Cash flow Hermès International

Equities

RMS

FR0000052292

Apparel & Accessories

Market Closed - Euronext Paris Other stock markets 16:55:00 21/01/2026 GMT			After hours 19:56:09
2,098.00 ^EUR	+0.48%		2,131.00	+1.57%

10:24am	HERMES : RBC remains its Buy rating	ZD
09:45am	CAC 40 Hesitates After Seven Consecutive Declines

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Published financial data: HERMÈS INTERNATIONAL

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Revenues	6.39B	8.98B	11.6B	13.43B	15.17B
Total Revenues	6.39B	8.98B	11.6B	13.43B	15.17B
Cost of Goods Sold, Total	2.01B	2.58B	3.39B	3.72B	4.51B
Gross Profit	4.38B	6.4B	8.21B	9.71B	10.66B
Selling General & Admin Expenses, Total	1.7B	2.14B	2.68B	3.17B	3.57B
Stock-Based Compensation (IS)	118M	122M	65M	151M	180M
Other Operating Expenses	524M	547M	648M	632M	679M
Other Operating Expenses, Total	2.34B	2.81B	3.39B	3.95B	4.43B
Operating Income	2.04B	3.6B	4.82B	5.76B	6.23B
Interest Expense, Total	-28.7M	-32M	-45M	-56M	-59M
Interest And Investment Income	10.6M	12M	67M	331M	400M
Net Interest Expenses	-18.1M	-20M	22M	275M	341M
Income (Loss) On Equity Invest.	16.1M	34M	50M	105M	44M
Other Non Operating Income (Expenses)	-68M	-77M	-84M	-83M	-57M
EBT, Excl. Unusual Items	1.97B	3.53B	4.81B	6.05B	6.56B
Impairment of Goodwill	-	-	-	-	-
Gain (Loss) On Sale Of Assets	-	-	-	-	-
Asset Writedown	-54.3M	-65M	-123M	-106M	-83M
Other Unusual Items	91.1M	-	-	-	-
EBT, Incl. Unusual Items	2B	3.47B	4.68B	5.95B	6.48B
Income Tax Expense	613M	1.02B	1.3B	1.62B	1.84B
Earnings From Continuing Operations	1.39B	2.45B	3.38B	4.32B	4.63B
Net Income to Company	1.39B	2.45B	3.38B	4.32B	4.63B
Minority Interest	-4.1M	-8M	-13M	-12M	-28M
Net Income - (IS)	1.39B	2.44B	3.37B	4.31B	4.6B
Net Income to Common Incl Extra Items	1.39B	2.44B	3.37B	4.31B	4.6B
Net Income to Common Excl. Extra Items	1.39B	2.44B	3.37B	4.31B	4.6B
Per Share Items
Net EPS - Basic	13.27	23.37	32.2	41.2	43.93
Basic EPS - Continuing Operations	13.27	23.37	32.2	41.2	43.93
Basic Weighted Average Shares Outstanding	104M	105M	105M	105M	105M
Net EPS - Diluted	13.21	23.3	32.09	41.12	43.87
Diluted EPS - Continuing Operations	13.21	23.3	32.09	41.12	43.87
Diluted Weighted Average Shares Outstanding	105M	105M	105M	105M	105M
Normalized Basic EPS	11.73	21.03	28.61	36.03	38.85
Normalized Diluted EPS	11.67	20.96	28.51	35.96	38.8
Dividend Per Share	4.55	8	13	15	16
Payout Ratio	35.02	19.88	25.07	31.92	34.65
American Depositary Receipts Ratio (ADR)	0.1	0.1	0.1	0.1	0.1
Supplemental Items
EBITDA	2.31B	3.91B	5.09B	6.04B	6.56B
EBITA	2.1B	3.68B	4.83B	5.76B	6.24B
EBIT	2.04B	3.6B	4.82B	5.76B	6.23B
EBITDAR	2.57B	4.29B	5.56B	6.61B	7.17B
Effective Tax Rate - (Ratio)	30.61	29.27	27.85	27.3	28.49
Total Current Taxes	618M	1.03B	1.36B	1.74B	2.09B
Total Deferred Taxes	-5.1M	-14M	-59M	-122M	-249M
Normalized Net Income	1.22B	2.2B	2.99B	3.77B	4.07B
Interest on Long-Term Debt	28.7M	32M	43M	56M	59M
Non-Cash Pension Expense	-400K	21M	16M	17M	22M
Supplemental Operating Expense Items
Net Rental Expense, Total	265M	383M	479M	565M	609M
Imputed Operating Lease Interest Expense	43.81M	56.9M	93.77M	129M	139M
Imputed Operating Lease Depreciation	221M	326M	385M	436M	470M
Stock-Based Comp., Other (Total)	118M	122M	65M	151M	180M
Total Stock-Based Compensation	118M	122M	65M	151M	180M

