1Q26 EPS: Mixed Quarter On Lower Profitability In The Near Term

研报英文原文证据摘录

1Q26 EPS: Mixed Quarter On Lower Profitability In The Near Term

Healthy Living: Health & Wellness

Him & Hers Health

TD SECURITIES (USA) LLC EARNINGS UPDATE

May 12, 2026

Price: $29.14 (05/11/2026) 1Q26 EPS: Mixed Quarter On Lower

Price Target: $25.00 (Prior $23.00) Profitability In The Near Term

HOLD (2)

ESG SCORE: 54/100

Jonna Kim, CFA THE TD COWEN INSIGHT

646 562 1419

HIMS missed 1Q26 consensus on revenue & EBITDA. Despite raising FY26 revenue guidance,

jonna.kim@tdsecurities.com

the EBITDA midpoint is ~7% below the prior guide reflecting margin pressure from branded

Oliver Chen, CFA GLP-1s and incremental investment in new specialties and international expansion. Key

646 562 1424 questions remain around the implied 2H margin acceleration and underlying trends in the core

oliver.chen@tdsecurities.com

business (ex-weight loss).

Key Data

Symbol NYSE: HIMS We continue to view HIMS’ investments in AI, data, and vertical integration as key competitive

Beta: 2.42 advantages that should strengthen its long-term moat. That said, near-term profitability is

52-Week Range: $66.18-$14.52 pressured by the transition to branded GLP-1s and increased investment to scale weight loss,

Market Cap: $6.4B expand into new specialties, and support international growth. We remain encouraged by

Net Debt (MM): $543.1 early demand for branded GLP-1s, with ~125k shipments fulfilled since launch and the company

Cash/Share: $0.22 on track to add over 100k new monthly subscribers within weight loss, and monitor execution.

Dil. Shares Out (MM): 258.2 Key Puts & Takes On Guide: HIMS raised revenue guidance by ~$100mm at the midpoint, but

Enterprise Value

$8,067.9 is consciously trading near-term margins for growth, driven by the GLP-1 pivot, new specialties,

(MM):