I am answering this question in the scope of comparing the two tools to perform financial consolidations. My answer on this would be to compare SAP BPC (Business Planning and Consolidation) which is a mature product for consolidations SAP purchased from Outlooksoft about 12 years ago and has consistently upgraded and supported. S/4 HANA Embedded Analytics is not focused on consolidations, but is a tool to replace BW/Bex Data Warehouse with operational and analytical reporting which runs reports directly on the core data tables of ECC (MARA, BSEG, etc) rather than loading to a data warehouse first for reporting afterwards. HFM (https://goo.gl/vVec5j) has been around for 15 years or so and has strong functionality around consolidations - BPC can perform the same features. It really depends whether you are running Oracle (HFM) or SAP (BPC) as to which one to pick. You can export SAP data out to Hyperion, and Oracle to BPC, but this is an extra set of hurdles which is probably not necessary in most situations.
