Hims, Block, and NRG Just Launched Huge Stock Buybacks

Key Points

• After an over 40% drop in shares, weight loss drug compounder Hims just substantially boosted its share buyback capacity.
• Payments company Block announced an encouraging long-term outlook and now has a massive authorization for buybacks.
• NRG shares have soared in 2025. As the firm looks to close its game-changing acquisition, it is also replenishing its buyback fund.

Several big-name stocks just announced notable increases to their share buyback programs. These actions signal confidence, indicating that these companies' management teams may see value in their stocks.

Below, we’ll dive into the significant buyback announcements coming from stocks across the healthcare, finance, and energy sectors. 

Him's Announces $250 Million Buyback as Shares Crater

First up is a name many retail investors have become familiar with: Hims & Hers Health NYSE: HIMS. The company made a name for itself selling compounded versions of the weight loss drug semaglutide. Despite repeated legal attacks, Hims continues to sell the drug, originally developed by Novo Nordisk A/S NYSE: NVO.

Still, the legal ambiguity behind much of Hims' business and its meme stock association has led to highly volatile trading.

In 2025, shares were up as much as 184% through Feb. 19. However, the stock has lost over 40% of its value since mid-October, leaving shares up 44% on the year.

This huge drop-off may be why the company authorized a $250 million share buyback program on Nov. 17. This program is fairly significant, equal to around 3.2% of Him’s market capitalization.

In the announcement, Him’s management clearly indicated that it sees value in its shares: “We continue to see opportunities where the market value of our Class A common stock may not fully reflect what we believe is its intrinsic value."

Ironically, shares dropped approximately 3.8% on the day of the announcement, raising questions about whether the market believes buybacks are a good use of cash for Hims.

Block’s Long-Term Outlook and Buyback Plan Inspire Confidence from Markets

Next up is fintech company Block NYSE: XYZ. Block operates a variety of products and services, primarily within the payments industry. Its Square app is a point-of-sale system used by many small businesses. Cash App is the company’s peer-to-peer payments platform, and Afterpay is its buy-now-pay-later service.

The company recently held its Investor Day, where it made key projections for the next three years. At Investor Day, Block management shared that it expects to grow its adjusted earnings per share (EPS) in the low 30% range annually over that period. 

Given the Block's optimistic outlook, it is not surprising that it also increased its share repurchase authorization by $5 billion.

This gives the company approximately $6.1 billion in share repurchase capacity, equal to a very large 16.2% of its market capitalization.

Block has been fairly aggressive in utilizing buybacks over the past 12 months, spending approximately $1.7 billion, showing a strong commitment to shareholder returns despite its stock being down about 27% in 2025.

NRG Adds $3 Billion to Buyback Coffers with LS Power Closing in Sight

Finally, NRG Energy NYSE: NRG also made a significant buyback move recently. Unlike the other two firms on this list, NRG shares have been remarkably stable and strong in the second half of 2025, delivering a 79% total return as of Nov. 21. 

Much of that growth came on May 12, when shares popped to nearly $150.

This surge followed NRG's strong earnings report, in which the company announced a key pending acquisition of assets from LS Power, doubling its natural gas generation capacity.

Shares have hovered in the $145-$180 range ever since, closing near $159 on Nov. 21. 

On Nov. 6, NRG announced the authorization of a $3 billion share buyback program, representing a sizable 9.8% of the company’s market capitalization.

Additionally, the new approval only lasts through 2028, indicating that the company could reduce its outstanding shares by around 3% per year.

On Nov. 18, NRG announced that it received approval from two key regulators regarding its acquisition of LS Power’s assets. The announcement brings NRG one step closer to its target of closing in Q1 2026.

HIMS, XYZ, and NRG Look to Support Per-Share Metrics

Aside from signaling confidence from management, share buybacks can provide a key tailwind to per-share metrics like EPS and free cash flow per share. Improvements in these metrics are often associated with higher valuations; thus, buybacks can help support a company’s share price. This is another potential benefit that Hims, Block, and NRG are looking to provide investors through their significant buyback authorizations.