In the latest period of Q4'25, HIMS's Gross Margin stood at 71.9%, reflecting a continued decline from its peak of 82.7% in Q4'23. Operating Margin was 1.5%, indicating modest profitability after turning positive in Q1'24, while Net Profit Margin reached 3.3%, supported by earlier gains but showing some stabilization amid broader pressures. Over the period from Q1'23 to Q4'25, Gross Margin exhibited an overall downward trend, starting at 80.4% and gradually eroding to 71.9% due to potential cost increases or pricing dynamics, with a notable peak in Q3'23 at 82.6%. Operating Margin improved significantly from deep losses of -5.9% in Q1'23 to positive territory by Q1'24, peaking at 9.9% in Q1'25 before tapering to 1.5%, highlighting operational efficiencies. Net Profit Margin followed a similar recovery path, shifting from -5.3% losses to a high of 18.8% in Q3'24, then settling at 3.3% in Q4'25, underscoring volatile but ultimately positive profitability trends driven by revenue growth and cost controls.