On the eve of Q1 results
The market is pricing a margin reset, not a collapse of the growth story. The Q1 results (11 May) are the key test of the narrative.
Analyst views
StockStory: HIMS is listed as a potential Russell 2000 outperformer, compared with Herbalife (weak organic growth) and Jackson Financial (shrinking margins), and is seen as having the most breakout potential of the three.
Price action
On 5 May the S&P 500 and Nasdaq both hit record highs, while HIMS fell 3.79% the same day to close at $26.37. Selling pressure ahead of the results is clear, and shorts are reluctant to close out early.
Q1 earnings preview
- Date
11 May 2026
- EPS consensus
$0.03-0.04 (2 weeks ago $0.05-0.06; down 80% to 83% year on year)
- GLP-1 gap
A gap of about $65 million still to be filled
- Revenue threshold
$620 million
- Subscriber threshold
2.5 million subscribers (the floor for holding the narrative together)
- Watch items
- Subscription growth (whether it can rebound quarter on quarter)
- Progress in the shift to branded drugs
- Whether peptide revenue appears for the first time
- Labs user data
Short interest
About 34% of the float (2-3 days to cover). If the Q1 numbers hit the mark, short covering could be sharply volatile.
Valuation snapshot
- 2026 EV/revenue
2.3x
- Forward P/E
53x
Sources (1)
- Seeking Alpha 5 May, StockStory via IndexBox
A brief is a lead for our research, not a verified conclusion or advice.