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Hims & Hers Is Targeting $6.5B by 2030. The Margin Test.

Hims & Hers has become one of the more consequential consumer health platforms built in the past decade, and the market knows it. The company posted $753.2 million in revenue for the quarter ending June 30, 2026, with 38% growth, bringing trailing twelve-month revenue to about $2.58 billion. That trajectory is hard to dismiss. What deserves closer scrutiny is whether the unit economics support the destination management has publicly staked out.

The company's long-term targets call for $6.5 billion in revenue and $1.3 billion in adjusted EBITDA by 2030. Getting from $2.6 billion to $6.5 billion in four years implies sustained growth north of 25% annually, even accounting for inorganic contributions. Achievable? Possibly. But the path runs directly through a margin problem that management has not yet resolved.

Gross margin compressed 12 percentage points to 64% in Q2 2026, down from 76% in the prior-year period. That compression, alongside rising development expenses, produced an $86.3 million net loss compared to a $42.5 million net profit in the same quarter last year. The company frames this as deliberate reinvestment. That framing is defensible, but investors should note that management has indicated gross margins could compress further in the near term as the company prioritizes scaling weight loss, labs, and international markets, which carry a lower margin profile.

The strategic context matters here. For much of 2024 and into 2025, Hims’ U.S. weight loss growth was heavily influenced by compounded GLP-1 offerings during a period of constrained availability for branded semaglutide. That model has since shifted. Novo Nordisk and Hims reached an agreement announced March 9, 2026, ending a dispute tied to compounded semaglutide. Under the agreement, Hims offers access to Novo’s FDA-approved Ozempic and Wegovy at the same self-pay prices as other telehealth platforms. The compounding premium is off the table. The new relationship can help with product access and reliability, but the pricing power the company once extracted from compounded versions is gone.

The international push is where the real bet is being placed. Hims agreed to acquire Australian digital health firm Eucalyptus in a transaction valued at up to $1.15 billion, and completed that acquisition on June 2, 2026. Hims said Eucalyptus had an annual revenue run rate north of $450 million and delivered triple-digit year-over-year ARR growth in each quarter of calendar year 2025. Building on earlier acquisitions of ZAVA and Livewell, Hims now holds a leading presence across the U.S., UK, Australian, and Canadian markets, with a growing presence in France, Germany, Ireland, Spain, and Japan.

That geographic reach is the second-order story the market has not fully priced. Monthly revenue per average subscriber climbed 21% year-over-year to $92 in Q2 2026, suggesting that the platform is deepening its hold on existing customers even as subscriber counts grow. If that dynamic holds internationally, the unit economics of the acquisition improve materially over time. If it doesn't, the company will have spent over a billion dollars building a global brand that generates lower returns than the core U.S. business.

The risks are not hypothetical. Adjusted EBITDA fell 27% to $60.3 million in Q2 2026, and the company recorded negative operating cash flow of $35.9 million for the quarter, underscoring just how capital-intensive this growth phase has become. Insiders sold $5.5 million worth of shares over the past three months, which is not a disqualifying signal but worth monitoring alongside the cash burn. Regulatory friction remains an ongoing variable. The FDA's posture toward direct-to-consumer telehealth is shifting, and any tightening of prescribing standards could add friction to Hims' async-only, no-lab-required model.

The bull case rests on one credible premise: Hims & Hers has built a consumer brand with meaningful mindshare in telehealth, and brand equity in healthcare compounds slowly. Reaching nearly 2.9 million subscribers while pivoting away from its highest-margin product line is not a trivial execution feat. The question for investors is whether management can rebuild gross margin toward the 70% range while simultaneously absorbing four international acquisitions and reorienting a weight loss business that was, until recently, built on a model regulators have now constrained. The $6.5 billion target is not fantasy. But the operating leverage required to make the EBITDA side of that equation work remains unproven at this scale.

-TCI Editorial Team

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Urgent Update

The Time to Act Is Now

Zacks Member,

Today marks an incredible opportunity to be one of the early investors at the forefront of Quantum Computing. It's moving fast so if you don't get in now, you risk missing out on the biggest moves that could transform your portfolio.

Some believed the technology was years away, but it's already present. Tech giants, such as Microsoft and Google, are racing to develop large-scale quantum computers for use in a wide range of practical applications.

Amazon announced a multi-million dollar stake in IonQ, putting the e-commerce giant among the largest tech investors in a publicly traded quantum hardware company.

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As the industry continues to innovate, the pace of quantum research and development is only going to accelerate, giving investors significant opportunities.

For instance, D-Wave Quantum has been lucrative for savvy investors, climbing more than +210% in 2025.

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While we can't guarantee future success, Kevin is monitoring the Quantum Computing space with constant vigilance to find not only the smartest QC stocks, but also the best entry and exit points.

Momentum is continuing to build and the time to get informed and position yourself for the next surge higher is right now.

