Hims & Hers Health (HIMS) AI Stock Analysis

• Market Cap: $5.69B
• Dividend Yield: N/A
• Average Volume (3M): 46.78M
• Price to Earnings (P/E): 56.9
• Beta (1Y): 2.43
• Revenue Growth: 78.02%
• EPS Growth: 28.15%
• Country: US
• Employees: 1,637
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Equipment & Services
• EPS (TTM): 0.08
• Shares Outstanding: 219,561,140
• 10 Day Avg. Volume: 63,514,894
• 30 Day Avg. Volume: 46,775,610
• PEG Ratio: -33.00
• Price to Book (P/B): 13.50
• Price to Sales (P/S): 3.11
• P/FCF Ratio: 98.76
• Enterprise Value/Market Cap: 1.08
• Enterprise Value/Revenue: 2.63
• Enterprise Value/Gross Profit: 3.77
• Enterprise Value/Ebitda: 36.33
• 1Y Price Target: $26.00
• Price Target Upside: 4.08% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 14
• EPS Forecast (FY): 0.43
• Revenue Forecast (FY): $2.75B

• Rating: 58 Neutral
• Price Target: $25.00 ▲(0.08% Upside)
• Action: Reiterated Date: 03/13/26
• Date: Action: Reiterated 03/13/26

The score is primarily held back by higher financial risk from the sharp 2025 leverage increase and weaker technical trend signals (below key moving averages with negative MACD). Offsetting these are strong multi-year growth/profitability progress and constructive 2026 guidance, though a high P/E and margin/cash-conversion pressure limit upside in the near term.

Positive Factors

Subscriber scale & recurring revenue

A >2.5M subscriber base with rising average revenue per subscriber creates durable, recurring revenue and stronger unit economics. High subscription scale supports cross-sell, lowers marginal acquisition cost, and provides predictable revenues to fund product launches and international rollouts over the next 2–6 months.

Improving profitability and cash generation

Material improvement to EBITDA and positive operating cash flow demonstrates the business can convert growth into cash and earnings. Sustained cash generation supports reinvestment in labs, pharmacy capacity and M&A funding while reducing the need for dilutive capital if execution continues.

Platform breadth and international expansion

Rapid international growth and targeted acquisitions broaden addressable markets and diversify revenue mix. Combining telehealth, pharmacy, labs and product lines builds vertical integration and cross-category opportunities that strengthen competitive positioning beyond domestic demand cycles.

Negative Factors

Rising leverage and balance-sheet risk

A sharp increase in leverage materially reduces financial flexibility and raises interest and refinancing risk. If growth or margin expansion slows, elevated debt amplifies downside, constrains opportunistic investment, and could force tighter cost controls or asset sales to meet obligations.

Regulatory scrutiny on compounded GLP-1s

Regulatory uncertainty around compounded GLP-1s threatens a high-growth specialty channel. Potential restrictions would require pivoting to approved branded therapies or altered fulfillment models, changing unit economics, increasing compliance costs and possibly slowing weight-loss revenue expansion.

Large acquisition & margin integration risk

A sizable, near-term acquisition raises integration and cash-commitment risk. Early-stage international businesses running near breakeven can depress consolidated margins while integration and deferred earnouts consume cash and management focus if synergies or local regulatory hurdles take longer than planned.

Hims & Hers Health Business Overview & Revenue Model

Company Description

Hims & Hers Health, Inc. operates a multi-specialty telehealth platform that connects consumers to licensed healthcare professionals. The company offers a range of health and wellness products and services available to purchase on its websites and mobile application directly by customers. It also provides prescription medication on a recurring basis and ongoing care from healthcare providers; and over-the-counter drug and device products, cosmetics, and supplement products, primarily focusing on wellness, sexual health and wellness, skincare, and hair care. The company's curated non-prescription products include vitamin C, melatonin, biotin, and collagen protein supplements in the wellness category; moisturizer, serums, and face wash in the skincare category; condoms, climax delay spray and wipes, vibrators, and lubricants in the sexual health and wellness category; and shampoos, conditioners, scalp scrubs, and topical treatments, such as minoxidil in the hair care category. In addition, it offers medical consultation services, as well as health and wellness products through wholesale partners. The company is based in San Francisco, California.

