OSCR NYSE Managed Health Care Financials FY2019βFY2025
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.
Hi! I read Oscar Healthβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+27.5%
Yes. Sales grew 27.5% last year.
Does it make a profit?
β3.8%
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?
23.8x
One share costs 23.8 times its yearly profit per share. Typical for its sector: 28.4x.
Rules of thumb on reported numbers. A starting point, not a recommendation.
About these figures. Oscar Health's EBITDA was negative in 2023 and 2025, so net debt to EBITDA is left blank in those years.
Is it selling more, and how much does it keep?
In plain words: Every quarter, companies publish how much they sold and earned. These are the days Oscar Health did it, and the next one. Share prices often move a lot on those days.
Next results
November 5, 2026
Thursday Β· in 10 days
| Date | Results for | Time | Source |
|---|---|---|---|
| Aug 6, 2026 | Q2 '26 | Before the market opens | 8-K β |
| May 6, 2026 | Q1 '26 | Before the market opens | 8-K β |
| Feb 6, 2026 | Q4 '25 | Time not announced | 8-K β |
| Nov 3, 2025 | Q3 '25 | Time not announced | 8-K β |
| Jul 22, 2025 | Q2 '25 | Before the market opens | 8-K β |
| May 7, 2025 | Q1 '25 | Before the market opens | 8-K β |
| Jan 29, 2025 | Q4 '24 | Time not announced | 8-K β |
| Nov 7, 2024 | Q3 '24 | Before the market opens | 8-K β |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
KIRA Β· 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 β3.4%, down 4.0Β pts: of every 100 in sales, about β3 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Oscar Health lost $443M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was $1.1B in fiscal 2025, 9.1% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
KIRA Β· Oscar Health returned $0.0M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count fell 1.3%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders sold $64.0M of shares on the open market and bought none.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$64.0M
7 insiders
Of sales under plans
63%
$40.6M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 18, 2026 | Vanessa Ames WittmanDirector | Sold plan | 25,000 | $32.24 | $0.8M | Form 4 |
| Sep 3, 2026 | Adam McAnaneyChief Legal Officer | Sold plan | 9,092 | $31.45 | $0.3M | Form 4 |
| Sep 3, 2026 | Janet LiangPresident, Oscar Insurance | Sold plan | 10,360 | $31.45 | $0.3M | Form 4 |
| Sep 3, 2026 | Mario SchlosserDirector | Sold plan | 31,422 | $31.45 | $1.0M | Form 4 |
| Sep 3, 2026 | Richard Scott BlackleyChief Financial Officer | Sold plan | 28,869 | $31.45 | $0.9M | Form 4 |
| Sep 3, 2026 | Victoria BaltrusChief Accounting Officer | Sold plan | 958 | $31.45 | $0.0M | Form 4 |
| Aug 28, 2026 | Mario SchlosserDirector | Sold | 150,000 | $30.79 | $4.6M | Form 4 |
| Aug 27, 2026 | Mario SchlosserDirector | Sold | 600,000 | $30.34 | $18.2M | Form 4 |
| Aug 18, 2026 | Richard Scott BlackleyChief Financial Officer | Sold | 18,750 | $31.74 | $0.6M | Form 4 |
| Jul 1, 2026 | Mario SchlosserDirector | Sold plan | 47,500 | $31.24 | $1.5M | Form 4 |
| Jun 30, 2026 | Mark T BertoliniChief Executive Officer, Director | Sold plan | 624,244 | $28.48 | $17.8M | Form 4 |
| Jun 29, 2026 | Mark T BertoliniChief Executive Officer, Director | Sold plan | 614,752 | $29.26 | $18.0M | Form 4 |
Can it carry its debts, and how well does it use its money?
KIRA Β· Oscar Health has $3.6B more cash than debt.
