Taken together, these results indicate that during fiscal year 2008, Hershey was earning a ROA that was above the current risk-free rate, the risk associated with investing in the company was low, and investor perceptions of the future outlook for the company were somewhat optimistic. For Tootsie roll, the company’s fiscal 2008 results indicated that the ROA was above the industry average; the risk associated with the company, although moderate in comparison to the total market average, was higher than both Hershey’s and the industry average. Nevertheless, investor perceptions of the future outlook for Tootsie Roll were positive.