Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Aug 11, 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
6.1
Distress distance
Watch
Earnings quality
5
Forensic signals
-627.4
P / E (ttm)
23.7%
ROE
$7.4B
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). 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 6.1, 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 and rising from -20% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+8.1%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +26% over the last 3 years to FY2025 (+8.1%/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 ~8.1% 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 FY2022 has been diluted ~21%.
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. The cost of it is not in the cash flow — no cash left the business — it is in the count: holders gave up about 8.2% of the company a year, and that rate is not falling. That is the figure to weigh, not the share of free cash flow.
+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 total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). 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. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 60% of net operating assets, diverging from the balance-sheet accrual read.
Key fundamentals
Latest Revenue$2.35B
Revenue Growth YoY+59.0%
Revenue CAGR (3yr)+64.5%
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 Aug 11, 2026. Forensic signals flag probability, not certainty.
Hims & Hers Health, Inc. (HIMS) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
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%.