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HIMS vs. AMWL: Which Stock Has the Stronger Global Growth Strategy?
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Key Takeaways
HIMS adds Europe via ZAVA acquisition, eyes Canada in 2026 with weight-loss-focused expansion.
HIMS hit 2.4 million subscribers in Q2 2025, with 30.8% year-over-year growth and rising per-user revenue.
AMWL boosts software to 57.1% of revenue, aided by its MHS contract expansion.
Virtual healthcare is rapidly evolving, with Hims & Hers Health, Inc. (HIMS - Free Report) and American Well Corporation (AMWL - Free Report) , popularly known as Amwell, at the forefront. HIMS is a consumer-focused digital health platform that offers a wide range of personalized wellness services, including mental health support, skincare, sexual health and — most notably — weight-loss treatments such as GLP-1 medications. HIMS has carved a niche for itself by blending telehealth access with direct-to-consumer branding, targeting younger, tech-savvy users who value privacy, affordability and convenience.
While HIMS leverages a vertically integrated, direct-to-consumer model to deliver affordable, personalized healthcare at scale, AMWL focuses primarily on building scalable, enterprise-grade telehealth infrastructure. Serving hospitals, insurers and health systems, Amwell’s strength lies in its white-label software and virtual care solutions that enable organizations to digitize healthcare delivery efficiently. Rather than targeting consumers directly, AMWL positions itself as a B2B enabler of digital transformation in healthcare, with a strong emphasis on platform development and system integration. With both companies showing promise with rising digital health demand, the question arises: which stock is the better buy at this moment? Let's delve deeper.
Stock Performance & Valuation: HIMS vs. AMWL
HIMS (down 16%) has underperformed AMWL (up 0.6%) over the past three months. However, in the past year, Hims & Hers has rallied 198.8% against Amwell’s decline of 14.9%.
Image Source: Zacks Investment Research
Meanwhile, HIMS is trading at a forward 12-month price-to-sales (P/S) ratio of 3.8, above its median of 2.4X over the past three years. AMWL’s forward sales multiple sits at 0.4X, below its last three-year median of 1.1X. While AMWL appears cheap when compared with the Medical sector average of 2.2X, HIMS seems to be expensive. Currently, Hims & Hers and Amwell stocks have a Value Score of D and C, respectively.
Image Source: Zacks Investment Research
Factors Driving Hims & Hers Stock
Hims & Hers Health is rapidly expanding its global presence through strategic acquisitions and market entries. The recent buyout of ZAVA, a leading European digital health platform, has enabled HIMS to establish operations in the U.K., Germany, France and Ireland. Building on this, the company plans to enter Canada in 2026 with a holistic weight-loss offering timed to the launch of generic semaglutide — underscoring its commitment to global, affordable care delivery.
At home, HIMS continues to scale its subscription-based platform, surpassing 2.4 million subscribers in second-quarter 2025 — a 30.8% increase year over year. Key segments like dermatology, sexual health and weight loss saw strong engagement, helping drive average online revenue per subscriber up to $74. High retention and growing subscriber value support strong recurring revenue and margin expansion.
To enable long-term growth, Hims & Hers is doubling down on technology and personalization. The company is investing in lab testing, AI-enabled care pathways and platform automation, aiming to deliver proactive, individualized treatment at scale. These tech-forward capabilities not only enhance user experience but also position HIMS as a leader in data-driven, customer-first digital healthcare.
Factors Driving Amwell Stock
Amwell is strengthening its business model by pivoting toward higher-margin subscription-based software revenues. In second-quarter 2025, software subscriptions were 57.1% of total revenues, up 47.1% year over year. This shift, supported by large deployments like the Military Health System (MHS), is helping transform Amwell’s revenue mix while improving gross margin. The company is aggressively optimizing costs in research and development, sales and marketing and general and administrative expenses, with EBITDA losses shrinking significantly to $4.7 million from $34.9 million a year ago.
