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Tuesday 3 November 2026
Export OSCR’s income statement to Excel — free account
Oscar Health, Inc.
OSCR Healthcare Healthcare Plans
Oscar Health, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $11.7 billion, up 27.5% from fiscal 2024.
- Revenue
- +70.4%
- EPS
- +234.8%
- Free cash flow
- +316.3%
- Total debt
- +43.9%
Quarter to June 2026, against a year earlier
31.08
0.71
+2.34%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Jun ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | 488 | 463 | 1,839 | 3,964 | 5,863 | 9,178 | 11,701 | 15,319 | +69.8% | 18,732 | 20,783 | 24,410 | +27.8% | |
| Gross margin, % | — | — | — | 16.37 | 33.16 | 11.68 | 17.23 | 20.82 | 20.10 | 14.38 | 20.16 | (2.0) pt | ||||||
| EBT | — | — | — | (259) | (406) | (571) | (610) | (267) | 33 | (437) | 590 | +9.1% | ||||||
| EBT margin, % | — | — | — | (53.13) | (87.68) | (31.03) | (15.39) | (4.56) | 0.36 | (3.74) | 3.85 | +49.4 pt | ||||||
| Net income | — | — | — | (261) | (407) | (571) | (610) | (271) | 26 | (443) | 551 | +9.2% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | 16.94 | 15.82 | 10.27 | 18.65 | 26.45 | 38.18 | 44.60 | 50.69 | +17.5% | |||||
| Earnings | — | — | — | (9.06) | (13.90) | (3.20) | (2.85) | (1.22) | 0.11 | (1.69) | 1.71 | (24.4%) | ||||||
| Cash flow | — | — | — | (5.74) | 7.61 | (1.02) | 1.79 | (1.23) | 4.07 | 4.17 | 14.62 | n/m | ||||||
| Capex | — | — | — | (0.90) | (0.48) | (0.14) | (0.14) | (0.12) | (0.12) | (0.14) | (0.13) | (26.8%) | ||||||
| Free cash flow | — | — | — | (6.64) | 7.13 | (1.16) | 1.65 | (1.34) | 3.95 | 4.03 | 14.49 | n/m | ||||||
| Book value | — | — | — | 12.17 | 15.34 | 7.78 | 4.20 | 3.64 | 4.23 | 3.74 | 6.80 | (17.9%) | ||||||
| Shares, m | — | — | — | 29 | 29 | 179 | 212 | 222 | 240 | 262 | 281 | +44.5% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 79.06 | 0.00 | 18.18 | 11.3 | |||||
| P/S | — | — | — | 2.20 | 2.20 | 0.76 | 0.13 | 0.34 | 0.35 | 0.32 | 0.61 | 0.9 | ||||||
| P/B | — | — | — | 0.00 | 0.00 | 1.01 | 0.59 | 2.50 | 3.18 | 3.84 | 4.57 | 1.6 | ||||||
| EV/Sales | — | — | — | 0.72 | 0.72 | 0.24 | (0.19) | 0.08 | 0.22 | 0.12 | 0.38 | 0.3 | ||||||
| EV/FCF | — | — | — | 1.60 | 1.60 | (2.14) | (2.10) | (1.50) | 2.11 | 1.35 | 1.31 | 0.1 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | (165) | 223 | (182) | 380 | (272) | 978 | 1,095 | 4,419 | n/m | |||||
| Capex | — | — | — | (26) | (14) | (26) | (29) | (26) | (28) | (36) | (39) | +5.8% | ||||||
| Free cash flow | — | — | — | (191) | 209 | (208) | 351 | (298) | 950 | 1,058 | 4,380 | n/m | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | (570) | (671) | (494) | (1,360) | (240) | (1,481) | (1,424) | (3,689) | +16.5% | |||||
| Net debt | — | — | — | (337) | (684) | (1,104) | (1,261) | (1,572) | (1,228) | (2,344) | (3,644) | +38.2% | ||||||
| Shareholders’ equity | — | — | — | 351 | 449 | 1,393 | 892 | 806 | 1,016 | 981 | 2,055 | +18.7% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | — | (20.62) | (22.89) | (20.47) | (15.45) | (6.66) | 0.60 | (7.94) | 6.25 | +12.7 pt | |||||
| ROIC | — | — | — | (1,161.14) | 0.00 | (117.94) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | +1,161.1 pt | ||||||
| ROE | — | — | — | 23.31 | 36.97 | (1,185.16) | (53.07) | (31.88) | 2.79 | (44.38) | 34.24 | (67.7) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | 1,839 | 2,621 | 2,714 | 2,400 | 2,400 | 2,305 | — | +4.6% | |||||
| Revenue/emp, $m | — | — | — | 0.00 | 0.25 | 0.70 | 1.46 | 2.44 | 3.82 | 5.08 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Jun 2026
