Recent News
On August 14, 2025, reports indicated the U.S. Federal Trade Commission has been investigating Hims & Hers over advertising and subscription cancellation practices. On September 16, 2025, the U.S. Food and Drug Administration issued a warning letter citing misleading claims around compounded GLP-1 and weight-loss products. The company’s CEO executed a large stock sale in mid-August, disclosed in regulatory filings.
Technical Analysis
ADX at 18.36 signals no established trend, which increases the likelihood of short-term swings rather than a sustained directional move; this elevates the relevance of headlines in driving price action and aligns with the expectation of near-term volatility.
Directional indicators show bearish alignment: DI+ sits at 19.87 and trends decreasing while DI- at 32.03 has completed a dip-and-reverse, which registers as bearish pressure. Together these suggest sellers currently exert more directional force than buyers relative to the prior range.
MACD stands at -2.74 with a declining MACD_trend and a signal line at -1.86; the MACD below its signal line confirms negative momentum and reduces the likelihood of a momentum-led upside until MACD turns higher or crosses above the signal line.
MRO at -7.48 records a negative reading, indicating price sits below the model target and therefore contains latent upside potential; the MRO trend decreasing increases the amplitude of that mispricing, implying more room for mean reversion if momentum shifts.
RSI at 41.57 and decreasing points to weakening internals without reaching deep oversold conditions, suggesting rallies may encounter resistance until internal momentum indicators stabilize or reverse upward.
Price relationships bias to the downside: the close at $41.03 sits below the 12-day EMA ($45.10, decreasing), below the 26-day EMA ($48.20), and below the 200-day average ($46.74), reinforcing a bearish technical posture. The super trend upper band at $48.44 and Ichimoku components (TenkanSen $45.35, KijunSen $52.32) also lie above price, creating multiple overhead resistance levels.
Bollinger placement shows price near the lower band (between the 1x lower $42.56 and 2x lower $39.46), a location that can produce short-term mean-reversion bounces but, given the other bearish indicators, such bounces may fail without a momentum shift. Elevated short- and medium-term betas (42-day 2.88, 52-week 2.49) imply outsized reaction to market moves and headlines, amplifying swing risk.
Fundamental Analysis
Revenue totaled $544,833,000 while net income reached $42,505,000; gross margin remains strong at 76.39%, supporting cash profitability on product sales. Operating income (EBIT) equals $26,723,000 and operating margin stands at 4.91%.
EBIT margin of 4.91% sits below the industry peer mean of 7.36% but above the industry peer median of 2.77%, indicating performance better than the typical peer yet short of the peer average. Sequentially, EBIT margin declined QoQ by 50.35% while improving YoY by 40.38%, signaling volatile margin dynamics tied to recent product mix and operational changes.
Earnings per share came in at $0.06 against an estimate of $0.10, a miss of $0.04 or 40%, which compresses near-term investor sentiment despite positive YoY earnings growth metrics. WMDST’s dataset shows earnings growth at 45% with earningsGrowthYoY presented at 125%, reflecting strong multi-period improvement from the prior-year base.
Liquidity and leverage present a mixed picture: cash and short-term investments of $1,144,615,000 produce a cash ratio of 4.20 and a current ratio of 4.98, buffering working-capital needs. Total debt stands at $1,044,388,000 with debt-to-equity at 185.60% and debt-to-EBITDA at 28.08, reflecting elevated leverage relative to operating earnings despite substantial cash holdings. Interest coverage at 16.89 indicates the company currently covers interest expense comfortably.
Valuation metrics point to premium market pricing: P/E at 176.79, P/S at 20.27, and price-to-book at 19.63. Free cash flow remains negative at -$69,432,000 and free-cash-flow yield records -0.63%, which, combined with an enterprise multiple near 294, supports the WMDST valuation conclusion that the stock trades over-valued. The high multiples coexist with strong gross margins and a large cash balance, which reduce insolvency risk but do not reconcile the premium multiples with current free cash flow generation.
