At 12:30 p.m., the stock was up 2.3%, outperforming the CAC 40’s 0.7% rise, with trading volumes among the most robust of the Parisian index. Still, shares remain down more than 21% over the past 12 months.

The luxury group announced this morning that its consolidated revenue grew by 9% at constant exchange rates and by 5.5% at current rates in 2025, crossing the 16 billion euro threshold for the first time.

Operating profit came in at 6.6 billion euros, up 7%, yielding an operating margin of 41%.

For the fourth quarter alone, sales totaled 4.1 billion euros, a 10% increase at constant exchange rates, matching the previous quarter, while the market had anticipated a more modest gain of around 8.5%.

This pace is all the more remarkable given it compares to a base that showed 18% growth in the fourth quarter of 2024, notes Sarah Thirion, analyst at TP Icap, who says the company operates "in a league of its own."

"In a more selective consumer environment that has tested nearly the entire sector, the house once again confirms the uniqueness of its vertically integrated artisanal model," she comments in a reaction note.

At Jefferies, Hermès is described as a true "deliverer of strong results," a trait that demonstrates the brand continues to perform well and captivate luxury buyers globally.

"Its solid exposure to wealth creation induced by buoyant stock markets is evident across all regions, with a North American segment—still relatively immature—standing out in particular," the American broker highlights, noting that the strength of the euro should have weighed more heavily on the company’s accounts.

More broadly, analysts praise the stability and consistency of the Parisian leather goods maker’s performance.

"Given the current context where demand for luxury goods faces a tougher environment, Hermès’s relative resilience makes its stock more attractive," acknowledges Piral Dadhania at RBC.

"The brand should be less affected than its peers thanks to its ultra-luxury positioning and its limited production model for its most coveted products," the analyst adds.

While it did not provide precise forecasts, the group said it was approaching 2026 "with confidence," despite economic, geopolitical, and monetary uncertainties. Over the medium term, it continues to target "ambitious" revenue growth at constant exchange rates.

"Even if future growth is expected to moderate to around 10% per year on average for both revenue and operating profit over the next five years, Hermès will continue to outperform the luxury sector, which is expected to grow between 5% and 6%," continues Piral Dadhania.

"Nonetheless, this does not prevent us from forecasting a second consecutive year of margin compression in 2026," the RBC analyst goes on.

Another note of caution, according to the expert: the stock is currently trading at high multiples, with a P/E of 49x for 2026, an enterprise value/EBIT of 32x, and an enterprise value/revenue of 12.4x.

"These levels are well above those of the luxury sector as a whole and even above its direct ultra-luxury peers such as Ferrari or Brunello Cucinelli," Piral Dadhania concludes.