Hims & Hers Health
HIMS NYSE Health Care Services Financials FY2019–FY2025
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%.
Revenue
Total sales reported in the income statement.
$2.3B
59.0%
vs prior year
Operating margin
Operating income as a share of revenue.
4.5%
0.3 pts
Net income
Profit after all expenses, interest and tax.
$128M
1.9%
Free cash flow
Cash from operations minus capital spending.
$57.4M
71.0%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
19.0%
22.4 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
$6.4B
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
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
No business description yet.
- Legal name
- HIMS & HERS HEALTH, INC.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- —
- Accession · CIK
- 0001773751-26-000022
0001773751
Revenue and margins
Hims & Hers Health had $2.3B of revenue in fiscal 2025, up 59.0% on the year before.
FY19
Revenue $82.6M
FY20
Revenue $149M
FY21
Revenue $272M
FY22
Revenue $527M
FY23
Revenue $872M
FY24
Revenue $1.5B
FY25
Revenue $2.3B
Q3 '23
Revenue $227M
Q4 '23
Revenue $247M
Q1 '24
Revenue $278M
Q2 '24
Revenue $316M
Q3 '24
Revenue $402M
Q4 '24
Revenue $481M
Q1 '25
Revenue $586M
Q2 '25
Revenue $545M
Q3 '25
Revenue $599M
Q4 '25
Revenue $618M
Q1 '26
Revenue $608M
Q2 '26
Revenue $753M
FY19
Gross 54.0%
Operating −90.1%
Net −87.3%
FCF −91.1%
FY20
Gross 73.6%
Operating −10.2%
Net −12.2%
FCF −2.8%
FY21
Gross 75.2%
Operating −42.3%
Net −39.6%
FCF −13.0%
FY22
Gross 77.6%
Operating −13.0%
Net −12.5%
FCF −6.4%
FY23
Gross 82.0%
Operating −3.4%
Net −2.7%
FCF 5.4%
FY24
Gross 79.5%
Operating 4.2%
Net 8.5%
FCF 13.4%
FY25
Gross 73.8%
Operating 4.5%
Net 5.5%
FCF 2.5%
Gross
Operating
Net
FCF
Q3 '23
Gross 82.6%
Operating −3.8%
Net −3.3%
FCF 9.7%
Q4 '23
Gross 82.7%
Operating −0.2%
Net 0.5%
FCF 5.4%
Q1 '24
Gross 82.4%
Operating 3.6%
Net 4.0%
FCF 4.3%
Q2 '24
Gross 81.3%
Operating 3.5%
Net 4.2%
FCF 15.1%
Q3 '24
Gross 79.2%
Operating 5.6%
Net 18.8%
FCF 19.8%
Q4 '24
Gross 76.8%
Operating 3.9%
Net 5.4%
FCF 12.4%
Q1 '25
Gross 73.5%
Operating 9.9%
Net 8.4%
FCF 8.6%
Q2 '25
Gross 76.4%
Operating 4.9%
Net 7.8%
FCF −12.8%
Q3 '25
Gross 73.8%
Operating 2.0%
Net 2.6%
FCF 13.2%
Q4 '25
Gross 71.9%
Operating 1.5%
Net 3.3%
FCF −0.4%
Q1 '26
Gross 65.3%
Operating −12.9%
Net −15.2%
FCF 8.7%
Q2 '26
Gross 63.8%
Operating −12.9%
Net −11.5%
FCF −9.1%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY19
Net income −$72.1M
FY20
Net income −$18.1M
FY21
Net income −$108M
FY22
Net income −$65.7M
FY23
Net income −$23.5M
FY24
Net income $126M
FY25
Net income $128M
Q3 '23
Net income −$7.6M
Q4 '23
Net income $1.2M
Q1 '24
Net income $11.1M
Q2 '24
Net income $13.3M
Q3 '24
Net income $75.6M
Q4 '24
Net income $26.0M
Q1 '25
Net income $49.5M
Q2 '25
Net income $42.5M
Q3 '25
Net income $15.8M
Q4 '25
Net income $20.6M
Q1 '26
Net income −$92.1M
Q2 '26
Net income −$86.3M
FY19
Diluted EPS −$2.07
FY20
Diluted EPS −$0.51
FY21
Diluted EPS −$0.58
FY22
Diluted EPS −$0.32
FY23
Diluted EPS −$0.11
FY24
Diluted EPS $0.53
FY25
Diluted EPS $0.51
Q3 '23
Diluted EPS −$0.04
Q4 '23
Diluted EPS $0.01
Q1 '24
Diluted EPS $0.05
Q2 '24
Diluted EPS $0.06
Q3 '24
Diluted EPS $0.32
Q4 '24
Diluted EPS $0.10
Q1 '25
Diluted EPS $0.20
Q2 '25
Diluted EPS $0.17
Q3 '25
Diluted EPS $0.06
Q4 '25
Diluted EPS $0.08
Q1 '26
Diluted EPS −$0.40
Q2 '26
Diluted EPS −$0.37
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY19
Return on capital —
Return on equity —
Return on assets —
FY20
Return on capital —
Return on equity —
Return on assets −11.2%
FY21
Return on capital —
Return on equity −114.7%
Return on assets −39.9%
FY22
Return on capital −49.5%
Return on equity −20.3%
Return on assets −16.7%
FY23
Return on capital −18.2%
Return on equity −7.2%
Return on assets −5.8%
FY24
Return on capital 41.3%
Return on equity 30.7%
Return on assets 21.9%
FY25
Return on capital 19.0%
Return on equity 25.2%
Return on assets 9.0%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $57.4M in fiscal 2025, 2.5% of revenue. Cash from operations minus capital spending.
