HIMS vs TDOC: 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 TDOC 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 TDOC 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

Teladoc Health makes money through two reporting segments. Integrated Care sells virtual-care services (general medical, chronic-condition management for diabetes and hypertension via the former Livongo programs, expert medical opinions, and licensable platform tools) mostly to employers, health plans, and hospitals on a per-member-per-month and visit-fee basis; in 2025 it was the larger and more profitable engine, with Q1 2026 revenue of about ~$395 million and a roughly ~14% adjusted EBITDA margin. BetterHelp is a direct-to-consumer online mental-health and therapy subscription brand whose paying-member count and revenue have been falling; BetterHelp revenue declined about ~9% to roughly ~$950 million in 2025 and its segment adjusted EBITDA fell about ~46% to roughly ~$42 million as marketing costs rose, prompting a pivot toward insurance-reimbursed therapy.

Full TDOC 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.
• TDOC drivers: Integrated Care and chronic-condition management; Free cash flow and balance-sheet discipline.

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 TDOC, revenue has been roughly flat to declining for several years, and total revenue fell about ~2% in 2025, so the turnaround is about stabilization rather than growth.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick HIMS if you believe its drivers more; TDOC 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 TDOC 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.

TDOC. Teladoc is now valued at a fraction of its 2021 peak, reflecting years of flat-to-declining revenue and the Livongo writedowns rather than a growth multiple. With GAAP losses ongoing, investors tend to focus on adjusted EBITDA and free cash flow as the practical yardsticks. All figures are approximate and tied to the asOf date; check the latest filings for current numbers.

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); TDOC shows revenue (fy2025) ~$2,530 million, down ~2% from ~$2,570 million in 2024, segment mix Integrated Care ~$1,580 million; BetterHelp ~$950 million (FY2025), adjusted ebitda (fy2025) roughly ~$270 to ~$287 million (within guidance), free cash flow FY2025 outlook ~$170 to ~$185 million; FY2026 guidance ~$130 to ~$170 million.

HIMS and TDOC 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 TDOC exposure against your real portfolio. It is not an investment adviser.