug 202510313599137
12 Sep 2025102140103140
10 Oct 2025102150107139
7 Nov 20259513295143
5 Dec 202591132102146
2 Jan 202689124102146
30 Jan 202697133109148
27 Feb 2026102148132146
27 Mar 202696153119135
24 Apr 202695151107152
22 May 2026102144109159
19 Jun 20269913196159
17 Jul 202610114196159
14 Aug 2026105148103166
11 Sep 202610314097163
9 Oct 202610013591166
6 Nov 202611113797164

The S&P 500 line is dashed.

Biggest one-year moves

  1. 1Mondelez International, Inc.MDLZ · $85.3B+17.8%1 year
  2. 2Tootsie Roll Industries, Inc.TR · $2.9B+4.1%1 year
  3. 3The Hershey CompanyHSY · $35.1B+2.2%1 year

Strongest against S&P 500

  1. 1Mondelez International, Inc.MDLZ · $85.3B+5.8%vs S&P 500
  2. 2Tootsie Roll Industries, Inc.TR · $2.9B−8.6%vs S&P 500
  3. 3The Hershey CompanyHSY · $35.1B−13.4%vs S&P 500

Strongest against the sector itself

  1. 1Mondelez International, Inc.MDLZ · $85.3B+11.0%vs sector
  2. 2Tootsie Roll Industries, Inc.TR · $2.9B−3.8%vs sector
  3. 3The Hershey CompanyHSY · $35.1B−8.5%vs sector

Which Confectioners companies have the most revenue, and which grow fastest?

Mondelez International, Inc. has the highest Revenue among the 3 Confectioners companies compared here, at $39,675 million. The Hershey Company is next at $12,163 million. The Hershey Company has the highest Revenue growth at 7.7%, so level and change sit with different companies. 3 of 3 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Mondelez International, Inc. is the largest at $39,675 million, 226.2% ahead of The Hershey Company. The Hershey Company's growth is 7.7% from a $12,163 million base, with 18 reported quarters out of the last 20. Fast growth from a smaller base is not yet the same as proven size.

Mondelez International, Inc. · $39,675 millionLeader
226.2% versus #2 · The Hershey CompanyGap
8/8 recent comparable periodsPersistence
3/3 companies · 58 observationsCoverage

What this means: Mondelez International, Inc. is the size to compare against; The Hershey Company is the one growing fastest. The faster grower has to keep that growth and turn it into margin and returns before it counts as more than a fast start.

This conclusion weakens if: Mondelez International, Inc.'s growth falls below The Hershey Company's for two consecutive comparable reports while operating margin also compresses.

Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

Revenue · company comparison

Revenue, by reported quarter

  • Mondelez International, Inc. $9.4B
  • The Hershey Company $2.8B
  • Tootsie Roll Industries, Inc. $154M
Revenue, by reported quarter
QuarterMondelez International, Inc.The Hershey CompanyTootsie Roll Industries, Inc.
Sep 2021$7.2B$2.0B$184M
Dec 2021$7.7B$2.4B$168M
Mar 2022$7.8B—$141M
Jun 2022$7.3B$2.7B$143M
Sep 2022$7.8B$2.4B$213M
Dec 2022$8.7B$2.7B$190M
Mar 2023$9.2B—$162M
Jun 2023$8.5B$3.0B$160M
Sep 2023$9.0B$2.5B$250M
Dec 2023$9.3B$3.0B$197M
Mar 2024$9.3B$3.3B$153M
Jun 2024$8.3B$2.1B$151M
Sep 2024$9.2B$3.0B$226M
Dec 2024$9.6B$2.9B$193M
Mar 2025$9.3B$2.8B$148M
Jun 2025$9.0B$2.6B$155M
Sep 2025$9.7B$3.2B$233M
Dec 2025$10.5B$3.1B$196M
Mar 2026$10.1B$3.1B$152M
Jun 2026$9.4B$2.8B$154M

Revenue growth, by reported quarter

  • Mondelez International, Inc. 4.1%
  • The Hershey Company 6.6%
  • Tootsie Roll Industries, Inc. −0.7%
Revenue growth, by reported quarter
QuarterMondelez International, Inc.The Hershey CompanyTootsie Roll Industries, Inc.
Sep 2021———
Dec 2021———
Mar 2022———
Jun 20229.5%—24%
Sep 20228.1%19%16%
Dec 202214%16%13%
Mar 202318%—15%
Jun 202317%12%12%
Sep 202316%4.9%17%
Dec 20237.1%11%3.7%
Mar 20241.4%—−5.6%
Jun 2024−1.9%−31%−5.6%
Sep 20241.9%20%−9.6%
Dec 20243.1%−4.7%−2.0%
Mar 20250.3%−14%−3.3%
Jun 20257.7%26%2.7%
Sep 20255.9%6.5%3.1%
Dec 20259.3%7.0%1.6%
Mar 20268.2%11%2.7%
Jun 20264.1%6.6%−0.7%

3 of 3 companies report revenue, 3 of 3 revenue growth. On every company-comparison chart on this page the five leaders are drawn, level and change on separate charts, and a missing report breaks the line rather than being invented.

