# The Honest Company, Inc. (HNST)

> Source: Nexqual · https://nexqual.com/HNST · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, The Honest Company, Inc. (HNST), nexqual.com/HNST" · informational, not investment advice.

**Price:** USD 4.86 (+0.00% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 4.86 · day 4.73–4.94 · 52w 2.07–6.01 · market cap $521M · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $342M, net income -$12.2M (-3.6% margin), free cash flow $52.7M (SEC filings).
- Insider open-market sales, last ~7 months: 20 Form 4 filings, $2.4M; 5 not under a Rule 10b5-1 plan ($896K); 0 by opportunistic insiders, 5 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.71 on a 1–5 scale) (7 analysts), mean target USD 5.2 (range 5–5.7).
- Total return with dividends: 1Y +33.1% vs S&P 500 +14.9%; 5Y -48.2% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 0, revenue estimate $80.8M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $319M | $314M | $344M | $378M | $371M | $342M |
| Gross profit | $109M | $92.3M | $101M | $145M | $124M | — |
| Operating income | -$36.8M | -$49.8M | -$38.9M | -$6.3M | -$18.5M | -$14.9M |
| Net income | -$38.7M | -$49.0M | -$39.2M | -$6.1M | -$15.7M | -$12.2M |
| EPS (diluted) | -$0.43 | -$0.53 | -$0.42 | -$0.06 | -$0.14 | — |
| Free cash flow | -$38.4M | -$77.9M | $17.5M | $1.0M | $13.6M | $52.7M |
| Gross margin | 34.3% | 29.4% | 29.2% | 38.2% | 33.3% | — |
| Operating margin | -11.6% | -15.9% | -11.3% | -1.7% | -5.0% | -4.4% |
| Net margin | -12.1% | -15.6% | -11.4% | -1.6% | -4.2% | -3.6% |
| Revenue growth | +6.0% | -1.6% | +9.8% | +9.9% | -1.9% | — |
| Cash + short-term investments | $93.2M | $15.2M | $32.8M | — | — | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 1.5x · P/FCF 9.9x · P/B 3.1x · FCF yield 10.11% · Earnings yield -2.33%

## Insider sales (SEC Form 4, open-market, last ~7 months)
15 of 20 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-08 | Sternweis Thomas | SVP, Enterprise Dev. & Strat. | 25,000 | $123K | 5.8% | No | Too little history (no open-market trades in 2023) |
| 2026-09-14 | Sternweis Thomas | SVP, Enterprise Dev. & Strat. | 25,000 | $137K | 5.5% | Yes | Too little history (no open-market trades in 2023) |
| 2026-08-20…2026-08-21 | Von Kunssberg Etienne | SVP, Supply Chain | 7,195 | $36K | 1.8% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-08-20 | Sternweis Thomas | SVP, Enterprise Dev. & Strat. | 6,403 | $32K | 1.4% | Yes | Too little history (no open-market trades in 2023) |
| 2026-08-20 | Sheehey Brendan | General Counsel | 9,664 | $48K | 1.2% | Yes | Routine (sold in Mar & May & Aug & Nov each year 2023–2025) |
| 2026-08-20 | Mayle Jonathan | SVP, Customer Sales | 6,161 | $31K | 1.3% | Yes | Too little history (no open-market trades in 2023) |
| 2026-08-20 | Vernon Carla | Chief Executive Officer | 117,893 | $588K | 2.7% | Yes | Routine (traded in May each year 2023–2025; this trade is outside those months) |
| 2026-08-20 | Bruce Curtiss James Iii | Chief Fin. & Operating Officer | 3,129 | $16K | 0.5% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-08-20 | Ball Dorria L. | Chief People Officer | 6,812 | $34K | 1.6% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-10…2026-08-11 | Turner Andrea | Director | 64,295 | $338K | 20.3% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-08-10 | Mayle Jonathan | SVP, Customer Sales | 79,000 | $412K | 17.6% | No | Too little history (no open-market trades in 2023) |
| 2026-05-22 | Von Kunssberg Etienne | SVP, Supply Chain | 4,544 | $15K | 1.6% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-20 | Von Kunssberg Etienne | SVP, Supply Chain | 2,651 | $8K | 0.9% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-20 | Vernon Carla | Chief Executive Officer | 119,389 | $375K | 2.9% | Yes | Routine (traded in May each year 2023–2025) |
| 2026-05-20 | Winchell Stephen | Chief Innovation Officer | 12,886 | $40K | 2.6% | Yes | Routine (sold in May & Aug & Nov each year 2023–2025) |
| 2026-05-20 | Sternweis Thomas | SVP, Enterprise Dev. & Strat. | 6,673 | $21K | 1.4% | Yes | Too little history (no open-market trades in 2023) |
| 2026-05-20 | Sheehey Brendan | General Counsel | 9,784 | $31K | 1.3% | Yes | Routine (sold in Mar & May & Aug & Nov each year 2023–2025) |
| 2026-05-20 | Mayle Jonathan | SVP, Customer Sales | 6,236 | $20K | 1.4% | Yes | Too little history (no open-market trades in 2023) |
| 2026-05-20 | Bruce Curtiss James Iii | Chief Financial Officer | 12,669 | $40K | 2.4% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-05-20 | Ball Dorria L. | Chief People Officer | 6,899 | $22K | 1.6% | Yes | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.71 on a 1–5 scale), 7 analysts; mean target USD 5.2 (low 5, high 5.7).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-13 | Morgan Stanley | Target raised | Equal-Weight | $3.4 → $5.7 |
| 2026-08-06 | Telsey Advisory Group | Target raised | Market Perform | $4 → $5 |
| 2026-08-06 | B. Riley Securities | Target raised | Buy | $4 → $5 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +33.1% | -48.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +33.3% | -12.3% |
| Volatility (annualized) | 71.2% | 70.7% |
| Max drawdown | -42.8% (Oct 2025→Feb 2026) | -89.0% (Nov 2021→Oct 2023) |

