Hims & Hers Health vs. Teladoc Health: Which Is the Better Buy in 2026?

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Summary · why it matters

Hims & Hers Health and Teladoc Health present contrasting investment cases in digital healthcare for 2026. Hims & Hers reported fiscal 2025 revenue of nearly $2.3 billion, a 59% jump, with net income of approximately $128.4 million and a net margin of roughly 5.5%, while Teladoc posted revenue of approximately $2.5 billion, a slight decline of nearly 1.5%, and a net loss of close to $200.3 million, though that loss narrowed from $1.0 billion the prior year. Hims & Hers serves nearly 2.6 million subscribers through its direct-to-consumer wellness platform and is scaling via a pending acquisition of Eucalyptus and a $400 million receivables facility with JPMorgan Chase, whereas Teladoc reaches over 100 million members globally and recently partnered with Walmart to integrate virtual care into retail platforms. Regulatory risks loom for Hims & Hers around compounded GLP-1s and a potential DOJ and HHS investigation, while Teladoc faces customer concentration with its top five clients historically accounting for nearly 19% of revenue and struggles with declining paying users in its BetterHelp segment. On valuation, Hims & Hers trades at a forward P/E of 78.9x and a P/S ratio of 3.5x, compared to Teladoc's forward P/E of 59.4x and P/S ratio of 0.7x. The analysis concludes that Hims & Hers is the preferred pick for its steady subscription-driven growth, while Teladoc may appeal to bargain-seeking investors betting on a turnaround.