Oscar Health, Inc. OSCR
Oscar is a leading healthcare technology company built around a full stack technology platform and a relentless focus on member experience. We offer health plans through the ACA serving individuals, families, and employees. We have been challenging the status quo in the healthcare system since our founding in 2012 and are dedicated to making a healthier life accessible and affordable for all. Our technology drives superior experiences, deep engagement, and high-value clinical care, earning us the trust of approximately 2.0 million effectuated members, as of December 31, 2025. Effectuated members are those who are actively enrolled in our plan and have either paid their premium or are within the grace period.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $28.6M | $20.6M | $21.4M | $64.9M | $5.4M | $0 | $488.2M | — |
| SG&A | $2.05B | $1.76B | $1.43B | $1.26B | $265.1M | $166.7M | $110.7M | — |
| Operating income | -$396.4M | $57.3M | -$235.6M | -$589.9M | -$544.5M | -$402.3M | -$259.4M | — |
| Interest expense | $17.6M | $23.7M | $24.6M | $22.6M | $4.7M | $3.5M | $0 | — |
| Pre-tax income | -$437.3M | $33.4M | -$267.3M | -$610.1M | -$570.6M | -$405.8M | -$259.4M | — |
| Income tax | $5.6M | $7.3M | $3.3M | $523.0K | $846.0K | $1.0M | $1.8M | — |
| Net income | -$442.9M | $26.1M | -$270.6M | -$609.6M | -$571.4M | -$406.8M | -$261.2M | — |
| EPS, basic | -1.69 | 0.11 | -1.22 | -2.85 | -3.20 | -14.16 | -9.06 | — |
| EPS, diluted | -1.69 | 0.10 | -1.22 | -2.85 | -3.20 | -14.16 | -9.06 | — |
| Shares, diluted (wtd. avg.) | $262.4M | $265.9M | $221.7M | $212.5M | $179.0M | $29.3M | $28.8M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $2.77B | $1.53B | $1.87B | $1.58B | $1.13B | $843.1M | $353.4M | $370.4M |
| Short-term investments | $1.22B | $624.5M | $689.8M | $1.40B | $587.1M | $366.4M | — | — |
| Total current assets | $4.61B | $2.85B | $3.06B | $4.12B | $2.31B | $1.87B | — | — |
| Property, plant and equipment | $88.3M | $66.8M | $61.9M | $59.9M | $46.6M | $35.8M | — | — |
| Total assets | $6.33B | $4.84B | $3.60B | $4.53B | $3.32B | $2.27B | — | — |
| Accounts payable | $649.7M | $432.4M | $273.4M | $297.8M | $234.8M | $137.5M | — | — |
| Total current liabilities | $4.86B | $3.46B | $2.43B | $3.26B | $1.85B | $1.67B | — | — |
| Long-term debt | $430.1M | $299.6M | $298.8M | $298.0M | $0 | $142.5M | — | — |
| Total liabilities | $5.34B | $3.82B | $2.80B | $3.63B | $1.93B | $1.82B | — | — |
| Retained earnings | -$3.29B | -$2.85B | -$2.88B | -$2.61B | -$2.00B | -$1.43B | — | — |
| Total equity | $977.6M | $1.01B | $806.1M | $892.4M | $1.39B | -$1.30B | $0 | — |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.09B | $978.2M | -$272.2M | $380.3M | -$181.7M | $222.7M | -$165.4M | — |
| Depreciation and amortisation | $28.9M | $32.1M | $30.7M | $15.3M | $14.6M | $11.3M | $6.9M | — |
| Stock-based compensation | $87.7M | $109.8M | $159.7M | $112.3M | $86.3M | $35.9M | $33.6M | — |
| Capital expenditure | $36.4M | $27.9M | $25.6M | $29.0M | $25.9M | $14.0M | $26.0M | — |
| Investing cash flow | -$241.1M | -$1.39B | $577.2M | -$226.5M | -$774.5M | -$344.7M | $150.5M | — |
| Financing cash flow | $399.2M | $68.4M | $6.4M | $301.1M | $1.24B | $611.7M | -$2.1M | — |
| Buybacks | — | — | — | — | $0 | $0 | $3.0M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001140361-26-016119.
Others in SIC 6324
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| UNH | UNITEDHEALTH GROUP INC | $356.47B | 30.0x | 11.8% |
| ELV | Elevance Health, Inc. | $88.37B | 16.2x | 12.5% |
| CI | Cigna Group | $74.65B | 12.7x | 11.2% |
| HUM | HUMANA INC | $48.21B | 40.8x | 31.6% |
| CNC | CENTENE CORP | $33.12B | — | 20.0% |
| MOH | MOLINA HEALTHCARE, INC. | $10.48B | 22.5x | 11.7% |
| ALHC | Alignment Healthcare, Inc. | $2.81B | — | 46.1% |
| CLOV | CLOVER HEALTH INVESTMENTS, CORP. /DE | $2.23B | — | 40.3% |