Total assets surged to $3.6B, but equity contracted to $324.1M as debt-to-equity spiked to 4.77 and total debt reached $1.5B, while current ratio fell to 0.93, indicating a strained liquidity position.
Hims & Hers Health, Inc. (HIMS) balance sheet — 7-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Total Current Assets | 1.38B | 767.64M | 395.83M | 265.05M | 216.59M | 269.9M | 113.08M | 69.61M |
| Cash & Short-Term Investments | 841.05M | 577.49M | 300.25M | 220.98M | 179.63M | 247.27M | 100.21M | 60.37M |
| Cash Only | 609.81M | 228.62M | 220.58M | 96.66M | 46.77M | 71.78M | 27.34M | 22.65M |
| Short-Term Investments | 231.24M | 348.88M | 79.67M | 124.32M | 132.85M | 175.49M | 72.86M | 37.72M |
| Accounts Receivable | 375.29M | 32.15M | 6.08M | 6.75M | 3.23M | 3.58M | 750K | 859K |
| Days Sales Outstanding | 21.18 | 5 | 1.5 | 2.82 | 2.24 | 4.8 | 1.84 | 3.8 |
| Inventory | 87.78M | 115.73M | 64.43M | 22.46M | 21.56M | 13.56M | 3.54M | 4.22M |
| Days Inventory Outstanding | 39.51 | 68.77 | 77.51 | 52.21 | 66.59 | 73.44 | 32.9 | 40.56 |
| Other Current Assets | 23.65M | 4.37M | 8.9M | 4.2M | 1.78M | 890K | 5.89M | 480K |
| Total Non-Current Assets | 2.24B | 1.39B | 311.71M | 176.13M | 149.75M | 150.68M | 5.61M | 2.46M |
| Property, Plant & Equipment | 529.78M | 448.98M | 92.96M | 45.73M | 16.14M | 5.11M | 0 | 0 |
| Fixed Asset Turnover | 5.53x | 5.23x | 15.88x | 19.07x | 32.66x | 53.19x | - | - |
| Goodwill | 1.1B | 278.32M | 112.73M | 110.88M | 110.88M | 110.88M | 0 | 0 |
| Intangible Assets | 422.81M | 196.12M | 43.41M | 18.57M | 21.84M | 25.89M | 59K | 0 |
| Long-Term Investments | 789.6M | 351.26M | 0 | 0 | 0 | 0 | 204.53M | 0 |
| Other Non-Current Assets | 78.31M | 29.68M | 1M | 947K | 889K | 8.8M | -198.97M | 2.46M |
| Total Assets | 3.63B | 2.15B | 707.54M | 441.19M | 366.34M | 420.58M | 118.7M | 72.07M |
| Asset Turnover | 1.00x | 1.09x | 2.09x | 1.98x | 1.44x | 0.65x | 1.25x | 1.15x |
| Asset Growth % | 722.86% | 204.54% | 60.37% | 20.43% | -12.9% | 254.34% | 64.7% | - |
| Total Current Liabilities | 1.48B | 404.43M | 221.37M | 88.47M | 47.94M | 79.22M | 15.23M | 20.62M |
| Accounts Payable | 501.3M | 143.28M | 91.18M | 43.07M | 32.36M | 19.64M | 8.07M | 7.23M |
| Days Payables Outstanding | 115.23 | 85.14 | 109.7 | 100.1 | 99.94 | 106.38 | 74.9 | 69.54 |
| Short-Term Debt | 11.55M | 0 | 0 | 0 | 0 | 0 | 0 | 1.51M |
| Deferred Revenue (Current) | 552.13M | 127.16M | 75.28M | 7.73M | 1.47M | 3.19M | 1.27M | 753K |
| Other Current Liabilities | 618.75M | 3.65M | 0 | 0 | 0 | 0 | 1.57M | 9.1M |
| Current Ratio | 0.93x | 1.90x | 1.79x | 3.00x | 4.52x | 3.41x | 7.43x | 3.38x |
| Quick Ratio | 0.87x | 1.61x | 1.50x | 2.74x | 4.07x | 3.24x | 7.19x | 3.17x |
| Cash Conversion Cycle | -54.55 | -11.37 | -30.68 | -45.07 | -31.12 | -28.14 | -40.16 | -25.19 |
| Total Non-Current Liabilities | 1.82B | 1.21B | 9.46M | 8.69M | 6.66M | 6.75M | 250.34M | 186.74M |
| Long-Term Debt | 1.37B | 972.58M | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 608.49M | 143.17M | 9.46M | 8.67M | 3.65M | 4.12M | 0 | 0 |
| Deferred Tax Liabilities | 114.51M | 28.86M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 255.89M | 64.74M | 0 | 22K | 3.01M | 2.63M | 250.34M | 186.74M |
| Total Liabilities | 3.3B | 1.61B | 230.82M | 97.16M | 54.6M | 85.97M | 265.57M | 207.36M |
| Total Debt | 1.55B | 1.12B | 11.35M | 9.95M | 5.31M | 5.48M | 0 | 1.51M |
| Net Debt | 936.43M | 891.97M | -209.24M | -86.72M | -41.47M | -66.3M | -27.34M | -21.13M |
| Debt / Equity | 4.77x | 2.07x | 0.02x | 0.03x | 0.02x | 0.02x | - | - |
| Debt / EBITDA | -282.31x | 7.00x | 0.14x | - | - | - | - | - |
| Net Debt / EBITDA | -170.97x | 5.57x | -2.65x | - | - | - | - | - |
| Interest Coverage | - | - | - | - | - | - | -1514.40x | -194.05x |
| Total Equity | 324.07M | 540.93M | 476.72M | 344.03M | 311.74M | 334.62M | -146.87M | -135.29M |
| Equity Growth % | -15.68% | 13.47% | 38.57% | 10.36% | -6.84% | 327.83% | -8.56% | - |
| Book Value per Share | 1.40 | 2.09 | 2.01 | 1.64 | 1.52 | 1.79 | -4.15 | -3.89 |
| Total Shareholders' Equity | 324.07M | 540.93M | 476.72M | 344.03M | 311.74M | 334.62M | -146.87M | -135.29M |
| Common Stock | 23K | 23K | 22K | 21K | 21K | 20K | 5K | 4.5M |
| Retained Earnings | -292.18M | -113.77M | -242.14M | -368.18M | -344.63M | -278.95M | -171.29M | -153.18M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -46.04M | 2.29M | -324K | -124K | -277K | -137K | -11K | 2K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying HIMS stock.
