Hims & Hers Health, Inc. (HIMS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+290.6%

$104.75

vs $26.82 price

Levered DCF

$94.75

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

1.55

Distress zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	56.96×	41.69×	-80.91×	-20.03×	-11.29×	-28.63×	-4.78×
P/B	13.5×	10.95×	5.42×	4.21×	3.66×	-3.51×	-2.54×
P/S	3.11×	3.54×	2.14×	2.49×	4.5×	3.47×	4.17×
EV / EBITDA	45.94×	56.44×	-147.35×	-21.8×	-10.84×	-34.7×	-4.53×
Gross margin	73.8%	79.5%	82.0%	77.6%	75.2%	73.6%	54.0%
Operating margin	4.5%	4.2%	-3.4%	-13.0%	-42.3%	-10.2%	-90.1%
Net margin	5.5%	8.5%	-2.7%	-12.5%	-39.6%	-12.2%	-87.3%
Current ratio	1.9×	1.79×	3×	4.52×	3.41×	7.43×	3.38×
Debt / equity	2.07×	0.02×	0.03×	0.02×	0.02×	0×	-0.01×
Interest coverage	0×	0×	0×	0×	0×	-1,514.4×	-201.66×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	23.7%	26.4%	-6.8%	-21.1%	-32.2%	12.3%	53.3%
Return on invested capital	6.0%	12.7%	-8.3%	-21.5%	-32.6%	-14.6%	-140.5%
Return on assets	6.0%	17.8%	-5.3%	-17.9%	-25.6%	-15.3%	-100.0%
Free cash flow yield	1.0%	3.8%	2.5%	-2.6%	-3.2%	-1.3%	-22.3%
Earnings yield	1.8%	2.4%	-1.3%	-5.0%	-8.8%	-3.5%	-20.9%
Enterprise value	$8.2B	$5B	$1.8B	$1.3B	$1.2B	$488.8M	$323M
Net debt / EBITDA	5×	-2.36×	7.19×	0.71×	0.62×	1.94×	0.3×
Cash conversion cycle (days)	-11	-31	-45	-31	-28	-40	-25