FY19
Free cash flow −$75.2M
FY20
Free cash flow −$4.2M
FY21
Free cash flow −$35.2M
FY22
Free cash flow −$33.7M
FY23
Free cash flow $47.0M
FY24
Free cash flow $198M
FY25
Free cash flow $57.4M
Q3 '23
Free cash flow $21.9M
Q4 '23
Free cash flow $13.4M
Q1 '24
Free cash flow $11.8M
Q2 '24
Free cash flow $47.6M
Q3 '24
Free cash flow $79.4M
Q4 '24
Free cash flow $59.5M
Q1 '25
Free cash flow $50.1M
Q2 '25
Free cash flow −$69.5M
Q3 '25
Free cash flow $79.3M
Q4 '25
Free cash flow −$2.6M
Q1 '26
Free cash flow $53.1M
Q2 '26
Free cash flow −$68.2M
FY19
Cash from operations −$74.9M
Capital spending $0.3M
FY20
Cash from operations −$2.5M
Capital spending $1.7M
FY21
Cash from operations −$34.4M
Capital spending $0.8M
FY22
Cash from operations −$26.5M
Capital spending $7.2M
FY23
Cash from operations $73.5M
Capital spending $26.5M
FY24
Cash from operations $251M
Capital spending $52.8M
FY25
Cash from operations $300M
Capital spending $243M
Cash from operations
Capital spending
Q3 '23
Cash from operations $25.2M
Capital spending $3.3M
Q4 '23
Cash from operations $22.0M
Capital spending $8.6M
Q1 '24
Cash from operations $25.8M
Capital spending $14.0M
Q2 '24
Cash from operations $53.6M
Capital spending $6.0M
Q3 '24
Cash from operations $85.3M
Capital spending $5.9M
Q4 '24
Cash from operations $86.4M
Capital spending $26.9M
Q1 '25
Cash from operations $109M
Capital spending $59.0M
Q2 '25
Cash from operations −$19.1M
Capital spending $50.4M
Q3 '25
Cash from operations $149M
Capital spending $69.4M
Q4 '25
Cash from operations $61.3M
Capital spending $63.9M
Q1 '26
Cash from operations $89.4M
Capital spending $36.3M
Q2 '26
Cash from operations −$35.9M
Capital spending $32.3M
Cash from operations
Capital spending
Dividends, buybacks and share count
Hims & Hers Health returned $90.0M to shareholders in fiscal 2025, 157% of free cash flow. The diluted share count rose 9.1%.
FY19
Dividends $0.0M
Buybacks $0.0M
FY20
Dividends $0.0M
Buybacks $0.0M
FY21
Dividends $0.0M
Buybacks $0.0M
FY22
Dividends $0.0M
Buybacks $0.0M
FY23
Dividends $0.0M
Buybacks $2.0M
FY24
Dividends $0.0M
Buybacks $83.0M
FY25
Dividends $0.0M
Buybacks $90.0M
Dividends
Buybacks
Q3 '23
Dividends $0.0M
Buybacks $0.0M
Q4 '23
Dividends $0.0M
Buybacks $2.0M
Q1 '24
Dividends $0.0M
Buybacks $28.1M
Q2 '24
Dividends $0.0M
Buybacks $19.9M
Q3 '24
Dividends $0.0M
Buybacks $30.0M
Q4 '24
Dividends $0.0M
Buybacks $5.0M
Q1 '25
Dividends $0.0M
Buybacks $0.0M
Q2 '25
Dividends $0.0M
Buybacks $0.0M
Q3 '25
Dividends $0.0M
Buybacks $9.5M
Q4 '25
Dividends $0.0M
Buybacks $80.5M
Q1 '26
Dividends $0.0M
Buybacks $0.0M
Q2 '26
Dividends $0.0M
Buybacks $0.0M
Dividends
Buybacks
FY19
Diluted shares 0.03B
FY20
Diluted shares 0.04B
FY21
Diluted shares 0.19B
FY22
Diluted shares 0.20B
FY23
Diluted shares 0.21B
FY24
Diluted shares 0.24B
FY25
Diluted shares 0.26B
Value Hims & Hers Health yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$395M and divides by 258.2M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Balance sheet
Cash, debt and the ratios that show how comfortably Hims & Hers Health can carry it.