Revenue · largest

Revenue growth · fastest growers

All-company data · latest reported quarter

In every all-company table on this page, each figure is the company’s latest single reported quarter. The rankings above them use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Revenue, every company
CompanyRevenueRevenue growthReported
Mondelez International, Inc. MDLZ$9.4B4.1%Jun 2026
The Hershey Company HSY$2.8B6.6%Jun 2026
Tootsie Roll Industries, Inc. TR$154M−0.7%Jun 2026

Revenue shows both size and speed. A large company can absorb shocks and pay for wide distribution; faster growth can mean market-share gains, new capacity or stronger demand. The best sign is usually growth that lasts without hurting margins and returns.

What to watch

Watch the next two reported quarters for growth persistence, margin conversion and whether the leader is gaining share without stretching working capital.

Which Confectioners companies keep the most from each $100 of sales?

The Hershey Company has the highest OPM among the 3 Confectioners companies compared here, at 23.1%. Mondelez International, Inc. is next at 22%. The same company also has the highest Margin change, at +15.5 percentage points. 3 of 3 companies report a comparable reading, the latest through Jun 2026. Its OPM series carries 18 reported observations across the 20-quarter window.

What the numbers say: The Hershey Company leads both opm at 23.1% and margin change at +15.5 percentage points.

The Hershey Company · 23.1%Leader
5% versus #2 · Mondelez International, Inc.Gap
3/8 recent comparable periodsPersistence
3/3 companies · 58 observationsCoverage

What this means: The Hershey Company sets the level to compare against; the company improving fastest needs another report to confirm the change.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

Operating margin · company comparison

OPM, by reported quarter

  • The Hershey Company 23%
  • Mondelez International, Inc. 22%
  • Tootsie Roll Industries, Inc. 8.9%
OPM, by reported quarter
QuarterThe Hershey CompanyMondelez International, Inc.Tootsie Roll Industries, Inc.
Sep 202123%20%16%
Dec 202125%15%15%
Mar 2022—17%11%
Jun 202227%14%11%
Sep 202219%13%16%
Dec 202220%14%16%
Mar 2023—18%5.5%
Jun 202327%18%12%
Sep 202322%17%18%
Dec 202324%14%18%
Mar 202433%30%12%
Jun 202416%11%12%
Sep 202422%11%18%
Dec 202433%17%21%
Mar 202514%7.8%13%
Jun 20257.6%13%15%
Sep 202514%7.9%17%
Dec 202515%9.5%18%
Mar 202621%9.3%12%
Jun 202623%22%8.9%

Margin change, by reported quarter

  • The Hershey Company +15.5 pp
  • Mondelez International, Inc. +8.6 pp
  • Tootsie Roll Industries, Inc. −5.8 pp
Margin change, by reported quarter
QuarterThe Hershey CompanyMondelez International, Inc.Tootsie Roll Industries, Inc.
Sep 2021———
Dec 2021———
Mar 2022———
Jun 2022—+0.7 pp+4.8 pp
Sep 2022−3.7 pp−6.1 pp−0.7 pp
Dec 2022−4.2 pp−0.5 pp+0.9 pp
Mar 2023—+0.4 pp−5.7 pp
Jun 2023−0.5 pp+3.7 pp+1.5 pp
Sep 2023+2.8 pp+3.4 pp+2.3 pp
Dec 2023+3.9 pp+0.4 pp+2.0 pp
Mar 2024—+12.4 pp+6.4 pp
Jun 2024−11.0 pp−6.4 pp−0.4 pp
Sep 2024−0.1 pp−5.7 pp−0.1 pp
Dec 2024+8.3 pp+2.7 pp+2.7 pp
Mar 2025−19.0 pp−22.3 pp+1.4 pp
Jun 2025−8.1 pp+2.3 pp+2.8 pp
Sep 2025−8.5 pp−3.2 pp−0.7 pp
Dec 2025−17.8 pp−7.6 pp−3.0 pp
Mar 2026+7.4 pp+1.5 pp−1.3 pp
Jun 2026+15.5 pp+8.6 pp−5.8 pp

3 of 3 companies report OPM, 3 of 3 margin change.

