A Business at a Glance
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Hims & Hers Health, Inc.
HIMS
$7.1B
Mkt Cap
$28.09
-14.20%
Hims & Hers Health, Inc. (HIMS) has a current P/E ratio of 55.1, compared to its historical median P/E of 58.7. The stock is currently considered Fair based on its historical valuation range.
Hims & Hers Health, Inc. (HIMS) has a 5-year average return on invested capital (ROIC) of -17.1%. This is below average and may indicate limited pricing power.
Hims & Hers Health, Inc. (HIMS) has a market capitalization of $6.4B. It is classified as a mid-cap stock.
Hims & Hers Health, Inc. (HIMS) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 1.40%.
Based on historical P/E analysis, Hims & Hers Health, Inc. (HIMS) appears fair. The current P/E of 55.1 is 6% below its historical median of 58.7. The estimated fair value CAGR (P/E method) is 77.9%.
Hims & Hers Health, Inc. (HIMS) operates in the Services-Offices & Clinics Of Doctors Of Medicine industry, within the Healthcare sector.
Hims & Hers is a consumer-first digital health platform launched in 2017 that connects patients with licensed healthcare providers for telehealth consultations and prescription fulfillment across a broad range of chronic conditions including sexual health, hair loss, hormone health, weight loss, dermatology, and mental health, as well as laboratory testing and non-prescription wellness products. The company operates a vertically integrated business model combining a proprietary electronic medical record system, a distributed provider network, digital prescription capabilities, cloud pharmacy fulfillment through wholly-owned pharmacies, and personalization algorithms to deliver personalized treatment plans. Revenue is generated primarily through subscription-based offerings where customers select recurring shipment cadences ranging from 30 to 360 days, providing predictable recurring revenue, supplemented by over-the-counter products sold through retail partnerships and online channels, many of which are white-labeled or co-developed with manufacturers. The company's competitive moat is built on nine years of accumulated patient data, a verticalized domestic supply chain with expanding operational facilities, clinical excellence enforced through evidence-based guidelines and a medical advisory board, and proprietary technology infrastructure designed to support rapid feature deployment and multi-condition treatment coordination. Hims & Hers serves consumers across the United States, Canada, the United Kingdom, and the European Union (Germany, Ireland, France, and Spain), having facilitated over fifty million telehealth consultations, and is expanding internationally through acquisitions including LiVWell in Canada and Eucalyptus across multiple markets.
【Accelerating growth with margin investment】 Management expects 2026 to be a year of accelerating growth driven by the strategic pivot toward weight loss, expansion of new specialties such as testosterone and menopause support, and meaningful international expansion through the Eucalyptus acquisition. Near-term gross margin compression is anticipated as the company prioritizes scaling lower-margin categories including weight loss, laboratory testing, and international markets, with a deliberate shift toward monthly shipment cadences in weight loss expected to create volatility in first-quarter GAAP margins. The company expects meaningful step-up in adjusted EBITDA dollars in the third and fourth quarters as monthly cohorts acquired throughout the year compound, combined with operating leverage gains in general and administrative expenses and continued marketing efficiency improvements. Technology and AI investments are expected to become a larger priority in 2026 to deepen customer engagement and retention, with efficiency benefits potentially emerging in 2027, while international markets are expected to run near breakeven on an adjusted EBITDA basis as the company prioritizes growth expansion over near-term profitability.
| Metric | Target | Period |
|---|---|---|
| Revenue | $2.8 billion–$3.0 billion | FY2026 |
| Adjusted EBITDA | $275 million–$350 million | FY2026 |
| 2030 Revenue Target | at least $6.5 billion | FY2030 |
| 2030 Adjusted EBITDA Target | $1.3 billion | FY2030 |
| Eucalyptus Upfront Payment | approximately $240 million | At closing (expected H2 2026) |
Revenue (FY2026): “For the full year, we are raising our 2026 revenue outlook to $2.8 billion-$3 billion, representing a year-over-year increase of 19%-28%.”
Adjusted EBITDA (FY2026): “It is our expectation that 2026 adjusted EBITDA will be between $275 million and $350 million.”
