HIMS: Growing Into Its Valuation and My Updated Price Target

Q1 2025 Earnings and Valuation Updates

For a review on HIMS as a company and my thesis see my original post at: HIMS: Redefining Personalized Healthcare & Scaling for the Future

My initial post HIMS: Redefining Personalized Healthcare & Scaling for the Future laid out my thesis for HIMS as a disruptive healthcare brand with strong multi-bagger potential. Since that post on 3/23 a lot has happened and HIMS has just about doubled… and I feel strongly that we are just getting started. Let me start by making it clear - I don’t think HIMS is short-squeezing (or care if it is), I think HIMS is re-rating and growing into its true intrinsic value.

Financial Metrics (as of 5/19/25):

• Price: $62.34

• Market Cap: $13.93 billion

• Shares: ~223 million, fully diluted: ~246 million

• FCF/Share: 1.11

• FCF Yield: 1.79%

• SBC Adjusted FCF/Share: 0.66

• SBC Adjusted FCF Yield: 1.06%

• Forward FCF/Share = 1.22

• FWD FCF Yield: 1.96

• FWD EV/Sales: 5.77

• Price/Sales: 8.11

• FWD Price/Sales: 5.88

Q1 2025 Earnings Highlights:

HIMS continues to deliver. As discussed in my initial …