HealthEquity vs Oscar Health
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KIRAβs take AI analyst
I put HealthEquity and Oscar Health side by side, using each oneβs latest annual report. Here is what stands out:
- 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 β3.4%).
- HealthEquity turned more of its sales into free cash flow (34.7% FCF margin, against 9.1%).
- Investors pay more for each dollar of HealthEquityβs earnings: a P/E of 37.5x against 23.9x for Oscar Health.
Who comes out ahead
Of the 8 measures where higher (or lower) is clearly better, how many each company leads.
HealthEquity
HQY
6/8
Operating marginNet marginFCF marginReturn on equityPiotroski F-scoreShare count change
Oscar Health
OSCR
2/8
Revenue growth5-year growth
Side by side
Best in the row
| Latest fiscal year | HQY FY26 | OSCR FY25 |
|---|---|---|
| Size | ||
| Market cap | $8.7B | $10.4B |
| Revenue | $1.3B | $11.7B |
| Free cash flow | $455M | $1.1B |
| Net income | $215M | β$443M |
| Growth | ||
| Revenue growth | 9.5% | 27.5% |
| 5-year growth | 12.4% | 90.8% |
| Share count change | β1.5% | β1.3% |
| Profitability | ||
| Gross margin | 69.5% | β |
| Operating margin | 24.6% | β3.4% |
| Net margin | 16.4% | β3.8% |
| FCF margin | 34.7% | 9.1% |
| Return on capital | 8.9% | β |
| Return on equity | 10.2% | β44.5% |
| Balance sheet | ||
| Net debt | $639M | β$3.6B |
| Net debt / EBITDA | 1.3x | β |
| Dividends and buybacks | $299M | $0.0M |
| Valuation & quality | ||
| P/E | 37.5x | 23.9x |
| Piotroski F-score | 9 | 4 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.