Recent News
On February 19, 2026 the company announced an agreement to acquire Eucalyptus, expanding its international digital‑health footprint.
Early February the company introduced and then withdrew a lower‑priced compounded GLP‑1 pill offering, prompting a legal threat from Novo Nordisk and regulatory scrutiny.
March headlines highlighted a strategic shift and a partnership-like realignment with Novo Nordisk that materially altered Hims & Hers’ GLP‑1 go‑to‑market path.
On April 16, 2026 regulatory commentary and FDA movement around peptides reopened product optionality for telehealth players and drew investor attention to Hims & Hers’ peptide and manufacturing optionality.
The company disclosed a customer‑support system intrusion discovered February 5 and reported to authorities; company statements said medical records and provider communications did not appear affected.
Technical Analysis
Directional indicators show declining bullish participation: ADX at 36.97 indicates a strong trend environment, while DI+ at 32.70 (peak & reversal) and DI‑ at 13.28 (dip & reversal) jointly signal a shift toward bearish directional pressure; that directional change raises near‑term downside risk relative to WMDST’s over‑valuation view.
MACD sits above its signal line (MACD 1.75 vs signal 1.55), a bullish crossing that nevertheless competes with broader momentum context and the directional reversal, suggesting mixed short‑term momentum against the valuation backdrop.
MRO reads positive at 34.96, indicating price trades above the model target and therefore a technical tendency toward mean reversion—price pressure toward lower levels would align with the current over‑valued WMDST determination.
RSI at 50.44 with a peak & reversal trend reads as a neutral midpoint with recent topping behavior; that profile supports a rangebound to downward near‑term bias until momentum re‑accumulates.
Price sits at $27.17—above the 50‑day average ($21.83) and 20‑day average ($27.28 ~ effectively even), but well below the 200‑day average ($37.44). The split between near‑term averages and the longer‑term average signals shorter‑term strength overlaying longer‑term underperformance; elevated 42‑day beta (3.57) amplifies expected intraday and swing volatility.
Fundamental Analysis
Profitability: operating (EBIT) margin equals 1.487%, below the industry peer mean of 6.726% and below the industry peer median of 2.026%, reflecting compressed operating leverage despite positive gross margin (71.936%). EBIT of $9,186,000 and EBITDA of $27,278,000 produce narrow operating returns relative to peers. EBIT margin quarter‑over‑quarter declined by 24.556% and year‑over‑year dropped 61.527%, underscoring margin pressure during the reported period.
Earnings and guidance context: reported EPS arrived at $0.08 versus an estimate of $0.04, beating by $0.04—an EPS surprise of 100% relative to the estimate—while forward EPS sits at $0.34483 and forward P/E at 109.25, implying sizable multiple compression risk if growth slows.
Growth: total revenue registers $617,818,000 with a standalone revenue growth rate of 3.146% (report field), but sequential revenue growth contracted sharply (revenue growth QoQ −68.344%) and revenue growth YoY registered −84.126%; those sequential and annual declines, as reported, indicate episodic revenue volatility that conflicts with headline growth narratives.
Balance sheet and liquidity: cash and short‑term investments total $577,492,000; current ratio 1.898 and cash ratio 1.428 provide a solid near‑term liquidity buffer against liabilities of $1,613,777,000 and total debt of $1,120,590,000. Net debt stands at $743,964,000. Debt metrics show leverage stress—debt‑to‑equity at 2.0716 and debt‑to‑assets at 52.007%—which increases sensitivity to any margin compression.
