📦 Unpacked #4: Hims & Hers
Our In-Depth Fundamental Analysis & Final Score of Hims & Hers ⭐
Welcome to another edition of Unpacked, our monthly series where we explore a different company in detail. Each month, we break down its story, business model, and highlight the latest developments.
Additionally, we do a detailed fundamental analysis, diving into the company’s management, market, financials, and growth estimates. We score each area separately, leading to a final score between 0 and 100. This score reflects how fundamentally attractive we believe the company is as an investment, ranging from:
🔴 Below 50 → Uninvestable
🟠 50 - 59 → Questionable
🟡 60 - 69 → Reasonable
🟢 70 - 79 → Quality
🔵 80 - 89 → High-Quality
🟣 90 or above → Exceptional
The goal? To give you a full deep dive into this company, as a complement to your own research, so you can decide if it’s the right investment for you.
In case you missed it, here you can read the previous editions of Unpacked:
In our fourth Unpacked, we’re taking a deep dive into Hims & Hers — a fast-growing health and wellness brand that’s changing the way people take care of themselves. Launched in 2017, the company started with a simple idea: make it easier (and less awkward) to access care for everyday health issues that are often overlooked or uncomfortable to talk about. Think hair loss, anxiety, acne, weight management, and more — all available online, without a waiting room.
Hims & Hers has built a modern, user-friendly experience that combines telehealth, personalized treatment plans, and monthly subscriptions, delivered straight to your doorstep. It’s healthcare designed for today’s world: simple, affordable, and approachable.
What’s driving Hims & Hers’ growth today? Is it their focus on removing friction from healthcare, the strength of their brand, or the recurring revenue built into their model? And most importantly — is Hims & Hers a company with long-term potential for investors?
Now let’s unpack the fundamentals of this digital health disruptor — and check out how we score it!
History and Business Model
Hims & Hers started in 2017 with a simple but powerful idea: make healthcare accessible, affordable and more comfortable, especially for issues people often find awkward to talk about. The company launched with treatments for things like hair loss and erectile dysfunction, conditions that are common, but not always easy to bring up with your doctor. The response was huge, and it wasn’t long before “Hers” was introduced to serve women’s health needs too.
The founder, Andrew Dudum, believed that healthcare shouldn’t be expensive, confusing, or embarrassing. So instead of in-person doctor’s visits, Hims & Hers built a digital platform where people could answer a few questions online, get their case reviewed by a licensed medical provider, and — if approved — have treatment delivered right to their door. No waiting rooms, no awkward conversations, just simple care at home.
Since then, the company has grown far beyond its original products. Today, Hims & Hers offers care across six main areas: mental health, hair loss, sexual health, skincare, weight management, and primary care. From therapy and acne treatment to GLP-1 weight loss plans, everything is designed to be affordable, private, and easy to access, especially for younger people who prefer managing their health online.
Source: Hims.com platform
The business model is built on three key pillars:
Telehealth Platform
Instead of going to a doctor in person, users can connect with licensed healthcare professionals through the Hims & Hers platform. These providers can diagnose conditions, create personalized treatment plans, and prescribe medication — all online. Behind the scenes, a medical team helps ensure that all treatments are safe, effective, and based on real clinical expertise.Subscription-Based Products
Most treatments are offered as monthly subscriptions, creating a steady, predictable revenue stream, and helping build long-term customer relationships. This includes everything from medications to skincare and wellness supplements.Vertically Integrated Brand
Hims & Hers manages nearly the entire customer journey, from the online visit to the packaging and shipping of products. This helps them keep quality high, prices low, and the experience smooth from start to finish. The company also invests heavily in design, branding, and user experience to make healthcare feel as simple and approachable as shopping online.
In early 2021, Hims & Hers went public through a SPAC merger. Since then, it’s continued to grow quickly, gaining millions of customers and expanding its range of services. While many digital health startups have struggled, Hims & Hers is one of the few showing strong revenue growth and a clear path toward profitability.
