In stark contrast, Hims & Hers is on a tear. Over the past 12 months, its stock has multiplied nearly fivefold, and with a staggering P/E ratio of 76.23 as of Feb. 24 compared to the S&P average P/E ratio of under 29, the market seems to believe the party is just getting started. As a result, the company is now valued at as much as Coty, Edgewell and E.l.f., once a market darling, combined.

To examine Hims & Hers’ run-up relative to traditional beauty companies, for our ongoing series posing questions informative for indie beauty, we asked a dozen beauty investment and finance insiders the following: Why is the market so bullish on Hims & Hers while it’s gone sour on traditional beauty powerhouses? Do you think it has it right, and what does it mean for the beauty industry?