In sum, fundamentals show durable gross profitability and a strong cash cushion but volatile revenue/margin dynamics, a meaningful EPS miss, negative free cash flow, and stretched valuation multiples; WMDST values the stock as over-valued.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-11-03 |
| NEXT REPORT DATE: | 2026-02-02 |
| CASH FLOW | Begin Period Cash Flow | $ 275.0 M |
| Operating Cash Flow | $ -19.12 M | |
| Capital Expenditures | $ -50.31 M | |
| Change In Working Capital | $ -101.53 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 850.0 M | |
| End Period Cash Flow | $ 1.1 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 544.8 M | |
| Forward Revenue | $ 83.2 M | |
| COSTS | ||
| Cost Of Revenue | $ 128.6 M | |
| Depreciation | $ 10.5 M | |
| Depreciation and Amortization | $ 10.5 M | |
| Research and Development | $ 37.8 M | |
| Total Operating Expenses | $ 518.1 M | |
| PROFITABILITY | ||
| Gross Profit | $ 416.2 M | |
| EBITDA | $ 37.2 M | |
| EBIT | $ 26.7 M | |
| Operating Income | $ 26.7 M | |
| Interest Income | — | |
| Interest Expense | — | |
| Net Interest Income | — | |
| Income Before Tax | $ 32.9 M | |
| Tax Provision | $ -9.65 M | |
| Tax Rate | 21.0 % | |
| Net Income | $ 42.5 M | |
| Net Income From Continuing Operations | $ 42.5 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.10 | |
| EPS Actual | $ 0.06 | |
| EPS Difference | $ -0.04 | |
| EPS Surprise | -40.0 % | |
| Forward EPS | $ 0.12 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 1.9 B | |
| Intangible Assets | $ 158.4 M | |
| Net Tangible Assets | $ 404.3 M | |
| Total Current Assets | $ 1.4 B | |
| Cash and Short-Term Investments | $ 1.1 B | |
| Cash | $ 1.1 B | |
| Net Receivables | $ 6.7 M | |
| Inventory | $ 141.8 M | |
| Long-Term Investments | $ 2.2 M | |
| LIABILITIES | ||
| Accounts Payable | $ 105.0 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 272.2 M | |
| Net Debt | — | |
| Total Debt | $ 1.0 B | |
| Total Liabilities | $ 1.3 B | |
| EQUITY | ||
| Total Equity | $ 562.7 M | |
| Retained Earnings | $ -150.15 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 2.49 | |
| Shares Outstanding | 225.759 M | |
| Revenue Per-Share | $ 2.41 | |
| VALUATION | Market Capitalization | $ 11.0 B |
| Enterprise Value | $ 10.9 B | |
| Enterprise Multiple | 294.258 | |
| Enterprise Multiple QoQ | 177.205 % | |
| Enterprise Multiple YoY | 7.715 % | |
| Enterprise Multiple IPRWA | HIMS: 294.258 high: 206.444 mean: 52.868 median: 47.277 low: -71.066 |
|
| EV/R | 20.085 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 3.337 | |
| Asset To Liability | 1.428 | |
| Debt To Capital | 0.65 | |
| Debt To Assets | 0.556 | |
| Debt To Assets QoQ | 682.555 % | |
| Debt To Assets YoY | 8080.0 % | |
| Debt To Assets IPRWA | high: 1.03 HIMS: 0.556 mean: 0.323 median: 0.32 low: 0.001 |
|
| Debt To Equity | 1.856 | |
| Debt To Equity QoQ | 1508.354 % | |
| Debt To Equity YoY | 20454.153 % | |
| Debt To Equity IPRWA | high: 4.042 HIMS: 1.856 mean: 1.135 median: 0.903 low: -1.392 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 19.625 | |
| Price To Book QoQ | 47.994 % | |
| Price To Book YoY | 67.84 % | |
| Price To Book IPRWA | HIMS: 19.625 high: 10.495 mean: 2.315 median: 1.731 low: -7.254 |
|
| Price To Earnings (P/E) | 176.793 | |
| Price To Earnings QoQ | 8.539 % | |
| Price To Earnings YoY | -45.665 % | |
| Price To Earnings IPRWA | high: 272.225 HIMS: 176.793 mean: 58.972 median: 38.169 low: -187.532 |
|
| PE/G Ratio | 3.929 | |
| Price To Sales (P/S) | 20.269 | |
| Price To Sales QoQ | 63.073 % | |
| Price To Sales YoY | 51.162 % | |
| Price To Sales IPRWA | high: 24.741 HIMS: 20.269 mean: 4.992 median: 3.24 low: 0.067 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 414.974 | |
| Forward PE/G | 9.222 | |
| Forward P/S | 132.734 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 7.663 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.393 | |
| Asset Turnover Ratio QoQ | -46.309 % | |
| Asset Turnover Ratio YoY | -42.121 % | |
| Asset Turnover Ratio IPRWA | high: 1.071 HIMS: 0.393 median: 0.385 mean: 0.335 low: 0.001 |
|
| Receivables Turnover | 79.66 | |
| Receivables Turnover Ratio QoQ | -11.479 % | |
| Receivables Turnover Ratio YoY | 50.866 % | |
