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Hims & Hers Health, Inc. HIMS

Services-Offices & Clinics of Doctors of Medicine · SIC 8011 · Vertical: Services-Offices & Clinics of Doctors of Medicine (SIC 8011)

26.66USD+3.74% · 1 dayClose 04 Nov 2026

Hims & Hers Health operates a consumer-first digital health and wellness platform offering telehealth consultations, prescription treatments and non-prescription products delivered online. The company is expanding quickly in the US and abroad, and in the second quarter of 2026 revenue grew 38% to 753.2 million USD.

At the close of 04 Nov 2026, Hims & Hers Health, Inc. (HIMS) stock was 26.66 USD (+3.74% on the day), with market capitalisation 0 USD, beta 2.59, 52-week range 14.52–43.73 USD. Latest reported quarter (Q2 2026): revenue of 753.2 m USD (+38.2% YoY), net income of -86.3 m USD (−303.0% YoY), diluted EPS -0.37 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
0 USD
shares as of 30 Jun 2019
P/E (TTM)
unavailable
Diluted EPS TTM -0.63 · TTM to 30 Jun 2026
E/P (TTM)
-2.37%
TTM to 30 Jun 2026
Dividend yield
unavailable
Beta (2y)
2.59
Volatility (1y) 87%
52-week range
14.5243.73

Price history

Loading chart…

Technical reading

RSI (14)
43.6
weak (30–45)
Bollinger (20, 2)
25.51 – 31.26
in the lower half of the band · %B 0.20 · band width 20.2%
SMA 50 / 200
28.66 / 26.95
mixed trend
MACD (12, 26, 9)
-0.65 / -0.37
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−10.1%−1.1%−9.0 pp—
3 months−15.8%−0.5%−15.3 pp—
6 months−0.8%+4.4%−5.2 pp—
Year to date−17.9%+12.3%−30.2 pp—
1 year−37.7%+13.5%−51.2 pp−2.2%
3 years+311.4%+76.4%+235.0 pp−57.3%
5 years+220.0%+63.7%+156.4 pp—
Max drawdown (1y)
−66.8%
05 Nov 2025 → 27 Feb 2026
Max drawdown (5y)
−78.9%
19 Feb 2025 → 27 Feb 2026
Compound annual growth (5y)
+26.2%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
753.2 m USD
+38.2% YoY
Net income
-86.3 m USD
−303.0% YoY
Diluted EPS
-0.37
−317.6% YoY
net / operating
-11.5% / -12.9%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue401.6 m481.1 m586.0 m544.8 m599.0 m617.8 m608.1 m753.2 m
Cost of revenue83.7 m111.6 m155.3 m128.6 m156.9 m173.4 m211.3 m272.4 m
Gross profit317.9 m369.5 m430.7 m416.2 m442.1 m444.4 m396.8 m480.8 m
Operating income22.4 m18.6 m57.9 m26.7 m11.8 m9.2 m-78.3 m-97.2 m
Depreciation & amortisation4.4 m ≈6.1 m8.3 m10.5 m ≈17.7 m ≈18.1 m22.0 m29.5 m ≈
Pre-tax income23.6 m22.3 m60.5 m32.9 m12.2 m18.4 m-101.6 m-92.6 m
Income tax-52.0 m-3.7 m11.0 m-9.7 m-3.6 m-2.2 m-9.4 m-6.3 m
Net income75.6 m26.0 m49.5 m42.5 m15.8 m20.6 m-92.1 m-86.3 m
Diluted EPS0.320.11 ≈0.200.170.060.08 ≈-0.40-0.37
Operating cash flow85.3 m ≈86.4 m109.1 m-19.1 m ≈148.7 m ≈61.3 m89.4 m-35.9 m ≈
Capex5.9 m26.9 m59.0 m50.4 m69.4 m63.9 m36.3 m32.3 m
Share repurchases30.0 m ≈5.0 m00 ≈9.5 m ≈80.5 m——

