Oscar Health

OSCR · NYSE · Health Care · Financials, fiscal 2019 to 2025

OSCR · Last close · October 26, 2026

$31.10

Oscar Health's revenue rose 27.5% to $11.7 billion in fiscal 2025. Its operating margin was −3.4%, down from 0.6% a year earlier. Free cash flow was $1.1 billion, up 11.4%. The diluted share count fell 1.3%.

Oscar Health, Inc. Latest fiscal year ended December 31, 2025 10-K filed February 13, 2026 · 0001568651-26-000011 Updated October 11, 2026

Revenue

$11.7B

27.5%

Operating margin

−3.4%

4.0 pts

Net income

−$443M

$25M a year earlier

Free cash flow

$1.1B

11.4%

Return on equity

−44.5%

47.3 pts

Market cap

$10.4B

Oct 26 close

P/E

23.9x

On $1.30 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Oscar Health's EBITDA was negative in 2023 and 2025, so net debt to EBITDA is left blank in those years.

What Oscar Health does

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.

Nearly all of its revenue comes from premiums. In 2025, 93% of premiums came directly from the Centers for Medicare & Medicaid Services (CMS), through federal premium tax credits, and 7% from members. Through +Oscar it also sells its technology to other insurers and to health care providers; its Campaign Builder tool, which helps them reach patients, covered nearly 0.6 million client lives at the end of 2025. Businesses it bought in 2025 add an insurance brokerage, an enrollment platform and a consumer education website. Oscar says its main rivals are national and regional insurers, Medicaid-focused insurers and local Blue Cross plans.

Oscar had about 2,305 employees at the end of 2025. Its plans use selected networks of doctors and hospitals rather than every provider in an area, and it runs on software it built itself for claims, billing and member service. Most of its members come to it through insurance brokers.

Its biggest risks, as it describes them

Failing to add or keep members, especially as new federal rules and laws reshape the ACA marketplaces where it sells its plans.
Misjudging medical costs or how sick its members are, which could leave premiums too low to cover claims.
Risk adjustment programs, which move money between insurers based on members' health, can cut the revenue it records.
Its concentration in a few states, and its reliance on a limited number of in-network doctors and hospitals.
Its history of losses, and the chance that it does not reach or keep profitability.

From Oscar Health's annual report on Form 10-K, filed February 13, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

Oscar Health lost money in fiscal 2025: a net loss of $443 million.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Oscar Health yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Oscar Health's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Oscar Health's fiscal 2025 free cash flow of $1.1B, net cash of $3.6B at December 31, 2025 and 262 million diluted shares, from its filings. The scenarios are fitted to Oscar Health: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 43.5% a year, kept between 0% and 20%; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 8%: 7% for a stable business (Managed Health Care), plus 1 point for unsteady results (a loss in fiscal 2025); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Oscar Health's own revenue growth, as above. Cautious: growth of 10% then 6% a year, 2% after year 10, a 9% discount rate. Base: growth of 20% then 11% a year, 2.5% after year 10, a 8% discount rate. Optimistic: growth of 25% then 14% a year, 3% after year 10, a 7% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $31.10
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Oscar Health's earnings per share of $1.30 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 28×, the middle of Oscar Health's own P/E today, its peers' median and its sector's median (the Health Care median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 9%, 8% and 7%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: HealthEquity, Humana.

Earnings growth in the years ahead (% a year) Starts at Oscar Health's revenue growth over the last 3 years, 43.5% a year, kept between 0% and 20%, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $31.10
Value at this multiple, against the last close: —
Oscar Health's P/E at the last close: 23.9×