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	4.73B	6.7B	9.22B	10.62B	11.64B
Total Cash And Short Term Investments	4.73B	6.7B	9.22B	10.62B	11.64B
Accounts Receivable, Total	250M	333M	383M	431M	478M
Other Receivables	63.5M	58M	19M	51M	28M
Total Receivables	313M	391M	402M	482M	506M
Inventory	1.29B	1.45B	1.78B	2.41B	2.8B
Other Current Assets, Total	314M	309M	422M	487M	531M
Total Current Assets	6.65B	8.84B	11.83B	14.01B	15.48B
Gross Property Plant And Equipment	5.43B	6.1B	6.68B	7.43B	8.5B
Accumulated Depreciation	-2.33B	-2.7B	-3.09B	-3.37B	-3.74B
Net Property Plant And Equipment	3.09B	3.4B	3.59B	4.06B	4.77B
Long-term Investments	402M	649M	1.15B	1.32B	1.26B
Goodwill	42.4M	42M	-	72M	228M
Other Intangibles, Total	221M	258M	213M	225M	237M
Loans Receivable Long-Term	1.6M	59M	65M	70M	-
Deferred Tax Assets Long-Term	475M	546M	555M	631M	929M
Other Long-Term Assets, Total	166M	50M	60M	62M	183M
Total Assets	11.05B	13.85B	17.46B	20.45B	23.08B
Liabilities
Accounts Payable, Total	373M	450M	659M	685M	683M
Accrued Expenses, Total	28.3M	40M	15M	16M	16M
Short-term Borrowings	16.4M	1M	2M	1M	-
Current Portion of Long-Term Debt	8.1M	-	-	-	-
Current Portion of Leases	196M	248M	268M	289M	332M
Current Income Taxes Payable	218M	347M	496M	586M	773M
Other Current Liabilities	1B	1.49B	1.56B	1.61B	1.82B
Total Current Liabilities	1.84B	2.58B	3B	3.18B	3.63B
Long-Term Debt	200K	-	1M	2M	1M
Long-Term Leases	1.45B	1.53B	1.63B	1.72B	1.78B
Pension & Other Post Retirement Benefits	275M	220M	181M	151M	173M
Deferred Tax Liability Non Current	21.9M	15M	20M	2M	5M
Other Non Current Liabilities	76.1M	96M	168M	186M	161M
Total Liabilities	3.66B	4.44B	5B	5.24B	5.75B
Common Stock, Total	53.8M	54M	54M	54M	54M
Additional Paid In Capital	49.6M	50M	50M	50M	50M
Retained Earnings	1.39B	2.44B	3.37B	4.31B	4.6B
Treasury Stock	-464M	-551M	-674M	-698M	-670M
Comprehensive Income and Other	6.36B	7.4B	9.64B	11.48B	13.29B
Total Common Equity	7.38B	9.4B	12.44B	15.2B	17.33B
Minority Interest	10.9M	12M	16M	2M	7M
Total Equity	7.39B	9.41B	12.46B	15.2B	17.33B
Total Liabilities And Equity	11.05B	13.85B	17.46B	20.45B	23.08B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	105M	105M	105M	105M	105M
ECS Total Common Shares Outstanding	105M	105M	105M	105M	105M
Book Value / Share	70.55	89.83	119	145.14	165.27
Tangible Book Value	7.12B	9.1B	12.23B	14.9B	16.86B
Tangible Book Value Per Share	68.03	86.96	116.96	142.31	160.84
Total Debt	1.67B	1.78B	1.9B	2.01B	2.11B
Net Debt	-3.06B	-4.92B	-7.32B	-8.61B	-9.53B
Debt Equivalent of Unfunded Proj. Benefit Obligation	303M	260M	197M	167M	189M
Debt Equivalent Oper. Leases	2.12B	3.06B	3.83B	4.52B	4.87B
Minority Interest, Total (Incl. Fin. Div)	10.9M	12M	16M	2M	7M
Equity Method Investments, Total	48.8M	51M	54M	200M	238M
Account Code - Inventory Valuation	3	3	3	3	3
Inventories - Raw Materials, Total	750M	803M	960M	1.3B	1.32B
Inventories - Finished Goods, Total	1.35B	1.44B	1.61B	1.97B	2.69B
Land - (BS)	172M	199M	191M	348M	689M
Buildings, Total	1.01B	1.13B	1.28B	1.32B	1.47B
Machinery, Total	1.47B	1.7B	1.89B	2.08B	2.43B
Full Time Employees	15.84K	16.78K	18.88K	22.04K	24.2K
Part Time Employees	762	813	808	-	982
Accumulated Allowance for Doubtful Accounts (Supple)	6.2M	3M	3M	3M	4M

