Hermes International SCA HESAY

Consumer DiscretionaryTextiles & ApparelFrance

Last close 148.02 USD on Nov 2, 2026, −39.7% year to date

Quant rating

Quant rating D Rank 212 of 297 in Consumer Discretionary

Growth C 192 of 297
Valuation D 214 of 297
Quality C 133 of 297
Revisions C 146 of 297
Momentum D 238 of 297

Wall Street consensus Buy (2.00)Average target 184.03 USD +24.3%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 155.5B
Enterprise value: 144.7B
52-week range: 137.40 – 265.89
3-year range: 137.40 – 298.32
Dividend yield: 1.46%
Beta (5 years): 1.29
Shares outstanding: 106M
Next earnings: Oct 29, 2026

About the company

Hermes International SCA is a France-based company. The Company is predominantly specialized in the designing, manufacturing, and marketing of luxury products. Its products are divided among leather and saddlery goods, such as purses, luggage, small leather goods, planners, writing items, saddles, bridles, riding objects and clothing, among others; clothes, shoes, and accessories; silk and textile products; clocks and watchmaking articles; perfumes and beauty products; and other products mainly includes jewelry and home decoration products. The subsidiaries of the Company are Castille Investissements, Compagnie Hermes de Participations, Comptoir Nouveau de la Parfumerie, and Grafton Immobilier, among others. The Company operates through stores worldwide.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	18,794	15,706	14,818	12,417	10,211	–
Revenue growth	19.7%	6.0%	19.3%	21.6%	30.9%	19.2%
EPS (basic, normalized)	5.11	4.60	4.43	3.45	–	–
EPS growth	11.1%	3.8%	28.4%	–	–	–
Gross margin	71.1%	70.3%	72.3%	70.8%	71.3%	71.1%
Net margin	28.3%	30.3%	32.1%	29.0%	27.2%	29.4%
ROE	25.0%	28.3%	31.2%	30.8%	29.2%	28.9%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	–
Net debt / equity	–
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	18,794	+19.7%	7.7x	8,896	+27.4%	16.3x	5.11	+11.1%	29.0x
2026	18,632	−0.9%	7.8x	8,369	−5.9%	17.3x	4.91	−4.0%	30.2x
2027	20,290	+8.9%	7.1x	9,055	+8.2%	16.0x	5.42	+10.4%	27.3x
2028	21,924	+8.1%	6.6x	9,863	+8.9%	14.7x	6.15	+13.4%	24.1x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	18,632	−0.6%	−1.4%	−2.3%	4.91	−1.4%	−2.1%	−3.7%
2027	20,290	+0.4%	−2.0%	−3.9%	5.42	−1.2%	−6.7%	−9.3%
2028	21,924	+1.0%	−4.3%	−9.7%	6.15	+1.1%	−7.1%	−13.9%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Textiles & Apparel

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
HESAY Hermes International SCA	155.5B	–	28.3%	7.27x	30.2x	27.3x	17.3x	16.0x
LVMH Lvmh Moet Hennessy Louis Vuitton SE	217.2B	–	13.5%	2.85x	17.8x	16.3x	9.4x	8.9x
CFRUY Compagnie Financiere Richemont SA	108.8B	–	15.5%	4.43x	23.8x	20.6x	12.6x	11.2x
MONC Moncler S.p.A.	13.7B	–	20.0%	3.34x	19.3x	17.7x	9.9x	9.1x
UHR The Swatch Group AG	11.4B	–	0.0%	0.83x	38.1x	23.9x	11.0x	8.7x
BCU Brunello Cucinelli S.p.A.	6.8B	–	9.6%	11.04x	39.2x	33.9x	15.4x	13.9x
Mean		–	14.5%	4.96x	28.0x	23.3x	12.6x	11.3x
Median		–	14.5%	3.89x	27.0x	22.3x	11.8x	10.1x