Valuation context: enterprise value multiple (EVR) at 11.90 and price‑to‑book of 12.59 sit well above the industry peer mean book multiple (2.809) and peer median (1.745), reflecting market willingness to pay for growth but creating downside risk if growth decelerates. WMDST values the stock as over‑valued today, consistent with stretched price multiples versus operating returns and elevated leverage.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-02-23 |
| NEXT REPORT DATE: | 2026-05-25 |
| CASH FLOW | Begin Period Cash Flow | $ 345.8 M |
| Operating Cash Flow | $ 61.3 M | |
| Capital Expenditures | $ -63.88 M | |
| Change In Working Capital | $ -12.04 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -117.16 M | |
| End Period Cash Flow | $ 228.6 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 617.8 M | |
| Forward Revenue | $ 587.5 M | |
| COSTS | ||
| Cost Of Revenue | $ 173.4 M | |
| Depreciation | $ 18.1 M | |
| Depreciation and Amortization | $ 18.1 M | |
| Research and Development | $ 41.0 M | |
| Total Operating Expenses | $ 608.6 M | |
| PROFITABILITY | ||
| Gross Profit | $ 444.4 M | |
| EBITDA | $ 27.3 M | |
| EBIT | $ 9.2 M | |
| Operating Income | $ 9.2 M | |
| Interest Income | — | |
| Interest Expense | — | |
| Net Interest Income | — | |
| Income Before Tax | $ 18.4 M | |
| Tax Provision | $ -2.25 M | |
| Tax Rate | 21.0 % | |
| Net Income | $ 20.6 M | |
| Net Income From Continuing Operations | $ 20.6 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.04 | |
| EPS Actual | $ 0.08 | |
| EPS Difference | $ 0.04 | |
| EPS Surprise | 100.0 % | |
| Forward EPS | $ 0.34 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 2.2 B | |
| Intangible Assets | $ 474.4 M | |
| Net Tangible Assets | $ 66.5 M | |
| Total Current Assets | $ 767.6 M | |
| Cash and Short-Term Investments | $ 577.5 M | |
| Cash | $ 228.6 M | |
| Net Receivables | $ 32.1 M | |
| Inventory | $ 80.1 M | |
| Long-Term Investments | $ 29.7 M | |
| LIABILITIES | ||
| Accounts Payable | $ 143.3 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 404.4 M | |
| Net Debt | $ 744.0 M | |
| Total Debt | $ 1.1 B | |
| Total Liabilities | $ 1.6 B | |
| EQUITY | ||
| Total Equity | $ 540.9 M | |
| Retained Earnings | $ -113.77 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 2.38 | |
| Shares Outstanding | 227.246 M | |
| Revenue Per-Share | $ 2.72 | |
| VALUATION | Market Capitalization | $ 6.8 B |
| Enterprise Value | $ 7.4 B | |
| Enterprise Multiple | 269.619 | |
| Enterprise Multiple QoQ | -34.738 % | |
| Enterprise Multiple YoY | -12.998 % | |
| Enterprise Multiple IPRWA | HIMS: 269.619 high: 169.984 mean: 57.294 median: 51.214 low: -93.578 |
|
| EV/R | 11.904 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 3.983 | |
| Asset To Liability | 1.335 | |
| Debt To Capital | 0.674 | |
| Debt To Assets | 0.52 | |
| Debt To Assets QoQ | 3.887 % | |
| Debt To Assets YoY | 3144.354 % | |
| Debt To Assets IPRWA | high: 1.021 HIMS: 0.52 mean: 0.325 median: 0.315 low: 0.001 |
|
| Debt To Equity | 2.072 | |
| Debt To Equity QoQ | 7.651 % | |
| Debt To Equity YoY | 8604.244 % | |
| Debt To Equity IPRWA | high: 2.453 HIMS: 2.072 median: 1.063 mean: 1.055 low: -1.878 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 12.592 | |
| Price To Book QoQ | -37.413 % | |
| Price To Book YoY | -24.301 % | |
| Price To Book IPRWA | HIMS: 12.592 high: 10.641 mean: 2.809 median: 1.745 low: -1.382 |
|
| Price To Earnings (P/E) | 374.681 | |
| Price To Earnings QoQ | -56.247 % | |
| Price To Earnings YoY | 14.775 % | |
| Price To Earnings IPRWA | HIMS: 374.681 high: 328.106 median: 71.489 mean: 59.113 low: -183.818 |
|
| PE/G Ratio | 11.241 | |
| Price To Sales (P/S) | 11.025 | |
| Price To Sales QoQ | -43.505 % | |
| Price To Sales YoY | -33.107 % | |
| Price To Sales IPRWA | high: 27.104 HIMS: 11.025 mean: 5.911 median: 3.556 low: 0.027 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 109.252 | |
| Forward PE/G | 3.278 | |
| Forward P/S | 10.665 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -7.057 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.282 | |
| Asset Turnover Ratio QoQ | -3.37 % | |
| Asset Turnover Ratio YoY | -61.672 % | |
| Asset Turnover Ratio IPRWA | high: 0.934 median: 0.398 mean: 0.346 HIMS: 0.282 low: 0.001 |
|
| Receivables Turnover | 16.816 | |
| Receivables Turnover Ratio QoQ | -32.529 % | |
