HIMSHIGH SIGNALOPPORTUNITY10-K

HIMS demonstrated substantial business expansion with revenue growing meaningfully alongside significant geographic expansion into multiple European markets.

The company has scaled operations dramatically while maintaining strong profitability growth, indicating effective execution of their telehealth platform strategy. The expansion from 30 million to 50 million facilitated consultations and geographic reach into Germany, Ireland, France, and Spain suggests HIMS is successfully capturing market share in the growing telehealth sector.

Comparing 2026-02-23 vs 2025-02-24View on EDGAR →
FINANCIAL ANALYSIS

HIMS showed robust financial performance with revenue growing substantially and operating income expanding meaningfully, while gross profit increased by nearly 48%. The balance sheet strengthened considerably with current assets nearly doubling to $768M, though current liabilities also increased significantly to $404M. Operating cash flow grew modestly by 20% to $300M, suggesting the company is converting its revenue growth into solid cash generation while funding expansion initiatives.

FINANCIAL STATEMENT CHANGES
Current Assets
Balance Sheet
+93.9%
$395.8M→$767.6M

Current assets grew 93.9% — improving short-term liquidity or inventory/receivables build.

Current Liabilities
Balance Sheet
+82.7%
$221.4M→$404.4M

Current liabilities surged 82.7% — significant near-term obligations; verify ability to meet short-term debt.

Operating Income
P&L
+70.6%
$61.9M→$105.6M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Revenue
P&L
+59%
$1.5B→$2.3B

Strong top-line growth of 59% — accelerating demand or successful expansion into new markets.

Gross Profit
P&L
+47.8%
$1.2B→$1.7B

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Inventory
Balance Sheet
+24.4%
$64.4M→$80.1M

Inventory built 24.4% — monitor whether demand supports this build or if write-downs may follow.

Operating Cash Flow
Cash Flow
+19.5%
$251.1M→$300.0M

Operating cash flow grew 19.5% — strong conversion of earnings to cash, healthy business fundamentals.

Stockholders Equity
Balance Sheet
+13.5%
$476.7M→$540.9M

Equity base grew 13.5% — retained earnings accumulation or equity issuance strengthening the balance sheet.

LANGUAGE CHANGES
NEW — 2026-02-23
PRIOR — 2025-02-24
ADDED
As of February 20, 2026, 219,561,143 shares of Class A common stock, par value $0.0001, and 8,377,623 shares of Class V common stock, par value $0.0001, were issued and outstanding.
The Hims Hers platforms (collectively, our platform ) include access to a highly-qualified and technologically-innovative provider network, an electronic medical record system designed to support providers and customers, digital prescriptions, cloud pharmacy fulfillment, and personalization capabilities.
Our digital platform enables access to treatments for a broad range of chronic conditions, including those related to sexual health, hair loss, hormone health, weight loss, dermatology, and mental health, as well as services such as comprehensive laboratory testing.
Hims Hers connects patients to licensed healthcare professionals who can prescribe medications when appropriate, including through personalized treatment plans, with prescriptions fulfilled online through licensed pharmacies.
In addition, we also offer access to a range of non-prescription health and wellness products.
Since our founding, we have facilitated over fifty million telehealth consultations, enabling greater access to high-quality, convenient, affordable, personalized care for people in the United States, Canada, the United Kingdom, and the European Union (in Germany, the Republic of Ireland, France, and Spain).
The Hims Hers platform offers a streamlined, personalized patient and clinician experience that includes access to consistent follow-up care, facilitated by proprietary algorithms and a customizable and integrated technology stack.
We can leverage insights and feedback from our platform and offerings to offer access to personalized prescription and non-prescription treatments that are designed to meet individual needs.
The majority of prescriptions for these medications are fulfilled through our wholly-owned pharmacies ( Pharmacies ).
Many of the offerings on our websites and mobile applications are sold to customers on a subscription basis.
REMOVED
As of February 21, 2025, 213,787,949 shares of Class A common stock, par value $0.0001, and 8,377,623 shares of Class V common stock, par value $0.0001, were issued and outstanding.
The Hims Hers platform includes access to a highly-qualified and technologically-innovative provider network, a clinically-focused electronic medical record system, digital prescriptions, cloud pharmacy fulfillment, and personalization capabilities.
Our digital platform enables access to treatments for a broad range of chronic conditions, including those related to sexual health, hair loss, dermatology, mental health, and weight loss.
Hims Hers connects patients to licensed healthcare professionals who can prescribe medications when appropriate and prescriptions are fulfilled online through licensed pharmacies on a subscription basis.
In addition, we also offer access to a range of health and wellness products designed to meet individual needs, which can include curated prescription and non-prescription products.
Since our founding, we have facilitated over thirty million telehealth consultations, enabling greater access to high-quality, convenient, affordable, personalized care for people in all 50 states and the United Kingdom.
The Hims Hers platform offers a streamlined, personalized patient and clinician experience facilitated by proprietary algorithms and a customizable and integrated technology stack, allowing us to give customers a seamless experience and to follow up programmatically and with precision.
We can leverage these insights and feedback to offer access to personalized prescription and non-prescription treatments that are designed to meet individual needs.
The majority of prescriptions for these medications are fulfilled through our affiliated pharmacies.
Subscription plans provide an easy and convenient way for customers to get the ongoing treatment they need while simultaneously providing the Company with predictability through a recurring revenue stream.
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