HIMS Cash-Secured Put Strategy
HIMS (Hims & Hers Health, Inc.), in the Healthcare sector, (Medical - Equipment & Services industry), listed on NYSE.
Hims & Hers Health, Inc. operates a comprehensive digital health platform that seamlessly links individuals with licensed medical professionals for virtual consultations and ongoing care. Through its user-friendly websites and mobile app, the company delivers a diverse portfolio of health and wellness solutions directly to consumers. This includes access to recurring prescription medications, alongside a wide selection of over-the-counter drugs, devices, cosmetics, and dietary supplements. Its core focus areas are general wellness, sexual health, skincare, and hair care. Specific non-prescription offerings span categories such as: Wellness: encompassing items like vitamin C, melatonin, biotin, and collagen protein supplements. Skincare: including products such as moisturizers, serums, and face washes.
HIMS (Hims & Hers Health, Inc.) trades in the Healthcare sector, specifically Medical - Equipment & Services, with a market capitalization of approximately $7.57B, a beta of 2.40 versus the broader market, a 52-week range of 13.74-70.43, average daily share volume of 25.6M, a public-listing history dating back to 2019, approximately 2K full-time employees. These structural characteristics shape how HIMS stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 2.40 indicates HIMS has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.
What is a cash-secured put on HIMS?
A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike.
Current HIMS snapshot
As of June 30, 2026, spot at $34.24, ATM IV 106.19%, IV rank 67.91%, expected move 30.44%. The cash-secured put on HIMS below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 31-day expiry.
Why this cash-secured put structure on HIMS specifically: HIMS IV at 106.19% is mid-range versus its 1-year history, so the credit collected on a HIMS cash-secured put sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 30.44% (roughly $10.42 on the underlying). The 31-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated HIMS expiries trade a higher absolute premium for lower per-day decay. Position sizing on HIMS should anchor to the underlying notional of $34.24 per share and to the trader's directional view on HIMS stock.
HIMS cash-secured put setup
The HIMS cash-secured put below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With HIMS near $34.24, the first option leg uses a $32.50 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed HIMS chain at a 31-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 HIMS shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $32.50 | $3.22 |
HIMS cash-secured put risk and reward
- Net Premium / Debit
- +$322.00
- Max Profit (per contract)
- $322.00
- Max Loss (per contract)
- -$2,927.00
- Breakeven(s)
- $29.28
- Risk / Reward Ratio
- 0.110
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
HIMS cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on HIMS. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -100.0% | -$2,927.00 |
| $7.58 | -77.9% | -$2,170.05 |
| $15.15 | -55.8% | -$1,413.09 |
| $22.72 | -33.6% | -$656.14 |
| $30.29 | -11.5% | +$100.82 |
| $37.86 | +10.6% | +$322.00 |
| $45.43 | +32.7% | +$322.00 |
| $53.00 | +54.8% | +$322.00 |
| $60.57 | +76.9% | +$322.00 |
| $68.14 | +99.0% | +$322.00 |
When traders use cash-secured put on HIMS
Cash-secured puts on HIMS earn premium while a trader waits to acquire HIMS stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning HIMS.
HIMS thesis for this cash-secured put
The market-implied 1-standard-deviation range for HIMS extends from approximately $23.82 on the downside to $44.66 on the upside. A HIMS cash-secured put lets a trader earn premium while waiting to acquire HIMS at the strike price; the strategy is most attractive when the trader is comfortable holding the underlying at that level and IV is rich enough to compensate for the assignment risk. Current HIMS IV rank near 67.91% is mid-range against its 1-year distribution, so the IV signal is neutral; the cash-secured put thesis on HIMS should anchor more to the directional view and the expected-move geometry. As a Healthcare name, HIMS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to HIMS-specific events.
HIMS cash-secured put positions are structurally neutral to slightly bullish; the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. HIMS positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move HIMS alongside the broader basket even when HIMS-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on HIMS carry tail risk when realized volatility exceeds the implied move; review historical HIMS earnings reactions and macro stress periods before sizing. Always rebuild the position from current HIMS chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on HIMS?
- A cash-secured put on HIMS is the cash-secured put strategy applied to HIMS (stock). The strategy is structurally neutral to slightly bullish: A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike. With HIMS stock trading near $34.24, the strikes shown on this page are snapped to the nearest listed HIMS chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are HIMS cash-secured put max profit and max loss calculated?
- Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium. For the HIMS cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 106.19%), the computed maximum profit is $322.00 per contract and the computed maximum loss is -$2,927.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a HIMS cash-secured put?
- The breakeven for the HIMS cash-secured put priced on this page is roughly $29.28 at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current HIMS market-implied 1-standard-deviation expected move is approximately 30.44%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a cash-secured put on HIMS?
- Cash-secured puts on HIMS earn premium while a trader waits to acquire HIMS stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning HIMS.
- How does current HIMS implied volatility affect this cash-secured put?
- HIMS ATM IV is at 106.19% with IV rank near 67.91%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.