HIMS NYSE Health Care Services Financials FY2019βFY2025
Hims & Hers Health had $2.3B of revenue in fiscal 2025, up 59.0% on the year before. Over five years, revenue changed +73.6% a year on average.
Hi! I read Hims & Hers Healthβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+59.0%
Yes. Sales grew 59.0% last year.
Does it make a profit?
5.5%
A little. It keeps 5.5% of every sale as profit.
Does profit turn into cash?
2.5%
Partly. 2.5% of sales ends up as free cash.
Is debt under control?
2.5x
Keep an eye on it. Repaying its debt would take 2.5 years of operating profit.
How healthy are the accounts?
4 / 9
Mixed. It passes 4 of 9 health tests.
Rules of thumb on reported numbers. A starting point, not a recommendation.
About these figures. Hims & Hers had no borrowings before its convertible notes in May 2025, so debt counts as zero in earlier years.
Is it selling more, and how much does it keep?
KIRA Β· Hims & Hers Health had $2.3B of revenue in fiscal 2025, up 59.0% on the year before. Over five years, revenue changed +73.6% a year on average. Its operating margin was 4.5%, up 0.3Β pts: of every 100 in sales, about 5 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Hims & Hers Health made $128M of net profit in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was $57.4M in fiscal 2025, 2.5% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
KIRA Β· Hims & Hers Health returned $90.0M to shareholders in fiscal 2025, 157% of free cash flow. The diluted share count rose 9.1%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders bought $1.2M and sold $19.4M of shares on the open market.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$1.2M
1 insider
Sold, 12 months
$19.4M
8 insiders
Of sales under plans
99%
$19.3M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 14, 2026 | Soleil BoughtonChief Legal Officer | Sold plan | 3,461 | $29.06 | $0.1M | Form 4 |
| Oct 1, 2026 | Oluyemi OkupeChief Financial Officer | Sold plan | 2,000 | $29.70 | $0.1M | Form 4 |
| Sep 30, 2026 | Soleil BoughtonChief Legal Officer | Sold plan | 3,461 | $29.17 | $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 | Soleil BoughtonChief Legal Officer | Sold plan | 25,111 | $27.55 | $0.7M | Form 4 |
| Aug 19, 2026 | Oluyemi OkupeChief Financial Officer | Sold plan | 4,938 | $29.99 | $0.1M | 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 |
| Jul 6, 2026 | Oluyemi OkupeChief Financial Officer | Sold plan | 7,163 | $36.49 | $0.3M | Form 4 |
| Jun 22, 2026 | Oluyemi OkupeChief Financial Officer | Sold plan | 18,197 | $34.03 | $0.6M | Form 4 |
| Jun 18, 2026 | Oluyemi OkupeChief Financial Officer | Sold plan | 55,383 | $35.09 | $1.9M | Form 4 |
| Jun 18, 2026 | Patrick Harrison CarrollChief Medical Officer | Sold plan | 23,726 | $35.00 | $0.8M | Form 4 |
| Jun 17, 2026 | Mohamed ElshenawyCTO | Sold plan | 30,040 | $31.50 | $0.9M | Form 4 |
| Jun 17, 2026 | Michael ChiChief Operating Officer | Sold plan | 14,027 | $31.50 | $0.4M | Form 4 |
| Jun 17, 2026 | Irene BecklundPao | Sold plan | 4,490 | $31.50 | $0.1M | Form 4 |
| Jun 16, 2026 | Irene BecklundPao | Sold plan | 7,573 | $30.25 | $0.2M | Form 4 |
| May 26, 2026 | David B WellsDirector | Bought | 48,400 | $24.24 | $1.2M | Form 4 |
| May 18, 2026 | Oluyemi OkupeChief Financial Officer | Sold plan | 7,950 | $23.64 | $0.2M | Form 4 |
| Apr 20, 2026 | Oluyemi OkupeChief Financial Officer | Sold plan | 19,645 | $29.96 | $0.6M | Form 4 |
| Apr 20, 2026 | Soleil BoughtonChief Legal Officer | Sold plan | 9,463 | $30.00 | $0.3M | Form 4 |
| Apr 17, 2026 | Oluyemi OkupeChief Financial Officer | Sold plan | 18,005 | $27.83 | $0.5M | Form 4 |
| Apr 16, 2026 | Oluyemi OkupeChief Financial Officer | Sold plan | 36,922 | $25.90 | $1.0M | Form 4 |