OPM · highest

Margin change · fastest expanders

All-company data · latest reported quarter

Operating margin, every company
CompanyOPMMargin changeReported
The Hershey Company HSY23%+15.5 ppJun 2026
Mondelez International, Inc. MDLZ22%+8.6 ppJun 2026
Tootsie Roll Industries, Inc. TR8.9%−5.8 ppJun 2026

What to watch

Watch whether the next two comparable periods confirm the current margin change rather than reversing it.

Which Confectioners companies earn the most profit?

Mondelez International, Inc. has the highest Net profit among the 3 Confectioners companies compared here, at $3,516 million. The Hershey Company is next at $1,489 million. Tootsie Roll Industries, Inc. has the highest Profit growth at 4.3%, so level and change sit with different companies. 3 of 3 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Mondelez International, Inc. earns the most, $3,516 million of profit over the last 12 months, 136.1% above The Hershey Company. Tootsie Roll Industries, Inc. shows 4.3% growth from a profit base of $96 million. A fast rate from a small base matters less than a large profit that keeps coming.

Mondelez International, Inc. · $3,516 millionLeader
136.1% versus #2 · The Hershey CompanyGap
4/8 recent comparable periodsPersistence
3/3 companies · 58 observationsCoverage

What this means: Mondelez International, Inc. sets the level to compare against; the company improving fastest needs another report to confirm the change.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

Net profit · company comparison

Net profit, by reported quarter

  • Mondelez International, Inc. $1.5B
  • The Hershey Company $458M
  • Tootsie Roll Industries, Inc. $13M
Net profit, by reported quarter
QuarterMondelez International, Inc.The Hershey CompanyTootsie Roll Industries, Inc.
Sep 2021$1.3B$301M$25M
Dec 2021$1.0B$445M$20M
Mar 2022$855M—$12M
Jun 2022$747M$533M$12M
Sep 2022$532M$316M$27M
Dec 2022$583M$399M$25M
Mar 2023$2.1B—$13M
Jun 2023$944M$587M$15M
Sep 2023$984M$407M$34M
Dec 2023$950M$519M$29M
Mar 2024$1.4B$797M$16M
Jun 2024$601M$181M$16M
Sep 2024$853M$446M$33M
Dec 2024$1.7B$797M$23M
Mar 2025$402M$224M$18M
Jun 2025$641M$63M$18M
Sep 2025$743M$276M$36M
Dec 2025$665M$320M$29M
Mar 2026$560M$435M$18M
Jun 2026$1.5B$458M$13M

Profit growth, by reported quarter

  • Mondelez International, Inc. 142%
  • The Hershey Company 627%
  • Tootsie Roll Industries, Inc. −28%
Profit growth, by reported quarter
QuarterMondelez International, Inc.The Hershey CompanyTootsie Roll Industries, Inc.
Sep 2021———
Dec 2021———
Mar 2022———
Jun 202259%—20%
Sep 2022−58%5.0%8.0%
Dec 2022−42%−10%25%
Mar 2023143%—8.3%
Jun 202326%10%25%
Sep 202385%29%26%
Dec 202363%30%16%
Mar 2024−32%—23%
Jun 2024−36%−69%6.7%
Sep 2024−13%9.6%−2.9%
Dec 202484%54%−21%
Mar 2025−72%−72%13%
Jun 20256.7%−65%13%
Sep 2025−13%−38%9.1%
Dec 2025−62%−60%26%
Mar 202639%94%0.0%
Jun 2026142%627%−28%

3 of 3 companies report net profit, 3 of 3 profit growth. The profit growth chart is drawn inside its usual range; a quarter far outside it (often a first quarter after listing or a near-zero base) is marked with an arrow at the edge, with its exact value in the hover card and the table.

Net profit · largest

Profit growth · fastest growers

All-company data · latest reported quarter

Net profit, every company
CompanyNet profitProfit growthReported
Mondelez International, Inc. MDLZ$1.5B142%Jun 2026
The Hershey Company HSY$458M627%Jun 2026
Tootsie Roll Industries, Inc. TR$13M−28%Jun 2026

What to watch

Watch whether the next two comparable periods confirm the current profit growth rather than reversing it.

Which Confectioners companies earn the best return on capital?