At its core, Hims & Hers isn’t trying to replace your doctor — it’s creating a modern front door to everyday care. And with its smart use of tech, focus on convenience, and direct relationship with customers, it’s become one of the most interesting companies in the future of healthcare.
Revenue Breakdown
In the first quarter of 2025, Hims & Hers brought in $586 million in revenue — more than twice as much as the year before. That growth came mainly from their online subscription model, with one category in particular leading the way:
Online Subscriptions ($576 million, 98%)
Almost all revenue comes from customers who subscribe to monthly treatments. These subscriptions cover a wide range of needs, from hair loss and mental health to skincare, sexual health, and primary care.
Weight loss is one of their fastest-growing areas. They offer GLP-1 treatments, like compounded semaglutide, and oral kits, all with medical support. In Q1 2025, weight-loss subscriptions saw a big jump and made up a large share of subscription sales.
Wholesale & Retail ($10 million, 2%)
Hims & Hers also sells a selection of wellness and skincare products in stores like Target and Walmart. This is a much smaller part of the business, but it helps grow brand awareness and reach customers who aren’t (yet) on the platform.
Recent Developments
Hims & Hers hasn’t been standing still. Over the past few months, the company has taken big steps — expanding into Europe, launching new products, and building out fast-growing areas like weight loss and women’s health — but it’s also run into problems with its weight-loss treatments. Here are the most important recent developments:
Novo Nordisk partnership abruptly ended
Yesterday, Novo Nordisk said it is ending its partnership with Hims & Hers effective immediately. Novo Nordisk claims Hims & Hers sold its own versions of semaglutide as “personalized” treatments, even after the FDA declared the shortage over. Novo Nordisk warns this could lead patients to use unapproved drugs, putting their health at risk.
CEO Andrew Dudum responded on X with the following message:
Source: Andrew Dudum X Profile
The shares fell by almost 35% yesterday after the announcement. The company’s GLP-1 portfolio is now under pressure, but customers can still access “personalized” semaglutide plans starting at $165 per month while the company looks for new branded options.Expanding to Europe with the acquisition of ZAVA
In June 2025, Hims & Hers announced it’s going international by acquiring ZAVA — a leading digital health platform active in the UK, Germany, France, and Ireland. This move gives the company a strong starting point in Europe, with its own branded services rolling out in these countries soon.Strengthening the leadership team
To support its growth, Hims & Hers added two experienced names to its leadership team: Mo Elshenawy (former CTO at Cruise) joined as Chief Technology Officer, and Nader Kabbani (ex-Amazon) came on board as Chief Operating Officer. Both are focused on scaling the platform and making operations more efficient.A new innovation in women’s hair care
Last week, Hers introduced the first prescription-strength hair regrowth gummy for women. It’s a tasty, once a day gummy that combines minoxidil and biotin to promote hair growth. It makes the treatment simple and easy to include in any routine.
These moves show that Hims & Hers is pushing to become a global leader in personalized, tech-powered healthcare, even as it works to improve its weight-loss treatments.
Don’t Miss This — 26% Off for Life! 🔥
Unlock full access to everything we offer ✨ and enjoy a lifetime 26% discount on your annual plan. Upgrade today!
Fundamental Analysis
Now it’s time for the fundamental analysis!
In this section, we evaluate three key areas: management, market, and financials & growth estimates. Each area contains multiple elements and each element is scored individually, leading to a final score between 0 and 100.
Final Scoring
This score reflects how fundamentally attractive we believe the company is as an investment, ranging from:
🔴 Below 50 → Uninvestable
🟠 50 - 59 → Questionable
🟡 60 - 69 → Reasonable
🟢 70 - 79 → Quality
🔵 80 - 89 → High-Quality
🟣 90 or above → Exceptional
Unlock our scoring framework and full fundamental analysis below, and see how we score Hims & Hers on a scale from 0 to 100 — exclusively available to our paid members! 🚀