Oscar Health
OSCR NYSE· Managed Health Care
Last close · Oct 26, 2026
$31.10
KIRA · Stoqly’s AI analyst, in plain words
- Oscar Health had $11.7B of revenue in fiscal 2025, up 27.5% on the year before. Over five years, revenue changed +90.8% a year on average.
- Its operating margin was −3.4%, down 4.0 pts: of every 100 in sales, about −3 is left after running the business.
- Oscar Health lost $443M in fiscal 2025.
- Free cash flow was $1.1B in fiscal 2025, 9.1% of revenue.
- Oscar Health returned $0.0M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count fell 1.3%.
- Oscar Health has $3.6B more cash than debt.
Market cap
$10.4B
P/E
23.9x
Revenue
$11.7B
Net income
−$443M
Free cash flow
$1.1B
Operating margin
−3.4%
Oscar Health in 30 seconds · fiscal 2025
Are sales growing?
+27.5%
Yes. Sales grew 27.5% last year.
Does it make a profit?
−3.8%
No. It lost money last year.
Does profit turn into cash?
9.1%
Partly. 9.1% of sales ends up as free cash.
How healthy are the accounts?
4 / 8
Mixed. It passes 4 of 8 health tests.
How is the share priced?
23.9x
One share costs 23.9 times its yearly profit per share. Typical for its sector: 28.4x.
What Oscar Health does
Oscar Health sells health insurance plans to individuals and families in the United States, mostly through the marketplaces set up under the Affordable Care Act (ACA). Employees whose employers offer an ICHRA, an arrangement in which the employer pays a set amount toward individual coverage, can also buy its plans. At the end of 2025 Oscar had about 2.0 million members. It offered coverage in 18 states in 2025 and has expanded to 20 states for 2026. Florida, Texas and Georgia have the most members. Nearly all of its revenue comes from premiums. In 2025, 93% of premiums came directly from the Centers for Medicare & Medicaid Services (CMS), through federal premium tax credits, and 7% from members. Through +Oscar it also sells its technology to other insurers and to health care providers; its Campaign Builder tool, which helps them reach patients, covered nearly 0.6 million client lives at the end of 2025.
Biggest risks, in its own words
- Failing to add or keep members, especially as new federal rules and laws reshape the ACA marketplaces where it sells its plans.
- Misjudging medical costs or how sick its members are, which could leave premiums too low to cover claims.
- Risk adjustment programs, which move money between insurers based on members' health, can cut the revenue it records.
- Its concentration in a few states, and its reliance on a limited number of in-network doctors and hospitals.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 13, 2026
- Legal name
- Oscar Health, Inc.
- CIK
- 0001568651
Oscar Health · OSCR
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $1.8B | $4.0B | $5.9B | $9.2B | $11.7B |
| Revenue growth | 297.3% | 115.6% | 47.9% | 56.5% | 27.5% |
| Operating margin | −29.6% | −14.9% | −4.0% | 0.6% | −3.4% |
| Net income | −$573M | −$606M | −$271M | $25.4M | −$443M |
| Net margin | −31.1% | −15.3% | −4.6% | 0.3% | −3.8% |
| Diluted EPS | −$3.20 | −$2.85 | −$1.22 | $0.10 | −$1.69 |
| Cash | |||||
| Cash from operations | −$182M | $380M | −$272M | $978M | $1.1B |
| Capital expenditure | $25.9M | $29.0M | $25.6M | $27.9M | $36.4M |
| Free cash flow | −$208M | $351M | −$298M | $950M | $1.1B |
| FCF margin | −11.3% | 8.9% | −5.1% | 10.4% | 9.1% |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share count change | 511.6% | 18.7% | 4.3% | 19.9% | −1.3% |
| Debt and strength | |||||
| Cash and short-term investments | $1.7B | $3.0B | $2.6B | $2.2B | $4.0B |
| Debt incl. finance leases | $0.0M | $298M | $299M | $300M | $430M |
| Shareholders' equity | $1.4B | $890M | $804M | $1.0B | $978M |
| Net debt / EBITDA | — | — | — | −20.7x | — |
| Current ratio | 1.2x | 1.3x | 1.3x | 0.8x | 1.0x |
| Interest coverage | −115.4x | −26.1x | −9.6x | 2.4x | −22.5x |
| Returns and quality | |||||
| Return on equity | — | −53.2% | −32.0% | 2.8% | −44.5% |
| Piotroski F-score | — | 5 | 3 | 6 | 4 |
| Altman Z'' | −1.4 | −1.3 | −1.6 | −2.4 | −2.2 |
Insiders bought, 12 months
$11.9M
1 insider
Insiders sold, 12 months
$150M
7 insiders
Of sales under plans
80%
$121M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Oscar Health · OSCR
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
Similar companies
Each company’s latest fiscal year. Fiscal years end in different months, so periods don’t line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score |
|---|---|---|---|---|---|---|---|
| Oscar Health OSCR | $10.4B | 27.5% | −3.4% | 9.1% | — | 23.9x | 4 |
| Molina Healthcare MOH | $10.5B | 11.8% | 1.7% | −1.4% | — | — | 4 |
| HealthEquity HQY | $8.7B | 9.5% | 24.6% | 34.7% | 8.9% | 37.5x | 9 |
| Humana HUM | $50.4B | 10.1% | 2.1% | 0.3% | 25.7% | 44.5x | 5 |
| Centene CNC | $33.9B | 19.4% | −3.9% | 2.2% | −26.4% | — | 5 |
Price compared with profit (P/E)
How many times its yearly profit per share one share costs. Higher means investors pay more for each unit of profit.
KIRA
At $31.10 a share, the company is worth $10.4B: 23.9 times its earnings of the last four quarters.
Oscar Health grew sales faster than 4 of its 4 similar companies. Its P/E is higher than 0 of 2.
Source: SEC EDGAR XBRL filings (CIK 0001568651). Data updated October 11, 2026. For information only — not investment advice. Check the original filings before relying on any figure.