At lunchtime the stock was up 2.3%, in a CAC 40 that was trailing, up less (+0.7%), with trading volumes amongst the highest on the Parisian index. However, it is still down more than 21% over the past 12 months.

The luxury group this morning announced that its consolidated revenue rose by 9% at constant exchange rates and by 5.5% at current exchange rates in 2025, surpassing, for the first time, the €16bn mark.

Its recurring operating income came in at €6.6bn, up 7%, delivering an operating margin of 41%.

In Q4 alone, sales totaled €4.1bn, representing a 10% increase at constant exchange rates, matching the previous quarter, while the market was expecting a more modest growth of around 8.5%.

This pace is all the more remarkable given that it compares to a base which had already posted 18% growth in Q4 2024, notes Sarah Thirion, analyst at TP Icap, who this morning described the company as operating "in a world of its own."

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

At Jefferies, Hermès is described as a genuine "deliverer of strong results," a trait that shows the brand continues to perform well and attract luxury buyers internationally.

"Its solid exposure to wealth creation driven by strong stock markets is felt 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' relative strength makes its stock more attractive," acknowledges Piral Dadhania at RBC.

"The brand should be less impacted than its competitors thanks to its ultra-luxury positioning and its limited production model for its most sought-after products," the analyst adds.

Although it did not provide precise forecasts, the group said it was approaching 2026 "with confidence," despite economic, geopolitical, and monetary uncertainties. In the medium term, it still aims for an "ambitious" target of revenue growth at constant exchange rates.

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

"Despite this, it does not prevent us from forecasting a second consecutive year of margin compression in 2026," the RBC analyst adds.

Another reason for caution, according to the professional: the stock is currently trading at high multiples, with a 2026 P/E of 49x, an EV/EBIT of 32x, and  EV/Sales of 12.4x.

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