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year2019202020212022202320242025
Revenue82.6 m148.8 m271.9 m526.9 m872.0 m1.5 bn2.3 bn
Revenue YoYunavailable+80.2%+82.8%+93.8%+65.5%+69.3%+59.0%
Net income-72.1 m-18.1 m-107.7 m-65.7 m-23.5 m126.0 m128.4 m
Net income YoYunavailableunavailableunavailableunavailableunavailableunavailable+1.8%
Diluted EPS-2.07-0.51-0.58-0.32-0.110.530.51
Diluted EPS YoYunavailableunavailableunavailableunavailableunavailableunavailable−3.8%
net %-87.3%-12.2%-39.6%-12.5%-2.7%8.5%5.5%
Free cash flowunavailableunavailableunavailable-33.7 m47.0 m198.3 m57.4 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
228.6 m USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
540.9 m USD
Total assets
2.2 bn USD
Debt / equity
unavailable
Current ratio
1.90x
ROE
25.2%
ROA
9.0%
FCF margin
2.4%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
872.0 m
2024
1.5 bn
2025
2.3 bn

SEC (XBRL)· 23 Feb 2026verified

Cost of revenue
2023
157.1 m
2024
303.4 m
2025
614.3 m

SEC (XBRL)· 23 Feb 2026verified

Gross profit
2023
714.9 m
2024
1.2 bn
2025
1.7 bn

SEC (XBRL)· 23 Feb 2026verified

SG&A
2023
—
2024
—
2025
—

SEC (XBRL)· 24 Feb 2022verified

Operating income
2023
-29.5 m
2024
61.9 m
2025
105.6 m

SEC (XBRL)· 23 Feb 2026verified

Depreciation & amortisation
2023
9.5 m
2024
17.1 m
2025
54.5 m

SEC (XBRL)· 23 Feb 2026verified

EBITDA
2023
-19.9 m ≈
2024
79.0 m ≈
2025
160.1 m ≈

SEC (XBRL)· 23 Feb 2026derived

Interest expense
2023
—
2024
—
2025
—

SEC (XBRL)· 24 Feb 2022verified

Pre-tax income
2023
-21.6 m
2024
71.7 m
2025
123.9 m

SEC (XBRL)· 23 Feb 2026verified

Income tax
2023
2.0 m
2024
-54.3 m
2025
-4.4 m

SEC (XBRL)· 23 Feb 2026verified

Net income
2023
-23.5 m
2024
126.0 m
2025
128.4 m

SEC (XBRL)· 23 Feb 2026verified

Diluted EPS
2023
-0.11
2024
0.53
2025
0.51

SEC (XBRL)· 23 Feb 2026verified

Weighted average diluted shares
2023
209.3 m
2024
236.8 m
2025
258.2 m

SEC (XBRL)· 23 Feb 2026verified

Balance sheet · USD

Cash
2023
96.7 m
2024
220.6 m
2025
228.6 m

SEC (XBRL)· 23 Feb 2026verified

Receivables
2023
6.7 m
2024
6.1 m
2025
32.1 m

SEC (XBRL)· 23 Feb 2026verified

Inventories
2023
22.5 m
2024
64.4 m
2025
80.1 m

SEC (XBRL)· 23 Feb 2026verified

Current assets
2023
265.1 m
2024
395.8 m
2025
767.6 m

SEC (XBRL)· 23 Feb 2026verified

Property, plant & equipment, net
2023
—
2024
—
2025
—

SEC (XBRL)· 27 Feb 2023verified

Goodwill
2023
110.9 m
2024
112.7 m
2025
278.3 m

SEC (XBRL)· 23 Feb 2026verified

Intangibles (excl. goodwill)
2023
18.6 m
2024
43.4 m
2025
196.1 m

SEC (XBRL)· 23 Feb 2026verified

Total assets
2023
441.2 m
2024
707.5 m
2025
2.2 bn

SEC (XBRL)· 23 Feb 2026verified

Accounts payable
2023
43.1 m
2024
91.2 m
2025
143.3 m

SEC (XBRL)· 23 Feb 2026verified

Current liabilities
2023
88.5 m
2024
221.4 m
2025
404.4 m

SEC (XBRL)· 23 Feb 2026verified

Total liabilities
2023
97.2 m
2024
230.8 m
2025
1.6 bn

SEC (XBRL)· 23 Feb 2026verified

Equity
2023
344.0 m †
2024
476.7 m †
2025
540.9 m †

SEC (XBRL)· 23 Feb 2026verified

Cash flow · USD

Operating cash flow
2023
73.5 m
2024
251.1 m
2025
300.0 m

SEC (XBRL)· 23 Feb 2026verified

Capex
2023
26.5 m
2024
52.8 m
2025
242.6 m

SEC (XBRL)· 23 Feb 2026verified

Free cash flow
2023
47.0 m ≈
2024
198.3 m ≈
2025
57.4 m ≈

SEC (XBRL)· 23 Feb 2026derived

Investing cash flow
2023
-12.1 m
2024
-19.0 m
2025
-1.0 bn

SEC (XBRL)· 23 Feb 2026verified

Financing cash flow
2023
-11.5 m
2024
-107.8 m
2025
729.6 m

SEC (XBRL)· 23 Feb 2026verified

Share repurchases
2023
2.0 m
2024
83.0 m
2025
90.0 m

SEC (XBRL)· 23 Feb 2026verified

Computed indicators

Growth

Revenue growth (YoY)
59.0%
computed by olivLawFY 2025
Revenue CAGR 3Y
64.5%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
73.6%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
70.6%
computed by olivLawFY 2025
Net income growth (YoY)
1.8%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
-3.8%
computed by olivLawFY 2025
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
the base of the ratio is not positive
FCF growth (YoY)
-71.0%
computed by olivLawFY 2025

Profitability

Gross margin
68.4%
computed by olivLawTTM to 30 Jun 2026
EBITDA margin
-2.6%
computed by olivLawTTM to 30 Jun 2026
EBIT margin
-6.0%
computed by olivLawTTM to 30 Jun 2026
Net margin
-5.5%
computed by olivLawTTM to 30 Jun 2026
FCF margin
2.4%
computed by olivLawTTM to 30 Jun 2026

Returns

ROE