A key differentiator for Amwell is its deep integration within the federal healthcare infrastructure, particularly through its extended contract with the U.S. Defense Health Agency. Amwell’s platform now powers digital care across the global MHS, enabling services from combat zones to Coast Guard facilities. This strategic win reinforces Amwell’s role as a core technology enabler of healthcare modernization at a national scale, providing both mission-critical infrastructure and recurring software revenue in the federal sector.
Amwell’s U.S.-focused strategy centers on deepening partnerships within high-impact sectors like the MHS. Its scalable platform powers a nationwide virtual care infrastructure, demonstrating success in complex deployments. This domestic focus enables Amwell to refine its offerings in a highly advanced market — positioning it for potential international expansion when strategically aligned.
Comparing EPS Projections: HIMS & AMWL
The Zacks Consensus Estimate for HIMS’ 2025 earnings per share suggests a 122.2% improvement from 2024.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for AMWL’s 2025 loss per share implies an improvement of 55.8% from 2024.
Image Source: Zacks Investment Research
Price Target: Hims & Hers vs. Amwell
Based on short-term price targets offered by 12 analysts, the average price target for Hims & Hers is $48.67, implying an increase of 10.6% from the last close.
Image Source: Zacks Investment Research
Based on short-term price targets offered by six analysts, the average price target for Amwell is $9.50, implying an increase of 36.7% from the last close.
Image Source: Zacks Investment Research
Choose Amwell Over Hims & Hers Now
While both Hims & Hers and Amwell are promising players in the direct-to-consumer and digital health space, Amwell, a Zacks Rank #2 (Buy) firm, is rapidly growing and expanding its clinical footprint. The company is currently focused primarily on building scalable, enterprise-grade telehealth infrastructure, which looks promising. For investors seeking lower execution risk and financial predictability, Amwell emerges as a more compelling choice.
Although HIMS, a Zacks Rank #4 (Sell) firm, presents a more stable and financially sound investment opportunity at this stage, it will not be prudent to hold on to the stock at present. Despite strong profitability and margins along with consistently growing user engagement, Hims & Hers is likely to be under pressure going forward. You can see the complete list of today’s Zacks Rank #1 (Strong Buy) stocks here.
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HIMS vs. AMWL: Which Stock Has the Stronger Global Growth Strategy?
Key Takeaways
Virtual healthcare is rapidly evolving, with Hims & Hers Health, Inc. (HIMS - Free Report) and American Well Corporation (AMWL - Free Report) , popularly known as Amwell, at the forefront. HIMS is a consumer-focused digital health platform that offers a wide range of personalized wellness services, including mental health support, skincare, sexual health and — most notably — weight-loss treatments such as GLP-1 medications. HIMS has carved a niche for itself by blending telehealth access with direct-to-consumer branding, targeting younger, tech-savvy users who value privacy, affordability and convenience.
While HIMS leverages a vertically integrated, direct-to-consumer model to deliver affordable, personalized healthcare at scale, AMWL focuses primarily on building scalable, enterprise-grade telehealth infrastructure. Serving hospitals, insurers and health systems, Amwell’s strength lies in its white-label software and virtual care solutions that enable organizations to digitize healthcare delivery efficiently. Rather than targeting consumers directly, AMWL positions itself as a B2B enabler of digital transformation in healthcare, with a strong emphasis on platform development and system integration. With both companies showing promise with rising digital health demand, the question arises: which stock is the better buy at this moment? Let's delve deeper.
Stock Performance & Valuation: HIMS vs. AMWL
HIMS (down 16%) has underperformed AMWL (up 0.6%) over the past three months. However, in the past year, Hims & Hers has rallied 198.8% against Amwell’s decline of 14.9%.
Image Source: Zacks Investment Research
Meanwhile, HIMS is trading at a forward 12-month price-to-sales (P/S) ratio of 3.8, above its median of 2.4X over the past three years. AMWL’s forward sales multiple sits at 0.4X, below its last three-year median of 1.1X. While AMWL appears cheap when compared with the Medical sector average of 2.2X, HIMS seems to be expensive. Currently, Hims & Hers and Amwell stocks have a Value Score of D and C, respectively.
