HIMS
Hims & Hers Health, Inc.
Healthcare • CIK: 0001773751
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Market Cap
$7.30B
P/E (TTM)
57.0x
Rev Growth (TTM)
+59.0%
Net Margin (TTM)
5.5%
FCF Yield (TTM)
0.8%
FCF Margin (TTM)
2.4%
Cash Flow Health
Free Cash Flow6/8 positive
TTM$57M
Q4 '25
$-3M-103%
Q3 '25
$79M+214%
FCF Margin
TTM2.4%
Q4 '25-0.4%-103%
Sector: 0.0%Above Avg
OCF Margin12.8%
OCF/NI2.34x
CapEx Coverage1.2x
FCF Yield0.8%
FCF Growth (2Y)–
Cash Conversion Cycle
-20 days
DSO: 0+DIO: 59−DPO: 79
Capital Allocation & Returns
Growth Focused
Total Shareholder YieldTTM
TTM1.2%
Div Yield0.0%
+Buyback (TTM)1.2%
Prioritizing reinvestment over distributions
Dividend & Payout Metrics
Dividend Yield (TTM)0.0%
Free Cash Flow (TTM)$57.3M
Stock Repurchases (TTM)$90.0M
Capital Return / FCF157.0%
Est. Dividends Paid (TTM)$0
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
12.5%
Volatile
-0.2% YoY-19.2%
P25MedianP75
75th pctl (med: 0.0%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
4.7%
8Q: 4.0%
Asset Turnover
1.46x
8Q: 2.61x
Leverage (1+D/E)
1.00x
D/E: 0.00x
DuPont: 6.8% ≈ 12.5% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
62.83x
8Q:82.23x
-3353.8%
Invested Cap Turn
2.68x
8Q:3.62x
-182.2%
CapEx Intensity
27.7%
8Q:23.0%
CapEx/Depreciation
5.71x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $2.3B | $617.8M↑3.1% | $599.0M↑9.9% | $544.8M↓7.0% | $586.0M↑21.8% | $481.1M↑19.8% | $401.6M↑27.2% | $315.6M↑13.5% | $278.2M |
Operating Income | $105.6M | $9.2M↓22.2% | $11.8M↓55.8% | $26.7M↓53.8% | $57.9M↑211.3% | $18.6M↓16.9% | $22.4M↑102.8% | $11.0M↑11.4% | $9.9M |
Net Income | $128.4M | $20.6M↑30.6% | $15.8M↓62.9% | $42.5M↓14.1% | $49.5M↑90.1% | $26.0M↓65.6% | $75.6M↑468.5% | $13.3M↑19.5% | $11.1M |
Operating Cash Flow | $300.0M | $61.3M↓58.8% | $148.7M↑878.0% | $-19.1M↓117.5% | $109.1M↑26.3% | $86.4M↑1.3% | $85.3M↑59.1% | $53.6M↑107.4% | $25.8M |
Free Cash Flow | $57.3M | $-2.6M↓103.3% | $79.3M↑214.1% | $-69.5M↓238.8% | $50.1M↓15.8% | $59.5M↓25.1% | $79.4M↑66.8% | $47.6M↑302.0% | $11.8M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
57.0x
Volatile
8Q: 285.9x+27269%
Multiple expansion without fundamental improvement
Valuation Lenses
Earnings
57.0x
vs – sector
Cash Flow
116.4x
EV/FCF vs –
Growth-Adj
1.0xPEG
Undervalued for growth
Quality-Adj
4.6P/E per %ROIC
ROIC: 12.5%
Shareholder Returns
Dividend
–
Buyback
1.2%
Total Yield
1.2%
Market Cap$7.30B
EV$6.67B
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
66/100
High Quality
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Top 25%
23.3%
8Q:–
Return on Invested Capital (ROIC)Top 25%
12.5%
8Q:–
-19.2%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 4.7%
Asset Turnover: 1.46x
Earnings Quality
Cash Conversion
2.34x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin73.8%
Capital Efficiency
Invested Capital Turnover2.68x
Working Capital
Cash Conversion Cycle-20 days
Growth Quality & Momentum
Moderate Growth
Growth Quality Score
70/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
59.0%
OpInc Growth YoY
-50.6%
EPS Growth YoY
-3.8%
FCF 3Y CAGR
N/A
Margin Quality & Sustainability
Low Quality
Profitability Cascade
Gross
73.8%
Operating
4.5%
Below Avg in sector
Net
5.5%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
-3.0 pts
FCF: 2.4% | Net: 5.5%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Fortress
Net Debt / EBITDA
Net Cash
(0.0x)Net Cash: $577.52M
Interest Coverage
–
+Net cash position: $577.52M
Leverage Metrics
Debt-to-Equity
0.00x
Balance sheet risk & solvency analysis