-32.0%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
-5.2%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
unavailable
input data missing
ROCE
-7.2%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
unavailable
the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used

Liquidity

Current ratio
0.9x
computed by olivLawbalance sheet at 30 Jun 2026
Quick ratio
0.9x
computed by olivLawbalance sheet at 30 Jun 2026
Cash ratio
0.4x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
263.5 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
201.9 m USD
computed by olivLawTTM to 30 Jun 2026
Free cash flow
61.6 m USD
computed by olivLawTTM to 30 Jun 2026
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
insufficient data

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
51 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days payables outstanding
136 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
0 USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-2.4%
computed by olivLawTTM to 30 Jun 2026
P/B
0.0x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
0.0x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
0.0x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
FCF yield
unavailable
insufficient data
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
insufficient data

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 3 of at least 6
  • score weight coverage: 18.8% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

26.66 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 0 USD

Key indicators

Market capitalisation
0 USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
unavailable
insufficient data
P/B
0.0x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
ROE
-32.0%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
-5.5%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
59.0%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

31/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Source: SEC (XBRL)published 10 Aug 2026
verified 895derived 78

Score by group

19% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption

no valuation method could be computed

Multiple comparisons use the SIC vertical: Services-Offices & Clinics of Doctors of Medicine (SIC 8011)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality-5.5%63 (vs peers)33%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth64.5%100 (on a fixed band)44%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheet0.9x11 (on a fixed band)22%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial11/100 · 1/3 factors with a value
  • Growth· partial100/100 · 1/2 factors with a value
  • Quality· partial63/100 · 1/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partialunavailable · 0/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

HIMS & HERS HEALTH, INC. (HIMS). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 2.3 bn USD in 2025; YoY growth 59.0%; net margin -5.5%; ROE -32.0%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Revenue CAGR 3Y: 64.5%

What contradicts it

  • Current ratio: 0.9x

Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Services-Offices & Clinics of Doctors of Medicine (SIC 8011) · same industry (4-digit SIC) · compared with 8 companies

Multiples and returns vs the median

P/E
—
vertical median —
EV/EBITDA
—
vertical median —
P/S
0.0x
vertical median 0.9x
below median (−100.0%)
P/B
0.0x
vertical median 1.9x
below median (−100.0%)
ROE
-32.0%
vertical median -2.5%
below median
Net margin
-5.5%
vertical median -6.2%
above median
EBIT margin
-6.0%
vertical median -6.6%
above median
Revenue YoY
59.0%
vertical median 13.2%
above median (+348.2%)
Net debt/EBITDA
—
vertical median —
Dividend yield
—
vertical median 2.6%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
TDOCTeladoc Health, Inc.1.8 bn—-11.5%-6.3%−1.5%+28% / −47%
STLNStarling Oncology, Inc.707.3 m——-6.2%+27.8%+121% / +306%
SBCSBC Medical Group Holdings Incorporated547.1 m11.419.3%28.0%−15.5%+49% / −51%
CCMConcord Medical Services Holdings Ltd481.9 m——-20.2%+25.2%−4% / −63%
AIRSAirSculpt Technologies, Inc.122.6 m—-12.0%-7.8%−15.8%−52% / −66%
LFMDLifeMD, Inc.118.1 m—6.5%0.1%+25.3%−36% / −68%
BMGLBasel Medical Group Ltd8.2 m—-169.7%-94.0%unavailable−64% / unavailable
AUNAAuna S.A.——7.5%2.5%+13.2%0% / unavailable
HIMSHims & Hers Health, Inc.0—-32.0%-5.5%+59.0%−38% / +311%

1- and 3-year price returns: for HIMS from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
input data missing
Total return unavailable · Per year unavailable
input data missing
Total return unavailable · Per year unavailable
input data missing
Total return unavailable · Per year unavailable
3 years
input data missing
Total return unavailable · Per year unavailable
input data missing
Total return unavailable · Per year unavailable
input data missing
Total return unavailable · Per year unavailable
5 years
input data missing
Total return unavailable · Per year unavailable
input data missing
Total return unavailable · Per year unavailable
input data missing
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    In brief

    Hims & Hers Health operates a consumer-first digital health and wellness platform offering telehealth consultations, prescription treatments and non-prescription products delivered online. The company is expanding quickly in the US and abroad, and in the second quarter of 2026 revenue grew 38% to 753.2 million USD 3.

    SWOT

    Strengths

    • A recognized brand that attracts new customers and lowers the stigma of seeking treatment 1.
    • An integrated chain from consultation to pharmacy and delivery that gives control over quality and costs 1.
    • Recurring subscription revenue that makes the business more predictable 12.

    Weaknesses

    • Gross margin fell sharply and the company reported a net loss in the second quarter of 2026 3.
    • Reliance on a few high-demand offerings can make revenue volatile 1.
    • A dual-class share structure concentrates voting power with the chief executive 1.

    Opportunities

    • Expansion into new specialties and laboratory testing could open additional revenue streams 1.
    • The Eucalyptus acquisition could speed up presence in Australia, Japan and Europe 1.
    • AI-driven automation could lower costs and support better margins 3.

    Threats

    • The regulatory framework for telehealth, pharmacies and compounding can change quickly 1.
    • Competition from large players could press prices and acquisition costs 1.
    • A cyberattack or data loss could damage customer trust 1.

    Risks

    • Regulationhigh

      The company operates in a heavily regulated field where violations can bring penalties and restructuring 1.

    • Profitabilityhigh

      The net loss in the second quarter of 2026 shows that profitability is not assured 3.

    • Acquisition integrationmedium

      The Eucalyptus deal includes deferred payments and earn-outs, and integration could prove difficult 1.

    • Supply chainmedium

      Disruptions in supply could delay products or raise compliance costs 1.

    • Data securitymedium

      Sensitive health data makes the company exposed to attacks and legal liability 1.

    Investment thesis

    What would need to be true (bull case)

    • If US acceleration continues, revenue growth could support the 2030 target 3.
    • International expansion and new specialties could diversify revenue sources 1.
    • Recurring subscription revenue gives a predictable base for planning 12.

    What would break the thesis

    • A lower gross margin and a net loss could show that growth has not yet turned into profit 3.
    • Regulatory risks could force costly changes to the business model 1.
    • The Eucalyptus acquisition could add obligations that weigh on the balance sheet 1.

    What to watch

    • Third-quarter results and whether revenue guidance holdsQ3 2026
    • Closing of the Eucalyptus acquisition and its effect on international revenuemid-2026
    • Development of gross margin compared with the second quarter levelQ3 2026
    • Regulatory changes affecting GLP-1 and compounded medicationsnext 10-K

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    The business

    Hims & Hers describes its business as a consumer-first platform that connects patients with licensed healthcare professionals who can prescribe medication, with prescriptions fulfilled online through licensed pharmacies 1. Its offerings cover sexual health, hair loss, hormone health, weight loss, dermatology and mental health, plus laboratory testing and non-prescription wellness products, many sold on subscription 1. Total revenue for fiscal 2025 was 2347.6 million USD 1.

