Detailed financial statements for Hims & Hers Health, Inc. (HIMS): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Hims & Hers Health, Inc. operates a comprehensive digital health platform that seamlessly links individuals with licensed medical professionals for virtual consultations and ongoing care. Through its user-friendly websites and mobile app, the company delivers a diverse portfolio of health and wellness solutions directly to consumers.
Analysis Summary
Hims & Hers Health, Inc. reported revenue of $2.35B in the most recent fiscal year, growing at a 5-year CAGR of 73.6%.
Trailing-twelve-month margins: gross margin 64.7%, operating margin -3.6%, net margin -5.5%.
At $27.68 (closing price, October 30, 2026), HIMS has negative trailing earnings (P/E not meaningful) and an ROE of -30.03%. Market capitalisation stands at $6.2B.
Balance sheet quality for HIMS: current ratio of 1.9, net debt of $543.1M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of $74.0M represents 58% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $82.6M | $148.8M | $271.9M | $526.9M | $872.0M | $1.48B | $2.35B |
| Cost of Revenue | $38.0M | $39.3M | $67.4M | $118.2M | $157.1M | $303.4M | $614.3M |
| Gross Profit | $44.6M | $109.5M | $204.5M | $408.7M | $714.9M | $1.17B | $1.73B |
| Research & Development | 0 | $11.2M | $22.4M | $29.2M | $48.2M | $78.8M | $149.3M |
| Selling, General & Admin | $119.0M | $113.4M | $249.6M | $370.8M | $576.3M | $846.6M | $1.19B |
| Operating Expenses | $119.0M | $124.6M | $319.5M | $477.4M | $744.4M | $1.11B | $1.63B |
| Operating Income | -$74.4M | -$15.1M | -$115.0M | -$68.7M | -$29.5M | $61.9M | $105.6M |
| EBITDA | -$71.3M | -$14.1M | -$106.7M | -$58.2M | -$12.1M | $88.8M | $178.4M |
| Interest Expense | $369,000 | $10,000 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$72.0M | -$18.0M | -$110.8M | -$65.7M | -$21.6M | $71.7M | $123.9M |
| Income Tax | $90,000 | $127,000 | -$3.1M | -$31,000 | $2.0M | -$54.3M | -$4.4M |
| Net Income | -$72.1M | -$18.1M | -$107.7M | -$65.7M | -$23.5M | $126.0M | $128.4M |
| EPS | $-2.07 | $-0.51 | $-0.58 | $-0.32 | $-0.11 | $0.58 | $0.57 |
| EPS (Diluted) | $-2.07 | $-0.51 | $-0.58 | $-0.32 | $-0.11 | $0.53 | $0.51 |
| Shares Outstanding (Diluted) | 34.8 M | 35.4 M | 186.8 M | 204.5 M | 209.3 M | 236.8 M | 258.2 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $599.0M | $617.8M | $608.1M | $753.2M |
| Gross Profit | $442.1M | $444.4M | $300.3M | $480.8M |
| Operating Income | $11.8M | $9.2M | -$16.5M | -$97.2M |
| EBITDA | $29.9M | $36.4M | -$79.6M | -$63.2M |
| Net Income | $15.8M | $20.6M | -$92.1M | -$86.3M |
| EPS | $0.07 | $0.09 | $-0.40 | $-0.37 |
| EPS (Diluted) | $0.06 | $0.08 | $-0.40 | $-0.37 |
Balance Sheet (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $22.6M | $27.3M | $71.8M | $46.8M | $96.7M | $220.6M | $228.6M |
| Short-term Investments | $37.7M | $72.9M | $175.5M | $132.9M | $124.3M | $79.7M | $348.9M |
| Receivables | $859,000 | $750,000 | $3.6M | $3.2M | $6.7M | $6.1M | $32.1M |
| Inventory | $4.2M | $3.5M | $13.6M | $21.6M | $22.5M | $64.4M | $115.7M |
| Total Current Assets | $69.6M | $113.1M | $269.9M | $216.6M | $265.1M | $395.8M | $767.6M |
| Property, Plant & Equipment | 0 | 0 | $5.1M | $16.1M | $45.7M | $93.0M | $449.0M |
| Goodwill | 0 | 0 | $110.9M | $110.9M | $110.9M | $112.7M | $278.3M |
| Intangible Assets | 0 | $59,000 | $25.9M | $21.8M | $18.6M | $43.4M | $196.1M |
| Total Assets | $72.1M | $118.7M | $420.6M | $366.3M | $441.2M | $707.5M | $2.15B |
| Accounts Payable | $7.2M | $8.1M | $19.6M | $32.4M | $43.1M | $91.2M | $143.3M |
| Short-term Debt | $1.5M | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $20.6M | $15.2M | $79.2M | $47.9M | $88.5M | $221.4M | $404.4M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | $972.6M |
| Total Liabilities | $207.4M | $265.6M | $86.0M | $54.6M | $97.2M | $230.8M | $1.61B |
| Retained Earnings | -$153.2M | -$171.3M | -$279.0M | -$344.6M | -$368.2M | -$242.1M | -$113.8M |
| Total Equity | -$135.3M | -$146.9M | $334.6M | $311.7M | $344.0M | $476.7M | $540.9M |
| Total Debt | $1.5M | 0 | $5.5M | $5.3M | $9.9M | $11.3M | $1.12B |
