$HIMS Quick Thoughts

$HIMS: Not Free Money, But Maybe a Gift

Street sees avg 2026 EPS estimate at $0.86, up 59% from 2024’s $0.54, very conservative imho. Assuming P/E compresses from 45x to 30x, clearly fair given the growth, that implies a ~$37.60 price target for 2026, about 45% upside from here.

Let’s be real: it’s not free money. Regulatory risks, execution missteps, and macro/tariff noise are still on the table. But here’s what we do know: HIMS 0.00%↑ has consistently outperformed estimates:

HIMS 0.00%↑ has been executing well, with subscriber growth ramping quickly:

and already generating free cash flow, something rare at this stage:

Sure, they lean a bit too much on SBC, it’s the cost of keeping strong leadership (so far), but they're still delivering solid growth:

If HIMS 0.00%↑ keeps executing like this, today’s price, maybe even lower if pharma tariffs hit, could look like a steal in hindsight.

Disclosure: Opening position again.