    The operating model relies on Affiliated Medical Groups, physician-owned entities that employ providers and deliver services exclusively through the platform where corporate practice of medicine is prohibited. The company acts as their exclusive administrative services provider for non-clinical functions in exchange for a fixed fee 1. It also owns pharmacies, a 503B compounding facility, a peptide facility and a laboratory, which gives it control over supply 1.

    The proposed acquisition of Eucalyptus, an Australia-based digital health company operating in Australia, the United Kingdom, Germany, Canada and Japan, extends international reach. It was expected to close in mid-2026, and the company later reported the close in June 2026 13.

    Segments

    Personalized offerings and the Hers brand

    Personalized offerings, treatment plans developed by licensed providers, represented over 70% of US revenue in 2025, up from about half in 2024. The Hers brand accounted for nearly 40% of US revenue, and most US revenue came from non-GLP-1 offerings 1.

    United States revenue

    US revenue reached 2213.6 million USD in 2025, an increase of 53% 1. In the second quarter of 2026 it grew 16% year-over-year to 621.8 million USD, and the company said it expects domestic growth to keep accelerating in the second half of the year 23.

    International business

    Rest of the World revenue rose to 131.4 million USD in the second quarter of 2026 from 7.5 million USD a year earlier, driven by acquisitions in the United Kingdom and the European Union 23.

    Market context

    The company competes in digital health and wellness, where it measures its share by customer count and total sales using externally reported data 1. The US is its largest market, while expansion into Europe, Canada and Asia-Pacific opens new segments. Subscribers reached 2891 thousand at June 30, 2026 3.

    Monthly revenue per average subscriber was 92 USD in the second quarter of 2026, up from 76 USD in 2025, suggesting better monetization of the customer base 3. The company has set a target of at least 6.5 billion USD in revenue by 2030 3.

    Trends

    • Expansion into new specialtiestailwind

      The company launched offerings for testosterone, menopause and perimenopause and intends to add conditions such as sleep disorders, fertility or hypertension. If these specialties develop, they could support revenue growth 1.

    • International expansionmixed

      The Eucalyptus deal and operations in the United Kingdom, Germany and Canada could widen the customer base, but they bring deferred payments and earn-out terms tied to future performance 1.

    • Pressure on gross marginheadwind

      Gross margin fell to 64% in the second quarter of 2026 from 76% a year earlier, and the company reported a net loss, which could limit profitability if the trend continues 3.

    • Regulation and GLP-1 supplyheadwind

      GLP-1 medications face high demand, regulatory limits and constrained manufacturing capacity. Changes in rules could limit customers' access to these treatments 1.

    Competitive position

    The company says it faces competition from large established healthcare providers, traditional retailers, pharmaceutical companies and technology firms with significant resources 1. Its advantages rest on brand, technology and its provider network.

    Through partnerships with health systems and UK retail platforms, the company aims to stay visible to customers beyond its own app 1. A tighter competitive field could press prices and customer acquisition costs.

    • Traditional health systems

      Providers of in-person medical care, named as rivals in the company's risk disclosures 1.

    • Retail chains and pharmacies

      Retailers with physical and online channels selling wellness products and medicines, named as potential rivals 1.

    • Pharmaceutical companies

      Manufacturers that could offer treatments directly to consumers, named as a source of competition 1.

    • Large technology companies

      Well-resourced technology firms active in digital health, named as competitors 1.

    News & filings

    In the press

    The latest news item in our archive is from 22 Sept 2026; the newest SEC filing is from 07 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.

    SEC filings

    • Current report07 Oct 2026
      Departure or appointment of officers
    • Quarterly report10 Aug 2026
    • Current report10 Aug 2026
      Results of operations · Financial statements and exhibits
    • Current report17 Jul 2026
      Departure or appointment of officers
    • Current report01 Jul 2026
      Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
    • Current report15 Jun 2026
      Shareholder vote
    • Current report02 Jun 2026
      Material agreement · Creation of a direct financial obligation · Other events · Financial statements and exhibits
    • Current report21 May 2026
      Material agreement · Creation of a direct financial obligation · Item 3.02 · Financial statements and exhibits
    • Current report19 May 2026
      Other events · Financial statements and exhibits
    • Quarterly report11 May 2026

    Sources

    1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Hims & Hers Health, Inc. · 23 Feb 2026
    2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Hims & Hers Health, Inc. · 10 Aug 2026
    3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Hims & Hers Health, Inc. · 10 Aug 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.