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French luxury house famous for handbags (Birkin, Kelly), leather goods, silk scarves and ready-to-wear, family-controlled.
French luxury house famous for handbags (Birkin, Kelly), leather goods, silk scarves and ready-to-wear, family-controlled.
Sells through its own stores, makes nearly all its leather goods in its own workshops in France, and rations supply of the top bags rather than discounting. The founding Hermes family keeps control, having fended off a stake-building move by LVMH that ended in 2014.
In one line: No direct US peer..
Moat: wide (brand, scale, distribution). Deliberately constrained production and waitlists for iconic bags sustain extreme pricing power and exclusivity.
Headquarters: Paris, France · Founded: 1837 · Employees: 25,414
Size Hermes International SCA (RMS.PA) is a France Consumer Discretionary company (Apparel/Footwear) with a market value of $160B, the 5th largest of 206 France companies the cockpit tracks. Shares closed at €1,362 on 6 Nov 2026.
Performance Over six months the shares fell 14.5%, against +3.7% for the median peer and -0.4% for the France market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue grew 2.8% over the last twelve months (peer median +7.1%); the operating margin is 41.7% (peer median 17.9%).
Valuation It trades at 30.9× forward earnings against a peer median of 18.4× (3rd most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 18% a year for seven years (Req g). Recent delivered growth is +20%, so the hurdle is -2 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 43.0 points above its cost of capital (12.4% WACC).
Next results Next results expected around 12 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €16.1B | €16.0B | €15.2B | €13.4B | €11.6B |
| Revenue growth | — | +5% | +13% | +16% | — |
| Gross profit | €10.7B | €10.7B | €9.97B | €9.10B | €7.66B |
| EBITDA | €7.55B | €7.48B | €7.00B | €6.41B | €5.48B |
| Net income | €4.52B | €4.52B | €4.60B | €4.31B | €3.37B |
| Free cash flow | €4.74B | €4.42B | €4.23B | €3.70B | €3.84B |
| Capital expenditure | €1.19B | €1.16B | €1.07B | €859M | €518M |
| Total debt | n/a | €2.35B | €2.17B | €2.06B | €1.93B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Hermes International SCA RMS.PA | $160B | -14% | +3% | 42% | 30.9× | 17.9% |
| LVMH Moet Hennessy Louis Vuitton MC.PA | $226B | -11% | -4% | 22% | 18.6× | 10.2% |
| Kering KER.PA | $25.7B | -23% | -9% | 11% | 30.9× | 12.2% |
| Compagnie Financiere Richemont CFR.SW | $122B | +10% | +2% | 21% | 24.8× | 10.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | RMS.PA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.9% | +10.5% | 6th lowest of 21 |
| 6-month return | -14.5% | +3.7% | 2nd lowest of 21 |
| Distance from 52-week high | -40.8% | -15.9% | 3rd lowest of 21 |
| Revenue growth (TTM) | +2.8% | +7.1% | 8th lowest of 21 |
| Operating margin | 41.7% | 17.9% | highest of 21 |
| Forward P/E | 30.9× | 18.4× | 3rd most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 17.9% | 7.2% | 3rd most demanding of 21 |
| Growth delivered (Del g) | +20.2% | +14.8% | 5th highest of 21 |
| Hurdle (Req g minus delivered) | -2.2 pp | -5.9 pp | 7th most demanding of 21 |
| ROIC minus cost of capital | +43.0 pp | +12.2 pp | 2nd highest of 21 |
| EV / EBITDA | 17.6× | 9.9× | 2nd most expensive of 19 |
| Net debt / EBITDA | -1.3× | 0.6× | 3rd least indebted of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hermes International SCA RMS.PA | France | $160B | -14% | +3% | 42% | 30.9× | 17.9% | +20.2% |
| LVMH Moet Hennessy Louis Vuitton MC.PA | France | $226B | -11% | -4% | 22% | 18.6× | 10.2% | +12.6% |
| Nike NKE | United States | $57.3B | -13% | -1% | 9% | 30.4× | 7.0% | +0.8% |
| adidas ADS.DE | Germany | $33.2B | +19% | +8% | 9% | 18.3× | 3.5% | +6.1% |
| Anta Sports 2020.HK | Hong Kong | $28.2B | +2% | +17% | 21% | 12.5× | -0.7% | +16.9% |
| Next NXT.L | United Kingdom | $23.8B | +24% | +13% | 19% | 18.8× | 12.5% | +14.3% |
| Ralph Lauren RL | United States | $22.4B | +5% | +15% | 17% | 18.6× | 11.0% | +13.0% |
| Asics 7936.T | Japan | $20.7B | +10% | +28% | 19% | 27.1× | 14.1% | +19.8% |
| Ryohin Keikaku 7453.T | Japan | $16.4B | +31% | +18% | 11% | 32.4× | 9.5% | +15.3% |
| Moncler MONC.MI | Italy | $13.8B | -11% | +3% | 29% | 19.5× | 10.8% | +16.8% |
| Lululemon Athletica LULU | United States | $12.8B | -16% | +2% | 18% | 13.4× | -8.9% | +20.3% |
| On Holding AG Class A ONON | United States | $12.3B | +6% | +29% | 14% | 20.0× | 22.0% | +51.6% |
| Deckers Brands DECK | United States | $11.6B | -14% | +6% | 23% | 11.0× | -3.3% | +16.5% |
| Levi Strauss & LEVI | United States | $8.77B | +1% | +5% | 13% | 14.6× | 5.2% | +7.1% |
| Shenzhou Intl 2313.HK | Hong Kong | $8.08B | -7% | +2% | 16% | 11.8× | -4.5% | +5.4% |
| V.F VFC | United States | $8.01B | +7% | -2% | 8% | 16.6× | 11.1% | +0.8% |
| Huali Industrial 300979.SZ | China | $7.09B | +6% | -10% | 14% | 19.7× | -4.4% | +12.4% |
| Crocs CROX | United States | $6.94B | +47% | +1% | 23% | 9.6× | 1.1% | +23.9% |
| Bosideng International 3998.HK | Hong Kong | $6.64B | +3% | +8% | 18% | 10.3× | -10.8% | +14.2% |
| Birkenstock BIRK | United States | $6.64B | -5% | +20% | 24% | 13.9× | 7.4% | +19.9% |
| Brunello Cucinelli BC.MI | Italy | $6.61B | +4% | +10% | 18% | 37.8× | 20.6% | +20.9% |