Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Sep 24, 2026
Hims & Hers Health, Inc. (HIMS)
A forensic read on Hims & Hers Health, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
5.6
Distress distance
Watch
Earnings quality
5
Forensic signals
-45.9
P / E (ttm)
23.7%
ROE
$6.6B
Market cap
0.00%
Dividend yield
59.0%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Hims & Hers Health, Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 5.6, placing it in the Safe zone. 5 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
6.2%
FY2025
Return on invested capital.Return on invested capital is 6.2% in the latest fiscal year, against -9% in FY2023, having run between -9.1% and 21.0% across FY2023–FY2025 with no direction held. The capital base behind it grew +494% across FY2023–FY2025, from $256M to $1.5B, and the return did not fall doing it, so the dollars added over that window earned at least the -9% the older base was already earning.
+11.1%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +23% over the last 2 years to FY2025 (+11.1%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~11.1% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~19%.
+19.8%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +19.8% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. The build is led by receivables up +426% against revenue +59% and inventory up +24% against +102% in cost of sales. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 60% of net operating assets, against an accruals ratio of 19.8%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
6% of rev
FY2025
Key fundamentals
Latest Revenue$2.35B
Revenue Growth YoY+59.0%
Revenue CAGR (2yr)+64.0%
Net Margin5.5%
Free Cash Flow$57.4M
Return on Equity23.7%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Hims & Hers Health, Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Sep 24, 2026. Forensic signals flag probability, not certainty.
Hims & Hers Health, Inc. (HIMS) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Stock-based comp load.Stock-based compensation ran 6% of revenue and 236% of free cash flow in FY2025 — about $0.52 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 11.1% a year, and the rate is falling. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
157% of FCF
FY2025
Shareholder returns.Returned $90M to shareholders (buybacks + dividends) in FY2025 — 157% of free cash flow, but 30% of operating cash flow. Returns run ahead of free cash flow because the business is also funding heavy growth capex (usually debt-financed); the payout itself is covered by operating cash — sustainable as long as that spending is genuine expansion, not upkeep. Counting the $135M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 392%.