Who Owns Hims & Hers Health Company?

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Who Owns Hims & Hers Health Company?

Hims & Hers Health, Inc., a prominent telehealth platform, underwent a pivotal ownership transformation with its public listing in January 2021, an event that valued the company at $1.6 billion. This move significantly reshaped its ownership landscape, moving from a venture-backed startup to a publicly traded entity on the New York Stock Exchange under the ticker HIMS.

As of August 2025, Hims & Hers Health, Inc. has achieved a substantial market capitalization ranging from approximately $10.03 billion to $10.20 billion, reflecting its strong market position and growth in the telehealth sector. The company has expanded its reach, now serving over 2.4 million subscribers as of the second quarter of 2025.

Understanding the ownership structure of Hims & Hers Health, Inc. is crucial for comprehending its strategic direction, influence, and accountability. The following sections will provide a detailed exploration of the company's ownership evolution, delving into the stakes held by its founders, the composition and influence of key institutional investors, the role of public shareholders, and how these dynamics have shifted over time, impacting its Hims & Hers Health PESTEL Analysis.

Hims & Hers Health, Inc. was established in November 2017 by a group of four founders: Andrew Dudum, Hilary Coles, Jack Abraham, and Joe Spector. Andrew Dudum, who also serves as the company's CEO, was instrumental in its early stages through his co-founding of Atomic Labs, a venture studio that provided initial funding and support. Hilary Coles, with her MBA, has significantly contributed to the company's brand development and merchandising strategies.

Founding Vision

The company was founded with a vision to broaden access to healthcare. Initially, it focused on men's health issues through the 'Hims' brand, later expanding to women's health with 'Hers' in 2018.

Early Funding Milestones

Rapid growth was fueled by significant early funding. After an initial seed round, the company secured $40 million in Series A funding in 2018 and $100 million in Series C funding by January 2019, reaching a $1 billion pre-money valuation.

Key Early Investors

Prominent venture capital firms supported the company's early development. These included 8VC, Founders Fund, Forerunner, Thrive Capital, Maverick, SVAngel, and Oaktree.

Initial Market Focus

The company's initial offerings targeted specific men's health concerns like hair loss and erectile dysfunction. This was followed by the launch of 'Hers' to address a broader range of women's health needs.

Public Listing and Voting Control

Following its public listing through a SPAC merger in January 2021, the founders, particularly Andrew Dudum and affiliated entities, maintained significant control. The 'CEO Group' received Class V common stock with disproportionately high voting rights.

Voting Power Structure

The Class V shares granted 175 votes per share, ensuring substantial founder influence. This structure meant that immediately after the merger, the CEO Group held approximately 90% of the total voting power.

The early ownership structure of Hims & Hers Health, Inc. was characterized by a strong founder-led approach, ensuring significant control was retained by the co-founders even after the company became a publicly traded company. This strategic decision was solidified during the company's public listing via a Special Purpose Acquisition Company (SPAC) merger in January 2021. Andrew Dudum and associated entities, collectively known as the 'CEO Group,' were issued Class V common stock. This specific class of shares was designed with disproportionate voting rights, granting 175 votes per share, in contrast to the one vote per share for Class A common stock. This arrangement effectively ensured that the CEO Group maintained approximately 90% of the aggregate voting power of all outstanding capital stock immediately following the merger, reflecting the founders' intent to guide the company's future direction.

Founders and Early Ownership Details

Hims & Hers Health, Inc. was founded in November 2017 by Andrew Dudum, Hilary Coles, Jack Abraham, and Joe Spector. The company's initial focus was on men's health, expanding to women's health in 2018. Early funding rounds were critical for its rapid expansion, with notable investors backing its growth.

• Founding Date: November 2017
• Co-founders: Andrew Dudum, Hilary Coles, Jack Abraham, Joe Spector
• Initial Focus: Men's health (Hims)
• Expansion: Women's health (Hers) in 2018
• Key Early Funding: Series A ($40 million in 2018), Series C ($100 million in January 2019)
• Valuation Milestone: $1 billion pre-money valuation by January 2019
• Early Investors: 8VC, Founders Fund, Forerunner, Thrive Capital, Maverick, SVAngel, Oaktree
• Public Listing: January 2021 via SPAC merger
• Founder Control: CEO Group (Andrew Dudum and affiliates) held approximately 90% of voting power post-merger through Class V common stock with 175 votes per share.