The Hershey Company has the highest ROCE among the 3 Confectioners companies compared here, at 20.6%. Mondelez International, Inc. is next at 9.6%. Mondelez International, Inc. has the highest ROCE change at +0.6 percentage points, so level and change sit with different companies. 3 of 3 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: The Hershey Company leads ROCE at 20.6%, 11 percentage points above Mondelez International, Inc. A high return reported once may be one good year; a high return reported year after year shows a lasting business.

The Hershey Company · 20.6%Leader
114.6% versus #2 · Mondelez International, Inc.Gap
3/8 recent comparable periodsPersistence
3/3 companies · 57 observationsCoverage

What this means: The Hershey Company sets the level to compare against; the company improving fastest needs another report to confirm the change.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

Return on capital · company comparison

ROCE, by reported quarter

  • The Hershey Company 21%
  • Mondelez International, Inc. 9.6%
  • Tootsie Roll Industries, Inc. 9.3%
ROCE, by reported quarter
QuarterThe Hershey CompanyMondelez International, Inc.Tootsie Roll Industries, Inc.
Sep 2021—9.6%8.2%
Dec 202127%9.4%8.7%
Mar 2022—9.1%9.0%
Jun 202228%9.3%9.5%
Sep 202231%8.4%9.8%
Dec 202230%8.5%10%
Mar 2023—9.0%9.4%
Jun 202330%9.9%9.8%
Sep 202328%11%11%
Dec 202329%11%11%
Mar 202432%14%12%
Jun 202430%13%12%
Sep 202430%12%11%
Dec 202433%13%11%
Mar 202521%9.0%11%
Jun 202520%9.0%11%
Sep 202519%8.7%11%
Dec 202514%7.5%10%
Mar 202616%8.2%10%
Jun 202621%9.6%9.3%

ROCE change, by reported quarter

  • The Hershey Company +0.3 pp
  • Mondelez International, Inc. +0.6 pp
  • Tootsie Roll Industries, Inc. −2.0 pp
ROCE change, by reported quarter
QuarterThe Hershey CompanyMondelez International, Inc.Tootsie Roll Industries, Inc.
Sep 2021———
Dec 2021———
Mar 2022———
Jun 2022———
Sep 2022—−1.2 pp+1.6 pp
Dec 2022+2.7 pp−0.9 pp+1.6 pp
Mar 2023—−0.1 pp+0.4 pp
Jun 2023+2.2 pp+0.6 pp+0.3 pp
Sep 2023−3.0 pp+2.9 pp+1.0 pp
Dec 2023−0.6 pp+2.9 pp+0.7 pp
Mar 2024—+4.7 pp+2.4 pp
Jun 2024+0.6 pp+3.1 pp+1.7 pp
Sep 2024+2.2 pp+0.6 pp−0.1 pp
Dec 2024+4.3 pp+1.7 pp0.0 pp
Mar 2025−10.4 pp−4.7 pp−0.7 pp
Jun 2025−10.0 pp−4.0 pp−0.2 pp
Sep 2025−10.8 pp−3.2 pp+0.2 pp
Dec 2025−19.5 pp−5.6 pp−0.8 pp
Mar 2026−4.9 pp−0.8 pp−1.1 pp
Jun 2026+0.3 pp+0.6 pp−2.0 pp

3 of 3 companies report ROCE, 3 of 3 ROCE change.

ROCE · highest

ROCE change · fastest improvers

All-company data · latest reported quarter

Return on capital, every company
CompanyROCEROCE changeReported
The Hershey Company HSY21%+0.3 ppJun 2026
Mondelez International, Inc. MDLZ9.6%+0.6 ppJun 2026
Tootsie Roll Industries, Inc. TR9.3%−2.0 ppJun 2026

What to watch

Watch whether the next two comparable periods confirm the current roce change rather than reversing it.

How are Confectioners stocks valued against growth and quality?

Mondelez International, Inc. has the lowest PEG among the 3 Confectioners companies compared here, at 2.25×. Tootsie Roll Industries, Inc. is next at 2.29×. The same company also has the lowest P/E, at 21.1×. 2 of 3 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Mondelez International, Inc. has the lowest comparable PEG at 2.25×, 1.7% below Tootsie Roll Industries, Inc. That would need today's multiple, the company's own history and steady growth to agree.