As of 2025, Hims & Hers Health, Inc. (HIMS) had total assets of $2.15B including $767.6M in current assets.
Hims & Hers Health, Inc. (HIMS) carries total debt of $1.12B, offset by $577.5M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Hims & Hers Health, Inc. (HIMS) has total shareholders' equity (book value) of $540.9M ($2.09 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Hims & Hers Health, Inc. (HIMS) reported a current ratio of 1.90x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
GLP-1 regulatory overhang
Metrics are mathematically derived from official filings.
Balance Sheet Expansion Accelerates
Total assets surged to $3.6B in 2026Q2 from $448.1M in 2024Q1, per the latest balance sheet, reflecting aggressive growth investments and acquisitions, but equity contracted to $324.1M, signaling a shift toward leverage.
The balance sheet has expanded nearly eightfold over ten quarters, driven by a $1.5B debt issuance and a $1.1B goodwill addition, likely from the Medisource acquisition. However, equity has declined from $549.3M in 2025Q1 to $324.1M in 2026Q2, as retained earnings remain deeply negative and debt-funded growth accelerates. This trajectory suggests the company is prioritizing scale over balance sheet conservatism, which may heighten financial risk if growth decelerates.
Leverage Spikes with Debt-Fueled Expansion
Debt-to-equity jumped to 4.77 in 2026Q2 from 0.03 in 2024Q1, as total debt reached $1.5B, according to reported figures, indicating a strategic but aggressive shift toward leverage to fund acquisitions and working capital.
The company transitioned from a nearly debt-free balance sheet to one with $1.5B in debt, a D/E ratio of 4.77, and debt-to-assets of 41.7%, per the latest quarter. This leverage appears strategic, supporting vertical integration and GLP-1 inventory buildup, but it introduces refinancing risk and interest expense sensitivity. While ROE of 25.2% suggests leverage is being deployed effectively, the rapid increase warrants monitoring for liquidity stress if cash flows remain volatile.
Asset Mix Shifts Toward Intangibles
Goodwill surged to $1.1B in 2026Q2 from $110.9M in 2024Q1, per the balance sheet, now representing 30.6% of total assets, while PPE grew to $529.8M, indicating a pivot toward asset-heavy compounding operations.
The asset base has transformed from a predominantly working-capital-driven model to one with significant goodwill and fixed assets. Goodwill of $1.1B raises impairment risk if the acquired businesses underperform, especially given the regulatory overhang on compounded GLP-1s. PPE growth to $529.8M reflects investment in compounding capacity, but the rapid increase in intangibles suggests the balance sheet is becoming more opaque and susceptible to write-downs.
Equity Eroded by Losses and Buybacks
Shareholders' equity fell to $324.1M in 2026Q2 from $581.0M in 2025Q3, as retained earnings worsened to -$292.2M, per the balance sheet, despite $23.1M in buybacks, indicating capital is being consumed by operations.
Equity has contracted by 44% over four quarters, driven by mounting losses and stock-based compensation, which is not reflected in retained earnings but dilutes shareholders. The negative retained earnings balance of -$292.2M suggests cumulative losses exceed profits, and the recent buybacks appear modest relative to the equity decline. This trend implies that the company is relying on debt and external capital to fund growth, which may dilute existing shareholders if equity issuance becomes necessary.
Liquidity Cushion Thins Rapidly
Current ratio fell to 0.93 in 2026Q2 from 4.98 in 2025Q2, per the balance sheet, while cash dropped to $609.8M from $1.1B, indicating a deteriorating ability to cover short-term obligations.
The current ratio has inverted below 1.0, signaling that current liabilities exceed current assets, a sharp reversal from the prior year's comfortable liquidity position. Cash of $609.8M provides a buffer, but the $1.5B debt and negative working capital suggest reliance on external financing. Given the negative operating cash flow of -$35.9M in 2026Q2, the company may face liquidity constraints if it cannot access capital markets or if growth slows.
Goodwill and Leverage Mask True Risk
The $1.1B goodwill and $1.5B debt, per the balance sheet, may overstate asset quality and understate financial risk, especially if GLP-1 compounding regulations change, potentially triggering impairments and liquidity strain.
Headline asset growth is flattered by $1.1B in goodwill, which is not a tangible asset and is vulnerable to impairment if the acquired businesses fail to meet projections. The leverage ratio of 4.77 is elevated relative to peers like TDOC (0.75), and the current ratio below 1.0 suggests a reliance on debt markets. Investors should monitor the regulatory status of compounded GLP-1s, as a negative outcome could impair goodwill and reduce cash flows, exposing the balance sheet's fragility.