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Oscar Health
(NYSE:OSCR)
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Rating:73Outperform
Price Target:
$34.00
▲(20.61% Upside)
Action:Reiterated
Date:08/06/26
The score is driven primarily by improving fundamentals (strong cash flow and a strengthened balance sheet) and a very positive earnings-call setup with raised 2026 guidance and improving operating metrics. Technicals are supportive but not signaling strong momentum. Valuation is the main drag due to a negative P/E and no dividend yield provided.
Positive Factors
Cash generation
Sustained operating cash flow (~$4.42B TTM) and free cash flow (~$4.38B) provide durable internal funding for claims volatility, working capital and growth investments. Strong FCF reduces reliance on external financing and supports insurance subsidiary capital and reserve flexibility over months.
Negative Factors
Profitability volatility
Earnings have swung between losses and profits across recent years and margins remain thin, which undermines predictability of returns. This volatility means underwriting or utilization shocks can quickly reverse recent gains and complicate multi-month forecasting of durable profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation
Sustained operating cash flow (~$4.42B TTM) and free cash flow (~$4.38B) provide durable internal funding for claims volatility, working capital and growth investments. Strong FCF reduces reliance on external financing and supports insurance subsidiary capital and reserve flexibility over months.
Read all positive factors
Oscar Health (OSCR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$9.41B
Dividend YieldN/A
Average Volume (3M)5.26M
Price to Earnings (P/E)―
Beta (1Y)1.05
Revenue Growth31.95%
EPS Growth-180.28%
CountryUS
Employees2,305
SectorHealthcare
Sector Strength45
IndustryMedical - Healthcare Plans
Share Statistics
EPS (TTM)1.71
Shares Outstanding265,902,000
10 Day Avg. Volume3,962,270
30 Day Avg. Volume5,255,678
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$28.63Price Target Upside1.54% Upside
Rating ConsensusHold
Number of Analyst Covering8
EPS Forecast (FY)1.1
Revenue Forecast (FY)$18.55B
Oscar Health Business Overview & Revenue Model
Company Description
Oscar Health, Inc. operates as a health insurance provider across the United States. Its offerings include various health plans such as those for individuals and families, small businesses, and Medicare Advantage options. The company also features...
How the Company Makes Money
Oscar primarily makes money by collecting health insurance premiums and managing the cost of members’ medical care. Its main revenue stream is premium revenue from members enrolled in its health plans (largely Individual & Family plans), often wit...
Oscar Health Earnings Call Summary
Earnings Call Date:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 10, 2026
Earnings Call Sentiment Positive
The call conveys materially positive operating momentum: very strong revenue growth, sizeable membership expansion, record-low SG&A, marked improvement in profitability metrics and a raised earnings outlook. Management also emphasized technology and AI-driven efficiency gains and favorable risk‑adjustment developments that underpin the improved guidance. Offsetting items include an ongoing industry-wide ACA market contraction, elevated outpatient utilization and medical PMPM seasonality, and near-term uncertainty from CMS eligibility/program-integrity actions and limited early-year morbidity data. On balance, the positive operational and financial drivers substantially outweigh the risks flagged for the back half of the year.Positive Updates
Record First-Half Profitability
Oscar reported record profitability through the first half of 2026 with approximately $1.1 billion in earnings from operations and about $1.0 billion in net income (≈ $3.16 per diluted share).
Negative Updates
ACA Market Contraction
Total ACA membership reported at 19.2 million, down 12% year-over-year. Management views this as generally favorable to pricing assumptions but it represents ongoing market contraction and uncertainty.
Read all updates
Q2-2026 Updates
Positive
Negative
Record First-Half Profitability
Oscar reported record profitability through the first half of 2026 with approximately $1.1 billion in earnings from operations and about $1.0 billion in net income (≈ $3.16 per diluted share).