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	1.39B	2.44B	3.37B	4.31B	4.6B
Depreciation & Amortization - CF	449M	476M	524M	571M	654M
Amortization of Goodwill and Intangible Assets - (CF)	65.6M	87M	8M	6M	6M
Depreciation & Amortization, Total	514M	563M	532M	577M	660M
Amortization of Deferred Charges, Total - (CF)	-	-	75M	89M	101M
Minority Interest in Earnings - (CF)	4.1M	8M	13M	12M	28M
(Gain) Loss From Sale Of Asset	-89.9M	-4M	-1M	-14M	-2M
Asset Writedown & Restructuring Costs	54.3M	65M	123M	106M	83M
(Income) Loss On Equity Investments - (CF)	-16.1M	-34M	-50M	-105M	-44M
Stock-Based Compensation (CF)	79M	59M	55M	104M	142M
Other Operating Activities, Total	61.7M	-43M	-3M	42M	-193M
Change In Accounts Receivable	38.4M	-30M	-54M	-122M	4M
Change In Inventories	-158M	-116M	-324M	-662M	-313M
Change In Accounts Payable	-23.7M	71M	203M	42M	-60M
Change In Deferred Taxes	-	-	-	-	-
Change in Other Net Operating Assets	-207M	421M	248M	-52M	130M
Cash from Operations	1.64B	3.4B	4.18B	4.33B	5.14B
Capital Expenditure	-336M	-403M	-414M	-578M	-1.07B
Sale of Property, Plant, and Equipment	200K	3M	1M	-	1M
Cash Acquisitions	-71.6M	-	-1M	-288M	-229M
Divestitures	81.4M	-	-	-	-
Sale (Purchase) of Real Estate properties	-3.7M	-2M	-	-166M	-
Sale (Purchase) of Intangible assets	-108M	-127M	-104M	-115M	-
Investment in Marketable and Equity Securities, Total	-26.1M	-192M	-160M	-52M	118M
Other Investing Activities, Total	32.3M	52M	99M	204M	-18M
Cash from Investing	-432M	-669M	-579M	-995M	-1.2B
Long-Term Debt Issued, Total	8.2M	-	-	-	-
Total Debt Issued	8.2M	-	-	-	-
Long-Term Debt Repaid, Total	-207M	-220M	-261M	-278M	-306M
Total Debt Repaid	-207M	-220M	-261M	-278M	-306M
Repurchase of Common Stock	-122M	-158M	-123M	-130M	-37M
Common Dividends Paid	-485M	-486M	-844M	-1.38B	-1.59B
Common & Preferred Stock Dividends Paid	-485M	-486M	-844M	-1.38B	-1.59B
Special Dividend Paid	-	-	-	-	-1.05B
Other Financing Activities, Total	-4.6M	-5M	-9M	-10M	-61M
Cash from Financing	-810M	-869M	-1.24B	-1.79B	-3.05B
Foreign Exchange Rate Adjustments	-54.6M	110M	159M	-138M	119M
Miscellaneous Cash Flow Adjustments	-100K	1M	1M	1M	-
Net Change in Cash	345M	1.98B	2.53B	1.4B	1.02B
Supplemental Items
Cash Income Tax Paid (Refund)	-	-	-	-	-
Levered Free Cash Flow	1.04B	2.86B	3.09B	3.06B	3.68B
Unlevered Free Cash Flow	1.06B	2.88B	3.12B	3.1B	3.72B
Change In Net Working Capital	400M	-476M	46M	621M	47M
Net Debt Issued / Repaid	-198M	-220M	-261M	-278M	-306M