FY19
Cash $1.5M
Debt $0.0M
FY20
Cash $100M
Debt $0.0M
FY21
Cash $247M
Debt $0.0M
FY22
Cash $180M
Debt $0.0M
FY23
Cash $221M
Debt $0.0M
FY24
Cash $300M
Debt $0.0M
FY25
Cash $578M
Debt $973M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $247M | $180M | $221M | $300M | $578M |
| Debt incl. finance leases | $0.0M | $0.0M | $0.0M | $0.0M | $973M |
| Net debt / EBITDA | — | — | — | −3.8x | 2.5x |
| Debt / equity | 0.0x | 0.0x | 0.0x | 0.0x | 1.8x |
| Current ratio | 3.4x | 4.5x | 3.0x | 1.8x | 1.9x |
| Quick ratio | 3.2x | 4.1x | 2.7x | 1.5x | 1.7x |
| Total assets | $421M | $366M | $441M | $708M | $2.2B |
| Total liabilities | $86.0M | $54.6M | $97.2M | $231M | $1.6B |
| Shareholders' equity | $335M | $312M | $344M | $477M | $541M |
| Net debt (− = net cash) | −$247M | −$180M | −$221M | −$300M | $395M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$4.0M
5 insiders
Of sales under plans
100%
$4.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 14, 2026 | Soleil BoughtonChief Legal Officer | Sold plan | 3,461 | $29.06 | $0.1M | Form 4 |
| Sep 22, 2026 | Oluyemi OkupeChief Financial Officer | Sold plan | 29,277 | $29.95 | $0.9M | Form 4 |
| Sep 17, 2026 | Oluyemi OkupeChief Financial Officer | Sold plan | 12,313 | $28.82 | $0.4M | Form 4 |
| Sep 16, 2026 | Soleil BoughtonChief Legal Officer | Sold plan | 6,236 | $27.86 | $0.2M | Form 4 |
| Sep 15, 2026 | Michael ChiChief Operating Officer | Sold plan | 14,027 | $28.39 | $0.4M | Form 4 |
| Sep 15, 2026 | Mohamed ElshenawyCTO | Sold plan | 7,954 | $28.39 | $0.2M | Form 4 |
| Sep 2, 2026 | Soleil BoughtonChief Legal Officer | Sold plan | 3,458 | $28.33 | $0.1M | Form 4 |
| Aug 19, 2026 | Oluyemi OkupeChief Financial Officer | Sold plan | 4,938 | $29.99 | $0.1M | Form 4 |
| Aug 19, 2026 | Soleil BoughtonChief Legal Officer | Sold plan | 25,111 | $27.55 | $0.7M | Form 4 |
| Aug 18, 2026 | Deborah M. AutorChief Policy Officer, Director | Sold plan | 16,773 | $27.85 | $0.5M | Form 4 |
| Aug 17, 2026 | Oluyemi OkupeChief Financial Officer | Sold plan | 9,388 | $27.89 | $0.3M | Form 4 |
| Jul 17, 2026 | Oluyemi OkupeChief Financial Officer | Sold plan | 7,163 | $31.99 | $0.2M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✕ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✕ | ✕ | ✕ |
| Current ratio rose | ✕ | ✕ | ✓ |
| Share count didn't rise | ✕ | ✕ | ✕ |
| Gross margin rose | ✓ | ✕ | ✕ |
| Revenue rose relative to assets | ✓ | ✓ | ✕ |
| F-score | 5 / 9 | 5 / 9 | 4 / 9 |
| Accruals ratio | −24.0% | −21.8% | −12.0% |
| Altman Z'' | 3.17 | 3.26 | 1.61 |
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| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Hims & Hers Health HIMS | $6.4B | 59.0% | 4.5% | 2.5% | 19.0% | — | 4 | |
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7 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | $82.6M | $149M | $272M | $527M | $872M | $1.5B | $2.3B |
| Gross profit | $44.6M | $109M | $205M | $409M | $715M | $1.2B | $1.7B |
| Operating income | −$74.4M | −$15.1M | −$115M | −$68.7M | −$29.5M | $61.9M | $106M |
| Interest expense | $0.4M | $0.0M | $0.0M | $0.0M | — | — | — |
| Pretax income | −$72.0M | −$18.0M | −$111M | −$65.7M | −$21.6M | $71.7M | $124M |
| Income tax | $0.1M | $0.1M | −$3.1M | $0.0M | $2.0M | −$54.3M | −$4.4M |
| Net income | −$72.1M | −$18.1M | −$108M | −$65.7M | −$23.5M | $126M | $128M |