| Apr 6, 2026 | Oluyemi OkupeChief Financial Officer | Sold plan | 3,975 | $19.98 | $0.1M | Form 4 |
| Mar 20, 2026 | Oluyemi OkupeChief Financial Officer | Sold plan | 9,217 | $23.77 | $0.2M | Form 4 |
| Mar 17, 2026 | Irene BecklundPao | Sold plan | 5,529 | $24.69 | $0.1M | Form 4 |
| Mar 17, 2026 | Soleil BoughtonChief Legal Officer | Sold plan | 4,812 | $24.69 | $0.1M | Form 4 |
| Mar 17, 2026 | Michael ChiChief Operating Officer | Sold plan | 97,289 | $24.69 | $2.4M | Form 4 |
| Feb 27, 2026 | Soleil BoughtonChief Legal Officer | Sold plan | 4,651 | $15.21 | $0.1M | Form 4 |
| Feb 3, 2026 | Oluyemi OkupeChief Financial Officer | Sold plan | 5,262 | $26.44 | $0.1M | Form 4 |
| Jan 20, 2026 | Oluyemi OkupeChief Financial Officer | Sold plan | 9,067 | $30.34 | $0.3M | Form 4 |
| Jan 5, 2026 | Oluyemi OkupeChief Financial Officer | Sold plan | 9,070 | $33.79 | $0.3M | Form 4 |
| Dec 22, 2025 | Oluyemi OkupeChief Financial Officer | Sold plan | 23,090 | $35.72 | $0.8M | Form 4 |
| Dec 17, 2025 | Michael ChiChief Operating Officer | Sold plan | 13,750 | $36.71 | $0.5M | Form 4 |
| Dec 17, 2025 | Deborah M. AutorChief Policy Officer, Director | Sold plan | 7,054 | $36.71 | $0.3M | Form 4 |
| Dec 17, 2025 | Patrick Harrison CarrollChief Medical Officer, Director | Sold plan | 10,021 | $36.71 | $0.4M | Form 4 |
| Dec 17, 2025 | Irene BecklundPao | Sold plan | 8,411 | $36.71 | $0.3M | Form 4 |
| Dec 9, 2025 | Garcia Andrea G PerezDirector | Sold | 2,500 | $39.17 | $0.1M | Form 4 |
| Nov 24, 2025 | Soleil BoughtonChief Legal Officer | Sold plan | 2,631 | $35.22 | $0.1M | Form 4 |
| Nov 17, 2025 | Oluyemi OkupeChief Financial Officer | Sold plan | 23,187 | $36.81 | $0.9M | Form 4 |
| Nov 10, 2025 | Soleil BoughtonChief Legal Officer | Sold plan | 2,637 | $42.53 | $0.1M | Form 4 |
| Oct 27, 2025 | Soleil BoughtonChief Legal Officer | Sold plan | 2,637 | $50.10 | $0.1M | Form 4 |
| Oct 17, 2025 | Oluyemi OkupeChief Financial Officer | Sold plan | 11,592 | $57.13 | $0.7M | Form 4 |
| Oct 16, 2025 | Andrew DudumChief Executive Officer, Director, 10% owner | Sold plan | 175,661 | $62.79 | $11.0M | Form 4 |
| Oct 13, 2025 | Soleil BoughtonChief Legal Officer | Sold plan | 2,637 | $54.38 | $0.1M | Form 4 |
| Oct 10, 2025 | Michael ChiChief Commercial Officer | Sold plan | 900 | $58.25 | $0.1M | Form 4 |
| Oct 3, 2025 | Oluyemi OkupeChief Financial Officer | Sold plan | 11,595 | $57.72 | $0.7M | Form 4 |
| Oct 1, 2025 | Michael ChiChief Commercial Officer | Sold plan | 250 | $56.00 | $0.0M | Form 4 |
Can it carry its debts, and how well does it use its money?
KIRA Β· Hims & Hers Health owes $395M more than it holds in cash, about 2.5 years of operating profit.
Cash, debt and the ratios that show how comfortably Hims & Hers Health can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| 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 | β | β | β | β3.8x | 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 (β = net cash) | β$247M | β$180M | β$221M | β$300M | $395M |
KIRA Β· Its return on capital was 19.0%: every 100 invested in the business earned about 19 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Hims & Hers Health passes 4 of 9 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | β | β | β |
| Cash from operations is positive | β | β | β |
| Return on assets rose | β | β | β |
| Cash from operations exceeds net income | β | β | β |
| Debt fell relative to assets | β | β | β |
| Current ratio rose | β | β | β |
| Share count didn't rise | β | β | β |
| Gross margin rose | β | β | β |
| Revenue rose relative to assets | β | β | β |
| F-score | 5 / 9 | 5 / 9 | 4 / 9 |
| Accruals ratio | β24.0% | β21.8% | β12.0% |
| Altman Z'' | 3.17 | 3.26 | 1.61 |
What does the share cost, and how does it compare?