## Peers (Household & Personal Products)
MAGN (Magnera Corporation) USD 11.84 +5.71% · HELE (Helen of Troy Limited) USD 28.96 +2.04% · ODD (ODDITY Tech Ltd.) USD 23.35 +4.33% · EPC (Edgewell Personal Care Company) USD 28.89 +7.08% · SPB (Spectrum Brands Holdings, Inc.) USD 81.03 +2.62% · NWL (Newell Brands Inc.) USD 5.73 +3.06%

## More
Full page: https://nexqual.com/HNST · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in HNST's own 10-K filed 2026-02-25 (https://www.sec.gov/Archives/edgar/data/1530979/000162828026011634/hnst-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Butterblu | "For example, effective December 31, 2025, we ceased our fulfillment of orders via Honest.com, and exited retail and online stores in Canada and on November 5, 2025 we sent notice of termination of our Supplier Services A…" |
| Supplier | Salesforce (CRM) | "We rely on SaaS technologies from third parties, including Salesforce, in order to operate critical functions of our business, including financial management services, customer relationship management services, supply ch…" |
| Customer | Amazon (AMZN) | "The loss of Amazon, Target and Walmart or any other large customer, the reduction of purchasing levels or the cancellation of any business from Amazon, Target or Walmart or any other large customer for an extended length…" |
| Customer | Walmart (WMT) | "The loss of Amazon, Target and Walmart or any other large customer, the reduction of purchasing levels or the cancellation of any business from Amazon, Target or Walmart or any other large customer for an extended length…" |
| Partner | GEODIS Logistics | "As part of Powering Honest Growth, in December 2025, we notified GEODIS, pursuant to the terms of the contract, that we are terminating the agreement with them for the Pennsylvania warehouse use and services effective Ju…" |
| Partner | National Distribution Centers | "In 2023, we entered into an agreement with National Distribution Centers, LLC, or NFI that replaced GEODIS in providing services at our Las Vegas, Nevada fulfillment center." |
| Competitor | Unilever (UL) | "Select competitors of our skin and personal care products include Kimberly-Clark Corporation (pending acquiror of Kenvue Inc.), The Clorox Company (parent company of Burt's Bees, Inc.), Unilever PLC (maker of Shea Moistu…" |
| Competitor | Procter & Gamble (PG) | "Select competitors of our diapers include Kimberly-Clark Corporation (maker of Huggies diapers and Cottonelle wipes) and Procter & Gamble Company (maker of Pampers, Pampers Pure, Luvs and Charmin)." |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Wipes | $39.5M | 47.4% | +37.3% |
| Personal Care and Other | $20.5M | 24.6% | -1.1% |
| Diapers | $20.2M | 24.2% | -21.2% |
| Honest.com, Apparel and Canada | $3.1M | 3.7% | -83.0% |
| Total revenue | $83.3M | 100% | — |

## Customer concentration

Period ended 2025-12-31: 39%, 28% of revenue from unnamed direct customers (10-K, filed 2026-02-25).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.00 | $0.03 | -99.2% | $80.8M | 5 |
| Next quarter (ends 2026-12-31) | $0.01 | $0.04 | -83.2% | $80.3M | 5 |
| Current fiscal year (ends 2026-12-31) | $0.12 | $0.10 | +25.9% | $322.6M | 6 |
| Next fiscal year (ends 2027-12-31) | $0.12 | $0.13 | -8.4% | $336.0M | 6 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-05): ±31.3%; last 8 reports averaged ±18.9%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 135.9% | ±31.3% |
| 2027-01-15 | 84 | 68.9% | ±27.1% |
| 2027-02-19 | 119 | 64.8% | ±30.7% |
| 2027-05-21 | 210 | 69.3% | ±42.2% |