How the Company Makes Money

Hims & Hers primarily makes money by selling healthcare products and services directly to consumers through its digital platform, with revenue largely driven by recurring subscriptions. Key revenue streams include: (1) Subscriptions and recurring treatment plans: Many offerings are sold as monthly or periodic subscriptions that bundle ongoing clinical access (as applicable), prescription management, and product shipment/refills, which helps drive repeat purchasing and predictable recurring revenue. (2) Product sales (prescription and non-prescription): The company generates revenue from the sale of prescription medications (when prescribed by a licensed provider) and non-prescription wellness, hair, and skincare products marketed under its brands. (3) Telehealth/clinical services enablement: The platform facilitates virtual visits with third-party licensed providers; where permitted, the economics are embedded in the price consumers pay (often as part of a subscription) and/or reflected through service-related fees associated with providing access to clinical evaluation and ongoing care. (4) Pharmacy fulfillment and related services: The company earns revenue associated with dispensing and fulfillment—either through owned/controlled pharmacy operations and/or through partner pharmacies—captured within consumer pricing for medications and recurring shipments. Significant factors contributing to earnings include direct-to-consumer marketing and brand-driven customer acquisition, the ability to cross-sell additional categories (e.g., adding dermatology or mental health to an existing subscription), and partnerships with networks of healthcare providers and pharmacy/fulfillment infrastructure to deliver care and medications.

Hims & Hers Health Financial Statement Overview

Summary

Income statement strength (strong multi-year revenue growth and a turn to profitability) is tempered by a major balance-sheet concern: leverage jumped sharply in 2025 (debt-to-equity ~2.1x). Cash flow improved to positive operating cash flow, but 2025 free cash flow fell materially and cash conversion weakened, keeping the overall financial profile mixed.

Income Statement

Revenue growth has been very strong over the last several years (2021–2025 annual growth rates remain high, with 2025 showing an exceptional step-up), and profitability has meaningfully improved from sizable losses in 2021–2022 to positive net income in 2024–2025. Gross margin remains high, but it has trended down from prior peaks (from ~82% in 2023 to ~74% in 2025), and net margin also compressed in 2025 versus 2024—suggesting higher costs to support growth. Overall, the trajectory is favorable, but recent margin pressure keeps this from scoring higher.

Balance Sheet

The balance sheet shows a notable increase in leverage in 2025, with debt rising sharply and debt-to-equity moving to ~2.1x versus very low leverage in 2021–2024. While equity is positive and assets have expanded, the abrupt shift toward debt financing increases financial risk and reduces flexibility if profitability or growth moderates. This is the key weak point across the statements.

Cash Flow

Cash generation has improved materially from negative operating and free cash flow in 2020–2022 to solid positive operating cash flow in 2023–2025. However, free cash flow declined significantly in 2025 (down ~44% year over year), and free cash flow covered only a modest portion of net income in 2025—indicating profits are not translating into cash as efficiently as in 2024. The business is generating cash, but conversion and consistency weakened recently.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	2.35B	1.48B	872.00M	526.92M	271.88M
Gross Profit	1.39B	1.17B	714.95M	408.72M	204.49M
EBITDA	178.43M	78.99M	-19.94M	-61.22M	-110.97M
Net Income	128.37M	126.04M	-23.55M	-65.68M	-107.66M
Balance Sheet
Total Assets	2.15B	707.54M	441.19M	366.34M	420.58M
Cash, Cash Equivalents and Short-Term Investments	577.49M	300.25M	220.98M	179.63M	247.27M
Total Debt	1.26B	11.35M	9.95M	5.31M	5.48M
Total Liabilities	1.61B	230.82M	97.16M	54.60M	85.97M
Stockholders Equity	540.93M	476.72M	344.03M	311.74M	334.62M
Cash Flow
Free Cash Flow	73.96M	198.33M	46.99M	-33.78M	-39.42M
Operating Cash Flow	300.01M	251.08M	73.48M	-26.53M	-34.41M
Investing Cash Flow	-1.02B	-19.05M	-12.11M	34.70M	-156.27M
Financing Cash Flow	729.62M	-107.84M	-11.47M	-33.13M	235.04M

