Oscar Health (OSCR)
NYSE:OSCR
Top Page
Oscar Health
(NYSE:OSCR)
Select Model
Select Model
Rating:61Neutral
Price Target:
$13.00
▲(6.47% Upside)
Action:ReiteratedDate:03/02/26
The score is driven primarily by strong recent operating/free cash flow and constructive 2026 profitability guidance. These positives are tempered by inconsistent GAAP profitability (2025 loss), ongoing risk-adjustment and membership churn uncertainty, and a weak-to-neutral technical setup with the stock still below key moving averages.
Positive Factors
Cash generation
Sustained, material operating and free cash flow across 2024–2025 provides durable liquidity to fund claims, product expansion and reserve buffers without immediate reliance on equity raises. Strong cash generation supports capital flexibility to execute growth and absorb underwriting swings over multiple quarters.
Negative Factors
Inconsistent GAAP profitability
Large 2025 GAAP losses demonstrate earnings volatility and limit durable capital accumulation. Recurring underwriting losses can erode equity, pressure subsidiary surplus and regulatory capital, and force reliance on external financing or dilutive actions if positive operating performance is not sustained.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation
Sustained, material operating and free cash flow across 2024–2025 provides durable liquidity to fund claims, product expansion and reserve buffers without immediate reliance on equity raises. Strong cash generation supports capital flexibility to execute growth and absorb underwriting swings over multiple quarters.
Read all positive factors
Oscar Health (OSCR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.53B
Dividend YieldN/A
Average Volume (3M)6.99M
Price to Earnings (P/E)―
Beta (1Y)0.86
Revenue Growth37.38%
EPS Growth-912.18%
CountryUS
Employees2,400
SectorHealthcare
Sector Strength45
IndustryMedical - Healthcare Plans
Share Statistics
EPS (TTM)-1.24
Shares Outstanding262,157,000
10 Day Avg. Volume6,276,846
30 Day Avg. Volume6,994,080
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)3.86
Price to Sales (P/S)0.32
P/FCF Ratio3.56
Enterprise Value/Market Cap0.21
Enterprise Value/Revenue0.06
Enterprise Value/Gross Profit0.43
Enterprise Value/Ebitda-1.86
Forecast
1Y Price Target
$15.29Price Target Upside25.23% Upside
Rating ConsensusHold
Number of Analyst Covering7
EPS Forecast (FY)0.38
Revenue Forecast (FY)$18.11B
Oscar Health Business Overview & Revenue Model
Company Description
Oscar Health, Inc. provides health insurance products and services in the United States. The company offers Individual & Family, Small Group, and Medicare Advantage plans, as well as +Oscar, a technology driven platform designed to help providers ...
How the Company Makes Money
Oscar primarily makes money by collecting health insurance premiums and managing the difference between premium revenue and the total cost of providing benefits and administering the plans.
Key revenue streams:
1) Premium revenue (health plan mem...
Oscar Health Earnings Call Summary
Earnings Call Date:Feb 10, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 12, 2026
Earnings Call Sentiment Positive
The call presented a mix of significant near-term challenges and clear strategic progress. Oscar reported strong top-line growth (11.7B revenue, +28% YoY), record enrollment and major market share gains (17% → 30%), meaningful SG&A and AI-driven efficiencies, and provided bullish 2026 guidance including a return to profitability (operating earnings $250–$450M and revenue guidance up ~61% at midpoint). Offsetting these positives, 2025 was loss-making with high MLRs (87.4% full year, 95.4% in Q4), sizable risk-adjustment volatility including a $275M Q4 accrual, and uncertainty about how many passively-enrolled members will remain paid after subsidy expirations. Management articulated concrete levers to improve margins (pricing, product design, broker expansion, AI) and enacted capital actions to support growth. On balance, the call emphasized recovery and strong operational momentum for 2026 while acknowledging material risk-adjustment, enrollment and utilization uncertainties carried over from 2025.Positive Updates
Strong Revenue Growth
Total revenue of $11.7 billion in 2025, a 28% year-over-year increase; 2026 revenue guidance of $18.7–$19.0 billion (≈61% YoY growth at midpoint).
Negative Updates
Large 2025 Losses
Full-year loss from operations of ~$396 million; CFO cited a net loss of $443 million for 2025; adjusted EBITDA loss of ~$280 million (a $479 million YoY deterioration).
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Revenue Growth
Total revenue of $11.7 billion in 2025, a 28% year-over-year increase; 2026 revenue guidance of $18.7–$19.0 billion (≈61% YoY growth at midpoint).