| Net Debt | -$58.9M | -$100.2M | -$241.8M | -$174.3M | -$211.0M | -$288.9M | $543.1M |
| Working Capital | $49.0M | $97.9M | $190.7M | $168.7M | $176.6M | $174.5M | $363.2M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $345.8M | $228.6M | $222.3M | $609.8M |
| Total Assets | $2.23B | $2.15B | $2.27B | $3.63B |
| Total Liabilities | $1.65B | $1.61B | $1.82B | $3.30B |
| Total Equity | $581.0M | $540.9M | $446.2M | $324.1M |
| Total Debt | $1.12B | $1.12B | $1.13B | $1.55B |
Cash Flow (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Net Income | -$72.1M | -$18.1M | -$107.7M | -$65.7M | -$23.5M | $126.0M | $128.4M |
| Depreciation & Amortization | $260,000 | $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 | $135.2M |
| Change in Working Capital | -$9.9M | $4.2M | $3.5M | -$14.2M | $20.8M | $78.6M | -$29.2M |
| Operating Cash Flow | -$74.9M | -$2.5M | -$34.4M | -$26.5M | $73.5M | $251.1M | $300.0M |
| Capital Expenditure | -$1.8M | -$4.2M | -$5.0M | -$7.2M | -$26.5M | -$52.8M | -$226.0M |
| Acquisitions | 0 | 0 | -$46.5M | -$459,000 | 0 | -$15.4M | -$145.2M |
| Stock Repurchased | 0 | 0 | -$22.0M | 0 | -$2.0M | -$83.0M | -$90.0M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$76.7M | -$6.7M | -$39.4M | -$33.8M | $47.0M | $198.3M | $74.0M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $148.7M | $64.7M | $89.4M | -$35.9M |
| Capital Expenditure | -$57.3M | -$63.9M | -$36.3M | -$19.4M |
| Free Cash Flow | $91.4M | $821,000 | $53.0M | -$55.4M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $40.2M | $34.5M | $36.9M | $42.1M |
Growth & Margins (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +80.2% | +82.8% | +93.8% | +65.5% | +69.3% | +59.0% | |
| Net Income Growth (YoY) | +74.9% | -494.3% | +39.0% | +64.1% | +635.3% | +1.8% | |
| EPS Growth (YoY) | +75.4% | -13.7% | +44.8% | +65.6% | +627.3% | -1.7% | |
| Shares Change (YoY) | +1.7% | +428.3% | +9.5% | +2.4% | +13.1% | +9.0% | |
| FCF Growth (YoY) | +91.2% | -487.3% | +14.3% | +239.1% | +322.1% | -62.7% | |
| 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 | -86.4% | -9.5% | -39.3% | -11.1% | -1.4% | 6.0% | 7.6% |
| Net Margin | -87.3% | -12.2% | -39.6% | -12.5% | -2.7% | 8.5% | 5.5% |
| FCF Margin | -92.8% | -4.5% | -14.5% | -6.4% | 5.4% | 13.4% | 3.2% |
| Effective Tax Rate | -0.1% | -0.7% | 2.8% | 0.0% | -9.2% | -75.8% | -3.6% |
Per-Share Data (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| FCF Per Share | $-2.21 | $-0.19 | $-0.21 | $-0.17 | $0.22 | $0.84 | $0.29 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 34.8 M | 35.4 M | 186.8 M | 204.5 M | 209.3 M | 215.9 M | 225.0 M |
What to look at in Healthcare / Pharma
The R&D pipeline is the invisible asset. Patents expiring = revenues evaporating. Look at innovation and cash flow.
- R&D / Revenue — Shows investment in future pipeline. Serious pharma reinvests 15-20%
- 5y EPS growth — After patent expirations, are they still growing?
- Gross margin — Branded pharma >70%. Generics much lower — defines the business type
- FCF / Net Income — Earnings quality — big pharma should convert >90%
- ROIC — Capital reinvested efficiently — key in pharma due to long R&D cycles
- Net debt / EBITDA — Pharma acquisitions pile up debt — watch the post-M&A picture
- P/E vs own 10y history — The best comparison is with its own history, not with peers
Profitability
| Return on Equity | -30.03% |
| Return on Invested Capital | -3.73% |
| Return on Assets | -3.91% |
| Gross Margin | 64.68% |
| Operating Margin | -3.59% |
| Net Margin | -5.51% |
Financial Health
| Debt / Equity | 4.77 |
| Current Ratio | 0.93 |
| Piotroski F-Score | 4 |
| Altman Z-Score | 4.10 |
Key Ratios (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| P/E | -4.78 | -28.63 | -11.29 | -20.03 | -80.91 | 41.69 | 56.96 |
| P/B | -2.54 | -3.51 | 3.66 | 4.21 | 5.42 | 10.95 | 13.50 |
| P/S | 4.17 | 3.47 | 4.50 | 2.49 | 2.14 | 3.54 | 3.11 |
| 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% |
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Explore sector: Healthcare · Medical - Care Facilities
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