Centene vs Oscar Health
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The short version
- Centene is the larger business, with $194.8B of revenue in fiscal 2025 against $11.7B for Oscar Health, about 17 times as much.
- Oscar Health grew revenue faster (27.5%, against 19.4%).
- Oscar Health kept more of each dollar of sales as operating profit (β3.4% operating margin, against β3.9%).
- Oscar Health turned more of its sales into free cash flow (9.1% FCF margin, against 2.2%).
| Latest fiscal year | CNC Β· FY25 | OSCR Β· FY25 |
|---|---|---|
| Size | ||
| Market cap | $34.9B | $10.3B |
| Revenue | $194.8B | $11.7B |
| Free cash flow | $4.3B | $1.1B |
| Net income | β$6.7B | β$443M |
| Growth | ||
| Revenue growth | 19.4% | 27.5% |
| 5-year growth | 11.9% | 90.8% |
| Share count change | β5.9% | β1.3% |
| Profitability | ||
| Gross margin | β | β |
| Operating margin | β3.9% | β3.4% |
| Net margin | β3.4% | β3.8% |
| FCF margin | 2.2% | 9.1% |
| Return on capital | β26.4% | β |
| Return on equity | β28.8% | β44.5% |
| Balance sheet | ||
| Net debt | β$2.8B | β$3.6B |
| Net debt / EBITDA | β | β |
| Dividends and buybacks | $475M | $0.0M |
| Valuation & quality | ||
| P/E | β | 23.8x |
| Piotroski F-score | 5 | 4 |
FY16
CNC $40.6B
OSCR β
FY17
CNC $48.4B
OSCR β
FY18
CNC $60.1B
OSCR β
FY19
CNC $74.6B
OSCR $488M
FY20
CNC $111.1B
OSCR $463M
FY21
CNC $126.0B
OSCR $1.8B
FY22
CNC $144.5B
OSCR $4.0B
FY23
CNC $154.0B
OSCR $5.9B
FY24
CNC $163.1B
OSCR $9.2B
FY25
CNC $194.8B
OSCR $11.7B
CNC
OSCR
FY16
CNC 3.1%
OSCR β
FY17
CNC 2.5%
OSCR β
FY18
CNC 2.4%
OSCR β
FY19
CNC 2.4%
OSCR β53.1%
FY20
CNC 2.8%
OSCR β86.9%
FY21
CNC 1.4%
OSCR β29.6%
FY22
CNC 0.9%
OSCR β14.9%
FY23
CNC 1.9%
OSCR β4.0%
FY24
CNC 2.0%
OSCR 0.6%
FY25
CNC β3.9%
OSCR β3.4%
CNC
OSCR
FY16
CNC $1.5B
OSCR β
FY17
CNC $1.1B
OSCR β
FY18
CNC $559M
OSCR β
FY19
CNC $753M
OSCR β$191M
FY20
CNC $4.6B
OSCR $209M
FY21
CNC $3.3B
OSCR β$208M
FY22
CNC $5.3B
OSCR $351M
FY23
CNC $7.3B
OSCR β$298M
FY24
CNC β$490M
OSCR $950M
FY25
CNC $4.3B
OSCR $1.1B
CNC
OSCR
FY16
CNC 16.4%
OSCR β
FY17
CNC 12.8%
OSCR β
FY18
CNC 10.1%
OSCR β
FY19
CNC 10.3%
OSCR β
FY20
CNC 9.1%
OSCR β
FY21
CNC 4.3%
OSCR β
FY22
CNC 2.7%
OSCR β
FY23
CNC 8.4%
OSCR β
FY24
CNC 9.3%
OSCR β
FY25
CNC β26.4%
OSCR β
CNC
OSCR
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.