Forensic Analysis · Healthcare Providers & Services · as of Nov 9, 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
Grey Zone
Financial health
1.6
Distress distance
Watch
Earnings quality
4
Forensic signals
25.2%
ROE
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 (auditor quality, say on pay, board independence, going concern). 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 1.6, placing it in the Grey zone. 4 forensic signals were flagged in its latest SEC filings, led by share-count dilution.
What the filings flag
+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 — 209.3M shares in FY2023, 258.2M in FY2025: 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%.
10.6%
FY2025
Return on invested capital.Return on invested capital is 10.6% in the latest fiscal year, against -9.1% in FY2023, having run between -9.1% and 21.4% across FY2023–FY2025 with no direction held. After-tax operating profit was ($23M) in FY2023 and $95M in FY2025, with operating income at -3.4% of revenue in FY2023, 4.2% in FY2024 and 4.5% in FY2025. The capital base behind it grew +249% across FY2023–FY2025, from $256M to $894M, and the return did not fall doing it, so the dollars added over that window earned at least the -9.1% the older base was already earning. $390M of the $894M base at FY2025 is short-term investments and long-term marketable securities (43.6%) — securities held beside cash, which the base keeps because only cash is subtracted from it; they earn the balance sheet's yield, which is not in the operating profit above, so this rate understates what the operating capital earns.
6% of rev
FY2025
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 across FY2023–FY2025, 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%.
Key fundamentals
Latest Revenue$2.35B
Revenue Growth YoY+59.0%
Revenue CAGR (2yr)+64.1%
Net Margin5.5%
Free Cash Flow$57.4M
Return on Equity25.2%
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?