Recent News
On June 4, 2026 the company priced an upsized $350 million convertible senior notes offering intended to support international expansion and AI-driven platform investment. On June 2, 2026 the company published a corporate update describing expansion of its consumer-health footprint and referenced acquisition activity tied to Eucalyptus. In early April 2026 the company disclosed a limited customer-support data intrusion and offered credit-monitoring services while regulatory notifications continued. The company also filed an 8-K documenting its June 11, 2026 annual meeting of stockholders.
Technical Analysis
ADX at 26.79 indicates a strong underlying trend, increasing the relevance of directional indicators for short-term moves; that strength raises the odds that breakout attempts will carry conviction when confirmed.
DI+ shows a peak-and-reversal, which signals a loss of bullish directional momentum; DI- is decreasing, which reduces selling pressure, and the net directional picture currently favors a tenuous bullish edge because DI+ remains numerically above DI-.
MACD sits at 1.83 and trades above its 1.31 signal line, with the MACD series increasing; that configuration presents an active bullish momentum signal likely to support upside attempts while it persists.
MRO reads 2.24 with a peak-and-reversal on the oscillator; positive MRO indicates price currently sits above the model target and suggests downward mean reversion pressure, although its low magnitude limits that pressure.
RSI at 56.49 and rising denotes mild bullish momentum without overbought conditions, leaving room for additional upside before momentum exhaustion.
Price closed at $32.70, above the 12-day EMA ($31.08, increasing) and the 20-day average ($30.14), but slightly below the 200-day average ($33.15). The short-term EMA alignment favors higher intraday lows; failure to clear and hold above the 200-day average would constrain follow-through.
Bands and volatility show price trading near the upper 1x Bollinger band (upper 1x = $33.37) with a 20-day stdev of $3.22; elevated betas (42-day 2.64, 52-week 2.78) imply outsized sensitivity to market moves and company-specific headlines. Volume currently sits below multi-period averages, which argues that conviction will depend on upticks in traded volume.
Fundamental Analysis
Q1 results reported May 11, 2026 (period ended March 31, 2026) show total revenue of $608.1 million and an operating loss (EBIT) of $78.3 million; EPS actual -$0.19 versus estimate $0.13, a miss of $0.32 (EPS surprise ratio -246%). The company maintains $222.3 million in cash and $750.9 million in cash and short-term investments as of period end.
Profitability metrics remain negative: EBIT margin at -12.88% declined QoQ by about -9.66% and declined YoY by about -2.30%; that EBIT margin sits well below the industry peer mean of 7.44% and the industry peer median of 4.69% but remains above the industry peer low. Gross margin at 65.25% remains a structural strength and sits meaningfully above the industry peer mean of ~24.78%.
Top-line growth shows modest contraction: reported revenue growth YoY reads about -1.07% with QoQ change near -1.50%, indicating revenue stability under slight pressure rather than rapid expansion. Free cash flow improved materially year-over-year (free cash growth YoY +135.3%) while free-cash-flow yield equals ~0.91%, below the industry peer mean of ~2.05%.
Capital structure and balance-sheet items present offsetting signals: current ratio 1.69 and cash ratio 1.21 provide short-term liquidity above the industry peer mean for current ratio, while debt-to-equity at 2.54 exceeds the industry peer mean of 1.00 and signals heavier leverage relative to peers. Net debt stands at $751.8 million against market-cap near $5.84 billion.
Market multiples imply elevated expectations: price-to-book at 13.09 sits above the industry peer high (~12.70), price-to-sales at 9.60 exceeds the industry peer mean (~4.83), and forward PE near 76.6 implies significant forward earnings growth baked into the valuation. WMDST values the stock as over-valued, driven by negative operating margins, high leverage relative to the peer mean, and premium multiples despite improving free cash generation.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-05-11 |
