Hims & Hers Health: Model Update: With Convert Hurting Shares, Setup in 2H Much Improved as Growth & Profits Set to Accelerate

Research evidence excerpt

Hims & Hers Health: Model Update: With Convert Hurting Shares, Setup in 2H Much Improved as Growth & Profits Set to Accelerate

Equity Research

U.S. Healthcare Technology & Distribution

19 May 2026

Hims & Hers Health

Model Update: With Convert

Hurting Shares, Setup in 2H Much

HIMS OVERWEIGHTImproved as Growth & Profits Set

Unchanged

U.S. Healthcare Technology NEUTRALto Accelerate & Distribution

We are cautiously optimistic that HIMS’ transition to branded Price Target USD 29.00

GLP-1s is going to create a more predictable/durable model. Unchanged

Trading at just 10x EBITDA, we believe the setup in 2H26 is Price (18-May-26) USD 22.29 Potential Upside/Downside +30.1%

Source: Bloomberg, Barclays Researchmuch improved as revs should grow DDs sequentially for the

next 3 quarters and EBITDA margins likely double. PT $29.

Market Cap (USD mn) 5159

Shares Outstanding (mn) 231.46

1Q recap: 1Q miss and disappointing guide as profitability below expectations. 1Q Revenue Free Float (%) 93.59

of $608M came in below consensus of $617.5M while adjusted EBITDA of $44.3M was slightly 52 Wk Avg Daily Volume (mn) 31.5

below consensus of $46.1M. Notably, the company reported that US revenue declined -8% y/y in Dividend Yield (%) N/A

1Q (+17% in 4Q) and Rest of World revenue grew 969% y/y. Elsewhere, the number of Return on Equity TTM (%) -2.66

subscribers increased 9% to 2,584 and monthly revenue per average subscriber was down ~$5 Current BVPS (USD) 1.93

y/y to $80. Management offered 2Q guidance that came in well ahead of consensus revenue with Source: Bloomberg

a range of $680-700M (consensus $644.5M) but well below on adj EBITDA with a range of

$35-55M (consensus $70.1M). Management also raised full year revenue guidance to $2.8-3B Price Performance Exchange-NYSE