HIMS Stock Forecast & Price Target

Hims & Hers Health is supported by strong revenue acceleration, with 2Q26 revenue of $753.2mm up 38% y/y and adjusted EBITDA of $60.3mm above expectations, while ending subscribers reached 2.891mm and monthly revenue per average subscriber rose 21% to $92, showing that the direct-to-consumer model continues to scale with improving monetization. Its bullish case is strengthened by fast-growing weight loss demand, the emerging TRT opportunity that management expects to become the sixth U.S. specialty above a $100mm annual revenue run rate, and the added international footprint from Eucalyptus, which helped drive guidance for FY26 revenue of $3.1bn-$3.3bn and international revenue of at least $600mm. Although gross margin fell to 64% as the company reinvests in AI, branded weight-loss, and global expansion, those investments are aimed at improving retention, reducing churn, and building long-term operating leverage toward management’s 2030 goals of more than $6.5bn in revenue and $1.3bn in adjusted EBITDA.

Hims & Hers Health is viewed negatively because the company’s near-term earnings recovery is uncertain as it continues to invest heavily in international expansion and branded GLP-1 growth, which has narrowed its adjusted EBITDA outlook even after raising FY26 revenue guidance to $3,100mm-$3,300mm from $2,800mm-$3,000mm. Although the platform has 2.5mm subscribers and generates most sales from online subscription-based revenue, its growth thesis depends on categories that carry meaningful execution and regulatory risk, especially GLP-1s and peptides, where tighter scrutiny, potential compounding restrictions, and the need to potentially accept insurance for branded products could pressure margins and customer affordability. The stock also appears relatively expensive at EV / 18.5x 2027E EBITDA versus a 12.2x sub-sector average, while competition from other telehealth and weight-loss providers adds further risk to sustaining growth and profitability.