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Medical care facilities · Healthcare · Fiscal year ends Dec 31
Hims & Hers Health reported revenue of $2.3B in the fiscal year ended Dec 2025, up 59.0% from the year before. Operating income was $106M, an operating margin of 4.5%, and net income was $128M. Operating cash flow of $300M less capital expenditure of $243M left free cash flow of $57M.
Ranks among the 24 medical care facilities companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 272 | 527 | 872 | 1,477 | 2,348 |
| Cost of revenue | 67.4 | 118 | 157 | 303 | 614 |
| Gross profit | 204 | 409 | 715 | 1,173 | 1,733 |
| Selling, general & admin | 184 | – | – | – | – |
| Operating income | −115 | −68.7 | −29.5 | 61.9 | 106 |
| Interest expense | 0.0 | – | – | – | – |
| Pre-tax income | −111 | −65.7 | −21.6 | 71.7 | 124 |
| Income tax | −3.1 | −0.0 | 2.0 | −54.3 | −4.4 |
| Net income | −108 | −65.7 | −23.5 | 126 | 128 |
| Diluted EPS | −0.58 | −0.32 | −0.11 | 0.53 | 0.51 |
| Diluted shares | 187 | 205 | 209 | 237 | 258 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 71.8 | 46.8 | 96.7 | 221 | 229 |
| Receivables | 4.1 | 3.9 | 6.7 | 6.1 | 32.1 |
| Inventory | 13.6 | 21.6 | 22.5 | 64.4 | 80.1 |
| Current assets | 270 | 217 | 265 | 396 | 768 |
| Net PP&E | 2.2 | 3.0 | – | – | – |
| Goodwill | 111 | 111 | 111 | 113 | 278 |
| Total assets | 421 | 366 | 441 | 708 | 2,155 |
| Payables | 19.6 | 32.4 | 43.1 | 91.2 | 143 |
| Deferred revenue | 3.2 | 1.5 | 7.7 | 75.3 | 127 |
| Current liabilities | 79.2 | 47.9 | 88.5 | 221 | 404 |
| Total liabilities | 86.0 | 54.6 | 97.2 | 231 | 1,614 |
| Shareholders' equity | 335 | 312 | 344 | 477 | 541 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −34.4 | −26.5 | 73.5 | 251 | 300 |
| Capital expenditure | – | 7.2 | 26.5 | 52.8 | 243 |
| Free cash flow | – | −33.7 | 47.0 | 198 | 57.4 |
| Depreciation & amortisation | 4.1 | 7.5 | 9.5 | 17.1 | 54.5 |
| Stock-based compensation | 67.2 | 42.8 | 66.1 | 92.3 | 135 |
| Acquisitions | 46.5 | 0.0 | 0.0 | 15.4 | 145 |
| Share buybacks | 0.0 | 0.0 | 2.0 | 83.0 | 90.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 93.8% | 65.5% | 69.3% | 59.0% |
| Operating income growth (YoY) | – | – | – | – | 70.6% |
| EPS growth (YoY) | – | – | – | – | −3.8% |
| Gross margin | 75.2% | 77.6% | 82.0% | 79.5% | 73.8% |
| Operating margin | −42.3% | −13.0% | −3.4% | 4.2% | 4.5% |
| Net margin | −39.6% | −12.5% | −2.7% | 8.5% | 5.5% |
| Return on equityBlank when equity is negative | −32.2% | −21.1% | −6.8% | 26.4% | 23.7% |
| ROCEEBIT ÷ (assets − current liabilities) | −33.7% | −21.6% | −8.4% | 12.7% | 6.0% |
| Free cash flow margin | – | −6.4% | 5.4% | 13.4% | 2.4% |
| Cash conversion (CFO ÷ net income) | 0.32x | 0.40x | −3.12x | 1.99x | 2.34x |
| Receivable days | 6 | 3 | 3 | 2 | 5 |
| Inventory days | 73 | 67 | 52 | 78 | 48 |
| Payable days | 106 | 100 | 100 | 110 | 85 |
| Current ratio | 3.41x | 4.52x | 3.00x | 1.79x | 1.90x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.