# Hims Hers Health (HIMS.US)

Canonical: https://gigainvestors.com/s/HIMS

Analysis as of: 2026-10-16T07:29:02.229Z. Financial observations: FY2018–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $29.38 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 0 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 8 years

- Years with declining revenue: 0

- Years with a net loss: 6

- Operating margin variation: 1.69×

Chart: Operating margin; fiscal year observations.

- FY2018: -2.84×

- FY2019: -0.90×

- FY2020: -0.10×

- FY2021: -0.42×

- FY2022: -0.13×

- FY2023: -0.03×

- FY2024: 0.04×

- FY2025: 0.04×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: -13.4%

- ROIC, second-lowest year: -191.9%

- Typical minus recent gross margin: 0.7 pp

- Typical gross margin (annual median): 74.5%

- Recent gross margin (lower of latest and 3-year median): 73.8%

- Years with nonpositive capital: 4

- Capital spending / revenue: 2.5%

- ROIC including acquisitions, ten-year median: -21.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: -191.9%

- FY2019: 0.0%

- FY2020: 0.0%

- FY2021: -26.7%

- FY2022: -204.5%

- FY2023: -105.2%

- FY2024: 82.4%

- FY2025: 13.1%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: -1.31×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$75M

- Net income, five-year total: $58M

- Return on incremental invested capital: 68.0%

- Working capital / revenue, annual change: 3.0 pp

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: 1.38×

- FY2024: 0.89×

- FY2025: 0.15×

### management: pass

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 0.0% vs 13.1%

- Per-share earnings: -1.12 to 0.50 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 26.6%

- Diluted shares, 5-year annual growth: 26.6%

- Per-share value change: $1.62

- Per-share value, starting three-year median: -$1.12

- Per-share value, ending three-year median: $0.50

- Buybacks concentrated in cheaper years (correlation): -0.20

- Average buyback yield: 1.1%

- Buyback history: 6 years

- Debt-funded buybacks: Yes

- ROIC, first three-year median: 0.0%

- ROIC, last three-year median: 13.1%

Chart: Earnings per share; fiscal year observations.

- FY2018: -$1.12

- FY2019: -$2.07

- FY2020: -$0.23

- FY2021: -$0.58

- FY2022: -$0.32

- FY2023: -$0.11

- FY2024: $0.53

- FY2025: $0.50

### accounting: fail

- latest-year receivables to sales index (DSRI) exceeds 1.465

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -8.0%

- Receivables to sales index (DSRI): 3.33×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 45.1%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.34×

- Accounting red flags: 2

- Goodwill and intangibles / equity: 0.88×

Chart: Sloan accruals; fiscal year observations.

- FY2018: -37.7%

- FY2019: 3.9%

- FY2020: -13.2%

- FY2021: -17.4%

- FY2022: -10.7%

- FY2023: -22.0%

- FY2024: -17.7%

- FY2025: -8.0%

## Holders

## Price story

Down 56% since Jul 2025 · "Hims & Hers slashed its profitability outlook for 2026." (finance.yahoo.com, May 2026) · sales +59%

Story as of 2026-10-16T09:58:52.829Z; price observation 2026-10-15.

- 2025-05-16: Hims Stock Rockets On Novo Nordisk Partnership After FDA Weight-Loss Drug Ruling Crashes Shares ([finance.yahoo.com](https://finance.yahoo.com/m/41a13369-3035-3c15-93a6-6782202b1a7a/hims-stock-rockets-on-novo.html))

- 2025-08-05: Hims and Hers slides after revenue misses estimates amid GLP-1 scrutiny ([investing.com](https://www.investing.com/news/earnings/hims--hers-slides-after-q2-revenue-miss-cautious-guidance-4168772))

- 2026-02-10: Hims And Hers Retreats On GLP1 Pills As Legal And Regulatory Risks Grow ([finance.yahoo.com](https://finance.yahoo.com/news/hims-hers-retreats-glp1-pills-121215549.html))

- 2026-03-09: Hims soars 44% on report Novo Nordisk to sell weight-loss drugs on its platform ([finance.yahoo.com](https://finance.yahoo.com/news/hims-soars-44-report-novo-093433962.html))

- 2026-04-11: Hims And Hers Confronts Amazon Threat While Advancing AI Weight Loss Plan ([finance.yahoo.com](https://finance.yahoo.com/sectors/healthcare/articles/hims-hers-confronts-amazon-threat-020923292.html))

- 2026-06-02: Hims And Hers Health Expands With Eucalyptus Acquisition And Global Growth Prospects ([finance.yahoo.com](https://finance.yahoo.com/sectors/healthcare/articles/hims-hers-health-expands-eucalyptus-100911898.html))

### Sales · FY2024–2025

sales +59%; source https://www.sec.gov/Archives/edgar/data/1773751/000177375126000022/hims-20251231.htm; observed 2026-02-23.

- FY2018: $27M 

- FY2019: $83M 

- FY2020: $149M 

- FY2021: $272M 

- FY2022: $527M 

- FY2023: $872M 

- FY2024: $1.5B 

- FY2025: $2.3B 

### Gross margin · FY2025

gross margin 73.8%; source https://www.sec.gov/Archives/edgar/data/1773751/000177375126000022/hims-20251231.htm; observed 2026-02-23.

