Goodwill and Intangible Assets, Net

Goodwill

The changes in the carrying value of goodwill for the periods presented are as follows (in thousands):


	Carrying Value
Balance at December 31, 2023	$	110,881
Addition from acquisitions	1,847

Balance at December 31, 2024	112,728
Addition from acquisitions	165,344
Foreign currency translation adjustments	253
Balance at December 31, 2025	$	278,325

Intangible assets, net

Intangible assets, net as of December 31, 2025 consist of the following (in thousands):


	Gross Amount		Accumulated Amortization and Impairment		Net Carrying Value		Weighted Average Remaining Useful Life (Years)
Platform partnerships	$	99,964	$	(4,165)	$	95,799	11.5
Trade names	33,031		(14,951)		18,080		2.3
503B pharmacy license	28,596		(3,813)		24,783		8.7
Other	69,208		(11,754)		57,454		3.1
Intangible assets, net	$	230,799	$	(34,683)	$	196,116	7.8

Intangible assets, net as of December 31, 2024 consist of the following (in thousands):


	Gross Amount		Accumulated Amortization and Impairment		Net Carrying Value		Weighted Average Remaining Useful Life (Years)
503B pharmacy license	$	28,596	$	(953)	$	27,643	9.7
Trade names	24,170		(9,256)		14,914		6.5
Other	4,786		(3,933)		853		6.0
Intangible assets, net	$	57,552	$	(14,142)	$	43,410	8.5

Amortization expense for intangible assets was $23.7 million, $3.8 million, and $3.5 million for the years ended December 31, 2025, 2024, and 2023, respectively. There were no impairment charges for the years ended December 31, 2025, 2024, and 2023.

Amortization that will be charged to expense over the remaining life of the intangible assets subsequent to December 31, 2025 is as follows (in thousands):


2026	$	40,952
2027	37,394
2028	23,262
2029	16,064
2030	13,667
2031 and thereafter	64,777
	$	196,116

About Goodwill & Intangibles Disclosures

Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.

Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.

Hims & Hers Health, Inc. Goodwill & Intangibles Disclosure

About Goodwill & Intangibles Disclosures

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