| NEXT REPORT DATE: | 2026-08-10 |
| CASH FLOW | Begin Period Cash Flow | $ 228.6 M |
| Operating Cash Flow | $ 89.4 M | |
| Capital Expenditures | $ -36.32 M | |
| Change In Working Capital | $ 67.5 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -6.35 M | |
| End Period Cash Flow | $ 222.3 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 608.1 M | |
| Forward Revenue | $ -84.72 M | |
| COSTS | ||
| Cost Of Revenue | $ 211.3 M | |
| Depreciation | $ 22.0 M | |
| Depreciation and Amortization | $ 22.0 M | |
| Research and Development | $ 46.9 M | |
| Total Operating Expenses | $ 686.4 M | |
| PROFITABILITY | ||
| Gross Profit | $ 396.8 M | |
| EBITDA | $ -56.37 M | |
| EBIT | $ -78.32 M | |
| Operating Income | $ -78.32 M | |
| Interest Income | — | |
| Interest Expense | — | |
| Net Interest Income | — | |
| Income Before Tax | $ -101.55 M | |
| Tax Provision | $ -9.44 M | |
| Tax Rate | 9.3 % | |
| Net Income | $ -92.11 M | |
| Net Income From Continuing Operations | $ -92.11 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.13 | |
| EPS Actual | $ -0.19 | |
| EPS Difference | $ -0.32 | |
| EPS Surprise | -246.154 % | |
| Forward EPS | $ 0.22 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 2.3 B | |
| Intangible Assets | $ 603.9 M | |
| Net Tangible Assets | $ -157.71 M | |
| Total Current Assets | $ 1.0 B | |
| Cash and Short-Term Investments | $ 750.9 M | |
| Cash | $ 222.3 M | |
| Net Receivables | $ 149.6 M | |
| Inventory | $ 79.1 M | |
| Long-Term Investments | $ 47.6 M | |
| LIABILITIES | ||
| Accounts Payable | $ 306.9 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 618.8 M | |
| Net Debt | $ 751.8 M | |
| Total Debt | $ 1.1 B | |
| Total Liabilities | $ 1.8 B | |
| EQUITY | ||
| Total Equity | $ 446.2 M | |
| Retained Earnings | $ -205.89 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 1.93 | |
| Shares Outstanding | 230.704 M | |
| Revenue Per-Share | $ 2.64 | |
| VALUATION | Market Capitalization | $ 5.8 B |
| Enterprise Value | $ 6.2 B | |
| Enterprise Multiple | -110.357 | |
| Enterprise Multiple QoQ | -140.931 % | |
| Enterprise Multiple YoY | -203.961 % | |
| Enterprise Multiple IPRWA | high: 232.675 mean: 48.89 median: 47.681 low: -57.937 HIMS: -110.357 |
|
| EV/R | 10.23 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 5.081 | |
| Asset To Liability | 1.245 | |
| Debt To Capital | 0.717 | |
| Debt To Assets | 0.499 | |
| Debt To Assets QoQ | -3.984 % | |
| Debt To Assets YoY | 602.518 % | |
| Debt To Assets IPRWA | high: 1.218 HIMS: 0.499 mean: 0.318 median: 0.31 low: 0.005 |
|
| Debt To Equity | 2.537 | |
| Debt To Equity QoQ | 22.477 % | |
| Debt To Equity YoY | 2098.657 % | |
| Debt To Equity IPRWA | high: 2.582 HIMS: 2.537 median: 1.011 mean: 1.004 low: -1.933 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 13.088 | |
| Price To Book QoQ | 3.94 % | |
| Price To Book YoY | -1.3 % | |
| Price To Book IPRWA | HIMS: 13.088 high: 12.704 mean: 2.347 median: 1.301 low: -1.067 |
|
| Price To Earnings (P/E) | -63.281 | |
| Price To Earnings QoQ | -116.889 % | |
| Price To Earnings YoY | -138.85 % | |
| Price To Earnings IPRWA | high: 167.375 mean: 43.996 median: 30.133 HIMS: -63.281 low: -229.81 |
|
| PE/G Ratio | 0.105 | |
| Price To Sales (P/S) | 9.603 | |
| Price To Sales QoQ | -12.899 % | |
| Price To Sales YoY | -22.738 % | |
| Price To Sales IPRWA | high: 21.195 HIMS: 9.603 mean: 4.827 median: 2.89 low: 0.026 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 76.613 | |
| Forward PE/G | -0.128 | |
| Forward P/S | -47.682 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 605.883 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.275 | |
| Asset Turnover Ratio QoQ | -2.323 % | |
| Asset Turnover Ratio YoY | -62.469 % | |
| Asset Turnover Ratio IPRWA | high: 1.21 median: 0.395 mean: 0.343 HIMS: 0.275 low: 0.001 |
|
| Receivables Turnover | 6.691 | |
| Receivables Turnover Ratio QoQ | -60.211 % | |
| Receivables Turnover Ratio YoY | -92.565 % | |
| Receivables Turnover Ratio IPRWA | high: 10.101 HIMS: 6.691 mean: 4.03 median: 2.974 low: 0.052 |
|
| Inventory Turnover | 2.655 | |