| Receivables Turnover Ratio IPRWA | HIMS: 79.66 high: 9.814 mean: 4.096 median: 2.867 low: 0.065 |
|
| Inventory Turnover | 1.181 | |
| Inventory Turnover Ratio QoQ | -46.588 % | |
| Inventory Turnover Ratio YoY | -29.585 % | |
| Inventory Turnover Ratio IPRWA | high: 9.67 mean: 5.29 median: 4.899 HIMS: 1.181 low: 0.412 |
|
| Days Sales Outstanding (DSO) | 1.145 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 2.311 | |
| Cash Conversion Cycle Days QoQ | -109.901 % | |
| Cash Conversion Cycle Days YoY | -108.648 % | |
| Cash Conversion Cycle Days IPRWA | high: 86.316 mean: 21.438 median: 15.818 HIMS: 2.311 low: -39.366 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.503 | |
| CapEx To Revenue | -0.092 | |
| CapEx To Depreciation | -4.808 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.5 B | |
| Net Invested Capital | $ 1.5 B | |
| Invested Capital | $ 1.5 B | |
| Net Tangible Assets | $ 404.3 M | |
| Net Working Capital | $ 1.1 B | |
| LIQUIDITY | ||
| Cash Ratio | 4.205 | |
| Current Ratio | 4.979 | |
| Current Ratio QoQ | 212.34 % | |
| Current Ratio YoY | 86.005 % | |
| Current Ratio IPRWA | high: 6.851 HIMS: 4.979 mean: 1.238 median: 0.838 low: 0.225 |
|
| Quick Ratio | 4.459 | |
| Quick Ratio QoQ | 237.05 % | |
| Quick Ratio YoY | 93.551 % | |
| Quick Ratio IPRWA | high: 6.687 HIMS: 4.459 mean: 0.907 median: 0.618 low: 0.306 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 28.084 | |
| Cost Of Debt | 0.226 % | |
| Interest Coverage Ratio | 16.892 | |
| Interest Coverage Ratio QoQ | -53.844 % | |
| Interest Coverage Ratio YoY | 142.276 % | |
| Interest Coverage Ratio IPRWA | high: 34.501 HIMS: 16.892 mean: 4.566 median: 3.159 low: -51.12 |
|
| Operating Cash Flow Ratio | -0.06 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 62.841 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 110.559 % | |
| Revenue Growth | -7.027 % | |
| Revenue Growth QoQ | -132.24 % | |
| Revenue Growth YoY | -152.156 % | |
| Revenue Growth IPRWA | high: 17.881 % median: 4.575 % mean: 3.881 % HIMS: -7.027 % low: -32.565 % |
|
| Earnings Growth | 45.0 % | |
| Earnings Growth QoQ | -45.0 % | |
| Earnings Growth YoY | 125.0 % | |
| Earnings Growth IPRWA | high: 250.0 % HIMS: 45.0 % median: -19.556 % mean: -22.269 % low: -291.304 % |
|
| MARGINS | ||
| Gross Margin | 76.39 % | |
| Gross Margin QoQ | 3.939 % | |
| Gross Margin YoY | -6.036 % | |
| Gross Margin IPRWA | high: 88.057 % HIMS: 76.39 % median: 26.662 % mean: 26.179 % low: -9.108 % |
|
| EBIT Margin | 4.905 % | |
| EBIT Margin QoQ | -50.354 % | |
| EBIT Margin YoY | 40.384 % | |
| EBIT Margin IPRWA | high: 35.873 % mean: 7.362 % HIMS: 4.905 % median: 2.773 % low: -48.909 % |
|
| Return On Sales (ROS) | 4.905 % | |
| Return On Sales QoQ | -50.354 % | |
| Return On Sales YoY | 40.384 % | |
| Return On Sales IPRWA | high: 31.023 % median: 8.725 % mean: 8.29 % HIMS: 4.905 % low: -49.228 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -69.43 M | |
| Free Cash Flow Yield | -0.629 % | |
| Free Cash Flow Yield QoQ | -191.557 % | |
| Free Cash Flow Yield YoY | -155.961 % | |
| Free Cash Flow Yield IPRWA | high: 12.561 % mean: 1.778 % median: 1.538 % HIMS: -0.629 % low: -16.999 % |
|
| Free Cash Growth | -238.72 % | |
| Free Cash Growth QoQ | 1403.369 % | |
| Free Cash Growth YoY | -179.466 % | |
| Free Cash Growth IPRWA | high: 390.254 % mean: -44.797 % median: -52.4 % HIMS: -238.72 % low: -652.057 % |
|
| Free Cash To Net Income | -1.633 | |
| Cash Flow Margin | -3.017 % | |
| Cash Flow To Earnings | -0.387 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 3.07 % | |
| Return On Assets QoQ | -50.396 % | |
| Return On Assets YoY | 7.193 % | |
| Return On Assets IPRWA | high: 5.204 % HIMS: 3.07 % median: 0.951 % mean: 0.949 % low: -16.328 % |
|
| Return On Capital Employed (ROCE) | 1.665 % | |
| Return On Equity (ROE) | 0.076 | |
| Return On Equity QoQ | -16.151 % | |
| Return On Equity YoY | 105.607 % | |
| Return On Equity IPRWA | high: 0.111 HIMS: 0.076 median: 0.023 mean: 0.022 low: -0.486 |
|
| DuPont ROE | 7.645 % | |
| Return On Invested Capital (ROIC) | 1.378 % | |
| Return On Invested Capital QoQ | -84.018 % | |
| Return On Invested Capital YoY | -128.243 % | |
| Return On Invested Capital IPRWA | high: 7.951 % median: 1.963 % mean: 1.556 % HIMS: 1.378 % low: -22.946 % |
|