If we view $HIMS simply as a telehealth platform, we might be mistaken. It's building a personalized, accessible, and data-driven care ecosystem. The market is generally focused on immediate concerns like whether GLP-1 drugs will remain under regulatory pressure or whether subscriber growth will slow. However, the underlying dynamic is somewhat different. In America, the traditional healthcare system is clogged by access barriers, high costs, and inefficiencies. In chronic management, preventative treatments, and long-term care, the problem is no longer just price, but speed, privacy, and individual tailoring. Trump and his health ministers are saying this themselves, not me. This is precisely where HIMS becomes valuable. By bypassing classic intermediaries like pharmacy chains and hospital networks, HIMS transforms into a digital infrastructure offering integrated 24/7 healthcare solutions directly to the consumer. Treatments focused on men's and women's health, mental health, weight management, menopause, and now longevity form the foundation of this infrastructure.
In my view, HIMS is essentially a decentralized healthcare network. Personalized treatment paths are created based on subscriber data; Peptides, hormone therapies, and diagnostic tools are integrated into this structure. In the third quarter of 2025, the number of subscribers reached 2.47 million, representing a 21% growth. Monthly online revenue per subscriber has reached $80. This creates a structure that, unlike traditional healthcare systems, has natural scalability and is self-sustaining over time. With the acquisition of ZAVA, expansion into Europe (United Kingdom, Germany, France, Ireland) has been achieved; moves such as the 2026 Canadian launch and access to generic semaglutide are transforming the platform into a global network. Meanwhile, they have implemented accelerated provider matching, real-time monitoring with wearable devices, and automated renewal processes, shifting healthcare from a reactive to a proactive cycle. The new $200 million facility investment in Ohio is the physical leg of this strategy: construction will begin in 2026, doubling fulfillment and lab capacity and enabling the scaling of personalized treatments.
Thus, HIMS is not just a prescribing platform; A mini-giant attempting to redefine the healthcare cycle. By driving down costs with solutions like compound medicines and GLP-1, the model creates a strong position in terms of accessibility and ethical narrative. FDA approvals, specialization in menopause, and diagnostic laboratories are tangible components of this cycle. If this structure scales up—and the 2025 pilots and aggressive expansion steps indicate this—HIMS will not be a defensive player in telehealth access discussions, but a leading platform. A large portion of the company's announced $6.5 billion revenue target for 2030 will come from personalized care, international growth, and new specialties. The longevity-focused area planned for launch in 2026 is also a significant part of this framework. Steps like the launch of menopause services under the Hers brand are making the suppressed demand in women's health visible; the $1 billion revenue expectation for Hers in 2026 signals this transformation.
What I've described so far is my investment thesis; now let's look at the financials. Looking at the financials, the perception that growth has slowed somewhat is true, the numbers say so, but the picture is still solid, I can say that clearly. Third-quarter 2025 revenue is $599 million, a 49% increase year-over-year. Net profit is positive at $16 million, adjusted EBITDA is $78 million. Gross margin is at 74%. Operational cash flow is strong; $149 million was generated in Q3 alone. With a $250 million share buyback program and $870 million in convertible notes, the financing side is comfortable for now. However, evaluating HIMS solely based on these numbers wouldn't be very healthy. The real value lies in the healthcare hubs it will dominate over time and the network effect these hubs create. The direct-to-consumer model, regulatory immunity, and global integration combine to create a valuation basis beyond classic pharmaceutical or healthcare multiples. It could expand to a much larger scale by 2026 with momentum in Canada and Europe. If this scenario materializes, today's $7-8 billion market capitalization could be positioned in a completely different place. Of course, the opposite scenario is also on the table, but I think they will succeed.
The market has largely priced in the risk of dilution, regulatory delays, and short-term growth fluctuations, but remember, it's not 100% certain. However, the success scenario isn't fully written yet. When the digital health transformation becomes visible after the second half of 2026, platforms like HIMS could become infrastructure, not just an option. Menopause, Canada, and yet-to-be-announced collaborations are early signals of this transformation. The US administration doesn't just view this model as a telehealth company; it sees it as a long-term option for addressing the structural breakdown in healthcare access. Trump and his team are currently placing great emphasis on the healthcare and pharmaceutical sectors, and these developments could be one of the factors supporting HIMS.
I currently hold a very small amount in my portfolio; I bought it today (January 5, 2026). I'm looking for a small-cap portfolio, not for my main portfolio. If the scenarios I mentioned above materialize, the return could be very good. While the market is preoccupied with short-term fluctuations, HIMS is proceeding on a different timeline: with concrete steps in 2026, and building a moat in diagnostics and care in 2027-2028. That's why I'm looking at it with a 2028 horizon. In sharp corrections, gradual buying might be logical; firstly, I bought in stages. You might say, "They've already ruined the stock," but remember, there's always something cheaper. If someone told me the stock was $20 or $100, I wouldn't be surprised. At the very least, there's the DCA logic.
The information, comments and recommendations contained herein are not within the scope of investment consultancy. Investment consultancy services are provided within the framework of the investment consultancy agreement to be signed between brokerage firms, portfolio management companies, banks that do not accept deposits and customers. The comments in this article are only my personal comments and these comments may not be appropriate for your financial situation and risk return. For this reason, investments should not be made based on the information and comments in my articles.