- FY2018: 29.2% 

- FY2019: 54.0% 

- FY2020: 73.6% 

- FY2021: 75.2% 

- FY2022: 77.6% 

- FY2023: 82.0% 

- FY2024: 79.5% 

- FY2025: 73.8% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in drug manufacturers specialty & generic; annual sales are USD 2.3 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1773751/000177375126000022/hims-20251231.htm (filed 2026-02-23); FY2025: revenue 2347637000; grossProfit 1733378000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 73.8% to 82% during 2023–25; it lost 13.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2023: grossProfit / revenue = 82%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2024: grossProfit / revenue = 79.5%.

- Source: https://www.sec.gov/Archives/edgar/data/1773751/000177375126000022/hims-20251231.htm (filed 2026-02-23); FY2025: grossProfit / revenue = 73.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); 8-year return on capital observations [[2018,-1.9187559302474677],[2019,0],[2020,0],[2021,-0.26722408931464475],[2022,-2.0447076331851406],[2023,-1.0521306805335744],[2024,0.824471910710956],[2025,0.13108212599959537]]; median -0.13361204465732238. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Earns 68% on new investment; paid dividends in 1 of 8 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2018: growth capex 0; upkeep 8000; owner earnings 518000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2024: growth capex 21309615.079726744; upkeep 31440384.920273256; owner earnings 111685615.07972674. Growth capex / owner earnings = 0.19079999751548024.

- Source: https://www.sec.gov/Archives/edgar/data/1773751/000177375126000022/hims-20251231.htm (filed 2026-02-23); FY2025: growth capex 62036500.817085594; upkeep 164008499.1829144; owner earnings 18858500.817085594. Growth capex / owner earnings = 3.2895775448322597.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); Incremental return on capital 0.6800893932357064, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); Dividend observations: [[2018,0],[2019,0],[2020,1742713],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1773751/000177375126000022/hims-20251231.htm (filed 2026-02-23); FY2025: cash repurchases 89960000 USD.

### Are managers owners

Insiders own 4.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); HIMS.US SharesStats.PercentInsiders = 4.947 percentage points; cache date 2026-10-16.

### What the price says

The price is 3.2 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); Closing price 29.38 USD; reporting-to-trading FX 1; FY2025 annual sales per share 9.091244344535273; price multiple 3.231680822401419. FY2025 cash earnings/share 0.07302970557191901. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2019-09: $9.87 per share

- 2019-10: $9.84 per share

- 2019-11: $9.92 per share

- 2019-12: $9.90 per share

- 2020-01: $10.05 per share

- 2020-02: $10.04 per share

- 2020-03: $10.00 per share

- 2020-04: $9.97 per share

- 2020-05: $9.93 per share

- 2020-06: $10.17 per share

- 2020-07: $10.30 per share

- 2020-08: $10.48 per share

- 2020-09: $11.75 per share

- 2020-10: $10.20 per share

- 2020-11: $10.52 per share

- 2020-12: $14.60 per share

- 2021-01: $18.99 per share

- 2021-02: $14.57 per share

- 2021-03: $13.23 per share

- 2021-04: $12.38 per share

- 2021-05: $14.41 per share

- 2021-06: $10.89 per share

- 2021-07: $7.91 per share

- 2021-08: $7.88 per share

- 2021-09: $7.54 per share

- 2021-10: $7.80 per share

- 2021-11: $6.55 per share

- 2021-12: $6.55 per share

- 2022-01: $4.88 per share

- 2022-02: $5.22 per share

- 2022-03: $5.33 per share

- 2022-04: $4.21 per share

- 2022-05: $4.04 per share

- 2022-06: $4.53 per share

- 2022-07: $6.19 per share

- 2022-08: $6.36 per share

- 2022-09: $5.58 per share

- 2022-10: $4.54 per share

- 2022-11: $6.19 per share

- 2022-12: $6.41 per share

- 2023-01: $8.28 per share

- 2023-02: $11.27 per share

- 2023-03: $9.92 per share

- 2023-04: $11.59 per share

- 2023-05: $8.94 per share

- 2023-06: $9.40 per share

- 2023-07: $8.97 per share

- 2023-08: $6.71 per share

- 2023-09: $6.29 per share

- 2023-10: $5.98 per share

- 2023-11: $8.89 per share

- 2023-12: $8.90 per share

- 2024-01: $8.58 per share

- 2024-02: $13.04 per share

- 2024-03: $15.47 per share

- 2024-04: $12.53 per share

- 2024-05: $19.42 per share

- 2024-06: $20.19 per share

- 2024-07: $21.24 per share

- 2024-08: $14.73 per share

- 2024-09: $18.42 per share

- 2024-10: $18.83 per share

- 2024-11: $32.22 per share

- 2024-12: $24.18 per share

- 2025-01: $37.28 per share

- 2025-02: $45.09 per share

- 2025-03: $29.55 per share

- 2025-04: $33.10 per share

- 2025-05: $56.56 per share

- 2025-06: $49.85 per share

- 2025-07: $66.18 per share

- 2025-08: $42.35 per share

- 2025-09: $56.72 per share

- 2025-10: $45.46 per share

- 2025-11: $39.76 per share

- 2025-12: $32.47 per share

- 2026-01: $27.09 per share

- 2026-02: $14.52 per share

- 2026-03: $20.76 per share

- 2026-04: $27.17 per share

- 2026-05: $26.15 per share

- 2026-06: $34.67 per share

- 2026-07: $27.77 per share

- 2026-08: $29.58 per share

- 2026-09: $29.79 per share

- 2026-10: $29.38 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1773751/000177375126000022/hims-20251231.htm); period 2025-12-31, filed 2026-02-23.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.