Mondelez International, Inc. · 2.25×Leader
1.7% versus #2 · Tootsie Roll Industries, Inc.Gap
0/8 recent comparable periodsPersistence
2/3 companies · 12 observationsCoverage

What this means: A low valuation is a reason to look closer at the business, not a conclusion on its own.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is worked out the same way every time, as the P/E on the last 12 months of reported earnings divided by that growth rate, never on expected earnings. On Indian companies it is shown only where the two data feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

Valuation · company comparison

PEG, by reported quarter

  • Mondelez International, Inc. 2.3
  • Tootsie Roll Industries, Inc. 2.3
PEG, by reported quarter
QuarterMondelez International, Inc.Tootsie Roll Industries, Inc.
Sep 2021——
Dec 2021——
Mar 2022——
Jun 2022——
Sep 2022——
Dec 2022——
Mar 2023—2.2
Jun 20232.41.7
Sep 20230.40.9
Dec 2023—1.0
Mar 20242.31.0
Jun 2024—1.1
Sep 2024—3.1
Dec 2024——
Mar 2025——
Jun 2025——
Sep 2025——
Dec 2025—1.7
Mar 2026—2.3
Jun 2026——

P/E, by reported quarter

  • Mondelez International, Inc. 21.1×
  • Tootsie Roll Industries, Inc. 31.1×
P/E, by reported quarter
QuarterMondelez International, Inc.Tootsie Roll Industries, Inc.
Sep 202118.3×34.6×
Dec 202121.5×35.2×
Mar 202220.8×34.6×
Jun 202222.2×34.8×
Sep 202224.0×33.6×
Dec 202233.5×41.2×
Mar 202324.1×39.5×
Jun 202324.0×31.3×
Sep 202320.6×24.1×
Dec 202319.9×24.1×
Mar 202422.0×24.0×
Jun 202422.2×22.6×
Sep 202425.8×24.1×
Dec 202417.3×26.6×
Mar 202524.4×23.7×
Jun 202524.0×32.5×
Sep 202522.9×35.3×
Dec 202528.3×26.2×
Mar 202628.3×29.1×
Jun 202621.1×31.1×

2 of 3 companies report PEG, 3 of 3 P/E.

PEG · lowest PEG

P/E · lowest P/E

All-company data · latest reported quarter

Valuation, every company
CompanyPEGP/EReported
Tootsie Roll Industries, Inc. TR2.331.1×Jun 2026
Mondelez International, Inc. MDLZ2.321.1×Jun 2026
The Hershey Company HSY—24.4×Jun 2026

What to watch

Watch whether the next two comparable periods confirm the current p/e rather than reversing it.

What can make this comparison misleading?

This Confectioners comparison names 5 specific ways its own evidence can mislead, all listed below. All 3 companies here report on comparable dates, so no rank carries a stale marker. 1 of the 5 ranked sections has fewer than three usable current readings. A high growth rate can still come from a very small starting figure.

Keep these limits visible

  • A high growth rate can come from a very small starting figure. The page keeps level and change separate for that reason.
  • A high ROCE can be temporary, or look high because the capital base is small. It is best read beside margin, cash flow and how much is spent back on the business.
  • The 4-Factor Sector Score ranks published data only. Management quality, upcoming events and risks are not part of it.
  • An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
  • Thin comparisons: Valuation have fewer than three usable current readings.

How was this comparison built?

This comparison is built from the reported filings of 3 Confectioners companies, normalized to a common $ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Jun 2026 and market data through 4 November 2026.

FundamentalsThrough Jun 2026 · up to 20 quarters per company
Market dataThrough 4 November 2026 · weekly price and relative-strength history
Derived metricsGrowth, changes and PEG are calculated only when their inputs are comparable.
Score confidenceMissing and old evidence lowers confidence and pulls the 0 to 100 score toward the middle.

What else do people ask about Confectioners stocks?

These 21 answers restate the Confectioners comparison above in question form. Every one is computed from the same 3 companies and the same reported filings as the rankings and charts, current through Jun 2026. Price and relative-strength answers run through 4 November 2026. Nothing here is estimated, and none of it is a recommendation.

Is the Confectioners sector outperforming S&P 500?

Confectioners has done worse than the S&P 500 by 4.3% over 52 weeks, but is 0.7% ahead over the last 13 weeks.

1 of 3 companies we track is beating the S&P 500 on relative strength (how a share price has done against the index over recent months), and 1 of 3 is ahead of the industry itself.

Which Confectioners company is largest by revenue?

Mondelez International, Inc. leads with revenue of $39,675 million, based on 3 of 3 comparable companies through Jun 2026.

Which Confectioners company is growing fastest?