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The ownership evolution of Hims & Hers Health, Inc. was significantly shaped by its public debut on January 20, 2021, via a SPAC merger. This event, which valued the company at $1.6 billion, transitioned it into a publicly traded company with shares listed on the New York Stock Exchange under the ticker HIMS.

Following its public listing, Hims & Hers Health, Inc. has seen its ownership structure become heavily influenced by institutional investors. As of July 1, 2025, these entities collectively held a substantial 73% stake in the company. This significant institutional presence means that the company's stock performance can be closely tied to the trading activities and strategic decisions of these large shareholders.

Key Stakeholders in Hims & Hers Health

Institutional investors are the primary owners of Hims & Hers Health, Inc. As of July 2025, their collective ownership stands at 73%.

• BlackRock, Inc. is a major holder, with 11% of outstanding shares as of July 2025.
• The Vanguard Group, Inc. also maintains a significant position, owning 8.3% as of July 2025.
• Other notable institutional investors include Capital World Investors, FMR LLC, Baillie Gifford & Co., and Jennison Associates LLC.
• Insiders, including the founders and CEO Andrew Dudum, collectively own 13% as of July 1, 2025.
• Andrew Dudum, CEO and Chairman, holds 8.3% of the company's shares as of July 2025.

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The Board of Directors for Hims & Hers Health, Inc. is currently chaired by co-founder Andrew Dudum, who also serves as the Chief Executive Officer. This structure highlights a significant founder-led governance approach. Further details regarding board composition and representation of major shareholders are typically disclosed in the company's annual proxy statements, with the 2025 Proxy Statement anticipated following the June 12, 2025 Annual Meeting of Stockholders.

The voting power within Hims & Hers Health, Inc. is significantly influenced by its dual-class share structure. Class A common stock carries one vote per share, while Class V common stock holds a substantial 175 votes per share. As of February 21, 2025, the company had 213,787,949 shares of Class A and 8,377,623 shares of Class V outstanding. This structure effectively concentrates voting control, with Andrew Dudum and the 'CEO Group' holding approximately 90% of the total voting power immediately after the SPAC merger in January 2021, ensuring continued founder influence over corporate decisions.

Understanding Voting Power at Hims & Hers

The company's dual-class share system is central to its governance. This structure grants disproportionate voting rights to holders of Class V stock.

• Class A shares: 1 vote per share
• Class V shares: 175 votes per share
• Founders maintain significant control through Class V holdings
• This structure impacts Hims & Hers ownership dynamics

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In recent years, Hims & Hers Health, Inc. has seen significant growth and strategic shifts. The company achieved its first full year of profitability in 2024, reporting a net income of $126 million on revenue that surged 69% year-over-year to $1.48 billion. This financial success is accompanied by a growing subscriber base, which reached 2.2 million by the end of 2024.

Ownership trends reflect a dynamic market environment for this publicly traded company. Hims & Hers Health announced a substantial equity buyback program in August 2024, authorizing up to $100 million in stock repurchases. As of June 30, 2025, the company had already bought back over 2.1 million shares. Recent insider filings in August 2025 for directors Deborah M. Autor and Kare Schultz indicate potential shifts in beneficial ownership, though specific transaction details remain undisclosed. Institutional ownership figures show variability, with some reports in April 2025 placing it at 94.68%, while other data from March 2025 suggests a slight decrease in overall institutional and mutual fund holdings, indicating ongoing portfolio adjustments by major investors.

Strategic Acquisitions Drive Expansion

In 2024, Hims & Hers acquired MedisourceRx for $31.0 million, bolstering its compounding capabilities. The acquisition of ZAVA in 2025 significantly expanded its international footprint across Europe, adding over 1.3 million patients and paving the way for planned expansion into Canada in 2026.

Shareholder Value Initiatives

The company's commitment to enhancing shareholder value is evident through its ongoing share repurchase program. This initiative, authorized in August 2024, aims to reduce the number of outstanding shares and potentially increase earnings per share.

Evolving Institutional Investor Landscape

Institutional ownership remains a significant factor in the company's structure. While recent data shows high levels of institutional investment, there are also indications of minor adjustments in holdings by large funds, reflecting active portfolio management.

Founder and Key Executives

While Andrew Dudum is recognized as a key figure, the company's leadership includes a board of directors and executive team overseeing its telehealth and subscription service operations, which cater to men's health, women's health, dermatology, and mental health support.

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