Company	Last close	Earnings per share	P/E today
HumanaHUM	$417.22	$9.37	44.5×
HealthEquityHQY	$103.75	$2.77	37.5×
Oscar HealthOSCR	$31.10	$1.30	23.9×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	1,691	2,956	2,560	2,152	3,991
Debt incl. finance leases	0	298	299	300	430
Net debt (negative means net cash)	−1,691	−2,658	−2,261	−1,852	−3,560
Net debt to EBITDA	—	—	—	−20.7x	—
Debt to equity	0.0x	0.3x	0.4x	0.3x	0.4x
Interest coverage	−115.4x	−26.1x	−9.6x	2.4x	−22.5x
Current ratio	1.2x	1.3x	1.3x	0.8x	0.9x
Quick ratio	1.2x	1.3x	1.3x	0.8x	0.9x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 1 insider bought $11.9 million of Oscar Health shares on the open market, and 7 insiders sold $150.0 million, $120.6 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 18, 2026	Vanessa Ames WittmanDirector	Sold plan	25,000	$32.24	$806,000	Form 4
Sep 3, 2026	Mario SchlosserDirector	Sold plan	31,422	$31.45	$988,222	Form 4
Sep 3, 2026	Richard Scott BlackleyChief Financial Officer	Sold plan	28,869	$31.45	$907,930	Form 4
Sep 3, 2026	Janet LiangPresident, Oscar Insurance	Sold plan	10,360	$31.45	$325,822	Form 4
Sep 3, 2026	Adam McAnaneyChief Legal Officer	Sold plan	9,092	$31.45	$285,943	Form 4
Sep 3, 2026	Victoria BaltrusChief Accounting Officer	Sold plan	958	$31.45	$30,129	Form 4
Aug 28, 2026	Mario SchlosserDirector	Sold	150,000	$30.79	$4.6 million	Form 4
Aug 27, 2026	Mario SchlosserDirector	Sold	600,000	$30.34	$18.2 million	Form 4
Aug 18, 2026	Richard Scott BlackleyChief Financial Officer	Sold	18,750	$31.74	$595,125	Form 4
Jul 1, 2026	Mario SchlosserDirector	Sold plan	47,500	$31.24	$1.5 million	Form 4
Jun 30, 2026	Mark T BertoliniChief Executive Officer, Director	Sold plan	624,244	$28.48	$17.8 million	Form 4
Jun 29, 2026	Mark T BertoliniChief Executive Officer, Director	Sold plan	614,752	$29.26	$18.0 million	Form 4

The latest 12 of 40 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Fail	Pass	Fail
Cash from operations is positive	Fail	Pass	Pass
Return on assets rose	Pass	Pass	Fail
Cash from operations exceeds net income	Fail	Pass	Pass
Debt fell relative to assets	Pass	Pass	Fail
Current ratio rose	Fail	Fail	Pass
Share count didn't rise	Fail	Fail	Pass
Gross margin rose	—	—	—
Revenue rose relative to assets	Pass	Pass	Fail
F-score	3 of 8	6 of 8	4 of 8
Accruals ratio	0.0%	−22.6%	−27.6%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Oscar Health side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Oscar Health	FY25	27.5%	−3.4%	9.1%	—	—	4
Molina Healthcare	FY25	11.8%	1.7%	−1.4%	—	−4.4x	4	Compare
HealthEquity	FY26	9.5%	24.6%	34.6%	8.9%	1.3x	9	Compare
Humana	FY25	10.1%	2.1%	0.3%	25.7%	−2.2x	5	Compare
Centene	FY25	19.4%	−3.9%	2.2%	−26.4%	—	5	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

7 years of figures

Fiscal year	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	488	463	1,839	3,964	5,863	9,178	11,701
Revenue growth	—	−5.2%	297.3%	115.6%	47.9%	56.5%	27.5%
Gross profit	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—
Operating income	−259	−402	−544	−590	−236	57	−396
Net income	−261	−407	−573	−606	−271	25	−443
Diluted EPS (US$)	−9.06	−14.16	−3.20	−2.85	−1.22	0.10	−1.69
Diluted shares (millions)	29	29	179	212	222	266	262
Cash flow
Cash from operations	−165	223	−182	380	−272	978	1,095
Capital expenditure	26	14	26	29	26	28	36
Free cash flow	−191	209	−208	351	−298	950	1,058
Dividends paid	0	0	0	0	0	0	0
Share buybacks	3	0	0	0	0	0	0
Acquisitions	0	0	0	0	0	0	0
Stock-based compensation	34	36	86	112	160	110	88
Balance sheet at fiscal year end
Cash and short-term investments	337	1,193	1,691	2,956	2,560	2,152	3,991
Debt incl. finance leases	—	142	0	298	299	300	430
Total assets	—	2,272	3,322	4,527	3,602	4,840	6,325
Total liabilities	—	1,823	1,929	3,634	2,795	3,824	5,345
Shareholders' equity	0	−1,296	1,387	890	804	1,014	978
Margins and ratios
Gross margin	—	—	—	—	—	—	—
Operating margin	−53.1%	−86.9%	−29.6%	−14.9%	−4.0%	0.6%	−3.4%
Net margin	−53.5%	−87.9%	−31.1%	−15.3%	−4.6%	0.3%	−3.8%
Free cash flow margin	−39.2%	45.1%	−11.3%	8.9%	−5.1%	10.3%	9.1%
Return on capital	—	—	—	—	—	—	—
Return on equity	—	—	—	−53.2%	−32.0%	2.8%	−44.5%
Return on assets	—	—	−20.5%	−15.4%	−6.7%	0.6%	−7.9%
Net debt to EBITDA	—	—	—	—	—	−20.7x	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Oscar Health's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Oscar Health.