Who owns Hims & Hers? Ownership structure explained (2026)

Hims & Hers is one of the most visible names in direct-to-consumer telehealth. It sells prescription and over-the-counter treatments for hair loss, erectile dysfunction, skincare, mental health, and, most controversially, weight loss, all through a subscription app that connects customers to licensed providers and mail-order pharmacies. The brand built its reputation on removing the friction and stigma from care that people often avoid asking about in person.

The company is publicly traded, so its ownership is disclosed in regulatory filings rather than left to guesswork. That transparency comes with a twist. Although institutions like BlackRock and Vanguard hold large economic stakes, the person who actually controls Hims & Hers is its founder, through a share class built to keep voting power in his hands.

Understanding who owns Hims & Hers matters because the company operates in a heavily regulated corner of healthcare, where its aggressive growth in compounded GLP-1 weight-loss drugs has drawn lawsuits, lawmaker scrutiny, and a public fight with a major pharmaceutical partner. Who controls the votes determines who answers for those decisions.

Hims & Hers was founded in 2017 as Hims, Inc. by Andrew Dudum, Hilary Coles, Jack Abraham, and Joe Spector. It was incubated inside Atomic, the San Francisco venture studio that Dudum and Abraham co-founded. The company is headquartered in San Francisco, California.

The original product was a men's wellness brand, Hims, focused on hair loss and sexual health. A women's line, Hers, followed in 2018, covering skincare, birth control, and mental health. Over time the two merged into a single platform, Hims & Hers, that now spans dermatology, mental health, primary care, and weight management. The business model is subscription telehealth: customers complete an online consultation, a licensed provider reviews it, and eligible prescriptions ship from affiliated pharmacies on a recurring basis.

The company has scaled quickly. Hims & Hers reported $2.35 billion in revenue for 2025, up 59% year over year, with net income of about $128 million and adjusted EBITDA of roughly $318 million. In the second quarter of 2026 it posted about $753 million in revenue and nearly 2.9 million subscribers. Its market capitalization sat near $7.5 billion in August 2026, a figure of the sort a business valuation calculator approximates from earnings, though a public company's is set minute by minute by the market.

Hims & Hers Health, Inc. is a public company. Its Class A shares trade on the New York Stock Exchange under the ticker HIMS. There is no parent company and no controlling corporate owner. Instead, ownership is split between public shareholders, large institutional investors, company insiders, and the founding team.

The company reached the public markets in January 2021 by merging with Oaktree Acquisition Corp, a special purpose acquisition company sponsored by Oaktree Capital Management, the investment firm co-founded by Howard Marks. The deal valued the combined company at about $1.6 billion.

The defining feature of Hims & Hers ownership is its dual-class share structure. The company has two classes of common stock. Class A shares carry one vote each. Class V shares carry 175 votes each and are held by the founder-led group.

Andrew Dudum and affiliated entities, referred to in filings as the CEO Group, hold the Class V super-voting shares. As of early 2026, Dudum owned roughly 8% of the company's economic shares but controlled close to 88% of the total voting power. That concentration makes Hims & Hers a controlled company under NYSE rules, meaning Dudum can decide the outcome of most shareholder votes on his own, including the election of directors.

This gap between economic ownership and voting control is the single most important fact about who owns Hims & Hers. Outside investors supply most of the capital and hold most of the shares, but the founder holds the votes.

Before going public, Hims & Hers raised venture capital from a mix of consumer and healthcare investors. Reported figures vary across private-market trackers, and the company has not published a complete breakdown.

Note: The 2021 transaction was a SPAC merger that took the company public rather than a traditional venture round. Cumulative private funding before the merger is generally reported in the range of $150 million to $200 million, but exact round sizes and valuations differ across sources.

BlackRock is the largest institutional holder of Hims & Hers, with about 26.3 million shares, or roughly 10.6% of shares outstanding, as of December 31, 2025. As the world's largest asset manager, it holds the position primarily through index and ETF products.

The Vanguard Group is the other major index-fund holder, with a stake in the high single digits as a percentage of shares outstanding. Like BlackRock, it holds the shares on behalf of funds rather than as an active strategic bet.

Institutional Venture Partners (IVP) is the standout venture backer still on the register. IVP led early private rounds and, through its affiliated investment entities, remained one of the largest holders after the IPO, with reported stakes in the high single digits to around 9% of shares outstanding depending on the filing period. Other significant institutional holders include JPMorgan Chase, Capital World Investors, State Street, Geode Capital Management, and Goldman Sachs.

Because Hims & Hers is public, its ownership is disclosed through SEC filings, including quarterly 13F reports from institutions and Form 4 filings when insiders trade. Institutions collectively own a majority of the economic shares. Insiders, chiefly the founding group, hold a large block as well, and the founder's Class V shares give that block outsized control. Retail investors own the remaining public float.

Andrew Dudum is the co-founder, chairman, and CEO of Hims & Hers, and the person who controls it. Through the Class V super-voting shares, he holds decisive voting power despite owning a minority of the economic equity. He sets the company's strategy, its aggressive marketing posture, and its direction on regulated categories like weight loss. His control means the board and management operate under a founder who cannot be outvoted by outside shareholders.

Hilary Coles is a co-founder and serves as a senior executive overseeing brand and product. Jack Abraham, co-founder of the Atomic venture studio that incubated the company, was central to its founding, and Joe Spector, another co-founder, later left to start a separate telehealth venture. Coles remains the most prominent co-founder still in an operating role alongside Dudum.

