HIMS vs HNGE: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. HIMS and HNGE share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined HIMS and HNGE exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Hims & Hers Health operates a direct-to-consumer telehealth platform that connects users with licensed providers and ships personalized prescription and over-the-counter products on a subscription basis. Its categories span sexual health, hair loss and dermatology, mental health, and weight management, and the model is built on recurring monthly revenue: most customers are subscribers who refill automatically, which is why the company reports subscriber counts and revenue per subscriber as core metrics. It earns money primarily through these subscriptions and increasingly through higher-priced specialty offerings, and it has invested in owning more of its supply chain, including affiliated pharmacies and a lab and peptide facility.

Full HIMS guide

Hinge Health is a digital musculoskeletal (MSK) care platform that provides physical therapy, pain management, and surgery prevention services through a combination of software, connected sensor hardware, and human care teams. The company's core offering combines a mobile and connected-sensor app with personalized exercise therapy programs, behavioral health support, and access to physical therapists, plus care navigation for surgery decisions. Customers are primarily large employers and health plans that purchase Hinge Health benefits for their members.

Full HNGE guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• HIMS drivers: Recurring subscription model; Category expansion beyond the original niche.
• HNGE drivers: Employer benefit penetration; Surgery prevention as ROI driver.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: The GLP-1 category is the clearest risk: the shift from cheaper compounded semaglutide to branded resale, plus ongoing FDA scrutiny of telehealth compounding and marketing claims, can pressure both growth and gross margins, which compressed sharply to around 65 percent in early 2026. For HNGE, digital health categories are competitive with various platforms targeting MSK and other condition areas.

Pick HIMS if you believe its drivers more; HNGE if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the HIMS and HNGE guides.

HIMS. Hims reported first-quarter 2026 revenue near $608 million with positive adjusted EBITDA of about $44 million, down roughly 51 percent year over year as gross margin compressed. Net income on a trailing basis was roughly breakeven to slightly negative, so the trailing P/E is not meaningful and the market values the company largely on growth and future profitability. Full-year 2026 guidance was set around $2.8 billion to $3.0 billion in revenue. All figures are approximate and tied to the asOf date; check a current quote and the latest filing before relying on them.

HNGE. Hinge Health's valuation reflects the digital health growth premium, the demonstrated category leadership in MSK, and the path-to-profitability story. As a recent IPO, valuation is sensitive to broader digital health sector sentiment and to quarterly progression toward profitability.

Headline figures (approximate, 2026-06-27): HIMS shows revenue (ttm) ~$2.37 billion, q1 2026 revenue growth (yoy) ~4%, gross margin ~65% (compressed ~800 bps YoY), subscribers ~2.6 million (up ~9% YoY); HNGE shows revenue (ttm) ~$400 million (estimated, post-IPO disclosure), operating margin Approaching breakeven; varies by quarter, net income (ttm) Modest GAAP loss; non-GAAP near breakeven, eps (ttm) Near zero.

HIMS and HNGE are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined HIMS and HNGE exposure against your real portfolio. It is not an investment adviser.