Asymmetric Investing by Travis Hoium on $HIMS (Nov 2, 2026)

In my opinion, one of the companies that has huge opportunities for investors is Hims& Hers. This company is trying to radically change one of the largest industries in the world, namely the medical industry and the pharmaceutical industry.

The pharmaceutical industry is worth about $400 billion in the United States alone. From what I see now, HimsandHers has a market capitalization of only about $6.4 billion. This is a company whose value could increase not just 10 times, but potentially 100 times in the next 10 or 20 years.

So, I want to share five reasons why I love HimsandHers right now. I actually want to start with some recent news about HimsandHers, because there has been a lot of discussion about the company's growth internationally, what new products are coming to the market, and peptides.

Yes , peptides have finally arrived, and we have an idea of ​​what this business will be like.

I buy stocks for that asymmetric portfolio on the first trading day of the month , build that portfolio over time , and show you exactly what I do when buying asymmetric stocks like Hims&Hers and explain the reasoning behind those purchases.

You can see that the stock price has fallen 38% in the past year. Which is truly incredible. And despite all the news last month, the stock price actually fell 8.2%. So, there's a lot of positive news coming out about Hims&Hers, but the market doesn't seem to care much about it.

Now, their income report is also coming. And the best part of Fiscal AI is that you get all the information about the income report as soon as it comes out. So , you can create all these charts with your own data.

They collect all this information themselves. So, all this information is available almost immediately after the earnings report is released. And then I usually go to this tab.

It says 'View Transcripts', but it contains not only the transcript, but also the report and, importantly, the slides. The slides will give you a lot of insight into what's happening at Hims&Hers.

So, when earnings season is underway and stocks are fluctuating like it is now , this is the best place for you to go. This is the best place to get information. If you want to try it out for yourself , go to fiscal.ai/asym and try it out for free for a week.

Then you will get a 15% discount through that link. Now, I'll start with some news today and then we'll talk about the five reasons why I like Hims&Hers stock right now.

The first news was published last week. Today is October 21st. To an investor, this may seem like a year ago, but it happened just last week. Hims&Hers is expanding into the testosterone business.

We also got some information about what the price of this product will be. Now, this would actually be similar to how GLP-1 works. You will take a membership for the testosterone package and then you will have the opportunity to use these different treatments.

So, the membership costs $50 a month and then you get access to injectable TRT ( Testosterone Replacement Therapy), Testosterone RX, $50 a month, Oral TRT, $179 a month. There is also a generic option for $159 per month.

So, there are several different options. But, this is just part of the growth in the number of products at Hims&Hers.

Speaking of expansion, the company has also announced the expansion of their business in Germany. This is part of a larger international expansion they have been embarking on over the past year or so.

That is, their business is expanding to different parts of Europe. They have also expanded their business to Canada and Australia. It is now becoming a global brand and this is what sets Hims& Hers apart from many of its competitors.

This is a risk factor, as management now has a lot more responsibility , but it also greatly increases the potential for profit.

And then there's this week's big news. Interestingly , the market does n't seem to be too concerned about peptides. However, we have learned that peptides can now be obtained from compounders.

There are still some regulations to be worked out, but it seems like companies will be able to sell them with prescriptions, like Hims&Hers ' own compounding facility. So, these are the types of products they are going to bring to the market.

For example, Morelan, you may have heard of TB-500. And I think the one that will attract the most attention is BPC-157, at the bottom right of this list. Now, what perhaps makes Hims & Hers more unique than everyone else in this regard is that they won't be the first movers, but they will be the pioneers.

And this is Andrew Dudham, who said this week that HASS has issued a draft interim policy to open up products like BPC-157 and TB- 500. Hims and Hers had been preparing for this for several years.

They purchased a peptide production facility a few years ago. Now, this is the biggest thing. They said they will be able to provide peptides that are 100% made in the USA from start to finish.

Hopefully, they will really emphasize this, because most competitors probably won't be able to offer this benefit.

Now, what are the potential benefits of such a product ? This is a superpower. In this case, it is another competitor, who offers many similar products to Hims & Hers , especially through their Labs products.

However, they have launched their peptides and have also released some pricing information. So, we're looking at $150 per month for BPC-157, $150 per month for TB-500, and $200 per month for MOTS-c.

I think the price we will see as competition in the peptide market increases is probably at its peak. But , it gives you an idea of ​​the potential income opportunities. Let's say Hims & Hers has a $50 membership for using peptides.

And then let's say these prices are a little lower. So, let's say the price of BPC-157 is $100 per month, but if you add a $50 membership to that, their total income comes to $150.

Now, according to various estimates, there are over a million people in America alone who are already using some type of peptide from that gray market. These are non-GLP-1 peptides.

So , let's say that by the end of next year, Hims and Hers can get 100,000 subscribers, who will pay that much for the peptide, or even much more. In that case, you are thinking about a $180 million business.

If you take that number to one million subscribers, suddenly you're looking at a $1.8 billion business. This could potentially be a huge business. So, this is something that will take Hims & Hers to the next level in the next 12 months or so.

Now, these are just the news from the last few weeks. As I said, the stock market didn't respond positively, if at all, to much of the Hims&Hers news. Most of the stock price decline is actually market-related, and has little to do with Hims&Hers.

But they have a conference call in early November. Only then will we know the results of the third quarter. So, if they are positive and these become the catalysts for future growth , then this could be a big driver for the company in the long run.