2030 Revenue Target (FY2030): “our 2030 targets of at least $6.5 billion in revenue and $1.3 billion in adjusted EBITDA”
2030 Adjusted EBITDA Target (FY2030): “our 2030 targets of at least $6.5 billion in revenue and $1.3 billion in adjusted EBITDA”
Eucalyptus Upfront Payment (At closing (expected H2 2026)): “At the time of closing of Eucalyptus, we expect to make a payment of approximately $240 million, with remaining guaranteed consideration in earn-out payments extending through early 2029.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 2.4B | 2.3B | 1.5B | 872M | 527M | 272M |
| Net Income | -13M | 128M | 126M | -24M | -66M | -108M |
| EPS | $-0.09 | $0.51 | $0.53 | $-0.11 | $-0.32 | $-0.58 |
| Free Cash Flow | 60M | 57M | 198M | 47M | -34M | -39M |
| ROIC | -3.6% | 16.8% | 39.8% | -7.2% | -20.3% | -114.7% |
| Gross Margin | 71.7% | 73.8% | 79.5% | 13.5% | 77.6% | 75.2% |
| Debt/Equity | 2.18 | 2.07 | 0.02 | 0.03 | 0.02 | 0.02 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | -31M | 106M | 62M | -29M | -69M | -115M |
| Operating Margin | -1.3% | 4.5% | 4.2% | -3.4% | -13.0% | -42.3% |
| ROE | -3.0% | 25.2% | 30.7% | -7.2% | -20.3% | -114.7% |
| Shares Outstanding | 228M | 252M | 238M | 214M | 205M | 186M |
| Metric | ||||||||
|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||
| Revenue | 83M | 149M | 272M | 527M | 872M | 1.5B | 2.3B | 2.4B |
| Gross Margin | 54.0% | 73.6% | 75.2% | 77.6% | 13.5% | 79.5% | 73.8% | 71.7% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 56M | 66M | 184M | 98M | 130M | 168M | 273M | 334M |
| EBIT | -74M | -15M | -115M | -69M | -29M | 62M | 106M | -31M |
| Op. Margin | -90.1% | -10.2% | -42.3% | -13.0% | -3.4% | 4.2% | 4.5% | -1.3% |
| Net Income | -72M | -18M | -108M | -66M | -24M | 126M | 128M | -13M |
| Net Margin | -87.3% | -12.2% | -39.6% | -12.5% | -2.7% | 8.5% | 5.5% | -0.6% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | ||||||||
| ROIC | -36.3% | -12.8% | -114.7% | -20.3% | -7.2% | 39.8% | 16.8% | -3.6% |
| ROE | 68.3% | 12.6% | -114.7% | -20.3% | -7.2% | 30.7% | 25.2% | -3.0% |
| ROA | -35.2% | -11.2% | -39.9% | -16.7% | -5.8% | 21.9% | 9.0% | -0.6% |
| Cash Flow | ||||||||
| Op. Cash Flow | -75M | -2.5M | -34M | -27M | 73M | 251M | 300M | 280M |
| Free Cash Flow | -76M | -5.0M | -39M | -34M | 47M | 198M | 57M | 60M |
| Owner Earnings | -83M | -9.4M | -106M | -77M | -2.1M | 142M | 110M | 65M |
| CapEx | 1.5M | 2.5M | 4.2M | 7.2M | 27M | 53M | 243M | 220M |
| Maint. CapEx | 260K | 1.1M | 4.1M | 7.5M | 9.5M | 17M | 55M | 68M |
| Growth CapEx | 1.2M | 1.4M | 100K | 0 | 17M | 36M | 188M | 152M |
| D&A | 260K | 1.1M | 4.1M | 7.5M | 9.5M | 17M | 55M | 68M |
| CapEx/OCF | N/A | N/A | N/A | N/A | 4.6% | 3.1% | 8.4% | 78.5% |
| Capital Allocation | ||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 2.0M | 83M | 90M | 90M |
| Buyback Yield | N/A | N/A | 1.8% | N/A | 0.1% | 1.3% | 1.0% | 1.4% |
| Stock-Based Comp | 8.0M | 5.8M | 67M | 43M | 66M | 92M | 135M | 147M |
| Debt Repayment | 9.1M | 1.5M | 0 | 0 | 0 | 0 | 3.4M | 3.4M |
| Balance Sheet | ||||||||
| Net Debt | 626K | -100M | -242M | -174M | -211M | -289M | 541M | 223M |
| Cash & Equiv. | 1.5M | 27M | 72M | 47M | 97M | 221M | 229M | 751M |
| Long-Term Debt | 2.1M | 0 | 0 | 0 | 0 | 0 | 970M | 974M |
| Debt/Equity | -0.02 | 0.00 | 0.02 | 0.02 | 0.03 | 0.02 | 2.07 | 2.18 |
| Interest Coverage | -201.7 | -1514.4 | N/A | N/A | N/A | N/A | N/A | N/A |
| Equity | -140M | -147M | 335M | 312M | 344M | 477M | 541M | 446M |
| Total Assets | 205M | 119M | 421M | 366M | 441M | 708M | 2.2B | 2.3B |
| Total Liabilities | 345M | 16M | 86M | 55M | 97M | 231M | 1.6B | 1.8B |
| Intangibles | N/A | 59K | 26M | 22M | 19M | 43M | 196M | 261M |
| Retained Earnings | 1.1M | -171M | -279M | -345M | -368M | -242M | -114M | -206M |
| Working Capital | 678K | 98M | 191M | 169M | 177M | 174M | 363M | 427M |
| Current Assets | 1.7M | 113M | 270M | 217M | 265M | 396M | 768M | 1.0B |
| Current Liabilities | 979K | 15M | 79M | 48M | 88M | 221M | 404M | 619M |
| Per Share Data | ||||||||
| EPS | -2.07 | -0.51 | -0.58 | -0.32 | -0.11 | 0.53 | 0.51 | -0.09 |
