Rankings Health insurance & services Hims & Hers
Hims & Hers
52
15070100
A view of the same findings, not a new score. How it works
A good business with a real question mark: the price, a crack, or both.
Biggest deductions
- Margin−7
- Absolute price level−6
- Regulation and DOJ−6
Strengths
- Broad customer base+2
- Raised guidance+1
How the score is built
From 100 to 52, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 2 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 25.24 USD
- Median analyst target
- 31.00 USD
- Upside to median
- +22.8%
- Analysts
- 15
- Target range
- 23.00 – 42.00 USD
- 52-week change
- −44%
- P/E (trailing)
- n/a
- Forward P/E
- 73.2
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−21 of −30
- −7MarginThe gross margin has fallen from 82% (2023) and 76% (Q2 2025) to 64% in Q2 2026, as Novo products are resold at low margin. The operating margin was −12.8% in Q2 and the GAAP loss USD 86.3m vs a profit of 42.5m a year earlier; adjusted EBITDA fell from 82.2 to 60.3m USD.
- −4Quality of growthGrowth of 38% is largely bought: the US grew only 16%, while the rest of the world (USD 131m) grew 17 times after the acquisition of Australian Eucalyptus in June. Revenue per subscriber +21% is due to more expensive branded drugs with low margin – bigger, not stronger.
- −5MoatGrowth in 2024–25 was built on copycat GLP-1 (compounded semaglutide). In March 2026 Hims stopped marketing them in the US and now sells Ozempic and Wegovy at the same self-pay price as other telehealth platforms – no price advantage, low switching costs and heavy dependence on marketing.
- −5Capital allocationFrom a net cash of 289 m USD (2024) to a net debt of 705 m: convertible bonds 1,365 m USD, 318 m cash used on acquisitions in H1 and 886 m in contingent/deferred purchase consideration and assumed liabilities. ROIC −10.5%, current ratio 0.93.
Price
Today's multiples against the company's own history and its peers. · 2 findings−11 of −35
- −5Multiples vs own historyForward P/E 89.7 vs 47–55 in 2024–2025 and P/B 22.3 vs 4–14; EV/Sales 3.1 is mid-range in the span 1.9–4.0, but on revenue with markedly lower margin than before.
- −6Absolute price levelEV USD 7.9bn vs adjusted EBITDA guidance of 275-325m (about 26 times, before share-based pay); FCF yield 1.15% and negative earnings yield. Analysts' price target (USD 31.15) is only 0.7% above the price, and consensus is 'Hold'.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 5 findings−17 of −35
- −6Regulation and DOJHHS's general counsel referred Hims to the Department of Justice (DOJ) in February 2026 for possible violations of the Food, Drug and Cosmetic Act (FDCA) after the plan to sell a copy of the Wegovy pill; the stock fell 16% in one day. The case is unresolved and may bring injunctions or fines; Hims provisioned USD 47.5m for litigation in Q2, and the FDA again warned against copy GLP-1s in September.
- −3FTC lawsuitOn 29/7-2026 the FTC along with California and Utah sued Hims for sharing sensitive health data with ad platforms (Meta, Snap) and for misleading subscriptions that are hard to cancel (ROSCA). Injunctions, refunds and fines are sought – directly against the business model.
- −4Partner dependence (Novo Nordisk)Novo terminated the first collaboration in June 2025 after two months and accused Hims of selling 'copies', sued in February 2026 and entered a new agreement in March 2026. The weight-loss business now depends on a partner that has shown it can pull the plug.
- −2Price risk and short interest22.7% of the shares are sold short, beta 2.4, and the price is down 47% over 52 weeks; Altman Z-score 1.98 (gray zone).
- −2Insider tradingCEO Andrew Dudum's family trust sold 660,000 shares for USD 33.4m in August 2025 (largest insider sale since the listing) and about USD 11m in October 2025; the CFO sold under a 10b5-1 plan in January 2026. No insider purchases found.
Plus
Only documented strengths. · 2 findings+3 of +15
- +1Raised guidanceRevenue guidance for 2026 raised from 2.8–3.0 to USD 3.1–3.3bn (though the top end of EBITDA guidance was cut from 350 to 325m).
- +2Broad customer base2.89m subscribers (+19%) spread across many categories (hair, sex, skin, mental health, weight loss, menopause), and revenue per subscriber rose 21% to USD 92 a month.
Caveats
What the score does not capture, or where the data is weak.
Industry set to 'Health insurance & services', because Hims is a subscription and telehealth platform selling consultations and others' medicines – not a drug developer. Financials through Q2 2026; Q3 comes c. 2/11-2026. The GAAP figures are depressed by one-offs (litigation provision 47.5m, acquisition costs 28.8m, restructuring USD 38m in H1). The Eucalyptus purchase price is not disclosed directly. The outcome of the DOJ referral and the FTC case is unknown. Peers (Teladoc, LifeMD et al.) not systematically compared. Hims is not a peptide company; the claim of '10x in 2026' requires c. USD 72bn in market cap – unrealistic for a loss-making company with USD 1.4bn in convertible debt. Analysis, not investment advice.
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