Okay, now let's talk about the five things about Hims&Hers that I like, and I've hinted at some of them. Now, whenever I look at a stock , I look for different things. Are there any major markets where the company could expand?

I mean, are they establishing themselves as a breakthrough company in a very small market ? Maybe I don't care much about that company. But are they establishing themselves as a breakthrough company in a market with huge potential , with the opportunity to generate hundreds of billions of dollars in revenue?

That's my real interest. So just looking at the size of the pharmaceuticals market, we're not looking directly at doctor visits or things like that. According to Grand View Research, the pharmaceuticals market in the United States alone will be worth $634 billion by 2024.

Estimates on this matter vary from time to time , but it is between $400 and $800 billion. No matter how you look at it , it's a huge business. One of the things I like most about HimsandHers is that they are targeting a market that is truly huge.

If they even come in second or third place in what we now call telehealth, that alone could be a huge business , much bigger than the $6 billion business it is today. So I want to see this feature in every stock I own.

Are they becoming a big business and are they bringing about a groundbreaking change in that business? This quality is abundant in HimsandHers.

Now, just having a huge business is not enough. You have to be one of the winners. I mentioned the possibility of being first, second, or even third in this case. You don't want to be fourth, fifth, or sixth.

You do n't want to be like Snap, for example, on social media. You will want to be Meta. You want to be the Netflix of streaming. You will want to be one of the leaders. And right now, according to all the information we have , Hims and Hers has the largest market share.

According to data published in their latest quarterly report, they will hold a market share of 51% of total observed sales and 48.5% of total observed customers by 2025.

So, they are expanding into a huge market and I love that they are currently at the top of the market. Even in the worst case scenario, they would be in second place, but are definitely fighting for first or second place.

However, right now they are definitely fighting for the number one spot.

The third thing that is nice is the expansion in the number of specialized services of Hims and Hers. If you think about the beginnings of Hims and Hers , they started by providing people with ED Meds or emergency department medications.

It's like attacking an established industry from a slightly different perspective. You do n't go straight and say, "Hey, we're going to go straight into the weight loss business," which is a huge business.

You are working on a product where generic drugs are available, where you are meeting the needs of customers. For example, it's quite uncomfortable to go to the doctor and say, "I might need ED treatment."

Now, you also need to go to the pharmacist. All of this can be done online through Hims and Hers. This is a quite interesting option. But, they can then expand their business to areas such as skin diseases, mental health, hormonal health, and weight loss.

You can see all of this here. So, all of this is readily available. Add TRT to this for hormonal health. We will see its expansion continue in the future. So, when you can expand your product range , you can reach more people in the market.

More people will spend more money on the platform. All of these are the driving forces of business. So, I'm really happy that they're able to provide more and more things for customers.

And fourth, they are doing it in more and more places. For example, I mentioned earlier that they have expanded their business into Germany. So, their potential customer base in the Western European market is 200 million, in North America 80 million, in Australia 20 million (where they bought Eucalyptus earlier this year) and in Japan 100 million.

This international expansion helps them leverage all the knowledge they have gained from each individual market and spread it around the world. This is the kind of operational convenience I love to see in a business.

This also makes the potential customer market much larger. If you are a dominant player in the US, you can expand to other regions as well. One of the keys to this is that they are using the same brand.

They are acquiring some companies like Eucalyptus and then changing the branding. So, especially in Australia, the Eucalyptus brand has now become the Hims brand. So, I'm really happy about their international expansion.

As I said, there are risks involved, because management has to juggle a lot of things at once, but I think they are doing it with the right team and that makes the chances of it improving a lot higher.

And finally, number five, a product that has not yet hit the market for Hims & Hers , and that is peptides. I think this will be a huge business for Hims & Hers and in my opinion, they are the best company for this, because this is something you wouldn't normally go to your personal doctor for.

They will have no expertise in peptides. They won't know how to build a stack for you , but a company like Hims & Hers can do the lab work, generate that information. They have AI tools that can take any information as it comes in and say, "You know what ?

Based on your lab report , this is how you can achieve your health goals. " I think this is going to be a huge area of ​​inovation and an area where Hims & Hers will be able to improve tremendously.

I mentioned earlier that this could become a business worth over a billion dollars by the end of 2027. I don't think it's an unrealistic idea. And if that's the case, then Hims&Hers is incredibly undervalued.

Currently, the company has revenue of approximately $2.6 billion, and based on their own guidance, management expects revenue to grow at a 50% annual rate in the second half of 2026.

So , we will see that this revenue will continue to grow. Some of that is due to acquisitions, but some of it is natural growth and the momentum they've gained, particularly in the GLP-1 area.

If you start adding things like peptides to it, your revenue could potentially reach $5 billion, maybe $6 billion in the next few years. Now you are at a point where your price-to-sales ratio is approaching one.

And if you reach these kinds of sales numbers , your growth rate will be close to this 50% rate. This growth rate deserves to be multiplied much more.

So, when you add all these things together , like HimsandHers entering a huge market, they're adding more specialized products, they're going international, they're the number one competitor, and now peptides are coming to the market, I think there's a lot to like about HimsandHers.

In my opinion, the stock looks highly undervalued. We'll see how the situation plays out when the earnings report is released on November 9th. I will come back to discuss this on YouTube.

I will definitely discuss this in the Asymmetric Investing newsletter as well. So, if you want to know more from me, including the shares I bought, you can check it out. As I said, they will be released for Premium subscribers on Monday.