KIRA Β· At $27.59 a share, the company is worth $6.4B.
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets β the answer depends entirely on what you put in.
In plain words: Move the sliders to try your own guesses about growth. The result is what one share would be worth if those guesses came true. Different guesses give very different answers.
Value per share
β
Adds net cash of β$395M and divides by 258.2M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
KIRA Β· Hims & Hers Health grew sales faster than 4 of its 4 similar companies.
Each companyβs latest fiscal year. Fiscal years end in different months, so periods donβt line up exactly.
In plain words: The same numbers for similar companies, so you can tell whether a figure is high or low for this kind of business.
| 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% | β | 4 | |
| Chemed CHE | $6.8B | 4.1% | 13.4% | 12.9% | 27.3% | 25.8x | 5 | Compare β |
| Concentra Group Holdings Parent CON | $5.1B | 13.9% | 15.4% | 9.1% | 14.9% | 25.9x | 5 | Compare β |
| Amn Healthcare Services AMN | $1.9B | β8.5% | β2.0% | 8.6% | β2.8% | 18.2x | 5 | Compare β |
| Lifestance Health LFST | $5.0B | 13.9% | 1.7% | 7.7% | 1.2% | 99.5x | 7 | Compare β |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| 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 | β$74.4M | β$15.1M | β$115M | β$68.7M | β$29.5M | $61.9M | $106M |
| Interest expense | $0.4M | $0.0M | $0.0M | $0.0M | β | β | β |
| Pretax income | β$72.0M | β$18.0M | β$111M | β$65.7M | β$21.6M | $71.7M | $124M |
| Income tax | $0.1M | $0.1M | β$3.1M | $0.0M | $2.0M | β$54.3M | β$4.4M |
| Net income | β$72.1M | β$18.1M | β$108M | β$65.7M | β$23.5M | $126M | $128M |
| Diluted EPS | β$2.07 | β$0.51 | β$0.58 | β$0.32 | β$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 | β$74.9M | β$2.5M | β$34.4M | β$26.5M | $73.5M | $251M | $300M |
| Capital expenditure | $0.3M | $1.7M | $0.8M | $7.2M | $26.5M | $52.8M | $243M |
| Free cash flow | β$75.2M | β$4.2M | β$35.2M | β$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 | β | $1.7M | $2.2M | $3.0M | β | β | β |
| 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 | β$140M | β$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 | β90.1% | β10.2% | β42.3% | β13.0% | β3.4% | 4.2% | 4.5% |
| EBITDA margin | β89.8% | β9.5% | β40.8% | β11.6% | β2.3% | 5.4% | 6.8% |
| Net margin | β87.3% | β12.2% | β39.6% | β12.5% | β2.7% | 8.5% | 5.5% |
| FCF margin | β91.1% | β2.8% | β13.0% | β6.4% | 5.4% | 13.4% | 2.5% |
| Returns | |||||||
| Return on capital | β | β | β | β49.5% | β18.2% | 41.3% | 19.0% |
| Return on capital employed | β | β9.9% | β51.7% | β20.8% | β8.8% | 14.8% | 9.4% |
| Return on equity | β | β | β114.7% | β20.3% | β7.2% | 30.7% | 25.2% |
| Return on assets | β | β11.2% | β39.9% | β16.7% | β5.8% | 21.9% | 9.0% |
| Growth | |||||||
| Revenue growth | β | 80.2% | 82.8% | 93.8% | 65.5% | 69.3% | 59.0% |
| Net income growth | β | β | β | β | β | β | 1.9% |
| EPS growth | β | β | β | β | β | β | β3.8% |
| FCF growth | β | β | β | β | β | 322.0% | β71.1% |
| Share count change | β | 1.7% | 428.3% | 9.5% | 2.4% | 13.1% | 9.1% |
| Financial health | |||||||
| Net debt / EBITDA | β | β | β | β | β | β3.8x | 2.5x |
| Debt / equity | β | β | 0.0x | 0.0x | 0.0x | 0.0x | 1.8x |
| Interest coverage | β201.7x | β1,514.4x | β | β | β | β | β |
| 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 | β | β | β | β | 4.3% | 41.9% | 156.7% |
| Quality scores | |||||||
| Piotroski F-score | β | β | 3.0 | 4.0 | 5.0 | 5.0 | 4.0 |
| Altman Z'' | β20.4 | β10.0 | 3.1 | 4.7 | 3.2 | 3.3 | 1.6 |
| Accruals ratio | β | β9.7% | β27.2% | β10.0% | β24.0% | β21.8% | β12.0% |
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 β not investment advice. Check the original filings before relying on any figure.