Image Source: Zacks Investment Research
Factors Driving Hims & Hers Stock
Hims & Hers Health is rapidly expanding its global presence through strategic acquisitions and market entries. The recent buyout of ZAVA, a leading European digital health platform, has enabled HIMS to establish operations in the U.K., Germany, France and Ireland. Building on this, the company plans to enter Canada in 2026 with a holistic weight-loss offering timed to the launch of generic semaglutide — underscoring its commitment to global, affordable care delivery.
At home, HIMS continues to scale its subscription-based platform, surpassing 2.4 million subscribers in second-quarter 2025 — a 30.8% increase year over year. Key segments like dermatology, sexual health and weight loss saw strong engagement, helping drive average online revenue per subscriber up to $74. High retention and growing subscriber value support strong recurring revenue and margin expansion.
To enable long-term growth, Hims & Hers is doubling down on technology and personalization. The company is investing in lab testing, AI-enabled care pathways and platform automation, aiming to deliver proactive, individualized treatment at scale. These tech-forward capabilities not only enhance user experience but also position HIMS as a leader in data-driven, customer-first digital healthcare.
Factors Driving Amwell Stock
Amwell is strengthening its business model by pivoting toward higher-margin subscription-based software revenues. In second-quarter 2025, software subscriptions were 57.1% of total revenues, up 47.1% year over year. This shift, supported by large deployments like the Military Health System (MHS), is helping transform Amwell’s revenue mix while improving gross margin. The company is aggressively optimizing costs in research and development, sales and marketing and general and administrative expenses, with EBITDA losses shrinking significantly to $4.7 million from $34.9 million a year ago.
A key differentiator for Amwell is its deep integration within the federal healthcare infrastructure, particularly through its extended contract with the U.S. Defense Health Agency. Amwell’s platform now powers digital care across the global MHS, enabling services from combat zones to Coast Guard facilities. This strategic win reinforces Amwell’s role as a core technology enabler of healthcare modernization at a national scale, providing both mission-critical infrastructure and recurring software revenue in the federal sector.
Amwell’s U.S.-focused strategy centers on deepening partnerships within high-impact sectors like the MHS. Its scalable platform powers a nationwide virtual care infrastructure, demonstrating success in complex deployments. This domestic focus enables Amwell to refine its offerings in a highly advanced market — positioning it for potential international expansion when strategically aligned.
Comparing EPS Projections: HIMS & AMWL
The Zacks Consensus Estimate for HIMS’ 2025 earnings per share suggests a 122.2% improvement from 2024.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for AMWL’s 2025 loss per share implies an improvement of 55.8% from 2024.
Image Source: Zacks Investment Research
Price Target: Hims & Hers vs. Amwell
Based on short-term price targets offered by 12 analysts, the average price target for Hims & Hers is $48.67, implying an increase of 10.6% from the last close.
Image Source: Zacks Investment Research
Based on short-term price targets offered by six analysts, the average price target for Amwell is $9.50, implying an increase of 36.7% from the last close.
Image Source: Zacks Investment Research
Choose Amwell Over Hims & Hers Now
While both Hims & Hers and Amwell are promising players in the direct-to-consumer and digital health space, Amwell, a Zacks Rank #2 (Buy) firm, is rapidly growing and expanding its clinical footprint. The company is currently focused primarily on building scalable, enterprise-grade telehealth infrastructure, which looks promising. For investors seeking lower execution risk and financial predictability, Amwell emerges as a more compelling choice.
Although HIMS, a Zacks Rank #4 (Sell) firm, presents a more stable and financially sound investment opportunity at this stage, it will not be prudent to hold on to the stock at present. Despite strong profitability and margins along with consistently growing user engagement, Hims & Hers is likely to be under pressure going forward. You can see the complete list of today’s Zacks Rank #1 (Strong Buy) stocks here.