Hims & Hers Health, Inc.
HIMSdata completeness 88%7 fiscal years on fileData notes: no data for concept 'totalDebt'
Hims & Hers Health, Inc. earns about 2% on invested capital, below its ~9% cost of capital, but has diluted owners by 38% over 5 years — no moat visible in the numbers. The estimate methods put fair value between $8.13 and $14.14 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $271.9M1 | $526.9M2 | $872M3 | $1.48B3 | $2.35B3 |
| Net income | −$107.7M4 | −$65.7M5 | −$23.5M6 | $126M6 | $128.4M6 |
| Operating cash flow | −$34.4M7 | −$26.5M8 | $73.5M9 | $251.1M9 | $300M9 |
| Capital expenditure | — | $7.2M10 | $26.5M11 | $52.8M11 | $242.6M11 |
| Free cash flow (derived) | — | −$33.7M8 | $47M9 | $198.3M9 | $57.4M9 |
| Total debt | — | — | — | — | — |
| Cash & equivalents | $71.8M12 | $46.8M13 | $96.7M14 | $220.6M14 | $228.6M14 |
| Diluted shares | 186.8M | 204.5M | 209.3M | 236.8M | 258.2M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $20.95 of net worth that earned you $4.97 and generated $2.22 of cash last year.
It earned about 2% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.
seeing a moat in the numbers →Share count is up 38% over 5 years — owners have been diluted. Worth asking what they got for it.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 2 estimate methods that apply put fair value between $8.13 and $14.14 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth20.0%
- fcfBase$57.4M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth20.0%
- fcfBase$57.4M
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $4.06 |
| Base | 20.0% | $8.13 |
| Bull | 20.0% | $8.13 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 20.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 10-K · period ending 2021-12-31 · accession 0001773751-24-000025 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2022-12-31 · accession 0001773751-25-000062 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2023-12-31 · accession 0001773751-26-000022 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2021-12-31 · accession 0001773751-24-000025 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0001773751-25-000062 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0001773751-26-000022 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0001773751-24-000025 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0001773751-25-000062 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001773751-26-000022 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0001773751-25-000062 (PaymentsToAcquireProductiveAssets)
- 10-K · period ending 2023-12-31 · accession 0001773751-26-000022 (PaymentsToAcquireProductiveAssets)
- 10-K · period ending 2021-12-31 · accession 0001773751-24-000025 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2022-12-31 · accession 0001773751-25-000062 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2023-12-31 · accession 0001773751-26-000022 (CashAndCashEquivalentsAtCarryingValue)