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	12.16	18.05	19.25	18.98	17.89
Return on Total Capital	15.19	22.2	23.58	22.79	21.24
Return On Equity %	19.9	29.2	30.91	31.26	28.47
Return on Common Equity	19.86	29.14	30.83	31.19	28.3
Margin Analysis
Gross Profit Margin %	68.49	71.28	70.79	72.29	70.26
SG&A Margin	26.58	23.79	23.1	23.6	23.53
EBITDA Margin %	36.1	43.51	43.84	45.01	43.23
EBITA Margin %	32.89	41	41.61	42.91	41.11
EBIT Margin %	31.86	40.04	41.54	42.86	41.07
Income From Continuing Operations Margin %	21.75	27.31	29.13	32.2	30.53
Net Income Margin %	21.68	27.22	29.02	32.11	30.34
Net Avail. For Common Margin %	21.68	27.22	29.02	32.11	30.34
Normalized Net Income Margin	19.16	24.49	25.79	28.08	26.84
Levered Free Cash Flow Margin	16.31	31.82	26.65	22.83	24.29
Unlevered Free Cash Flow Margin	16.59	32.05	26.9	23.09	24.53
Asset Turnover
Asset Turnover	0.61	0.72	0.74	0.71	0.7
Fixed Assets Turnover	2.29	2.77	3.32	3.51	3.44
Receivables Turnover (Average Receivables)	22.51	30.81	32.41	32.99	33.38
Inventory Turnover (Average Inventory)	1.66	1.88	2.1	1.77	1.73
Short Term Liquidity
Current Ratio	3.62	3.43	3.94	4.4	4.26
Quick Ratio	2.74	2.75	3.2	3.49	3.35
Operating Cash Flow to Current Liabilities	0.89	1.32	1.39	1.36	1.42
Days Sales Outstanding (Average Receivables)	16.26	11.85	11.26	11.06	10.97
Days Outstanding Inventory (Average Inventory)	220.15	193.68	173.83	205.7	211.4
Average Days Payable Outstanding	65.62	54.75	54.42	56.32	51.15
Cash Conversion Cycle (Average Days)	170.78	150.77	130.67	160.45	171.21
Long Term Solvency
Total Debt/Equity	22.57	18.89	15.25	13.23	12.2
Total Debt / Total Capital	18.41	15.89	13.23	11.69	10.87
LT Debt/Equity	19.59	16.25	13.09	11.33	10.28
Long-Term Debt / Total Capital	15.98	13.66	11.35	10	9.16
Total Liabilities / Total Assets	33.12	32.03	28.66	25.65	24.91
EBIT / Interest Expense	70.93	112.38	107.11	102.77	105.61
EBITDA / Interest Expense	88.85	129.97	118.93	113.07	116.8
(EBITDA - Capex) / Interest Expense	77.13	117.38	109.73	102.75	98.71
Total Debt / EBITDA	0.65	0.43	0.36	0.32	0.31
Net Debt / EBITDA	-1.2	-1.18	-1.37	-1.36	-1.38
Total Debt / (EBITDA - Capex)	0.75	0.47	0.38	0.35	0.36
Net Debt / (EBITDA - Capex)	-1.38	-1.31	-1.48	-1.5	-1.64
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-7.18	40.59	29.17	15.73	12.98
Gross Profit, 1 Yr. Growth %	-8.04	46.3	28.29	18.19	9.81
EBITDA, 1 Yr. Growth %	-11.4	69.47	32.83	18.84	8.5