Read all positive updates
Company Guidance
Oscar guided 2026 to revenues of $18.7–$19.0 billion (≈61% YoY growth at the midpoint), driven by membership of roughly 3.0 million paid members at the start of Q2 (3.4M enrolled as of Feb 1; +58% YoY) and a ~28% weighted average rate increase, and expects a 2026 medical loss ratio of 82.4%–83.4% (≈450 bps improvement YoY at the midpoint) with risk adjustment ~20% of direct premiums, an SG&A expense ratio of 15.8%–16.3% (≈140 bps improvement), earnings from operations of $250–$450 million (nearly $750 million improvement YoY, implying ~1.9% operating margin at the midpoint), adjusted EBITDA about $115 million higher than operating income, plus a strengthened balance sheet (year-end cash & investments ~$5.5 billion including $414 million at the parent, ~$1.0 billion insurance subsidiary surplus including $315 million excess, $360 million net proceeds from a $410 million convertible and a $475 million revolver); management also noted market context of 23 million overall ACA lives (−5% YoY) and expects market contraction to track toward the lower end of its prior 20%–30% range.Oscar Health Financial Statement Overview
Summary
Income Statement
48
Neutral
Balance Sheet
62
Positive
Cash Flow
78
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 11.70B | 9.18B | 5.86B | 4.13B | 1.92B |
| Gross Profit | 1.68B | 1.84B | 1.22B | 4.13B | 1.92B |
| EBITDA | -391.05M | 89.31M | -212.00M | -572.17M | -551.25M |
| Net Income | -443.15M | 25.43M | -270.73M | -606.27M | -572.61M |
Balance Sheet | |||||
| Total Assets | 6.33B | 4.84B | 3.60B | 4.53B | 3.32B |
| Cash, Cash Equivalents and Short-Term Investments | 3.99B | 2.15B | 2.56B | 2.96B | 1.69B |
| Total Debt | 430.10M | 299.56M | 298.78M | 298.00M | 0.00 |
| Total Liabilities | 5.34B | 3.82B | 2.80B | 3.63B | 1.93B |
| Stockholders Equity | 977.65M | 1.01B | 803.97M | 890.38M | 1.39B |
Cash Flow | |||||
| Free Cash Flow | 1.06B | 950.30M | -297.74M | 351.34M | -207.63M |
| Operating Cash Flow | 1.09B | 978.19M | -272.16M | 380.35M | -181.75M |
| Investing Cash Flow | -241.06M | -1.39B | 577.19M | -226.52M | -774.51M |
| Financing Cash Flow | 399.21M | 68.39M | 6.45M | 301.11M | 1.24B |
Oscar Health Technical Analysis
Negative
12.21
Price Trends
13.83
Negative
14.88
Negative
16.19
Negative
Market Momentum
-0.46
Positive
34.95
Neutral
8.60
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For OSCR, the sentiment is Negative. The current price of 12.21 is below the 20-day moving average (MA) of 13.30, below the 50-day MA of 13.83, and below the 200-day MA of 16.19, indicating a bearish trend. The MACD of -0.46 indicates Positive momentum. The RSI at 34.95 is Neutral, neither overbought nor oversold. The STOCH value of 8.60 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for OSCR.
Oscar Health Risk Analysis
Oscar Health disclosed 46 risk factors in its most recent earnings report. Oscar Health reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Oscar Health Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $3.53B | -8.51 | -39.45% | ― | 37.38% | -912.18% | |
60 Neutral | $3.45B | -88.83 | -0.49% | ― | 47.39% | 85.35% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | $16.50B | -3.03 | -27.74% | ― | 14.92% | -286.72% | |
50 Neutral | $944.40M | -14.21 | -25.73% | ― | 15.23% | 38.79% | |
49 Neutral | $7.15B | 18.68 | 10.99% | ― | 13.71% | -18.02% | |
47 Neutral | $21.03B | 25.97 | 6.59% | 1.38% | 9.87% | -5.58% |
* Healthcare Sector Average
OSCR
Oscar Health
11.84
-1.64
-12.17%
CNC
Centene
33.56
-26.67
-44.28%
HUM
Humana
175.14
-91.51
-34.32%
MOH
Molina Healthcare
138.80
-184.67
-57.09%
CLOV
Clover Health Investments
1.80
-1.90
-51.35%
ALHC
Alignment Healthcare
16.91
-1.22
-6.73%
Oscar Health Corporate Events
Business Operations and StrategyFinancial Disclosures
Oscar Health Reaffirms 2026 Outlook at Investor Conference
Positive
Mar 2, 2026
Oscar Health, Inc. announced it will participate in the 2026 Raymond James Institutional Investors Conference on March 2, 2026, engaging with institutional investors about its business and outlook. At the event, the company plans to reaffirm its p...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Oscar Health Projects 2026 Growth Despite 2025 Loss
Neutral
Feb 10, 2026
Oscar Health entered into a $475 million secured revolving credit facility on February 6, 2026, providing three-year funding capacity, expandable by an additional $100 million, to support general corporate purposes and bolster liquidity. The facil...
Business Operations and StrategyExecutive/Board Changes
Oscar Health Extends CEO Bertolini Contract and Compensation
Positive
Dec 29, 2025
On December 22, 2025, Oscar Health, Inc. and Oscar Management Corporation amended and restated the employment agreement with Chief Executive Officer Mark T. Bertolini, extending his term from the effective date through April 1, 2029, with automati...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.