HIMS // Hims & Hers Health Inc.

DES <GO> NYSE CIK 0001773751 ↗

Health Care • Medical/Nursing Services

$29.67 ▲ +0.35 (+1.19%)

MKT CAP: $6.92B • VOL: 7.52M

52W L $14 52W H $48

ALTMAN Z

3.95 SAFE

PIOTROSKI

8 / 9

HIMS // ROARABLE RATING & 5-PILLAR RQD CONFIDENCE 02:00 EST DETERMINISTIC ENGINE

PRIOR: RQD 67/100 [C+] (-1 PT) • UNCHANGED AS OF 2026-11-01

ROARABLE C+

RQD CONFIDENCE

66 / 100 -1D

5 X 20-PT QUANT PILLARS

E 0 D 35 C 59 B 70 A 86+

Roarable Hold — Upper Neutral / Watch for Breakout

01 MASSIVE / SEC XBRL

Forensic Fundamentals

15 / 20

SOLID

FCF +5.3% vs NI +1.8% • ROIC-WACC +1.1% • Z 3.95

02 OPRA GEX + SEC 13F

Whale & Options Flow

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

03 SEC FORM 4 (90D)

Insider Conviction

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

04 FRED 90D r-MATRIX

Macro Regime Fit

16 / 20

STRONG

TAILWIND • r(10Y)=+0.00 (+23bp) • r(OAS)=+0.00

05 10-K REDLINE AUDIT

Forensic 10-K Risk

13 / 20

SOLID

20 BASE - 7 DEDUCT • 0 CRIT / 0 MED • STABLE

ALERT

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SIG <GO> CROSS-FEED TRIANGULATION // PROPRIETARY ANOMALY ENGINE (1 ACTIVE ON HIMS)

STAGE 2 DETERMINISTIC Z-SCORE + STAGE 3 GEEK DESK BRIEF ALL MARKET ANOMALIES <SIG>

▼ BEARISH // F-RATED EARNINGS MIRAGE // ACCRUAL WATCHSIFTER 02 // ACCRUAL & RECEIVABLES FORENSICS

SEVERITY: 94/100 Z-SCORE: +3.58σ

HIMS Flags Accounting Mirage: -17.6% Cash Conversion Gap as Receivables Bloat +141.0%

CASH CONVERSION GAP

-17.6% (NI vs OCF)

RECEIVABLES / WC BLOAT

+141.0% VS REV

60D C-SUITE FORM 4 SALES

0 OPEN-MKT DUMPS

[GEEK DESK FORENSIC NOTE // SEC XBRL × FORM 4 CROSS-CHECK]

SEC EDGAR XBRL CompanyFacts10-K/10-Q Working Capital ScheduleSEC Form 4 Executive Sales

Deterministic analysis across SEC XBRL filings reveals a severe earnings quality distortion marked by a -17.6% (NI vs OCF) cash conversion gap and a zScore of 3.58. Working capital health has degraded as receivables expanded +141.0% VS REV, significantly outpacing net income growth of 1.8% and operating cash flow growth of 19.5%. Despite the aggressive accrual expansion, SEC Form 4 records indicate 0 OPEN-MKT DUMPS from C-suite insiders over the trailing 60 days.

HIMS // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: +1.88%🛡️ HOLDING TREND SUPPORT

2026-10-30O $28.51H $28.75L $26.68C $27.68VOL 10.84M

RES: $30.72SUP: $26.76SMA50: $29.04SMA200: $27.03

HIMS // INSTITUTIONAL BULL VS. BEAR FORENSIC DEBATE

ACCUMULATE CONVICTION: 67/100

BEAR 0

100 BULL

Hims & Hers Health Inc. (HIMS) exhibits 73.8% gross margins and 8.4% return on invested capital within Health Care (Medical/Nursing Services), balanced against a 37.7x enterprise multiple and 7.1% implied options volatility.