EBITA, 1 Yr. Growth %	-12.94	75.3	33.96	19.32	8.26
EBIT, 1 Yr. Growth %	-14.01	76.71	34.04	19.4	8.27
Earnings From Cont. Operations, 1 Yr. Growth %	-9.49	76.6	37.79	27.9	7.12
Net Income, 1 Yr. Growth %	-9.34	76.53	37.71	28.04	6.77
Normalized Net Income, 1 Yr. Growth %	-14.95	79.73	35.99	26.02	7.98
Diluted EPS Before Extra, 1 Yr. Growth %	-9.21	76.38	37.73	28.14	6.69
Accounts Receivable, 1 Yr. Growth %	-21.45	33.2	15.02	12.53	10.9
Inventory, 1 Yr. Growth %	13.84	12.41	22.77	35.69	15.87
Net Property, Plant and Equip., 1 Yr. Growth %	23.88	9.9	5.62	13.01	17.3
Total Assets, 1 Yr. Growth %	11.83	25.3	26.08	17.11	12.9
Tangible Book Value, 1 Yr. Growth %	11.76	27.86	34.36	21.89	13.14
Common Equity, 1 Yr. Growth %	12.36	27.37	32.34	22.19	13.99
Cash From Operations, 1 Yr. Growth %	-21.31	107.37	22.88	3.44	18.74
Capital Expenditures, 1 Yr. Growth %	-11.67	20.3	2.73	39.61	84.6
Levered Free Cash Flow, 1 Yr. Growth %	-36.22	174.45	8.18	-0.89	20.22
Unlevered Free Cash Flow, 1 Yr. Growth %	-35.72	171.64	8.41	-0.66	20.05
Dividend Per Share, 1 Yr. Growth %	0	75.82	62.5	15.38	6.67
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	3.49	14.23	34.76	22.27	14.35
Gross Profit, 2 Yr. CAGR %	2.39	15.99	37	23.14	13.92
EBITDA, 2 Yr. CAGR %	-0.25	22.52	48.51	25.64	13.55
EBITA, 2 Yr. CAGR %	0	23.53	51.59	26.43	13.66
EBIT, 2 Yr. CAGR %	-1.57	23.25	53.9	26.51	13.7
Earnings From Cont. Operations, 2 Yr. CAGR %	-0.75	26.41	55.99	32.75	17.05
Net Income, 2 Yr. CAGR %	-0.72	26.49	55.92	32.79	16.92
Normalized Net Income, 2 Yr. CAGR %	-2.19	23.62	56.34	30.91	16.65
Diluted EPS Before Extra, 2 Yr. CAGR %	-0.71	26.55	55.86	32.85	16.92
Accounts Receivable, 2 Yr. CAGR %	-5.68	2.35	23.77	13.77	11.72
Inventory, 2 Yr. CAGR %	15.68	13.11	17.48	29.07	25.39
Net Property, Plant and Equip., 2 Yr. CAGR %	15.24	16.68	7.74	9.25	15.24
Total Assets, 2 Yr. CAGR %	14.34	18.38	25.69	21.52	14.99
Tangible Book Value, 2 Yr. CAGR %	15.74	19.54	31.07	27.98	17.43
Common Equity, 2 Yr. CAGR %	16.16	19.63	29.83	27.17	18.02
Cash From Operations, 2 Yr. CAGR %	-7.99	27.72	59.63	12.74	10.83
Capital Expenditures, 2 Yr. CAGR %	3.76	2.9	11.17	19.76	60.54
Levered Free Cash Flow, 2 Yr. CAGR %	-21.54	32.28	72.31	3.55	9.15
Unlevered Free Cash Flow, 2 Yr. CAGR %	-21.24	32.13	71.6	3.77	9.2
Dividend Per Share, 2 Yr. CAGR %	0	32.6	69.03	36.93	10.94
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	4.81	14.61	19.01	28.09	19.09