Technical analysis

1M+1.2%
3M−16.1%
1Y−39.5%
3Y−20.5%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Hermes International SCA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	18,794	15,706	14,818	12,417	10,211	7,803
Cost of revenue	5,430	4,670	4,105	3,627	2,933	2,459
Gross profit	13,365	11,035	10,713	8,790	7,278	5,345
Selling, general & administrative expenses	4,611	3,904	3,683	2,955	2,589	2,240
Research & development	–	–	–	–	–	–
Depreciation/amortization	856	717	667	590	582	571
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	149	85.9	117	132	73.9	−44.9
Other operating expenses	32.9	−39.3	11.0	86.7	20.5	47.4
Operating income	7,715	6,367	6,235	5,027	4,013	2,531
Net interest income (expense)	211	267	200	−59.9	−114	−102
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	30.5	24.8	9.9	−6.4	5.7	−3.3
Net income before taxes	7,957	6,659	6,445	4,960	3,905	2,426
Provision for taxes	2,658	1,910	1,791	1,397	1,154	749
Minority interest	−42.3	−29.0	−13.2	−13.9	−9.1	−5.0
Equity in affiliates	55.2	45.6	116	53.5	38.7	19.7
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	5,312	4,766	4,756	3,603	2,781	1,692
Extraordinary items	–	–	–	–	–	–
Net income	5,312	4,766	4,756	3,603	2,781	1,692
EBIT, normalized	7,864	6,453	6,352	5,158	4,087	2,486
EBITDA, normalized	8,805	7,243	7,091	5,808	4,725	3,112
Basic EPS, normalized	5.11	4.60	4.43	3.45	–	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Hermes International SCA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	14,375	12,053	11,726	9,873	7,612	5,780
Receivables	978	936	863	712	737	618
Total inventory	3,024	2,896	2,664	1,904	1,647	1,575
Prepaid expenses	–	–	–	–	–	–
Other current assets	310	138	206	170	59.1	148
Total current assets	18,687	16,022	15,459	12,658	10,055	8,121
Property, plant & equipment	6,446	4,934	4,476	3,841	3,863	3,777
Goodwill	211	236	79.5	0	47.7	51.8
Intangibles	271	245	248	228	293	270
Long-term investments	1,671	1,333	1,488	1,253	770	598
Note receivable	207	165	118	111	92.1	97.5
Other long-term assets	1,072	963	696	593	621	580
Total assets	28,566	23,899	22,565	18,685	15,741	13,496
Liabilities
Accounts payable	735	707	756	705	512	455
Payable/accrued	–	–	–	–	–	–
Accrued expenses	22.3	16.6	17.7	16.1	45.5	34.6
Short-term debt	0	0	1.1	2.1	1.1	20.0
Current portion of long-term debt	382	344	319	287	282	249
Other current liabilities	2,603	2,690	2,419	2,205	2,087	1,487
Total current liabilities	3,742	3,757	3,513	3,215	2,927	2,245
Long-term debt	2,374	1,907	1,953	1,781	1,765	1,790
Minority interest	7.0	7.2	2.2	17.1	13.6	13.3
Other liabilities	316	289	321	357	349	434
Total liabilities	6,439	5,960	5,789	5,370	5,055	4,483
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	63.4	55.9	59.6	57.8	61.4	65.7
Additional paid-in capital	58.7	51.8	55.2	53.5	56.8	60.6
Retained earnings (accumulated deficit)	22,379	17,768	16,697	13,107	11,041	9,443
Treasury stock	−795	−694	−770	−721	−626	−566
Other equity	422	757	734	818	153	10.1
Total equity	22,127	17,939	16,776	13,314	10,686	9,013
Total liabilities & shareholders' equity	28,566	23,899	22,565	18,685	15,741	13,496

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Hermes International SCA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	5,313	4,766	4,758	3,603	2,779	1,692
Depreciation, depletion & amortization	1,088	874	852	650	640	628
Deferred taxes	−52.9	−96.3	−15.5	−17.1	−17.1	6.6
Non-cash items	237	23.8	62.9	164	73.9	107
Changes in working capital	−275	−246	−880	79.2	396	−428
Cash from operations	6,311	5,320	4,777	4,479	3,872	2,006
Investing activities
Capital expenditures	−1,364	−1,155	−948	−554	−605	−548
Other investing cash flows	−135	−81.8	−150	−65.3	−156	19.8
Cash from investing	−1,499	−1,237	−1,098	−620	−761	−528
Financing activities
Financing cash flow items	1.2	2.1	–	−8.6	−6.8	−5.6
Cash dividends paid	−3,284	−2,800	−1,530	−904	−551	−592
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−401	−355	−450	−411	−430	−391
Cash from financing	−3,683	−3,154	−1,980	−1,324	−988	−989
Foreign exchange effects	−428	123	−152	170	125	−66.7
Net change in cash	701	1,053	1,547	2,705	2,249	422
Free cash flow	4,947	4,165	3,829	3,924	3,267	1,458

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.