Q2 revenue growth was bought with a lower-quality mix, and the profit and cash-flow outlook is deteriorating. Open FTC and securities litigation, a still-unsettled compounding and peptide rule set, and cheaper branded GLP-1 competition leave the shares exposed.
Hims & Hers, launched in 2017, is a telehealth platform that connects patients and healthcare providers to offer treatment options for specialties like erectile dysfunction, hair loss, skin care, mental health, and weight loss. Its offerings include generic, branded, and compounded prescription drugs as well as over-the-counter medicines, cosmetics, and…
www.forhims.com- 1Q3 earnings, estimated around Nov 9, 2026, against guidance of $880 million to $900 million in revenue and $75 million to $95 million in adjusted EBITDA.
- 2Nov 2, 2026 lead-plaintiff deadline in the securities class action, with the FTC case ongoing (deadline per Pomerantz).
- 3Final FDA peptide rulemaking, which management is waiting on before launching its planned peptide products, and any further FDA action on compounded GLP-1s.
- 1Revenue is accelerating, and full-year revenue guidance was raised to $3.1 billion to $3.3 billion.
- 2The Novo and Lilly partnerships have cut the compounded-GLP-1 legal risk, and the stock already trades far below its 52-week high of $65.30.
- 3Management expects free cash flow to improve in H2 as working capital normalizes, and marketing efficiency improved to 34% of revenue from 39%, so the margin…
Read the Full Thesis
- Oct 13, 2026 · Price 29.65
Weekly check-in: On Track. No thesis-changing news; earnings date confirmed, shares rebounded to near entry level Nothing this week changes the Q2 evidence on mix, margin or cash flow, and the Q3 guidance in the case is unchanged. The Nov 9 earnings date is now confirmed. The shares rallied about 7 to 10% on Oct 9 in a sector-wide move and now sit near $29.65, close to the $29.7 entry. The price is well above the $25 target and below the $33.7 stop. The rebound looks like sector beta and short-term momentum, so it does not disprove the thesis. The first real test of the margin and EBITDA argument is Q3.
- Oct 20, 2026 · Price 29.66
Weekly check-in: Weakened. Peptide path moves toward clearance; core margin and cash-flow case untouched pending Nov 9 The main change is regulatory. Per AP and Seeking Alpha reports, HHS sent White House review an interim policy that would let pharmacies compound certain peptides, including BPC-157, while FDA writes permanent rules. The case treated the unsettled peptide rules as an overhang, and this makes a launch path more likely. It is not in effect yet, and OMB's filing gives no details or timetable. Hims also launched men's weight care in Germany on Oct 20, which adds to the acquired international growth the case already discounts. Nothing new has hit the margin, EBITDA or free-cash-flow arguments, which will only be tested at Q3 results.
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