Latest Ratios: P/E Ratio 70.9x · EV/EBITDA 56.1x · ROE 25.2%. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $7.9B | $8.4B | $5.7B | $1.9B | $1.3B | $1.2B | $516M | $344M |
| Enterprise Value | $9.0B | $9.4B | $5.5B | $1.8B | $1.3B | $1.2B | $489M | $323M |
| P/E Ratio → | 70.92 | 63.67 | 45.62 | — | — | — | — | — |
| P/S Ratio | 3.38 | 3.57 | 3.88 | 2.14 | 2.49 | 4.50 | 3.47 | 4.17 |
| P/B Ratio | 17.27 | 15.50 | 12.01 | 5.42 | 4.21 | 3.66 | — | — |
| P/FCF | 107.37 | 113.37 | 28.87 | 39.65 | — | — | — | — |
| P/OCF | 26.47 | 27.95 | 22.81 | 25.36 | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.01 | 3.74 | 2.04 | 2.41 | 4.26 | 3.29 | 3.91 |
| EV / EBITDA | 56.06 | 58.83 | 69.84 | — | — | — | — | — |
| EV / EBIT | 85.00 | 89.19 | 89.12 | — | — | — | — | — |
| EV / FCF | — | 127.36 | 27.82 | 37.80 | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 73.8% | 73.8% | 79.5% | 82.0% | 77.6% | 75.2% | 73.6% | 54.0% |
| Operating Margin | 4.5% | 4.5% | 4.2% | -3.4% | -13.0% | -42.3% | -10.2% | -90.1% |
| Net Profit Margin | 5.5% | 5.5% | 8.5% | -2.7% | -12.5% | -39.6% | -12.2% | -87.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | 25.2% | 25.2% | 30.7% | -7.2% | -20.3% | -114.7% | — | — |
| ROA | 9.0% | 9.0% | 21.9% | -5.8% | -16.7% | -39.9% | -19.0% | -100.0% |
| ROIC | 8.6% | 8.6% | 17.7% | -8.4% | -19.1% | -183.4% | — | — |
| ROCE | 9.4% | 9.4% | 14.8% | -8.8% | -20.8% | -51.7% | -19.6% | -144.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.34 | 2.34 | 0.02 | 0.03 | 0.02 | 0.02 | — | — |
| Debt / EBITDA | 7.89 | 7.89 | 0.14 | — | — | — | — | — |
| Net Debt / Equity | — | 1.91 | -0.44 | -0.25 | -0.13 | -0.20 | — | — |
| Net Debt / EBITDA | 6.46 | 6.46 | -2.65 | — | — | — | — | — |
| Debt / FCF | — | 14.00 | -1.05 | -1.85 | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | -1514.40 | -194.05 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.90 | 1.90 | 1.79 | 3.00 | 4.52 | 3.41 | 7.43 | 3.38 |
| Quick Ratio | 1.61 | 1.61 | 1.50 | 2.74 | 4.07 | 3.24 | 7.19 | 3.17 |
| Cash Ratio | 1.43 | 1.43 | 1.36 | 2.50 | 3.75 | 3.12 | 6.58 | 2.93 |
| Asset Turnover | — | 1.09 | 2.09 | 1.98 | 1.44 | 0.65 | 1.25 | 1.15 |
| Inventory Turnover | 5.31 | 5.31 | 4.71 | 6.99 | 5.48 | 4.97 | 11.09 | 9.00 |
| Days Sales Outstanding | — | 5.00 | 1.50 | 2.82 | 2.24 | 4.80 | 1.84 | 3.80 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.4% | 1.6% | 2.2% | — | — | — | — | — |
| FCF Yield | 0.9% | 0.9% | 3.5% | 2.5% | — | — | — | — |
| Buyback Yield | 1.1% | 1.1% | 1.5% | 0.1% | 0.0% | 1.8% | 0.0% | 0.0% |
| Total Shareholder Yield | 1.1% | 1.1% | 1.5% | 0.1% | 0.0% | 1.8% | 0.0% | 0.0% |
| Shares Outstanding | — | $258M | $237M | $209M | $205M | $187M | $35M | $35M |
Regulatory compounding drug exposure
Based on current market data, HIMS trades at an EV/EBITDA multiple of 53.01, which appears significantly elevated compared to peers like Doximity, suggesting that investors are pricing in a growth trajectory that may be increasingly difficult to sustain given the recent deceleration in top-line expansion.
The current P/S ratio of 3.17 implies a high growth expectation that contrasts sharply with the recent contraction in operating margins. Investors should monitor whether this valuation premium is supported by long-term brand loyalty or if it reflects an over-optimistic assessment of the company's ability to maintain its current market share in the face of increasing competition.
As reported in financial statements, the company's ROIC has plummeted from a peak of 14.3% in 2025Q1 to -0.8% in 2026Q1, indicating that recent capital allocation decisions have failed to generate positive returns and are currently destroying value rather than compounding it for shareholders.
The sharp decline in ROIC suggests that the transition toward a more capital-intensive model, including significant investments in pharmacy infrastructure, has not yet yielded the expected operational efficiencies. This trend warrants further investigation into whether the company's pivot to compounded medications is creating a sustainable competitive advantage or merely increasing the asset base without proportional earnings growth.
According to recent SEC filings, the company's cash conversion cycle has shifted from a negative 42 days in 2023Q4 to a negative 23 days in 2026Q1, reflecting a notable reduction in the efficiency of managing supplier leverage and inventory turnover during this period of rapid expansion.
The fluctuation in the cash conversion cycle suggests that HIMS is losing some of its ability to extract favorable payment terms from suppliers as it scales its operations. This trend may indicate that the company's bargaining power is being tested, potentially leading to increased working capital requirements that could further pressure liquidity in the coming quarters.
Based on HIMS's reported figures, the debt-to-equity ratio has surged to 2.54 in 2026Q1 from near-zero levels in 2024, signaling a rapid shift toward debt-funded growth that significantly increases the company's financial risk profile compared to its historical conservative capital structure.
The rapid accumulation of debt, coupled with the lack of a clear interest coverage ratio, suggests that the company's ability to service its obligations may become a concern if operating cash flows remain inconsistent. Investors should monitor whether this leverage is being used to fund long-term strategic assets or if it is merely a stop-gap measure to cover operational cash burn.
The P/S ratio is frequently misapplied to HIMS because it fails to account for the high marketing-to-revenue intensity required to sustain its subscription model, which obscures the underlying unit economics and the true profitability of mature customer cohorts versus new acquisitions.
Analysts should instead focus on the CAC payback period and LTV/CAC ratios to gauge the health of the business model, as these metrics provide a more accurate picture of the company's ability to generate sustainable profit. Relying solely on revenue multiples risks ignoring the potential for significant margin compression if marketing costs continue to outpace the lifetime value of the subscriber base.
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Quick answers to the most common questions about buying HIMS stock.
Hims & Hers Health, Inc.'s current P/E ratio is 70.9x. The historical average is 54.6x. This places it at the 100th percentile of its historical range.
Hims & Hers Health, Inc.'s current EV/EBITDA is 56.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 64.3x.
Hims & Hers Health, Inc.'s return on equity (ROE) is 25.2%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -17.2%.
Based on historical data, Hims & Hers Health, Inc. is trading at a P/E of 70.9x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Hims & Hers Health, Inc. has 73.8% gross margin and 4.5% operating margin.
Hims & Hers Health, Inc.'s Debt/EBITDA ratio is 7.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.