Hims & Hers Health, Inc. (HIMS): A Bull Case Theory

We came across a bullish thesis on Hims & Hers Health, Inc. on Investment Ideas by Antonio’s Substack by Antonio Linares. In this article, we will summarize the bulls’ thesis on HIMS. Hims & Hers Health, Inc.'s share was trading at $39.76 as of November 28th. HIMS’s trailing and forward P/E were 75.02 and 62.11 respectively according to Yahoo Finance.

Hims & Hers Health, Inc. operates a telehealth platform that connects consumers to licensed healthcare professionals in the United States, the United Kingdom, and internationally. HIMS is rapidly evolving toward a transformative model in healthcare, where traditional specialties dissolve, and longevity optimization becomes the central metric.

By leveraging molecular-level testing and targeted interventions, Hims aims to prevent illness before it occurs, creating a unified approach across dermatology, cardiology, sexual health, and more. Peptides like GKH-CU and BPC-157 exemplify this shift, demonstrating multi-system benefits—from hair and skin improvement to liver regeneration, wound healing, and immune system support—highlighting the potential for synergistic treatments tailored in near real-time.

The company’s strategy of increasing capital deployment through CapEx has driven improvements in patient outcomes, while both cash from operations and free cash flow per share trend upward, indicating sustainable financial strength despite temporary reductions in free cash flow from higher investment levels. Crucially, declining costs in diagnostics and intelligence gathering are accelerating Hims’ path toward this “event-horizon,” where the marginal cost of monitoring and optimizing health approaches zero, while lifetime value per subscriber remains extremely high. AI and network effects serve as important enablers, converting molecular and longitudinal data into actionable longevity interventions, though the true value lies in the infrastructure and capital allocation capabilities of Hims’ management.

The company’s disciplined investment strategy positions it to build the leading consumer healthcare network globally, with a likely inflection point in one to two years where patient outcomes per unit of CapEx improve exponentially. Beyond initial peptide deployment, Hims is expected to advance toward designing optimal molecules—existing or novel—through its network, further enhancing its long-term value proposition. At just over five times sales, the company remains significantly undervalued, offering a compelling opportunity for investors seeking exposure to a next-generation, data-driven healthcare platform.

Previously we covered a bullish thesis on Hims & Hers Health, Inc. (HIMS) by Oliver | MMMT Wealth in May 2025, which highlighted 111% YoY revenue growth, a 345% net income surge, and accelerating adoption of personalized solutions. The company's stock price has depreciated approximately by 24.04% since our coverage. The thesis still stands as HIMS expands diagnostics and global reach. Antonio Linares shares a similar perspective but emphasizes molecular-level testing and longevity optimization.

Hims & Hers Health, Inc. is not on our list of the 30 Most Popular Stocks Among Hedge Funds. As per our database, 34 hedge fund portfolios held HIMS at the end of the second quarter which was 41 in the previous quarter. While we acknowledge the potential of HIMS as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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Disclosure: None.