| Diluted EPS | −$2.07 | −$0.51 | −$0.58 | −$0.32 | −$0.11 | $0.53 | $0.51 |
| Diluted shares | 0.03B | 0.04B | 0.19B | 0.20B | 0.21B | 0.24B | 0.26B |
| Cash flow | |||||||
| Cash from operations | −$74.9M | −$2.5M | −$34.4M | −$26.5M | $73.5M | $251M | $300M |
| Capital expenditure | $0.3M | $1.7M | $0.8M | $7.2M | $26.5M | $52.8M | $243M |
| Free cash flow | −$75.2M | −$4.2M | −$35.2M | −$33.7M | $47.0M | $198M | $57.4M |
| Depreciation and amortization | $0.3M | $1.1M | $4.1M | $7.5M | $9.5M | $17.1M | $54.5M |
| Stock-based compensation | $8.0M | $5.8M | $67.2M | $42.8M | $66.1M | $92.3M | $135M |
| Acquisitions | $0.0M | $0.0M | $46.5M | $0.0M | $0.0M | $15.4M | $145M |
| Share buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $2.0M | $83.0M | $90.0M |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $2.0M | $83.0M | $90.0M |
| Balance sheet | |||||||
| Cash and short-term investments | $1.5M | $100M | $247M | $180M | $221M | $300M | $578M |
| Total debt | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $973M |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | $1.7M | $113M | $270M | $217M | $265M | $396M | $768M |
| Current liabilities | $1.0M | $15.2M | $79.2M | $47.9M | $88.5M | $221M | $404M |
| Inventory | $0.0M | $3.5M | $13.6M | $21.6M | $22.5M | $64.4M | $80.1M |
| Property and equipment, net | — | $1.7M | $2.2M | $3.0M | — | — | — |
| Total assets | $205M | $119M | $421M | $366M | $441M | $708M | $2.2B |
| Total liabilities | $8.2M | $15.6M | $86.0M | $54.6M | $97.2M | $231M | $1.6B |
| Shareholders' equity | −$140M | −$147M | $335M | $312M | $344M | $477M | $541M |
| Margins | |||||||
| 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% |
| EBITDA margin | −89.8% | −9.5% | −40.8% | −11.6% | −2.3% | 5.4% | 6.8% |
| Net margin | −87.3% | −12.2% | −39.6% | −12.5% | −2.7% | 8.5% | 5.5% |
| FCF margin | −91.1% | −2.8% | −13.0% | −6.4% | 5.4% | 13.4% | 2.5% |
| Returns | |||||||
| Return on capital | — | — | — | −49.5% | −18.2% | 41.3% | 19.0% |
| Return on capital employed | — | −9.9% | −51.7% | −20.8% | −8.8% | 14.8% | 9.4% |
| 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% |
| Growth | |||||||
| Revenue growth | — | 80.2% | 82.8% | 93.8% | 65.5% | 69.3% | 59.0% |
| Net income growth | — | — | — | — | — | — | 1.9% |
| EPS growth | — | — | — | — | — | — | −3.8% |
| FCF growth | — | — | — | — | — | 322.0% | −71.1% |
| Share count change | — | 1.7% | 428.3% | 9.5% | 2.4% | 13.1% | 9.1% |
| Financial health | |||||||
| Net debt / EBITDA | — | — | — | — | — | −3.8x | 2.5x |
| Debt / equity | — | — | 0.0x | 0.0x | 0.0x | 0.0x | 1.8x |
| Interest coverage | −201.7x | −1,514.4x | — | — | — | — | — |
| Current ratio | 1.7x | 7.4x | 3.4x | 4.5x | 3.0x | 1.8x | 1.9x |
| Quick ratio | 1.7x | 7.2x | 3.2x | 4.1x | 2.7x | 1.5x | 1.7x |
| Capital allocation | |||||||
| Capex / revenue | 0.4% | 1.2% | 0.3% | 1.4% | 3.0% | 3.6% | 10.3% |
| Stock comp / revenue | 9.7% | 3.9% | 24.7% | 8.1% | 7.6% | 6.3% | 5.8% |
| Payouts / FCF | — | — | — | — | 4.3% | 41.9% | 156.7% |
| Quality scores | |||||||
| Piotroski F-score | — | — | 3.0 | 4.0 | 5.0 | 5.0 | 4.0 |
| Altman Z'' | −20.4 | −10.0 | 3.1 | 4.7 | 3.2 | 3.3 | 1.6 |
| Accruals ratio | — | −9.7% | −27.2% | −10.0% | −24.0% | −21.8% | −12.0% |
Source: SEC EDGAR XBRL filings (CIK 0001773751). Data updated October 11, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.