HIMS stock: Even after remarkable run, there’s one tell that rally is just getting started

Hims & Hers (HIMS) has been one of the biggest winners on Wall Street in 2025, but it may have much more room to run.

The telehealth company’s stock is up more than 160% this year, bringing its market value above $14.3 billion. And analysts think that’s just a warm-up, pointing to the company’s growth and, perhaps more importantly, recent bond deal.

Nate Endicott, one of HIMS' biggest advocates on X, said the company’s move to upsize its bond offering — from $450 million to $870 million — shows it’s building a war chest for future expansion.

“They’re playing offense,” he said. “No debt. $320 million in cash before this. Now another $800 million.”

The bonds carry 0% interest for five years and come without a specific acquisition plan, signaling confidence and flexibility.

Another widely-followed investor, known as X Capitalist, agreed, calling the company’s execution “insane.” “Creditors see the fair value at least 37% higher than now,” he added.

All this strong growth and execution, analysts say, helps justify the stock’s valuation. As of today, it’s trading at a trailing P/E of 76 and a forward P/E of 86..

What’s driving Hims’ breakout year?

Hims is tapping into a bigger shift in healthcare — one focused on convenience, personalization, and direct-to-consumer options. That shift helped the company more than double its revenue in Q1.

In the first quarter, Hims more than doubled its revenue compared to the same time last year, bringing in $278.2 million. The company also made a profit of $49.5 million, or 20 cents per share. That’s almost four times more than what it earned a year ago.

The company now has 2.37 million active subscribers, up 38% from a year ago. It expects to hit $2.4 billion in revenue for the full year and $335 million in adjusted earnings, with a margin of 14%.

And the growth isn’t just coming from inside. In April, Novo Nordisk announced that its popular weight loss drug Wegovy would be available through telehealth, including on Hims.

Hims is now offering discounted Wegovy subscriptions, especially for customers who commit to a six-month plan, opening the door to a whole new revenue stream.

The company says it’s aiming for “tens of millions” of users long term. And with more drug partnerships likely on the way, analysts say that goal is starting to look a lot more realistic.