Home Earnings Analysis Healthcare  Summary Hims & Hers Health, Inc.'s Q1 results confirmed margin compression and weak unit economics from the shift to branded GLP-1 drugs, as I explained would happen in my previous post. Subscriber growth slowed to 9% YoY, and revenue per subscriber declined sequentially, signaling reduced platform spending and competitive moat erosion. Management raised FY26 revenue guidance to $2.89B and highlighted strong international momentum, but consensus remains skeptical of long-term revenue targets. I reiterate a Hold rating for HIMS stock, citing unattractive risk-reward, ongoing earnings misses, and further downside risk not fully priced in. Looking for a portfolio of ideas like this one? Members of The REIT Forum get exclusive access to our subscriber-only portfolios. Learn More » Michael Burrell/iStock via Getty Images Introduction & Investment Thesis When I last wrote about Hims & Hers Health, Inc. ( HIMS ), I downgraded my rating to a Hold.…