TacticScaleWhat Hims & Hers Health Does & How It Makes Money (HIMS)
Updated October 2026 · reflects Hims & Hers Health's latest reported financials
Online health platform linking consumers to licensed clinicians and treatments. It makes money mainly by selling personalized prescription treatments, OTC products, supplements and cosmetics directly to consumers through its websites and app, together with consultation and lab testing services.
How Hims & Hers Health makes money
It makes money mainly by selling personalized prescription treatments, OTC products, supplements and cosmetics directly to consumers through its websites and app, together with consultation and lab testing services. Some products are also sold through retail partners and in stores.
What Hims & Hers Health does
Hims & Hers Health is a consumer-first health and wellness platform founded in 2017 and based in San Francisco. Through its websites and mobile app, customers connect with licensed healthcare professionals and buy curated prescription and non-prescription products under the Hims and Hers brands. It started with general wellness, skincare, sexual health and hair care, and now also treats chronic conditions such as weight loss, hormone health, dermatology and mental health. Most of its revenue comes from direct-to-consumer sales of personalized treatments, OTC drugs and devices, supplements and cosmetics. It also provides medical consultations, post-consultation support and lab testing with results delivery, and sells some products through retail partners. It operates in the US, the UK, Canada, Germany, Ireland, France, Spain, Australia and other markets. The company was called Hims, Inc. until January 2021.
Products & services
- Hims brand (men's health and wellness)
- Hers brand (women's health and wellness)
- Online medical consultations with licensed providers
- Weight loss treatments
- Hair care and hair loss treatments
- Lab testing for health biomarkers
What is Hims & Hers Health worth?
On an owner-earnings DCF, Hims & Hers Health's most-likely value is about $31 versus a recent price near $31 (0% below fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$7) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
⚠ High leverage — net debt is 5.3× annual cash flow. Net debt is subtracted from this fair value, but refinancing at higher rates, principal timing, and share dilution aren’t modeled — the equity can be worth far less if cash flow weakens.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →