Hims & Hers Health

HIMS · NYSE · Health Care · Financials, fiscal 2019 to 2025

HIMS · Last close · October 26, 2026

$27.59

Hims & Hers Health's revenue rose 59.0% to $2.3 billion in fiscal 2025. Its operating margin was 4.5%, up from 4.2% a year earlier. Free cash flow was $57 million, down 71.0%. It paid out $90 million in dividends and buybacks, 157% of free cash flow. The diluted share count rose 9.1%.

HIMS & HERS HEALTH, INC. Latest fiscal year ended December 31, 2025 10-K filed February 23, 2026 · 0001773751-26-000022 Updated October 11, 2026

Revenue

$2.3B

59.0%

Operating margin

4.5%

0.3 pts

Net income

$128M

1.9%

Free cash flow

$57M

71.0%

Return on capital

19.0%

22.4 pts

Market cap

$6.4B

Oct 26 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Hims & Hers had no borrowings before its convertible notes in May 2025, so debt counts as zero in earlier years.

What Hims & Hers Health does

Hims & Hers runs an online health and wellness platform. Customers use its websites and mobile apps to get treatments for conditions such as sexual health, hair loss, hormone health, weight loss, dermatology and mental health. The platform connects them with licensed healthcare professionals, who can prescribe medicine when appropriate. It also sells over-the-counter products, cosmetics and supplements.

The company makes money when customers buy these products and services, many of which involve prescription medicine taken on a recurring basis. Most prescriptions are filled by pharmacies that the company owns. It does not own the medical groups whose providers do the consultations. It says it has facilitated over fifty million online consultations in the United States, Canada, the United Kingdom, and the European Union, including Germany, Ireland, France and Spain.

It says it competes with large healthcare providers, traditional retailers, pharmaceutical providers and technology companies. The company launched in 2017 and has expanded its range of treatments and countries since then.

Its biggest risks, as it describes them

Its dependence on affiliated medical groups, which it does not own, to supply the providers who give consultations.
Competition from large healthcare providers, retailers, drug companies and technology companies.
Rules on healthcare, prescriptions and privacy that could limit its marketing or how it serves customers.
Reliance on social media and paid influencers, which could harm its reputation or bring fines.
Its growth may slow, and expanding into new countries and offerings may be harder than it expects.

From Hims & Hers Health's annual report on Form 10-K, filed February 23, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2024 to 2025, earnings per share fell 3.8% a year and net income grew 1.9% a year, as new shares raised the share count by 9% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Hims & Hers Health yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Hims & Hers Health's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Hims & Hers Health's cash from operations minus depreciation in fiscal 2025 (free cash flow before spending to grow: capital spending was 4.5 times depreciation, which holds its free cash flow down) of $246M, net cash of −$395M at December 31, 2025 and 258 million diluted shares, from its filings. The scenarios are fitted to Hims & Hers Health: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 64.6% a year, kept between 0% and 20%; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 9%: 7% for a stable business (Health Care Services), plus 1 point as a smaller company, worth $6.4B, plus 1 point for unsteady results (a loss in fiscal 2023); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus depreciation in fiscal 2025: a rough guide to cash flow before spending to grow, for a company building heavily.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Hims & Hers Health's own revenue growth, as above. Cautious: growth of 10% then 6% a year, 2% after year 10, a 10% discount rate. Base: growth of 20% then 11% a year, 2.5% after year 10, a 9% discount rate. Optimistic: growth of 25% then 14% a year, 3% after year 10, a 8% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $27.59
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