Gross Profit, 3 Yr. CAGR %	4	15.32	19.95	30.42	18.52
EBITDA, 3 Yr. CAGR %	2.12	19.01	25.01	37.88	19.65
EBITA, 3 Yr. CAGR %	2.26	20.57	26	39.97	20.06
EBIT, 3 Yr. CAGR %	1.18	19.61	26.75	41.41	20.11
Earnings From Cont. Operations, 3 Yr. CAGR %	4.27	20.25	30.09	46	23.59
Net Income, 3 Yr. CAGR %	4.29	20.27	30.12	46.01	23.48
Normalized Net Income, 3 Yr. CAGR %	0.48	19.79	27.61	45.5	22.77
Diluted EPS Before Extra, 3 Yr. CAGR %	4.37	20.25	30.17	46.01	23.48
Accounts Receivable, 3 Yr. CAGR %	-0.81	5.86	6.41	19.91	12.8
Inventory, 3 Yr. CAGR %	12.89	14.57	16.24	23.26	24.51
Net Property, Plant and Equip., 3 Yr. CAGR %	34.06	13.43	12.87	9.47	11.94
Total Assets, 3 Yr. CAGR %	17.75	17.89	20.89	22.77	18.57
Tangible Book Value, 3 Yr. CAGR %	13.45	19.65	24.29	27.94	22.83
Common Equity, 3 Yr. CAGR %	13.56	19.78	23.73	27.23	22.61
Cash From Operations, 3 Yr. CAGR %	0.76	20.62	26.09	38.14	14.71
Capital Expenditures, 3 Yr. CAGR %	15.89	8.87	2.84	19.94	38.34
Levered Free Cash Flow, 3 Yr. CAGR %	-5.65	19.09	23.71	43.3	8.83
Unlevered Free Cash Flow, 3 Yr. CAGR %	-5.14	18.99	23.7	43.02	8.94
Dividend Per Share, 3 Yr. CAGR %	3.53	20.7	41.9	48.83	25.99
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	5.71	11.54	15.89	17.61	17.12
Gross Profit, 5 Yr. CAGR %	6.47	12.71	16.12	18.39	17.5
EBITDA, 5 Yr. CAGR %	5.91	15.4	18.61	21.13	20.29
EBITA, 5 Yr. CAGR %	6.24	16.61	19.69	22.35	20.91
EBIT, 5 Yr. CAGR %	5.57	16.06	19.65	22.33	21.36
Earnings From Cont. Operations, 5 Yr. CAGR %	7.29	17.31	22.49	25.11	24.71
Net Income, 5 Yr. CAGR %	7.33	17.32	22.48	25.13	24.67
Normalized Net Income, 5 Yr. CAGR %	5.25	16.15	19.91	24.12	23.11
Diluted EPS Before Extra, 5 Yr. CAGR %	7.36	17.35	22.53	25.14	24.7
Accounts Receivable, 5 Yr. CAGR %	-3.8	1.63	8.4	8.96	8.5
Inventory, 5 Yr. CAGR %	6.32	9.63	14.7	20.16	19.82
Net Property, Plant and Equip., 5 Yr. CAGR %	19.15	20.55	22.84	11.74	13.81
Total Assets, 5 Yr. CAGR %	16.33	18.21	20.87	19.33	18.5
Tangible Book Value, 5 Yr. CAGR %	14.72	16.59	20.19	22.92	21.5
Common Equity, 5 Yr. CAGR %	14.55	16.49	19.81	22.68	21.41
Cash From Operations, 5 Yr. CAGR %	6.73	18.23	21.11	17.41	19.75
Capital Expenditures, 5 Yr. CAGR %	9.53	13.37	13.9	13.1	22.9
Levered Free Cash Flow, 5 Yr. CAGR %	3.41	18.35	20.04	12.61	17.67
Unlevered Free Cash Flow, 5 Yr. CAGR %	3.74	18.49	20.24	12.65	17.68
Dividend Per Share, 5 Yr. CAGR %	6.31	16.36	25.96	26.95	28.59