Hims & Hers (HIMS, Financial) just hit a major milestone—partnering with Novo Nordisk (NVO, Financial) to offer branded Wegovy directly through its telehealth platform. It's a bold move that cements Hims' position in the exploding GLP-1 weight-loss space. Add to that a 38% year-over-year surge in subscribers to 2.37 million, and you'd expect the stock to fly. Instead, it fell in after-hours trading. Why? Because the company's second-quarter revenue guidance came in below Wall Street's expectations, and earnings per share missed. For now, the market is still demanding near-term execution over long-term ambition.

But dig deeper and a different story is unfolding. Over the past few years, Hims has quietly transformed its financial engine. The chart shows a clear and sustained upward trend in both operating and free cash flow, reversing prior losses and pointing to better financial discipline. While net income remains relatively thin, the business is scaling efficiently—and doing so across a growing number of specialties, from sexual and mental health to dermatology and weight loss. The foundation is being laid, and the shift from growth-at-all-costs to sustainable growth is well underway.

Now with former Amazon exec Nader Kabbani onboard as COO—and a product roadmap expanding into menopause, low testosterone, sleep, diagnostics, and even longevity—Hims is positioning itself as the front-runner in personalized healthcare. CEO Andrew Dudum's long-term target? $6.5 billion in revenue and $1.3 billion in adjusted EBITDA by 2030. That's a big bet—but if execution keeps pace with vision, HIMS might just become one of the most transformative digital health platforms of the decade.