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HIMS · Analysis updated Nov 10, 2026, 9:45 AM ET
Why is Hims & Hers Health (HIMS) stock moving?
HIMS fell another 9% to about $20.80 in early trading on Nov 10, after closing at $22.94 on Nov 9. Q3 revenue rose 49% to $890.4M, in line with expectations. A $0.14 per share loss missed the expected $0.06 profit, and gross margin fell to 57% from 74%. Full-year adjusted EBITDA guidance was cut to $257M-$277M, and Q4 revenue guidance was below consensus. Subscribers slipped about 100,000 sequentially to roughly 2.8M, partly because of planned cuts to marketing. Positives include international revenue guidance raised to at least $650M, free cash flow of $26M and cash from operations of $65M. Management also expects subscriber growth to recover from Q1. Analysts are cautious: Needham kept a Buy but cut its target to $32 from $42, and the average target of $31.15 is well above the price. Volume was 50M shares on Nov 9 and has already reached 11M in the first 15 minutes of Nov 10. The stock is far below its recent range of $25-$30 and carries a beta of about 2.5. The sell-off is heavy and may be due for a bounce, but the trend and the earnings revisions are negative.
News behind the analysis
- Why is Hims & Hers Health stock sliding today?The stock extended losses after a Q3 report with a $0.14 per share loss against an expected $0.06 profit. Gross margin fell to 57% from 74%, and subscribers dipped about 100,000 sequentially to roughly 2.8M.
- Hims & Hers Stock Feels a Pinch Tuesday: What's Happening?Shares fell after the Q3 miss. Needham kept its Buy rating but cut its price target to $32 from $42. Andrew Huberman joined the board.
- Hims & Hers Reports Third Quarter 2026 Financial Results (8-K)Revenue was about $890M, up 49%, and subscribers were nearly 2.8M. Full-year revenue guidance was tightened to $3.13B-$3.15B, and adjusted EBITDA guidance was cut to $257M-$277M.
- Earnings call transcript: Hims & Hers misses Q3 2026 profit view, shares fallAdjusted EBITDA was $82M, a 9% margin. International revenue guidance was raised to at least $650M from $600M.
- Hims & Hers Health posts Q3 2026 sales in line with estimates but full-year sales guidance misses expectationsOperating margin was -7.4% and free cash flow margin was 2.9%, down from 13.2% a year earlier. Q4 revenue guidance came in below consensus.
- Hims & Hers Q3 2026: Gross Margin Collapse Turns Growth Into a LossGross margin fell to 57% from 74%, turning 49% revenue growth into a loss. The EBITDA guidance cut shows that the international expansion is costing more than the top line implies.
- Hims & Hers Q3 2026 earnings call transcriptManagement said subscriber softness is partly deliberate marketing restraint. It expects subscriber growth to recover from Q1 and international revenue to pass a $1B run rate in 2027.
- Live: Will HIMS Q3 Earnings Tonight Spark a Rebound After Today's 10% Selloff?The shares fell about 10% before the report despite the Eli Lilly deal. Analysts lean cautious, with 11 Holds against 3 Buys.
- Hims & Hers ($HIMS): Building a Healthcare Empire (Updated Q3-2026)The author notes the guidance cut and says a gross margin below 55% or a regulatory move against peptides or compounded GLP-1 products would turn them bearish.
- Hims & Hers Health (HIMS) Stock Price, News, Quote & HistoryThe stock closed at $22.94 on Nov 9 and fell a further 2.6% after hours. The average analyst target is $31.15.
About Hims & Hers Health, Inc.
Hims & Hers Health is a San Francisco-based online health platform. Customers see licensed doctors virtually and get personalised treatments shipped to them for weight loss, sexual health, hair loss, skin care, mental health and hormonal health. What sets it apart is its consumer-brand, subscription model and a fast-growing international business, which grew after it bought the Australian telehealth firm Eucalyptus.
How it makes money
Most of its revenue comes from recurring subscriptions. Members pay for online doctor visits plus prescription and over-the-counter products, including weight-loss treatments, which the company sends out through its own pharmacies. In Q2 2026, revenue was about $753 million (up about 38% from a year earlier) from nearly 2.9 million subscribers. About $622 million came from the US and about $131 million from international markets. The company's full-year 2026 revenue forecast is about $3.1–3.3 billion. Gross margins have narrowed to about 64%, and the company reported a net loss in Q2 2026.
What usually moves HIMS
- Subscriber growth and spending per subscriber
- Weight-loss (GLP-1) demand and FDA rules on compounded drugs
- Marketing costs and profit margins
- International expansion and the Eucalyptus integration
- Competition from drugmakers' own direct-to-consumer channels