▲ INSTITUTIONAL BULL THESIS (LONG)

01. Operating Leverage & Capital Efficiency Moat

Sustained 73.8% gross profitability converts into 4.5% operating margin and 8.4% ROIC, outpacing sector cost of capital.

ROIC: 8.4% // GM: 73.8%

02. Top-Line Expansion & Cash Conversion

YoY revenue trajectory of +59.0% paired with 2.81% free cash flow yield supports self-funded R&D and capital return.

REV YOY: +59.0% // FCF YLD: 2.81%

03. Balance Sheet Solvency & Forensic Quality

Altman Z-Score of 3.95 and Piotroski F-Score of 8/9 indicate low near-term refinancing stress.

ALTMAN Z: 3.95 // F-SCORE: 8/9

▼ INSTITUTIONAL BEAR THESIS (SHORT / RISK)

01. Multiple Compression & Duration Sensitivity

Trading at 53.9x trailing P/E (45.3x Fwd P/E) leaves valuation vulnerable if real 10Y TIPS yields spike.

P/E: 53.9x // EV/EBITDA: 37.7x

02. Options Skew & Event Volatility Risk

Options market prices a ±7.1% implied move with a 0.71 put/call ratio around $29.00 max pain.

IMPL MOVE: ±7.1% // P/C: 0.71

03. Competitive Margin & CapEx Cycle Pressure

Elevated industry capital intensity and customer concentration in Medical/Nursing Services require continuous execution to defend 5.5% net margins.

NET MARGIN: 5.5% // D/E: 1.25x

KEY CATALYST // Upcoming 10-Q/10-K XBRL margin progression, guidance revision vs 45.3x forward consensus, and institutional 13F positioning.

MACRO REGIME // Monitor US 10Y Real Yields (DFII10) and High-Yield Credit Spreads (OAS) for beta-adjusted multiple impact (Beta 1.05).

FORM 4 & 13F FLOW OPEN OWN <GO>

FILER	SIDE	$ VALUE
INSPECT FULL OWNERSHIP LEDGER IN OWN <GO>

UNUSUAL OPTIONS TAPE OPEN OPT <GO>

STRIKE / EXP	TYPE	PREMIUM
INSPECT GEX & CHAIN IN OPT <GO>

KEY VALUATION & PROFITABILITY RATIOS XBRL FA <GO>

TRAILING P/E 53.9x

FORWARD P/E 45.3x

EV / EBITDA 37.7x

FCF YIELD 2.81%

GROSS MARGIN 73.8%

OPERATING MARGIN 4.5%

NET MARGIN 5.5%

ROIC % 8.4%

REV GROWTH YOY +59.0%

DILUTED EPS TTM $0.55

DEBT / EQUITY 1.25x

DIVIDEND YIELD 0.00%

RSI-14 MOMENTUM 44.9

5Y EQUITY BETA 1.05

FRED MACRO SENSITIVITY (PEARSON r) ECST <GO>

MACRO CORRELATION CALIBRATION ACTIVE BELOW.

FRED MACRO REGIME STRESS-TEST SIMULATOR // HIMSPEARSON R VARIANCE ENGINE

01 // SELECT FEDERAL RESERVE & CREDIT SHOCK SCENARIO

02 // POSITION NOTIONAL EXPOSURE

HEADLINE STRESS SCORE

75/100SEVERE DRAWDOWN PRESSURE

PRIMARY FACTOR EXPOSURE

DFII10 // -0.61 r

Latest: 2.08%

EST. DIRECTIONAL MOVE

-8.50%

Implied Px: $27.15

EST. DOLLAR VARIANCE

-$4,248

On $50,000 Notional

[LOCKED // MULTI-FACTOR DRAWDOWN HEDGE & MACRO TRIGGER ALERT]

Unblur the exact $50,000 delta-adjusted ETF/options hedge ratio for HIMS & activate live FRED threshold breach alerts.

HEAD-TO-HEAD PEER COMPARISONS COMP <GO>

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HIMS VS UNH

MARGINS ROIC VALUATION