Mike@MikeLongTerm
$HIMS's a $100 stock| Short sellers will lose!🧵
Before I go into detail, here are some facts and projection:
Today SP: $19.43
P/S: 1.85 | Fwd P/S:~1
P/E: 30 | Fwd P/E: 20-25
At $100, Market cap would be ~$23B or
P/E: 9.6 | Fwd P/S: 5.6
The reality that is difficult for Bears to accept:
~Profitable
~FCF+
~Acclerated Expansion
~M&A at great price
~ 74% Average Revenue growth should not trade at 1x Fwd P/S
FY2026: $3.8B -4.05B (61–72% YoY growth)
FY2027: $5.4B – $5.7B (~33–35% growth).
FY2028: $6.9B – $7.3B (~28%).
FY2029: $8.7B – $9.2B (~26–27%).
FY2030: $10.8B – $11.5B (~24–25% CAGR from 2026; comfortably ahead of management's $6.5B long-term target).
You can read more on how I got to ~$4B revenue or 70%+ growth in the comment section in the thread below, as I was exchanging discussion with a bear.
$HIMS is a direct-to-consumer telehealth platform offering personalized prescription medications, over-the-counter products, supplements, and diagnostics across wellness categories like sexual health, hair loss, dermatology/skincare, mental health, weight loss (including compounded GLP-1s like semaglutide), hormone therapies (testosterone replacement for men via Hims and menopause support for women via Hers), labs/diagnostics, and more. It operates primarily on a subscription model with licensed providers for consultations and fulfillment.
@AndrewDudum highlighted: “The continued growth and diversification of our platform is helping to create a world where proactive, preventative, and personalized care can feel like a luxury without actually costing like one.” He has repeatedly framed Hims & Hers as evolving beyond any single category (not just “a hair loss company,” “ED company,” or even “GLP-1 company”) into a multi-specialty, multi-geography consumer health platform.
However, short sellers love to spread misinformation to drive significant gain for their short/put positions. $HIMS business today is massively more diversified than years ago.
1. US/ Domestic Market
Hims & Hers launched with a tight focus on men’s hair loss and erectile dysfunction (ED)/sexual health, later adding skincare, mental health, and women’s offerings under the Hers brand. Revenue was heavily U.S.-centric and concentrated in a few high-margin, subscription-based categories.
The U.S. business is now far more diversified across categories, customer segments (men/women, different age/lifestyle needs), and engagement levels
~Personalized offerings (provider-prescribed treatments) made up over 70% of U.S. revenue in 2025.
~Hers brand (women-focused) drove nearly 40% of U.S. revenue, fueled by GLP-1 weight-loss products plus dermatology, hair loss, and new hormone/menopause offerings.
~key categories now include: sexual health & wellness, hair loss (men’s and women’s), dermatology/skincare, mental health, weight loss (compounded GLP-1s), hormone health (TRT, menopause), Labs/diagnostics, and emerging areas like longevity/preventative care.
~>2.5 million subscribers at end-2025 (up 13% YoY). Monthly online revenue per average subscriber rose to $81 (up 27% YoY), reflecting higher engagement and cross-selling across specialties.
~Management stresses that the majority of revenue and profitability still comes from non-weight-loss offerings, even though GLP-1s drove much of the recent growth surge. Tenured (mature) domestic specialties generate strong, stable cash flow to fund expansion.
The platform now functions as a “portfolio” of largely independent but synergistic businesses serving different customer needs and life stages. This reduces single-category risk ( regulatory or competitive hits to hair loss or ED alone) and boosts lifetime value through higher subscriber retention and add-on purchases. Dudum has described it internally as having “a dozen completely different clinical categories… each scaling with very solid robust growth.”
Oh $NVO Products are already shipping fast, and may be on track to generate $250-$700m by end of 2026, which will probably outperform my FY2026 projection
2. International Diversification
~ZAVA acquisition (2025): Expanded into UK, Germany, France, Ireland, and Spain.
~Livewell (Canada entry, late 2025): Focused on weight loss and other treatments; timed with expected generic semaglutide availability.
~Eucalyptus acquisition (announced Feb 2026, expected close mid-2026, up to $1.15B deal): Adds/deepens presence in Australia (new, category leadership targeted), Japan (new), UK, Germany, and Canada. Eucalyptus brings ~$450M+ annual revenue run-rate, triple-digit YoY growth in 2025, 775,000+ customers served, and nearly 2 million consultations. It also adds clinical credibility (first telehealth company in Australia accredited to high safety standards) and local expertise. Brands ( Juniper, Pilot) will transition to Hims & Hers over time; Eucalyptus CEO Tim Doyle joins as SVP International. Eucalyptus is projected by research firms to reach $700-$900m ARR by end of 2026. However, most shareholders should know the recorded revenue will only use the portion of "after" the deal is closed. But all revenue belongs to $HIMS
~Official Canada launch (Dec 2025); plans for further markets ( Brazil mentioned in some analyses).
“Healthcare challenges are global… We believe this puts us on the path to becoming the leading global consumer health platform.” The company aims for $1 billion+ in incremental international revenue in the next few years, with a unified Hims & Hers brand across major markets. Long-term 2030 targets (pre-Eucalyptus full impact): ≥$6.5B total revenue and ≥$1.3B Adj. EBITDA. International expansion leverages the proven U.S. model + local operators for faster, compliant scaling.
TAM Expansion: Global obesity, aging populations, and demand for convenient telehealth create massive addressable markets (Europe & Canada’s obesity crisis as an anchor). Acquisitions bring proven local infrastructure and credibility.
$HIMS is objectively much more diversified today than 2–3 years ago domestically across a broad portfolio of high-engagement specialties and internationally across multiple high-potential markets via a deliberate “acquire-and-scale” playbook. Andrew Dudum’s comments reflect this as a core pillar of the long-term vision: turning a U.S. DTC success into a global consumer health leader. The 2025 results and 2026+ strategy show this diversification is already driving accelerated growth while building resilience. Continued execution on international integration and new category launches will determine how fully this potential materializes, but the foundation is significantly broader and more robust than before.
Not Financial Advice!
Video Source: youtube.com/watch?v=2LRztt…
