Stock Deep dive : Hims & Hers ($HIMS) Eighteen months ago Hims & Hers was a ten-bagger with a Super Bowl ad. Today it is 59% below that high, eleven of its fifteen analysts say Hold, and when it reported 38% growth and a record subscriber addition last month the stock went down. I own it, in my usual covered call structure, and I went into this rebuild expecting to find a forgotten bargain. Instead the seven year charts showed a gross margin that has fallen every year since 2023, a balance sheet that quietly went from no debt to $1.4 billion of obligations, and a discounted cash flow model that, on assumptions kinder than anything the company has delivered. Then I ran it backwards and found what the market is really paying for: a 25% margin that Hims has never come close to earning. This is the full autopsy, every assumption on the table, and an honest account of why I am still holding, at what price I would add, and at what price I will happily be taken out. https://cycledesk.substack.com/p/hims-and-hers-hims-the-superstar?r=7unzzg&utm_campaign=post&utm_medium=web&showWelcomeOnShare=true
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