Humana

HUM · Managed Health Care

$422.07

0.3%

Oscar Health

OSCR · Managed Health Care

$30.99

7.0%

The short version

Humana is the larger business, with $129.7B of revenue in fiscal 2025 against $11.7B for Oscar Health, about 11 times as much.
Oscar Health grew revenue faster (27.5%, against 10.1%).
Humana kept more of each dollar of sales as operating profit (2.1% operating margin, against −3.4% operating margin).
Oscar Health turned more of its sales into free cash flow (9.1% FCF margin, against 0.3% FCF margin).
Investors pay more for each dollar of Humana’s earnings: a P/E of 45.0x against 23.8x for Oscar Health.

Latest fiscal year	HUM · FY25	OSCR · FY25
Size
Market cap	$50.9B	$10.3B
Revenue	$129.7B	$11.7B
Free cash flow	$375M	$1.1B
Net income	$1.2B	−$443M
Growth
Revenue growth	10.1%	27.5%
5-year growth	10.9%	90.8%
Share count change	−0.0%	−1.3%
Profitability
Gross margin	—	—
Operating margin	2.1%	−3.4%
Net margin	0.9%	−3.8%
FCF margin	0.3%	9.1%
Return on capital	25.7%	—
Return on equity	7.0%	−44.5%
Balance sheet
Net debt	−$7.5B	−$3.6B
Net debt / EBITDA	−2.2x	—
Dividends and buybacks	$581M	$0.0M
Valuation & quality
P/E	45.0x	23.8x
Piotroski F-score	5	4

Revenue

FY16

HUM $54.4B

OSCR —

FY17

HUM $53.8B

OSCR —

FY18

HUM $56.9B

OSCR —

FY19

HUM $64.9B

OSCR $488M

FY20

HUM $77.2B

OSCR $463M

FY21

HUM $83.1B

OSCR $1.8B

FY22

HUM $92.9B

OSCR $4.0B

FY23

HUM $106.4B

OSCR $5.9B

FY24

HUM $117.8B

OSCR $9.2B

FY25

HUM $129.7B

OSCR $11.7B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

HUM OSCR

Operating margin

FY16

HUM 3.2%

OSCR —

FY17

HUM 7.9%

OSCR —

FY18

HUM 5.5%

OSCR —

FY19

HUM 4.9%

OSCR −53.1%

FY20

HUM 6.5%

OSCR −86.9%

FY21

HUM 3.8%

OSCR −29.6%

FY22

HUM 4.1%

OSCR −14.9%

FY23

HUM 3.8%

OSCR −4.0%

FY24

HUM 2.2%

OSCR 0.6%

FY25

HUM 2.1%

OSCR −3.4%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

HUM OSCR

Free cash flow

FY16

HUM $1.4B

OSCR —

FY17

HUM $3.5B

OSCR —

FY18

HUM $1.6B

OSCR —

FY19

HUM $4.5B

OSCR −$191M

FY20

HUM $4.7B

OSCR $209M

FY21

HUM $920M

OSCR −$208M

FY22

HUM $3.5B

OSCR $351M

FY23

HUM $3.0B

OSCR −$298M

FY24

HUM $2.4B

OSCR $950M

FY25

HUM $375M

OSCR $1.1B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

HUM OSCR

Return on capital

FY16

HUM 22.0%

OSCR —

FY17

HUM —

OSCR —

FY18

HUM —

OSCR —

FY19

HUM —

OSCR —

FY20

HUM —

OSCR —

FY21

HUM 42.8%

OSCR —

FY22

HUM 38.5%

OSCR —

FY23

HUM 56.3%

OSCR —

FY24

HUM 30.9%

OSCR —

FY25

HUM 25.7%

OSCR —

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

HUM OSCR

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