Hims & Hers Health Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 24.98
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HIMS, the sentiment is Neutral. The current price of 24.98 is above the 20-day moving average (MA) of 19.09, above the 50-day MA of 23.65, and below the 200-day MA of 41.72, indicating a neutral trend. The MACD of 0.71 indicates Negative momentum. The RSI at 55.52 is Neutral, neither overbought nor oversold. The STOCH value of 74.02 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for HIMS.

Hims & Hers Health Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
DOCS	71 Outperform	$4.60B	33.71	22.89%	―	20.21%	44.14%
GDRX	62 Neutral	$763.94M	31.72	4.84%	―	1.30%	―
HIMS	58 Neutral	$5.69B	56.90	22.99%	―	78.02%	28.15%
NUS	55 Neutral	$349.88M	2.96	20.36%	2.39%	-12.10%	―
TDOC	53 Neutral	$1.00B	-6.16	-14.24%	―	-2.37%	77.85%
EPC	52 Neutral	$959.56M	-3.02	1.62%	3.51%	-1.34%	-73.59%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%

Hims & Hers Health Corporate Events

Hims & Hers revamps GLP-1 strategy with Novo Nordisk

On March 9, 2026, Hims & Hers announced a strategic overhaul of its U.S. weight-loss business, aligning it with its global model by prioritizing a wider range of FDA-approved GLP-1 medications and limiting the use of compounded semaglutide to select clinical cases. As part of this shift, the company entered a collaboration with Novo Nordisk to add Ozempic and Wegovy products to its platform, stopped advertising compounded GLP-1s, and secured dismissal without prejudice of Novo Nordisk’s lawsuit, reinforcing its positioning as a scaled, consumer health distribution partner in the fast-growing GLP-1 market.

The move responds to a rapidly evolving U.S. weight-loss landscape since 2023, where branded GLP-1 drugs have become more available and affordable, and Hims & Hers plans to educate customers and transition appropriate patients to these approved treatments while maintaining robust support services. By synchronizing its domestic and international approaches and expanding access to leading GLP-1 brands, the company aims to consolidate its role as a major global platform for affordable, approved weight-loss medications and to leverage growth opportunities in the obesity-care segment.

The most recent analyst rating on (HIMS) stock is a Buy with a $29.00 price target. To see the full list of analyst forecasts on Hims & Hers Health stock, see the HIMS Stock Forecast page.

Hims & Hers to Acquire Eucalyptus in Global Expansion

On February 19, 2026, Hims & Hers Health agreed to acquire Australian digital health company Eucalyptus for up to $1.15 billion, in a deal structured with about $240 million payable in cash at closing, further deferred payments over 18 months, and additional earnouts tied to performance through early 2029. The company can settle a majority of deferred and earnout obligations in cash or stock, plans to fund most of the transaction from existing cash and U.S. operating cash flows, and expects closing around mid-2026 subject to regulatory and customary conditions.

The acquisition is intended to accelerate Hims & Hers’ push to become a leading global consumer health platform by adding Eucalyptus’ fast-growing, nearly $450 million annual revenue run-rate business and strong local regulatory expertise in Australia, Europe, Canada, and Japan. Post-closing, Eucalyptus CEO Tim Doyle will lead international operations at Hims & Hers, its brands will be folded into the Hims & Hers platform over time, and management expects the combined capabilities to support category leadership in Australia and bolster its position as a major telehealth provider in the U.K. and Germany.

The most recent analyst rating on (HIMS) stock is a Buy with a $30.00 price target. To see the full list of analyst forecasts on Hims & Hers Health stock, see the HIMS Stock Forecast page.