The Hershey Company has the fastest current revenue growth at 7.7%, across 3 of 3 comparable companies.

Which Confectioners company has the strongest 4-Factor Sector Score?

Mondelez International, Inc. ranks first at 56.6 out of 100, with 82.3% of the evidence available. The score ranks published data; it is not a recommendation.

Which Confectioners company has the lowest comparable PEG?

Mondelez International, Inc. has the lowest comparable PEG at 2.25, among 2 of 3 companies whose earnings and growth are steady enough for the ratio to mean anything.

How much history does this Confectioners comparison include?

The page compares up to 20 reported quarters per company for fundamentals, returns and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

How is the 4-Factor Sector Score calculated?

The four parts add up directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or old evidence moves only that part toward the middle.

Which Confectioners company is the biggest?

Mondelez International, Inc. is the largest, with revenue of $39,675 million over the last 12 months, ahead of The Hershey Company at $12,163 million. That covers 3 of 3 companies with comparable reporting through Jun 2026.

Which Confectioners company has the best profit margins?

The Hershey Company has the highest operating margin at 23.1%, from 3 of 3 comparable companies. The Hershey Company shows the biggest recent improvement, at +15.5 percentage points. A high margin matters most when it is steady or rising, not when it is at a peak.

Which Confectioners company makes the most profit?

Mondelez International, Inc. earns the most, at $3,516 million of net profit over the last 12 months, from 3 of 3 comparable companies. Tootsie Roll Industries, Inc. has the fastest profit growth at 4.3%, though growth off a small or recovering profit base overstates how much has actually changed.

Which Confectioners company earns the highest return on capital?

The Hershey Company leads on return on capital employed at 20.6%, across 3 of 3 companies. A high return that repeats for years shows a lasting business, while a single high reading can come from a small capital base or one good year.

Which Confectioners stock has the lowest PEG ratio?

On PEG (where a lower number means a lower price for what the company earns), Mondelez International, Inc. has the lowest at 2.25×. Only 2 of 3 companies have earnings and growth steady enough for the ratio to mean anything, so this is not a ranking of the whole industry.

A low multiple is a reason to look closer at the business, not a conclusion on its own.

Is the Confectioners sector beating the market?

Confectioners has done worse than the S&P 500 by 4.3% over the last 52 weeks, but is 0.7% ahead over the last 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 1 of the 3 companies we track is beating the market on their own.

Sector strength does not transfer evenly to every stock in it.

Which Confectioners stock has the strongest price momentum?

Mondelez International, Inc. has the strongest relative strength against the S&P 500, meaning its share price has done best against the index. A price can move well before the business results back it up, and sometimes without them.

Which Confectioners company has the highest 4-Factor score?

Mondelez International, Inc. scores 56.6 out of 100, with 82.3% of the evidence available, from 17.1 points on growth and earnings, 11.9 on capital efficiency, 7.6 on valuation and 20 on relative strength. It ranks published data only; management quality, upcoming events and risks are not part of the score.

How many Confectioners companies does this comparison cover, and over what period?

This comparison covers 3 listed companies over up to 20 reported quarters of fundamentals, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list, nothing is dropped for having thin data.

What is the total market cap of the Confectioners sector?

The 3 Confectioners companies on this page carry $123,262 million of combined market value. Mondelez International, Inc. is the largest at $85,280 million, about 69% of the sector's total on its own. Market value moves with price, so this reading is dated 4 November 2026.

How is the Confectioners sector performing?

1 of the 3 Confectioners companies we track is doing better than the S&P 500 on relative strength (how a share price has done against the index over recent months). The sector itself is 4.3% behind S&P 500 over 52 weeks on an equal-weight index of its current members.

Readings are as of 4 November 2026.

How many Confectioners stocks are listed in the US?

This comparison covers 3 listed Confectioners companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list, nothing is dropped for having thin data.

Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing figures are never estimated, copied forward or swapped for a similar-looking line, and a company with missing evidence has its score pulled toward the middle rather than scored as bad.

Is this advice?

No, every figure here is worked out by code from company filings and market data, for research. It does not account for your situation and is not a substitute for advice from a registered adviser.

More lists

Every Sector Alpha list, grouped

Every US industry against its index · What changed this week · Plain-text data
Sector Alpha, written by code from the published numbers · Fundamentals through Jun 2026 · Prices through 4 November 2026. Every ranking is worked out by code from reported figures. Missing values stay missing.

X · Instagram · YouTube · About · Newsletter · Newsletter archive
This is research, not advice. We’re not SEBI-registered.