Cash, debt and the ratios that show how comfortably Oscar Health can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| 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 |
| Net debt / EBITDA | β | β | β | β20.7x | β |
| Debt / equity | 0.0x | 0.3x | 0.4x | 0.3x | 0.4x |
| Interest coverage | β115.4x | β26.1x | β9.6x | 2.4x | β22.5x |
| Current ratio | 1.2x | 1.3x | 1.3x | 0.8x | 1.0x |
| Quick ratio | 1.2x | 1.3x | 1.3x | 0.8x | 1.0x |
| Total assets | $3.3B | $4.5B | $3.6B | $4.8B | $6.3B |
| Total liabilities | $1.9B | $3.6B | $2.8B | $3.8B | $5.3B |
| Shareholders' equity | $1.4B | $890M | $804M | $1.0B | $978M |
| Net debt (β = net cash) | β$1.7B | β$2.7B | β$2.3B | β$1.9B | β$3.6B |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Oscar Health passes 4 of 8 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | β | β | β |
| Cash from operations is positive | β | β | β |
| Return on assets rose | β | β | β |
| Cash from operations exceeds net income | β | β | β |
| Debt fell relative to assets | β | β | β |
| Current ratio rose | β | β | β |
| Share count didn't rise | β | β | β |
| Gross margin rose | β | β | β |
| Revenue rose relative to assets | β | β | β |
| F-score | 3 / 8 | 6 / 8 | 4 / 8 |
| Accruals ratio | 0.0% | β22.6% | β27.6% |
| Altman Z'' | β1.59 | β2.40 | β2.18 |
What does the share cost, and how does it compare?
KIRA Β· At $30.99 a share, the company is worth $10.3B: 23.8 times its earnings of the last four quarters.
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets β the answer depends entirely on what you put in.
In plain words: Move the sliders to try your own guesses about growth. The result is what one share would be worth if those guesses came true. Different guesses give very different answers.
Value per share
β
Adds net cash of $3.6B and divides by 262.4M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Value per share
β
Reference multiples: today 23.8x Β· peers 41.3x Β· sector 28.4x.
KIRA Β· Oscar Health grew sales faster than 4 of its 4 similar companies. Its P/E is higher than 0 of 2.
Each companyβs latest fiscal year. Fiscal years end in different months, so periods donβt line up exactly.
In plain words: The same numbers for similar companies, so you can tell whether a figure is high or low for this kind of business.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Oscar Health OSCR | $10.3B | 27.5% | β3.4% | 9.1% | β | 23.8x | 4 | |
| Molina Healthcare MOH | $10.8B | 11.8% | 1.7% | β1.4% | β | β | 4 | Compare β |
| HealthEquity HQY | $8.7B | 9.5% | 24.6% | 34.7% | 8.9% | 37.5x | 9 | Compare β |
| Humana HUM | $50.9B | 10.1% | 2.1% | 0.3% | 25.7% | 45.0x | 5 | Compare β |
| Centene CNC | $34.9B | 19.4% | β3.9% | 2.2% | β26.4% | β | 5 | Compare β |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | $488M | $463M | $1.8B | $4.0B | $5.9B | $9.2B | $11.7B |
| Operating income | β$259M | β$402M | β$545M | β$590M | β$236M | $57.3M | β$396M |
| Interest expense | $0.0M | $3.5M | $4.7M | $22.6M | $24.6M | $23.7M | $17.6M |
| Pretax income | β$259M | β$406M | β$571M | β$610M | β$267M | $33.4M | β$437M |
| Income tax | $1.8M | $1.0M | $0.8M | β$0.5M | $3.3M | $7.3M | $5.6M |
| Net income | β$261M | β$407M | β$573M | β$606M | β$271M | $25.4M | β$443M |
| Diluted EPS | β$9.06 | β$14.16 | β$3.20 | β$2.85 | β$1.22 | $0.10 | β$1.69 |