Business profile
Oscar Health, Inc. vs peers in Healthcare Plans (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| ELV Elevance Health, Inc. | $89.4B | 17.7× | 18.7× | +1.42% (above 0%: growing) | +17.86% (above 0%: growing) | +29.03% (above 0%: growing) | 15.57% | 4.18% | Compare |
| CI Cigna Group | $78.0B | 12.2× | 12.0× | +6.68% (above 0%: growing) | +10.16% (above 0%: growing) | +66.93% (above 0%: growing) | 88.24% | 3.73% | Compare |
| HUM Humana Inc. | $49.3B | 38.4× | 56.8× | +26.18% (above 0%: growing) | +27.88% (above 0%: growing) | +58.51% (above 0%: growing) | 13.45% | 3.33% | Compare |
| CNC Centene Corporation | $32.9B | 22.4× | 17.4× | +1.93% (above 0%: growing) | n/m | −437.38% (below 0%: shrinking) | 6.37% | (0.61%) | Compare |
| MOH Molina Healthcare, Inc | $10.9B | — (loss-making) | 59.6× | −3.44% (below 0%: shrinking) | −51.66% (below 0%: shrinking) | −20.25% (below 0%: shrinking) | 12.30% | 0.96% | Compare |
| OSCR Oscar Health, Inc. | $9.6B | 18.2× | 15.8× | +70.40% (above 0%: growing) | n/m | +316.29% (above 0%: growing) | 22.25% | 7.96% | |
| CLOV Clover Health Investments, Corp. | $2.3B | — (loss-making) | 80.8× | +55.60% (above 0%: growing) | n/m | +406.43% (above 0%: growing) | 20.59% | 3.77% | Compare |
| PGNY Progyny, Inc. | $2.3B | 30.3× | 22.7× | +5.30% (above 0%: growing) | +80.00% (above 0%: growing) | −12.01% (below 0%: shrinking) | 25.48% | 11.41% | Compare |
| ALHC Alignment Healthcare, Inc. | $1.5B | 46.4× | — (loss-making) | +36.69% (above 0%: growing) | n/m | −72.25% (below 0%: shrinking) | 10.36% | (0.28%) | Compare |
| Median of peers | $21.9B | 26.4× | 22.7× | +5.99% | +17.86% | +8.51% | 14.51% | 3.53% |
From the latest earnings call
- CEO Mark Bertolini said utilization was favorable to expectations, while executive Richard Blackley said a prior-year risk adjustment benefit accounted for most of second-quarter favorable development.
- Bertolini expects some member disenrollments to move into the second half because of eligibility and data issues, without affecting revenue guidance.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
64.56%
Held by the ten largest
36.13%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Vanguard | 23.61m | 7.65% | +428.43k |
| BlackRock | 20.59m | 6.67% | +3.28m |
| T. Rowe Price | 16.29m | 5.28% | +2.73m |
| D. E. Shaw | 12.64m | 4.10% | +7.16m |
| American Century | 9.06m | 2.93% | +2.03m |
| Jane Street | 6.37m | 2.06% | +3.46m |
| Thrive Capital Management, LLC | 6.34m | 2.06% | 0.00 |
| Geode Capital Management | 5.82m | 1.89% | +786.93k |
| State Street | 5.80m | 1.88% | +538.98k |
| Fidelity (FMR) | 5.00m | 1.62% | +3.80m |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Oscar Health sells health insurance to individuals, families and employees who buy their own coverage. Its plans are offered in the individual market, including through Affordable Care Act (ACA) marketplaces and outside those marketplaces. Employees can also use an employer-funded Individual Coverage Health Reimbursement Arrangement (ICHRA) to buy an Oscar plan. The company was founded in 2012, and Mark T. Bertolini is its chief executive officer.
Oscar offers plans across the ACA’s Catastrophic, Bronze, Silver, Gold and Platinum categories. These differ in monthly premiums and in how medical costs are shared between Oscar and members. Some products include benefits aimed at people with particular needs, including diabetes, asthma or menopause. Members have access to contracted doctors and hospitals and a Care Team that helps them find care and navigate costs.