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Hims & Hers Health, Inc. HIMS

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At $33.78 you are paying 2.9x sales for a company that grew revenue 59% in 2025 and has now lost money in two straight quarters.

The whole setup turns on whether the 2026 losses are the cost of building capacity or the cost of buying growth, because the balance sheet went from unlevered to 4.77x debt to equity while it happened.

Key data

ItemValue
Price (2026-08-21)$33.78
Market capitalization$7.5B
FY2025 revenue$2.35B, up 59.0%
FY2025 gross margin73.8%
Trailing EPSnegative $0.61
FY2025 free cash flow$74.0M
Price to sales, trailing2.9x
Debt to equity4.77x

HIMS · price with moving averages

Daily · 6MWeekly · 3Y
$1$18$35$52$69 Sep '23Apr '24Nov '24Jun '25Jan '26Sep '26 BID
EMAs82140

Source: market data.

The business

Hims & Hers sells prescription treatment by subscription, straight to the consumer. Someone fills out a questionnaire online, an affiliated clinician reviews it, and medication arrives every month after that. The founding categories were the ones people do not want to raise with a doctor face to face: hair loss, erectile dysfunction, skin. The category that rebuilt the company is weight loss, specifically compounded and branded GLP-1 medications.

The economics are subscription economics with a pharmacy bolted on. Gross margin ran 73.8% in 2025, marketing is the largest cost line, and the model depends on a subscriber staying past the payback period. What changed is the plumbing underneath. Capital spending went from $41.7M in 2024 to $226.0M in 2025 as the company built its own pharmacy and fulfilment network, funded with $918.8M of newly issued debt.

Inside the complete One Pager

  1. 01The business
  2. 02Things you might not know
  3. 03Fundamentals
  4. 04Valuation
  5. 05Management
  6. 06Compensation
  7. 07The linchpins
  8. 08Last word

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