| Diluted shares | 0.03B | 0.03B | 0.18B | 0.21B | 0.22B | 0.27B | 0.26B |
| Cash flow | |||||||
| Cash from operations | β$165M | $223M | β$182M | $380M | β$272M | $978M | $1.1B |
| Capital expenditure | $26.0M | $14.0M | $25.9M | $29.0M | $25.6M | $27.9M | $36.4M |
| Free cash flow | β$191M | $209M | β$208M | $351M | β$298M | $950M | $1.1B |
| Depreciation and amortization | $6.9M | $11.3M | $14.6M | $15.3M | $30.7M | $32.1M | $28.9M |
| Stock-based compensation | $33.6M | $35.9M | $86.3M | $112M | $160M | $110M | $87.7M |
| Acquisitions | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $3.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $3.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Balance sheet | |||||||
| Cash and short-term investments | $337M | $1.2B | $1.7B | $3.0B | $2.6B | $2.2B | $4.0B |
| Total debt | β | $143M | $0.0M | $298M | $299M | $300M | $430M |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | β | $1.9B | $2.3B | $4.1B | $3.1B | $2.8B | $4.6B |
| Current liabilities | β | $1.7B | $1.9B | $3.3B | $2.4B | $3.5B | $4.9B |
| Inventory | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Property and equipment, net | β | $35.8M | $46.6M | $59.9M | $61.9M | $66.8M | $88.3M |
| Total assets | β | $2.3B | $3.3B | $4.5B | $3.6B | $4.8B | $6.3B |
| Total liabilities | β | $1.8B | $1.9B | $3.6B | $2.8B | $3.8B | $5.3B |
| Shareholders' equity | $0.0M | β$1.3B | $1.4B | $890M | $804M | $1.0B | $978M |
| Margins | |||||||
| Operating margin | β53.1% | β86.9% | β29.6% | β14.9% | β4.0% | 0.6% | β3.4% |
| EBITDA margin | β51.7% | β84.5% | β28.8% | β14.5% | β3.5% | 1.0% | β3.1% |
| Net margin | β53.5% | β87.9% | β31.1% | β15.3% | β4.6% | 0.3% | β3.8% |
| FCF margin | β39.2% | 45.1% | β11.3% | 8.9% | β5.1% | 10.4% | 9.1% |
| Returns | |||||||
| Return on capital employed | β | β | β52.5% | β43.2% | β19.4% | 4.5% | β27.9% |
| Return on equity | β | β | β | β53.2% | β32.0% | 2.8% | β44.5% |
| Return on assets | β | β | β20.5% | β15.5% | β6.7% | 0.6% | β7.9% |
| Growth | |||||||
| Revenue growth | β | β5.2% | 297.3% | 115.6% | 47.9% | 56.5% | 27.5% |
| Net income growth | β | β | β | β | β | β | β1,842.5% |
| EPS growth | β | β | β | β | β | β | β1,790.0% |
| FCF growth | β | β | β199.5% | β | β184.7% | β | 11.4% |
| Share count change | β | 1.6% | 511.6% | 18.7% | 4.3% | 19.9% | β1.3% |
| Financial health | |||||||
| Net debt / EBITDA | β | β | β | β | β | β20.7x | β |
| Debt / equity | β | β | 0.0x | 0.3x | 0.4x | 0.3x | 0.4x |
| Interest coverage | β | β114.5x | β115.4x | β26.1x | β9.6x | 2.4x | β22.5x |
| Current ratio | β | 1.1x | 1.2x | 1.3x | 1.3x | 0.8x | 1.0x |
| Quick ratio | β | 1.1x | 1.2x | 1.3x | 1.3x | 0.8x | 1.0x |
| Capital allocation | |||||||
| Capex / revenue | 5.3% | 3.0% | 1.4% | 0.7% | 0.4% | 0.3% | 0.3% |
| Stock comp / revenue | 6.9% | 7.8% | 4.7% | 2.8% | 2.7% | 1.2% | 0.8% |
| Payouts / FCF | β | 0.0% | β | 0.0% | β | 0.0% | 0.0% |
| Quality scores | |||||||
| Piotroski F-score | β | β | β | 5.0 | 3.0 | 6.0 | 4.0 |
| Altman Z'' | β | β3.4 | β1.4 | β1.3 | β1.6 | β2.4 | β2.2 |
| Accruals ratio | β | β | β14.0% | β25.1% | 0.0% | β22.6% | β27.6% |
Source: SEC EDGAR XBRL filings (CIK 0001568651). Data updated October 11, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