| Owner EPS | -2.39 | -0.26 | -0.57 | -0.37 | -0.01 | 0.60 | 0.44 | 0.28 |
| Book Value | -4.02 | -4.14 | 1.80 | 1.52 | 1.61 | 2.00 | 2.15 | 1.95 |
| Cash Flow/Share | -2.15 | -0.07 | -0.19 | -0.13 | 0.34 | 1.06 | 1.19 | 0.24 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 34.8M | 35.5M | 185.6M | 205.2M | 214.1M | 237.8M | 251.7M | 228.4M |
| Valuation | ||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | 50.1 | 67.3 | -301.6 |
| P/FCF | N/A | N/A | N/A | N/A | 41.1 | 31.9 | 150.4 | 106.3 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | 97.2 | 85.5 | N/A |
| Price/Book | N/A | N/A | 3.6 | 4.1 | 5.6 | 13.2 | 16.0 | 14.4 |
| Price/Sales | 4.2 | 14.3 | 7.6 | 2.0 | 2.0 | 2.8 | 4.7 | 2.7 |
| FCF Yield | -22.2% | -0.2% | -3.2% | -2.7% | 2.4% | 3.1% | 0.7% | 0.9% |
| Market Cap | 344M | 3.1B | 1.2B | 1.3B | 1.9B | 6.3B | 8.6B | 6.4B |
| Avg. Price | 9.87 | 10.36 | 11.13 | 5.25 | 8.34 | 17.64 | 44.18 | 28.09 |
| Year-End Price | 9.90 | 14.93 | 6.42 | 6.17 | 9.03 | 26.56 | 34.31 | 28.09 |
Hims & Hers Health, Inc. passes 2 of 9 quality checks, indicating weak fundamentals.
Hims & Hers Health, Inc. trades at 55.1x trailing earnings, compared to its 15-year median P/E of 58.7x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 22.4x vs a median of 36.5x. The company's 5-year average gross margin is 63.9%. Total shareholder yield (buybacks) is 1.4%. At current prices, the estimated annualized return to fair value is +96.1%.
Hims & Hers Health, Inc. (HIMS) reported annual revenue of $2.3 billion in its most recent fiscal year, based on SEC EDGAR filings.
Hims & Hers Health, Inc. (HIMS) has a net profit margin of 5.5%. This is a modest margin.
Hims & Hers Health, Inc. (HIMS) generated $57 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Hims & Hers Health, Inc. (HIMS) has a debt-to-equity ratio of 2.07. This indicates higher leverage, which may increase financial risk.
Hims & Hers Health, Inc. (HIMS) reported earnings per share (EPS) of $0.51 in its most recent fiscal year.
Hims & Hers Health, Inc. (HIMS) has a return on equity (ROE) of 25.2%. This indicates the company generates strong returns for shareholders.
Hims & Hers Health, Inc. (HIMS) has a 5-year average gross margin of 63.9%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 7 years of financial data for Hims & Hers Health, Inc. (HIMS), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Hims & Hers Health, Inc. (HIMS) has a book value per share of $2.15, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects 2026 to be a year of accelerating growth driven by the strategic pivot toward weight loss, expansion of new specialties such as testosterone and menopause support, and meaningful international expansion through the Eucalyptus acquisition. Near-term gross margin compression is anticipated as the company prioritizes scaling lower-margin categories including weight loss, laboratory testing, and international markets, with a deliberate shift toward monthly shipment cadences in weight loss expected to create volatility in first-quarter GAAP margins. The company expects meaningful step-up in adjusted EBITDA dollars in the third and fourth quarters as monthly cohorts acquired throughout the year compound, combined with operating leverage gains in general and administrative expenses and continued marketing efficiency improvements. Technology and AI investments are expected to become a larger priority in 2026 to deepen customer engagement and retention, with efficiency benefits potentially emerging in 2027, while international markets are expected to run near breakeven on an adjusted EBITDA basis as the company prioritizes growth expansion over near-term profitability.
Based on recent SEC filings and earnings calls, Hims & Hers Health, Inc. (HIMS) has provided the following forward guidance: Revenue: $2.8 billion–$3.0 billion (FY2026); Adjusted EBITDA: $275 million–$350 million (FY2026); 2030 Revenue Target: at least $6.5 billion (FY2030); 2030 Adjusted EBITDA Target: $1.3 billion (FY2030); Eucalyptus Upfront Payment: approximately $240 million (At closing (expected H2 2026)).