Recent News
On August 4th the company published second-quarter 2025 financial results and updated guidance ahead of its investor call.
On August 14–15 media outlets reported that the FTC opened an inquiry into advertising and subscription cancellation practices, adding to ongoing legal scrutiny stemming from the terminated Novo Nordisk collaboration.
Financial press coverage in October highlighted new product-market moves—expansion into testosterone replacement therapy with a pharma partner—and noted an FDA warning letter related to marketing language for compounded obesity treatments.
Technical Analysis
ADX / Directional Indicators: ADX at 15.15 signals no dominant trend; both DI+ at 31.82 (dip & reversal) and DI- at 25.58 (peak & reversal) represent bullish directional behavior since DI+ reversed higher while DI- peaked and declined.
MACD: MACD at 1.75 has performed a dip-and-reversal and sits above its signal line at 1.66, signaling bullish momentum acceleration compared with recent readings.
MRO (Momentum/Regression Oscillator): MRO reads 25.85 and shows an increasing trend; the positive value indicates price sits above the model target, implying a greater likelihood of mean reversion pressure in the near term despite other bullish momentum signals.
RSI: RSI at 52.54 completed a dip-and-reversal and now occupies neutral territory, supporting a near-term continuation of sideways-to-upward movement rather than overbought exhaustion.
Price vs. Moving Averages & Bands: Latest close at $58.17 remains above the 200-day average ($44.30) and above the 50-day average ($51.65), while the 12-day EMA shows a dip-and-reversal; Bollinger band placement near the 1x upper band indicates limited short-term upside room without a volatility pickup.
Volatility & Volume: 42-day beta at 3.34 and 52-week beta at 2.43 underscore elevated sensitivity to market swings; ten-day average volume sits below the current session, suggesting selective conviction behind recent moves.
Fundamental Analysis
Profitability & margins: Operating (EBIT) amounted to $26,723,000 with an EBIT margin of 4.905%. That margin falls below the industry peer mean of 7.362% but sits above the industry peer median of 2.773%, indicating healthier operating leverage than many peers while still lagging the peer average.
Revenue and growth: Total revenue registered at $544,833,000. Reported revenue growth shows a decline on several temporal metrics: revenue growth at -7.03%, revenue growth QoQ at -132.24% and revenue growth YoY at -152.16% per the provided labels—these values point to sizable sequential and year-over-year variability that the company must manage while scaling subscriber volumes. The company reported guidance alongside its Q2 release.
Earnings and cash flow: GAAP EPS came in at $0.17 versus an estimate of $0.16, producing an EPS surprise of 6.25%. Adjusted EBITDA reached $37,188,000 (dataset EBITDA $37,188,000) while free cash flow read $-69,432,000, reflecting cash use despite positive operating results and a $1,124,582,000 cash balance; free cash flow trends require monitoring given elevated investment and inventory build.
Leverage and liquidity: Total debt at $1,044,388,000 produces a debt-to-equity ratio of 1.86 and debt-to-assets at 55.624%; current ratio equals 4.98 and quick ratio equals 4.46, signaling strong short-term liquidity but meaningful leverage on the capital structure.
Valuation multiples: Price-to-earnings at 176.79 and price-to-sales at 20.27 sit materially above typical peer multiples (peer means for P/E and P/S show lower central values), while enterprise multiple measures register at elevated levels. WMDST values the stock as over-valued based on the supplied valuation model and comparative multiple dispersion.
- Gross margin: 76.39%.
- Return on equity: 7.55% (YoY growth +105.607%).
- Operating margin QoQ: -50.354% change; operating margin YoY: +40.384%.
Taken together, subscriber growth and strong gross margins support upside to revenue scalability, while negative free cash flow and elevated valuation multiples pressure near-term valuation support; regulatory and legal headlines pose execution risk that could affect future cash conversion and multiple expansion.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-08-04 |
| NEXT REPORT DATE: | 2025-11-03 |
| 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 | $ 0.16 | |
| EPS Actual | $ 0.17 | |
| EPS Difference | $ 0.01 | |
| EPS Surprise | 6.25 % | |
| 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: -21.941 % 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 % |
|