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All the Best,

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Kevin Matras
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Schneider Electric Is Paying a 42% Premium for PTC

October 12, 2026

Schneider Electric Is Paying a 42% Premium for PTC

Schneider dropped 10% in a day on its biggest acquisition ever. Run the numbers and the seller might be the buy.

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Hey there, bargain hunter. Sometimes the most interesting price in a deal is not the one on the target. It is the one on the buyer after the market finishes voting.

Scoreboard

The all-cash offer of $205 per share represents a 42.3% premium to PTC's last closing price. The transaction values 100% of PTC equity at approximately $22.6 billion, implying a $23.7 billion enterprise value. Schneider's reward for announcing the biggest deal in its history: shares closed down 9.97% at €272.80 on October 5, 2026. Reuters estimated the drop erased close to €15 billion of market value in one session.

What Actually Happened

Before Monday, Schneider shares were up 29% for the year, carried largely by demand for data center power and cooling equipment. One analyst framed the concern plainly: the deal "takes an unambiguous AI winner and mixes in a possible loser." That refers to industrial software stocks like PTC, which have sold off on fears that AI could open the door to cheaper competitors.

Jefferies warned that fears of AI disruption had depressed software valuations, allowing Schneider to buy PTC at a decade-low valuation, but could continue to weigh on Schneider's shares after the deal. CEO Olivier Blum sees the opposite risk: that whoever owns PTC's engineering data wins the industrial AI layer. The market is not yet convinced.

What PTC Actually Does

PTC, listed on Nasdaq, serves more than 30,000 customers globally with computer-aided design, product lifecycle management, application lifecycle management, and service lifecycle management software used to design complex physical products and manage product and engineering data throughout the lifecycle. Think of it as the system of record for how a jet engine or a factory robot gets designed, built, and maintained. That data is what Schneider is really buying.

Key Numbers

PTC generated €2.4 billion in revenue in calendar year 2025, with an adjusted EBITA margin of about 40%.
PTC projected fiscal 2026 revenue of $2.69 billion to $2.75 billion, with projected free cash flow of $850 million for fiscal 2026.
PTC expects revenue and annual recurring revenue to grow by about 10% annually through 2029.
The transaction implies a multiple of 21x enterprise value to 2027 estimated adjusted EBITA. With Schneider's full run-rate synergies, some analyst math frames it as about 13x 2027 estimated adjusted EBITA including full synergies.
After the deal closes, software and services are expected to account for roughly 24% of Schneider's total revenue.

Is It Cheap?

The dilution math is the honest starting point. Schneider expects to fund the consideration through an equity issuance of approximately €5 to €6 billion via an Accelerated Bookbuild Offering, and new debt issuance of approximately €16 to €17 billion across several currencies. That is a lot of new shares hitting a stock already down 10%.

Schneider says it will work. It expects the transaction to be immediately low single-digit accretive to adjusted EPS before purchase price accounting in the first year of full consolidation, and mid-to-high single-digit accretive once full synergies land. Transaction return on capital employed is expected to exceed its cost of capital by Year 5 post-closing including full run-rate synergies. Year 5. That is a long time to hold your breath.

Against the last close at €260.50, one widely followed analyst framework pegs Schneider Electric's fair value at €325.04, implying clear upside that investors now have to weigh against higher leverage and integration risk from the PTC deal.

Bull / Base / Bear

Bull: Industrial AI needs a system of record. PTC's product lifecycle data is sticky, recurring, and proprietary. Schneider owns the physical hardware and now owns the software layer. Siemens built exactly this model with its own acquisitions. At €260, Schneider trades below its one-year average multiple with synergies not yet in the price.

Base: Schneider achieves €250 million of annual run-rate cost synergies by Year 3 and approximately €800 million of revenue synergies, EPS accretion is real but modest, and the stock grinds back toward fair value over 18 to 24 months as leverage falls.

Bear: Net debt already rose from €9.43 billion to €16.29 billion between September 2024 and June 2026, and the deal adds €16 billion to €17 billion of new debt. If the equity raise prices at a steep discount, existing holders take a double hit: the 10% drop plus dilution. Integration of a $2.7 billion software business into a hardware-first culture rarely goes cleanly.

Action Plan

Do not chase PTC. At $205 the upside is capped by the deal price and the downside is regulatory failure. The play, if there is one, is Schneider itself.

Watch for two things before adding: the size and pricing of the equity raise, which has not been completed, and the Q3 revenue release scheduled for October 16, 2026. If organic growth holds, the leverage fear is manageable. If it cracks, the multiple compresses further regardless of what PTC adds.

A scale-in approach makes sense: a starter position now at €260, a second tranche after the equity issue clears, and a final add only if the October 16 revenue confirms the underlying business is intact.