As a controlled company, Hims & Hers is exempt from some NYSE requirements around board independence. The board includes independent directors, but Dudum's voting control means he effectively decides its composition. Governance therefore concentrates around the founder rather than being balanced among outside shareholders, which is common for founder-led companies that use dual-class structures.

The sharpest risk to Hims & Hers centers on compounded GLP-1 weight-loss drugs, its own versions of semaglutide, the active ingredient in Novo Nordisk's Wegovy and Ozempic. US law allows pharmacies to compound copies of a branded drug mainly when that drug is in official shortage. Hims scaled a large compounded semaglutide business during the 2022 to 2024 shortage. In February 2025, the FDA declared the semaglutide shortage resolved, which sharply narrowed the legal basis for mass compounding and put a fast-growing part of the company's revenue under regulatory pressure. In March 2026, Hims agreed to stop selling compounded semaglutide at scale, keeping it only in limited, individualized cases.

In April 2025, Novo Nordisk and Hims & Hers announced a partnership to offer branded Wegovy through the Hims platform via Novo's NovoCare pharmacy. The alliance collapsed within about two months. Novo publicly ended it in June 2025, accusing Hims of continuing to sell "mass" compounded knockoffs and of deceptive marketing. The two companies also traded legal claims. The dispute eased in March 2026, when Novo dropped its patent case and the two struck a new arrangement under which Hims stopped selling compounded semaglutide and offered Novo's branded product instead. The episode showed how dependent parts of Hims's model are on the cooperation, or hostility, of large drugmakers.

Hims & Hers ran a 60-second Super Bowl ad in February 2025 called "Sick of the System," promoting its weight-loss program and criticizing the cost of branded obesity drugs. The ad drew immediate backlash. Senators Dick Durbin and Roger Marshall wrote to the FDA warning that it risked misleading patients by omitting the safety and side-effect disclosures required of prescription-drug promotion, and by not making clear that the compounded semaglutide it advertised is not FDA-approved. Novo Nordisk and patient-safety groups joined the criticism. The company defended its disclosures, and traffic surged after the ad aired, but the episode intensified regulatory attention on how telehealth firms market prescription drugs.

Hims & Hers operates in a category where regulators watch how prescriptions are issued after brief online questionnaires, and how sensitive health data is handled and used for advertising. Like peers in prescription-adjacent digital health such as GoodRx, the company faces ongoing questions about the standard of care in asynchronous telehealth and about privacy in health-data marketing. These are structural risks tied to the business model rather than one-time events.

Ownership shapes accountability at Hims & Hers more than at most public companies. Because Andrew Dudum controls close to 88% of the voting power while owning roughly 8% of the economic shares, outside investors who supply most of the capital have limited ability to influence strategy or replace leadership. That structure lets Dudum pursue fast, sometimes contentious bets, like the compounded GLP-1 push, without needing public-shareholder consensus. It concentrates both the upside and the blame in one person.

For investors, the dual-class setup is a trade-off. Founder control can protect a long-term vision from short-term market pressure, which many technology and healthcare founders argue is a feature. It also means large holders like BlackRock and Vanguard, despite their size, cannot easily push for change if they disagree with a decision. Anyone weighing the stock is effectively betting on Dudum's judgment as much as on the business. A margin figure like the company's adjusted EBITDA, the kind an EBITDA calculator helps interpret, tells only part of the story when one person holds the votes.

For customers and the broader healthcare system, ownership matters because it determines who sets the risk appetite. The same founder control that drove rapid growth also drove the aggressive marketing and compounded-drug strategy that put the company in conflict with regulators and Novo Nordisk. In a business where the product is medical care, the concentration of control raises the stakes on whether that control is exercised responsibly.

Finally, the split between economic and voting ownership is a reminder that "who owns a company" and "who controls a company" are not the same question. On paper, thousands of shareholders own pieces of Hims & Hers. In practice, the founder decides. Mapping that difference against rivals, the kind of exercise a competitive analysis template is built for, is essential to understanding how the company will behave.

Andrew Dudum is the co-founder, chairman, and CEO of Hims & Hers Health. He has led the company since founding it in 2017 and controls it through super-voting Class V shares that give him close to 88% of the total voting power.

Yes. Hims & Hers Health, Inc. trades on the New York Stock Exchange under the ticker HIMS. It became public in January 2021 through a SPAC merger with Oaktree Acquisition Corp. Despite being public, it is classified as a controlled company because of the founder's voting control.

Hims & Hers was founded in 2017 by Andrew Dudum, Hilary Coles, Jack Abraham, and Joe Spector, and was incubated inside the Atomic venture studio in San Francisco. Dudum remains CEO and Coles remains an operating executive; Spector later left to start another telehealth company.

BlackRock is the largest institutional holder, at about 10.6% of shares outstanding at the end of 2025, followed by The Vanguard Group and early venture backer Institutional Venture Partners (IVP). Founder Andrew Dudum holds a smaller economic stake, around 8%, but controls the majority of votes through Class V shares.

The company was valued at about $1.6 billion when it went public in 2021. Its market capitalization climbed to a peak near $11.5 billion during a 2025 surge, then fell back to roughly $7.5 billion by August 2026 as the stock gave back some of those gains.

Hims & Hers reported $2.35 billion in revenue for 2025, up 59% year over year, with net income of about $128 million. For 2026 the company raised its full-year revenue guidance to a range of roughly $3.1 billion to $3.3 billion.