HIMS 是中等信心的买入标的：营收增长出色，管理层 65 亿美元营收目标看起来可以实现，但利润率正在收缩，ROIC 从约 35% 降至 -8.4%。估值合理（DCF 26.90 美元 vs 27.72 美元），风险高于平均水平；他正在等待更低的入场点，以长期持有。

Hims & Hers stock is one I have been watching closely in recent years as a very promising investment opportunity. The stock price has been volatile. It has undergone significant changes, lawsuits with some of its biggest partners, revenue growth is soaring, and membership growth is accelerating .

But does all this make it a buying opportunity right now? Recent key developments include a 40% increase in the company's revenue to $753 million. It has been consistently adding new members, and now boasts a net increase of 300,000 new members in the last quarter. The number of members has approached 3 million.

One of the most exciting areas for Hems & Hers is international expansion, which only recently began following its acquisition. Revenues in that sector grew 17 times year-on-year to reach $131 million after the acquisition of " Eucalyptos".

In the longer term, management expects to generate $6.5 billion in revenue and $1.3 billion in adjusted earnings before interest, taxes, depreciation and amortization. To put this figure in context, Hems & Hers generated $2.6 billion in revenue over the past twelve months.

Therefore, management expects revenues to more than double over the next four years.

It is reasonable to assume that they will achieve their goals given their recent revenue growth and long-term expansion. In 2020, this company generated revenues of approximately $150 million, and this figure has since jumped to more than $2.6 billion.

There are two things I notice regarding their profit margins and cash flows. To begin with, they have risen significantly in the long term, but since 2025, their profit margins have begun to shrink.

Therefore, over the past twelve months, the operating cash flow to sales ratio has been over 10%, and the company has achieved positive operating cash flow for several consecutive years.

That's a strong signal. This is a major factor in reducing risks, as the company no longer needs to turn to investors to ask for more capital. It may do so, but not out of desperation, as it can generate funds internally to support its services.

The operating profit margin of -0.3% is an improvement from -40% in 2022, but it is down compared to around 8% two years ago. So, there are two main trends here for Hims & Hers in the long term.

Another concern for me is the reflection of returns on invested capital. This figure peaked at around 35% at the beginning of 2025, then reversed to -8.4%. Looking back at the past decade, we find that it is actually lower than it was in 2020.

So, the margin figures are not attractive when considering its revenue growth. I like to see companies whose revenues are growing, and as revenues increase, they are improving their profit margin profile. This was not the case with Hims & Hers.

They have invested a lot of capital in the company across many growth categories, as well as acquisitions and international expansion. They have invested in manufacturing and other categories, including marketing, to reach more customers .

It seems to me that they will need to make more of these investments if they want to take advantage of the enormous opportunity ahead.

What I liked about the company at times was the evaluation. Because it is so volatile, there have been moments when the rating was attractive, and other moments when the rating was expensive.

At the moment, it seems to me that it is at a point where the assessment is fair, neither attractive nor unattractive .

Based on the price-to-earnings ratio , it is trading at 37.6, which seems to me a little undervalued. Revenue growth is excellent, but it comes with shrinking margins, which is not very positive.

I also updated my assessment using a discounted cash flow model , which takes into account the amount of cash flow I expect the company to generate from today to the long term, and then I discount those flows to their present value using a discount rate.

After performing those calculations, I concluded that the company is worth $26.90 compared to the current market price of $27.72. This is a difference of only 3%, which is within my margin of safety as I consider the stock to be fairly valued .

Overall, I would say the stock appears fairly valued, but it carries above-average risk. I last updated the stock on September 14th, where I rated it as a buy opportunity with a medium level of conviction.

After evaluating the company today, I will reaffirm this rating. It does look like a buying opportunity, but I'm waiting for a more attractive entry point. Since the stock is so volatile, I think I'll get that opportunity.

There have been sharp fluctuations in its stock price over the past year or two, and I am waiting for a moment when the price drops, perhaps to pick up the stock at a lower price with a larger margin of safety and hold it for the very long term , because I admire the upside potential of this company.