HealthEquity
HQY · Managed Health Care
$103.97
3.0%Oscar Health
OSCR · Managed Health Care
$30.99
7.0%The short version
- Oscar Health is the larger business, with $11.7B of revenue in fiscal 2025 against $1.3B for HealthEquity, about 8.9 times as much.
- Oscar Health grew revenue faster (27.5%, against 9.5%).
- HealthEquity kept more of each dollar of sales as operating profit (24.6% operating margin, against −3.4% operating margin).
- HealthEquity turned more of its sales into free cash flow (34.7% FCF margin, against 9.1% FCF margin).
- Investors pay more for each dollar of HealthEquity’s earnings: a P/E of 37.5x against 23.8x for Oscar Health.
| Latest fiscal year | HQY · FY26 | OSCR · FY25 |
|---|---|---|
| Size | ||
| Market cap | $8.7B | $10.3B |
| Revenue | $1.3B | $11.7B |
| Free cash flow | $455M | $1.1B |
| Net income | $215M | −$443M |
| Growth | ||
| Revenue growth | 9.5% | 27.5% |
| 5-year growth | 12.4% | 90.8% |
| Share count change | −1.5% | −1.3% |
| Profitability | ||
| Gross margin | 69.5% | — |
| Operating margin | 24.6% | −3.4% |
| Net margin | 16.4% | −3.8% |
| FCF margin | 34.7% | 9.1% |
| Return on capital | 8.9% | — |
| Return on equity | 10.2% | −44.5% |
| Balance sheet | ||
| Net debt | $639M | −$3.6B |
| Net debt / EBITDA | 1.3x | — |
| Dividends and buybacks | $299M | $0.0M |
| Valuation & quality | ||
| P/E | 37.5x | 23.8x |
| Piotroski F-score | 9 | 4 |
FY17
HQY $178M
OSCR —
FY18
HQY $230M
OSCR —
FY19
HQY $287M
OSCR $488M
FY20
HQY $532M
OSCR $463M
FY21
HQY $734M
OSCR $1.8B
FY22
HQY $757M
OSCR $4.0B
FY23
HQY $862M
OSCR $5.9B
FY24
HQY $1,000M
OSCR $9.2B
FY25
HQY $1.2B
OSCR $11.7B
FY26
HQY $1.3B
OSCR —
HQY
OSCR
FY17
HQY 23.1%
OSCR —
FY18
HQY 23.7%
OSCR —
FY19
HQY 27.0%
OSCR −53.1%
FY20
HQY 14.5%
OSCR −86.9%
FY21
HQY 4.6%
OSCR −29.6%
FY22
HQY −3.2%
OSCR −14.9%
FY23
HQY 1.1%
OSCR −4.0%
FY24
HQY 11.8%
OSCR 0.6%
FY25
HQY 13.5%
OSCR −3.4%
FY26
HQY 24.6%
OSCR —
HQY
OSCR
FY17
HQY $42.0M
OSCR —
FY18
HQY $76.2M
OSCR —
FY19
HQY $110M
OSCR −$191M
FY20
HQY $97.7M
OSCR $209M
FY21
HQY $169M
OSCR −$208M
FY22
HQY $132M
OSCR $351M
FY23
HQY $147M
OSCR −$298M
FY24
HQY $241M
OSCR $950M
FY25
HQY $338M
OSCR $1.1B
FY26
HQY $455M
OSCR —
HQY
OSCR
FY17
HQY 33.7%
OSCR —
FY18
HQY 52.8%
OSCR —
FY19
HQY 68.4%
OSCR —
FY20
HQY 6.5%
OSCR —
FY21
HQY 1.7%
OSCR —
FY22
HQY −0.8%
OSCR —
FY23
HQY 0.3%
OSCR —
FY24
HQY 3.5%
OSCR —
FY25
HQY 5.0%
OSCR —
FY26
HQY 8.9%
OSCR —
HQY
OSCR
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.