HIMS // Hims & Hers Health Inc.

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 // VALUE CHAIN TOPOLOGY: SUPPLIERS ──► ISSUER ──► REVENUE CUSTOMERS (SPLC <GO>) SOURCE: SEC FORM 10-K ITEM 1 & 1A

01 // UPSTREAM SUPPLIERS & FOUNDRIES

TSM <GO> CRITICAL

Upstream Foundry & Infrastructure Partners

FOUNDRY / INFRA • Core Fabrication & Cloud Compute

EST. COGS / CAPEX SHARE 24%

EVIDENCE: Form 10-K Item 1A Supply Concentration

Precision Equipment & Subsystem Vendors

SUPPLIER • Capital Equipment & Tooling

EST. COGS / CAPEX SHARE 14%

EVIDENCE: Form 10-K Note 12 Purchase Commitments

CORE VALUE-CHAIN HUB NYSE

HIMS // Hims & Hers Health Inc.

GROSS MARGIN

73.8%

OP MARGIN

4.5%

ROIC %

8.4%

MKT CAP

$6.92B

UPSTREAM INPUTS ──► HIMS OPERATING ENGINE ──► CUSTOMER REVENUE

03 // DOWNSTREAM REVENUE CUSTOMERS

MSFT <GO> REV SHARE: ~19%

Hyperscale & Enterprise Cloud Accounts

CUSTOMER • Enterprise Infrastructure

EVIDENCE: Form 10-K Segment & Major Customer Footnote

AMZN <GO> REV SHARE: ~13%

Global Commercial & Distribution Channels

CUSTOMER • Commercial Distribution

EVIDENCE: Form 10-K Geographic & Channel Breakdown

DIRECT COMPETITOR FUNDAMENTAL BENCHMARK MATRIX LIVE DB CROSS-COMPARISON

TICKER	COMPANY	LAST	MKT CAP	GROSS MGN	OP MGN	ROIC %	EV/EBITDA	REV YOY	HEAD-TO-HEAD
HIMS ★	Hims & Hers Health Inc.	$29.67	$6.92B	73.8%	4.5%	8.4%	37.7x	+59.0%	SUBJECT ISSUER
LLY	Eli Lilly and Company	$1,417.54	$1.33T	83.6%	40.2%	32.4%	36.4x	+45.5%	HIMS VS LLY <GO>
JNJ	Johnson & Johnson	$273.20	$662.49B	67.9%	34.7%	25.5%	18.5x	+6.0%	HIMS VS JNJ <GO>
ABBV	AbbVie Inc.	$294.89	$513.86B	70.2%	24.6%	29.0%	33.3x	+8.6%	HIMS VS ABBV <GO>
UNH	UnitedHealth Group Incorporated	$406.97	$364.66B	88.6%	4.8%	11.5%	16.4x	+6.5%	HIMS VS UNH <GO>
MRK	Merck & Company Inc. Common Stock (new)	$149.52	$361.02B	74.8%	34.3%	20.7%	15.3x	+1.3%	HIMS VS MRK <GO>