The P/E method needs positive earnings, and Hims & Hers Health's latest diluted earnings per share were negative or zero.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	247	180	221	300	578
Debt incl. finance leases	0	0	0	0	973
Net debt (negative means net cash)	−247	−180	−221	−300	395
Net debt to EBITDA	—	—	—	−3.8x	2.5x
Debt to equity	0.0x	0.0x	0.0x	0.0x	1.8x
Interest coverage	—	—	—	—	—
Current ratio	3.4x	4.5x	3.0x	1.8x	1.9x
Quick ratio	3.2x	4.1x	2.7x	1.5x	1.7x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 1 insider bought $1.2 million of Hims & Hers Health shares on the open market, and 8 insiders sold $19.3 million, $19.2 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Oct 14, 2026	Soleil BoughtonChief Legal Officer	Sold plan	3,461	$29.06	$100,577	Form 4
Sep 22, 2026	Oluyemi OkupeChief Financial Officer	Sold plan	29,277	$29.95	$876,846	Form 4
Sep 17, 2026	Oluyemi OkupeChief Financial Officer	Sold plan	12,313	$28.82	$354,861	Form 4
Sep 16, 2026	Soleil BoughtonChief Legal Officer	Sold plan	6,236	$27.86	$173,735	Form 4
Sep 15, 2026	Michael ChiChief Operating Officer	Sold plan	14,027	$28.39	$398,227	Form 4
Sep 15, 2026	Mohamed ElshenawyCTO	Sold plan	7,954	$28.39	$225,814	Form 4
Sep 2, 2026	Soleil BoughtonChief Legal Officer	Sold plan	3,458	$28.33	$97,965	Form 4
Aug 19, 2026	Soleil BoughtonChief Legal Officer	Sold plan	25,111	$27.55	$691,808	Form 4
Aug 19, 2026	Oluyemi OkupeChief Financial Officer	Sold plan	4,938	$29.99	$148,091	Form 4
Aug 18, 2026	Deborah M. AutorChief Policy Officer, Director	Sold plan	16,773	$27.85	$467,128	Form 4
Aug 17, 2026	Oluyemi OkupeChief Financial Officer	Sold plan	9,388	$27.89	$261,831	Form 4
Jul 17, 2026	Oluyemi OkupeChief Financial Officer	Sold plan	7,163	$31.99	$229,144	Form 4

The latest 12 of 45 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Fail	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Fail	Fail
Current ratio rose	Fail	Fail	Pass
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Pass	Fail	Fail
Revenue rose relative to assets	Pass	Pass	Fail
F-score	5 of 9	5 of 9	4 of 9
Accruals ratio	−24.0%	−21.8%	−12.0%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Hims & Hers Health side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Hims & Hers Health	FY25	59.0%	4.5%	2.5%	19.0%	2.5x	4
Natera	FY25	35.9%	−13.4%	4.7%	—	—	—	Compare
Chemed	FY25	4.1%	13.4%	12.9%	27.3%	−0.2x	5	Compare
Concentra Group Holdings Parent	FY25	13.8%	15.4%	9.1%	14.9%	3.6x	5	Compare
Amn Healthcare Services	FY25	−8.5%	−2.0%	8.6%	−2.8%	7.2x	5	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

7 years of figures

Fiscal year	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	83	149	272	527	872	1,476	2,348
Revenue growth	—	80.2%	82.8%	93.8%	65.5%	69.3%	59.0%
Gross profit	45	109	204	409	715	1,173	1,733
Research and development	—	—	—	—	—	—	—
Operating income	−74	−15	−115	−69	−30	62	106
Net income	−72	−18	−108	−66	−24	126	128
Diluted EPS (US$)	−2.07	−0.51	−0.58	−0.32	−0.11	0.53	0.51
Diluted shares (millions)	35	35	187	204	209	237	258
Cash flow
Cash from operations	−75	−2	−34	−26	74	251	300
Capital expenditure	0	2	1	7	26	53	243
Free cash flow	−75	−4	−35	−34	47	198	57
Dividends paid	0	0	0	0	0	0	0
Share buybacks	0	0	0	0	2	83	90
Acquisitions	0	0	46	0	0	15	145
Stock-based compensation	8	6	67	43	66	92	135
Balance sheet at fiscal year end
Cash and short-term investments	2	100	247	180	221	300	578
Debt incl. finance leases	0	0	0	0	0	0	973
Total assets	205	119	421	366	441	708	2,155
Total liabilities	8	16	86	55	97	231	1,614
Shareholders' equity	−140	−147	335	312	344	477	541
Margins and ratios
Gross margin	54.0%	73.6%	75.2%	77.6%	82.0%	79.5%	73.8%
Operating margin	−90.1%	−10.2%	−42.3%	−13.0%	−3.4%	4.2%	4.5%
Net margin	−87.3%	−12.2%	−39.6%	−12.5%	−2.7%	8.5%	5.5%
Free cash flow margin	−91.1%	−2.8%	−13.0%	−6.4%	5.4%	13.4%	2.5%
Return on capital	—	—	—	−49.5%	−18.2%	41.3%	19.0%
Return on equity	—	—	−114.7%	−20.3%	−7.2%	30.7%	25.2%
Return on assets	—	−11.2%	−39.9%	−16.7%	−5.8%	21.9%	9.0%
Net debt to EBITDA	—	—	—	—	—	−3.8x	2.5x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Hims & Hers Health's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Hims & Hers Health.