Cheap Investor Scorecard

Equity raise pricing: watch for discount to last trade
Schneider Q3 organic revenue growth (due October 16, 2026)
PTC ARR growth: guideposts in the deal materials point to about 10% annual ARR growth through 2029
Schneider net debt / EBITDA post-close: deal adds roughly €16 to €17 billion of debt
Cost synergy confirmation: €250 million target by Year 3
Revenue synergy credibility: €800 million is ambitious; watch cross-sell evidence
Schneider EPS accretion: low single digits in Year 1 before purchase price accounting
Regulatory clearance timeline: closing expected by Q3 2027
Siemens / Dassault Systèmes / Rockwell response: competitive reaction in PLM could pressure synergy assumptions

Bottom Line

If Schneider's equity raise prices cleanly and October 16 organic revenue holds, the 10% selloff looks like an overreaction to a deal that genuinely fills the last gap in its software portfolio. If the raise is messy and Q3 disappoints, the leverage load becomes the story. PTC holders got paid. The question now is whether Schneider holders eventually will too.

This content is for informational purposes only and should not be considered financial advice. Investing involves risk.

The Cheap Investor is a publication of Investing Media Solutions, LLC.

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A stock down 81%. A $35 million check written anyway.

W S W

Wall Street Wire

After the Bell · Evening Special Edition

Monday, October 12, 2026

by Nate Fowler

Paying $35 million into a stock down 81% from its listing price looks like denial — unless you know what the business actually is, and the stock price has nothing to do with it.

You read this morning that Gogoro director Yin Chung-Yao put $35.1 million into newly issued shares at $2.48. Tonight, let’s look at what he bought into — and why a stock down 81% from its SPAC price and a business running at a five-year-high gross margin can coexist in the same company.

Three questions I’ll answer

—	What battery swapping is, and why it works differently from charging
—	The business behind the price: 677,000 subscribers, positive cash flow, and a five-year-high margin
—	Why primary issuance at $2.48 is a different kind of signal than an open-market buy

The SPAC listing price is a number from 2022. Tonight I want to show you what the business looks like now. ↓

The Ticker Is Reserved. The Price Is Still $3.30.

Doroni Aerospace has already reserved its Nasdaq ticker, $DRNI.*

But right now, the shares are still sold privately to everyday investors.

$3.30 each. $1,003.20 gets you in.

Lock in $3.30 a share now.

And the more you put in, the more extra shares you get:

$2,500+: 5% bonus shares, plus a cap and tee
$10,000+: 10% bonus shares, plus a cap and tee
$25,000+: 20% bonus shares, plus a cap and tee

Already an investor? You get 10% bonus shares.

Here's what most people miss.

Once this moves to the next price step, $3.30 is gone for good.

16,500+ investors already locked theirs in.

Claim your bonus shares before the price moves.

What a $35 Million Check Into a $2.48 Stock Actually Buys

Gogoro (Nasdaq: GGR) is a Taipei-based company that operates a battery-swapping network for electric scooters across Taiwan. Instead of plugging a scooter in and waiting 30 to 60 minutes for a charge, a Gogoro rider pulls into a GoStation — a cabinet roughly the size of a refrigerator, mounted in a convenience store or parking lot — swaps a depleted battery pack for a fully charged one, and is back on the road in under a minute. The rider pays a monthly subscription, not per swap. Gogoro collects recurring revenue whether the rider swaps once or twenty times that month.

The network has two layers. Gogoro’s own scooter brand uses the batteries directly. Its Powered by Gogoro Network program licenses the battery standard and drivetrain to other manufacturers — including Yamaha — so their riders also join the swapping ecosystem. At the end of Q2 2026, the combined network had 677,000 subscribers, up 4% from the same period last year. Gogoro holds a 69.4% share of Taiwan’s electric two-wheeler market under its own brand, and 80.6% when partner sales are included.

The business behind the price

Q2 2026 revenue	$70.6M +7.3% YoY
Q2 2026 adj. EBITDA	$19.3M +54% YoY
Subscribers (end of Q2 2026)	677,000

Net loss narrowed from $26.5 million to $4.9 million year on year — an 81% improvement. The battery-swapping segment is on track for its first operating profit this year. The company has generated positive operating cash flow for five straight quarters.

Why primary issuance is a different signal

When a director buys shares on the open market, the money goes to whoever sold — another investor taking profit or cutting a loss. When a director subscribes to a primary issuance, the money goes into the company’s treasury. Yin Chung-Yao is not buying someone else’s position. He is writing a $35.1 million check that Gogoro can deploy. For a company approaching its first operating profit in its core network, that capital is a bridge — and it tells you how confident the director is that the company reaches that milestone before needing more.

NATE’S TAKE

I have watched enough SPAC implosions to know that the listing price is usually the worst number to anchor to. It captures the hype of a 2021 market, not the economics of a business four years later. Gogoro at $2.48 has 677,000 recurring subscribers, a five-year-high gross margin, five straight quarters of positive operating cash flow, and a swapping network that commands 80% of Taiwan’s electric two-wheeler market including its partners. The SPAC price tells you what the market paid for the narrative. The director’s $35 million tells you what someone with access to the full picture thinks the business is worth now.

— Nate Fowler

After the Bell · Evening Special Edition

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