HIMS Stock Forecast & Price Target

Hims & Hers Health is supported by strong top-line momentum, with 2Q26 revenue of $753.2 million, up 38.2% year over year, and subscribers reaching 2.891 million as monthly revenue per subscriber rose to $92. Its outlook is strengthened by expanding branded weight-loss demand, a renewed Novo Nordisk partnership, and fast-growing adjacent categories such as testosterone replacement therapy, which is on track to become a sixth U.S. specialty to surpass a $100 million annual revenue run rate. Although international expansion and AI investments are pressuring near-term EBITDA margins, management sees these as strategic costs that can improve retention, lower cancellations, and support long-term scale toward at least $6.5 billion in revenue and at least $1.3 billion in adjusted EBITDA by 2030.

Hims & Hers Health is viewed negatively because its direct-to-consumer model depends on durable unit economics, yet macro uncertainty, cautious consumer sentiment, and rising competition can slow subscriber growth and increase churn. The company also faces meaningful regulatory risk across healthcare compliance and compounded medications, while its GLP-1 expansion may be constrained by tighter scrutiny, lower-margin branded products, and the need for costly infrastructure if insurance acceptance becomes necessary. Financially, 1Q:26 gross margin fell to 65.2% from 73.5% in 1Q:25 and 82.4% in 1Q:24, $28M of one-time COGS charges hit margins, and 2Q:26 EBITDA guidance and full-year 2026E EBITDA guidance were below expectations or reduced.