| Receivables Turnover Ratio YoY | -81.382 % | |
| Receivables Turnover Ratio IPRWA | HIMS: 16.816 high: 6.521 mean: 3.958 median: 2.824 low: 0.053 |
|
| Inventory Turnover | 1.863 | |
| Inventory Turnover Ratio QoQ | 47.105 % | |
| Inventory Turnover Ratio YoY | -5.223 % | |
| Inventory Turnover Ratio IPRWA | high: 10.112 mean: 5.294 median: 4.822 HIMS: 1.863 low: 0.836 |
|
| Days Sales Outstanding (DSO) | 5.426 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -39.808 | |
| Cash Conversion Cycle Days QoQ | 147.705 % | |
| Cash Conversion Cycle Days YoY | 42.487 % | |
| Cash Conversion Cycle Days IPRWA | high: 105.119 mean: 20.724 median: 15.429 HIMS: -39.808 low: -49.824 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 1.701 | |
| CapEx To Revenue | -0.103 | |
| CapEx To Depreciation | -3.531 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.5 B | |
| Net Invested Capital | $ 1.5 B | |
| Invested Capital | $ 1.5 B | |
| Net Tangible Assets | $ 66.5 M | |
| Net Working Capital | $ 363.2 M | |
| LIQUIDITY | ||
| Cash Ratio | 1.428 | |
| Current Ratio | 1.898 | |
| Current Ratio QoQ | 1.226 % | |
| Current Ratio YoY | 6.149 % | |
| Current Ratio IPRWA | high: 9.13 HIMS: 1.898 mean: 1.271 median: 0.842 low: 0.178 |
|
| Quick Ratio | 1.7 | |
| Quick Ratio QoQ | 3.657 % | |
| Quick Ratio YoY | 13.55 % | |
| Quick Ratio IPRWA | high: 6.629 HIMS: 1.7 mean: 0.959 median: 0.625 low: 0.178 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 41.08 | |
| Cost Of Debt | 0.112 % | |
| Interest Coverage Ratio | 5.807 | |
| Interest Coverage Ratio QoQ | -22.199 % | |
| Interest Coverage Ratio YoY | -50.602 % | |
| Interest Coverage Ratio IPRWA | high: 77.342 HIMS: 5.807 mean: 2.998 median: 2.72 low: -124.431 |
|
| Operating Cash Flow Ratio | 0.046 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 99.349 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -3.519 % | |
| Revenue Growth | 3.146 % | |
| Revenue Growth QoQ | -68.344 % | |
| Revenue Growth YoY | -84.126 % | |
| Revenue Growth IPRWA | high: 19.662 % HIMS: 3.146 % median: 2.743 % mean: 2.417 % low: -6.762 % |
|
| Earnings Growth | 33.333 % | |
| Earnings Growth QoQ | -151.515 % | |
| Earnings Growth YoY | -150.793 % | |
| Earnings Growth IPRWA | high: 220.0 % HIMS: 33.333 % median: -31.875 % mean: -35.766 % low: -224.49 % |
|
| MARGINS | ||
| Gross Margin | 71.936 % | |
| Gross Margin QoQ | -2.528 % | |
| Gross Margin YoY | -6.339 % | |
| Gross Margin IPRWA | high: 81.41 % HIMS: 71.936 % mean: 25.205 % median: 23.692 % low: -5.777 % |
|
| EBIT Margin | 1.487 % | |
| EBIT Margin QoQ | -24.556 % | |
| EBIT Margin YoY | -61.527 % | |
| EBIT Margin IPRWA | high: 33.321 % mean: 6.726 % median: 2.026 % HIMS: 1.487 % low: -87.897 % |
|
| Return On Sales (ROS) | 1.487 % | |
| Return On Sales QoQ | -24.556 % | |
| Return On Sales YoY | -61.527 % | |
| Return On Sales IPRWA | high: 30.502 % mean: 7.807 % median: 6.244 % HIMS: 1.487 % low: -100.812 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -2.57 M | |
| Free Cash Flow Yield | -0.038 % | |
| Free Cash Flow Yield QoQ | -105.596 % | |
| Free Cash Flow Yield YoY | -105.067 % | |
| Free Cash Flow Yield IPRWA | high: 11.812 % median: 1.531 % mean: 0.99 % HIMS: -0.038 % low: -29.019 % |
|
| Free Cash Growth | -103.237 % | |
| Free Cash Growth QoQ | -51.827 % | |
| Free Cash Growth YoY | 312.124 % | |
| Free Cash Growth IPRWA | high: 358.233 % median: -27.332 % mean: -73.033 % HIMS: -103.237 % low: -534.944 % |
|
| Free Cash To Net Income | -0.125 | |
| Cash Flow Margin | 3.011 % | |
| Cash Flow To Earnings | 0.903 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 0.939 % | |
| Return On Assets QoQ | 22.425 % | |
| Return On Assets YoY | -76.371 % | |
| Return On Assets IPRWA | high: 9.352 % median: 1.157 % mean: 1.129 % HIMS: 0.939 % low: -16.801 % |
|
| Return On Capital Employed (ROCE) | 0.525 % | |
| Return On Equity (ROE) | 0.038 | |
| Return On Equity QoQ | 40.258 % | |
| Return On Equity YoY | -30.244 % | |
| Return On Equity IPRWA | high: 0.294 mean: 0.04 median: 0.039 HIMS: 0.038 low: -0.444 |
|
| DuPont ROE | 3.672 % | |
| Return On Invested Capital (ROIC) | 0.479 % | |
| Return On Invested Capital QoQ | -20.3 % | |
| Return On Invested Capital YoY | -109.42 % | |
| Return On Invested Capital IPRWA | high: 13.153 % median: 1.21 % mean: 1.201 % HIMS: 0.479 % low: -17.767 % |
|