| Inventory Turnover Ratio QoQ | 42.485 % | |
| Inventory Turnover Ratio YoY | 20.09 % | |
| Inventory Turnover Ratio IPRWA | high: 9.435 mean: 5.126 median: 4.582 HIMS: 2.655 low: 0.718 |
|
| Days Sales Outstanding (DSO) | 13.638 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -62.922 | |
| Cash Conversion Cycle Days QoQ | 58.065 % | |
| Cash Conversion Cycle Days YoY | 169.559 % | |
| Cash Conversion Cycle Days IPRWA | high: 90.31 mean: 19.883 median: 17.779 low: -39.8 HIMS: -62.922 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 1.426 | |
| CapEx To Revenue | -0.06 | |
| CapEx To Depreciation | -1.655 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.4 B | |
| Net Invested Capital | $ 1.4 B | |
| Invested Capital | $ 1.4 B | |
| Net Tangible Assets | $ -157.71 M | |
| Net Working Capital | $ 426.6 M | |
| LIQUIDITY | ||
| Cash Ratio | 1.213 | |
| Current Ratio | 1.689 | |
| Current Ratio QoQ | -10.994 % | |
| Current Ratio YoY | 5.969 % | |
| Current Ratio IPRWA | high: 6.745 HIMS: 1.689 mean: 1.244 median: 0.866 low: 0.273 |
|
| Quick Ratio | 1.562 | |
| Quick Ratio QoQ | -8.137 % | |
| Quick Ratio YoY | 18.052 % | |
| Quick Ratio IPRWA | high: 6.531 HIMS: 1.562 mean: 1.011 median: 0.66 low: 0.365 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -20.082 | |
| Cost Of Debt | 0.127 % | |
| Interest Coverage Ratio | -49.509 | |
| Interest Coverage Ratio QoQ | -952.635 % | |
| Interest Coverage Ratio YoY | -235.28 % | |
| Interest Coverage Ratio IPRWA | high: 50.112 median: 6.088 mean: 5.578 HIMS: -49.509 low: -86.056 |
|
| Operating Cash Flow Ratio | -0.037 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 118.453 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 5.214 % | |
| Revenue Growth | -1.572 % | |
| Revenue Growth QoQ | -149.968 % | |
| Revenue Growth YoY | -107.212 % | |
| Revenue Growth IPRWA | high: 31.112 % mean: -0.013 % HIMS: -1.572 % median: -4.881 % low: -16.261 % |
|
| Earnings Growth | -600.0 % | |
| Earnings Growth QoQ | -1900.018 % | |
| Earnings Growth YoY | -833.335 % | |
| Earnings Growth IPRWA | high: 200.0 % mean: 52.85 % median: 4.423 % low: -325.0 % HIMS: -600.0 % |
|
| MARGINS | ||
| Gross Margin | 65.25 % | |
| Gross Margin QoQ | -9.294 % | |
| Gross Margin YoY | -11.218 % | |
| Gross Margin IPRWA | high: 88.188 % HIMS: 65.25 % mean: 24.777 % median: 23.497 % low: -15.298 % |
|
| EBIT Margin | -12.88 % | |
| EBIT Margin QoQ | -966.174 % | |
| EBIT Margin YoY | -230.364 % | |
| EBIT Margin IPRWA | high: 42.75 % mean: 7.442 % median: 4.692 % HIMS: -12.88 % low: -60.342 % |
|
| Return On Sales (ROS) | -12.88 % | |
| Return On Sales QoQ | -966.174 % | |
| Return On Sales YoY | -230.364 % | |
| Return On Sales IPRWA | high: 38.866 % mean: 8.106 % median: 5.371 % HIMS: -12.88 % low: -48.669 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 53.0 M | |
| Free Cash Flow Yield | 0.908 % | |
| Free Cash Flow Yield QoQ | -2489.474 % | |
| Free Cash Flow Yield YoY | 32.169 % | |
| Free Cash Flow Yield IPRWA | high: 9.14 % mean: 2.048 % median: 1.666 % HIMS: 0.908 % low: -19.945 % |
|
| Free Cash Growth | -2164.305 % | |
| Free Cash Growth QoQ | 1996.443 % | |
| Free Cash Growth YoY | 13529.983 % | |
| Free Cash Growth IPRWA | high: 342.987 % median: -15.215 % mean: -40.91 % low: -582.609 % HIMS: -2164.305 % |
|
| Free Cash To Net Income | -0.576 | |
| Cash Flow Margin | -3.781 % | |
| Cash Flow To Earnings | 0.25 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | -4.166 % | |
| Return On Assets QoQ | -543.663 % | |
| Return On Assets YoY | -167.313 % | |
| Return On Assets IPRWA | high: 7.175 % mean: 1.313 % median: 1.162 % HIMS: -4.166 % low: -19.583 % |
|
| Return On Capital Employed (ROCE) | -4.752 % | |
| Return On Equity (ROE) | -0.206 | |
| Return On Equity QoQ | -642.174 % | |
| Return On Equity YoY | -329.171 % | |
| Return On Equity IPRWA | high: 0.346 mean: 0.044 median: 0.038 HIMS: -0.206 low: -0.279 |
|
| DuPont ROE | -18.664 % | |
| Return On Invested Capital (ROIC) | -5.002 % | |
| Return On Invested Capital QoQ | -1144.259 % | |
| Return On Invested Capital YoY | -158.014 % | |
| Return On Invested Capital IPRWA | high: 15.003 % median: 2.517 % mean: 2.298 % HIMS: -5.002 % low: -10.552 % |
|