Read all positive updates
Company Guidance
Oscar raised full‑year 2026 guidance after a strong first half, increasing earnings from operations to $500–$700 million (up $250 million), with total revenues still expected at $18.7–$19.0 billion and adjusted EBITDA to run roughly $115 million above earnings from operations; the company now expects full‑year MLR of 81.5%–82.5% (≈+90 bps at the midpoint) and an SG&A ratio of 15.6%–16.1% (≈-20 bps at the midpoint), with risk adjustment running about 20% of direct premiums for the year. Management cited H1 results of ~$1.1 billion earnings from operations and ~$1.0 billion net income, Q2 revenue of $4.9 billion (+70% YoY), Q2 MLR of 79.2% (−~12 pts YoY), Q2 SG&A of 14.2% (−450 bps YoY), Q2 earnings from operations of $389 million, Q2 net income $362 million, and Q2 adjusted EBITDA $415 million; membership was 2.96 million at quarter‑end (+46% YoY), cash & investments were ~$10.2 billion, and insurance subsidiary capital & surplus was ~$1.9 billion (including $994 million excess). The raise reflects favorable prior‑period development (Q2 PPD ~$164 million, YTD ~$232 million, including a ~$160 million favorable final 2025 CMS RA) and early 2026 morbidity data (Wakely) that could provide upside if sustained, although management expects increased CMS‑driven churn in the back half (lapses likely closer to twice the previously modeled 1–2%/month).Oscar Health Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
70
Positive
Cash Flow
84
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 15.32B | 11.70B | 9.18B | 5.86B | 4.13B | 1.92B |
| Gross Profit | 6.88B | 1.68B | 1.84B | 1.22B | 4.13B | 1.92B |
| EBITDA | 633.73M | -391.05M | 89.31M | -212.00M | -572.17M | -551.25M |
| Net Income | 550.74M | -443.15M | 25.43M | -270.73M | -606.27M | -572.61M |
Balance Sheet | ||||||
| Total Assets | 11.23B | 6.33B | 4.84B | 3.60B | 4.53B | 3.32B |
| Cash, Cash Equivalents and Short-Term Investments | 8.56B | 3.99B | 2.15B | 2.56B | 2.96B | 1.69B |
| Total Debt | 431.63M | 430.10M | 299.56M | 298.78M | 298.00M | 0.00 |
| Total Liabilities | 9.17B | 5.34B | 3.82B | 2.80B | 3.63B | 1.93B |
| Stockholders Equity | 2.05B | 977.65M | 1.01B | 803.97M | 890.38M | 1.39B |
Cash Flow | ||||||
| Free Cash Flow | 4.33B | 1.06B | 950.30M | -297.74M | 351.34M | -207.63M |
| Operating Cash Flow | 4.37B | 1.09B | 978.19M | -272.16M | 380.35M | -181.75M |
| Investing Cash Flow | -3.32B | -241.06M | -1.39B | 577.19M | -226.52M | -774.51M |
| Financing Cash Flow | 380.76M | 399.21M | 68.39M | 6.45M | 301.11M | 1.24B |
Oscar Health Technical Analysis
Negative
28.19
Price Trends
28.62
Negative
22.85
Positive
19.15
Positive
Market Momentum
0.02
Positive
44.14
Neutral
35.97
Neutral
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 28.19 is below the 20-day moving average (MA) of 29.83, below the 50-day MA of 28.62, and above the 200-day MA of 19.15, indicating a neutral trend. The MACD of 0.02 indicates Positive momentum. The RSI at 44.14 is Neutral, neither overbought nor oversold. The STOCH value of 35.97 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
73 Outperform | $9.41B | -82.16 | 38.53% | ― | 31.95% | -180.28% | |
68 Neutral | $2.20B | -37.47 | -5.38% | ― | 48.75% | -118.24% | |
63 Neutral | $43.69B | 34.15 | 6.91% | 0.91% | 18.33% | -18.53% | |
60 Neutral | $30.74B | -5.98 | -24.03% | ― | 13.89% | -356.11% | |
58 Neutral | $3.08B | 78.36 | 20.02% | ― | 37.21% | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $10.21B | 1,222.62 | -0.17% | ― | 2.55% | -100.90% |
* Healthcare Sector Average
OSCR
Oscar Health
27.90
12.29
78.73%
CNC
Centene
65.77
40.52
160.48%
HUM
Humana
385.00
122.12
46.46%
MOH
Molina Healthcare
196.45
42.62
27.71%
CLOV
Clover Health Investments
4.76
2.29
92.71%
ALHC
Alignment Healthcare
14.37
-0.24
-1.64%
Oscar Health Corporate Events
Executive/Board ChangesShareholder Meetings
Oscar Health shareholders back board, pay and auditor
Positive
Jun 9, 2026
On June 4, 2026, Oscar Health held its 2026 Annual Meeting of Stockholders, with 265,530,268 Class A shares and 35,591,356 Class B shares eligible to vote and a quorum of 820,307,497 votes represented. Shareholders elected eight directors, includi...
Business Operations and StrategyFinancial Disclosures
Oscar Health Reaffirms 2026 Outlook at Goldman Sachs Conference
Positive
Jun 8, 2026
Oscar Health, Inc. said it will participate in a fireside chat at the Goldman Sachs 47th Annual Global Healthcare Conference on June 8, 2026, at approximately 11:20 a.m. ET. The company operates in the healthcare and insurance sector, using techno...
Business Operations and StrategyExecutive/Board Changes
Oscar Health Co-Founder Shifts to Advisory Leadership Role
Neutral
Jun 2, 2026
On May 29, 2026, Oscar Health, Inc. amended and restated the employment agreement of Co-Founder Mario Schlosser, effective June 1, 2026, as he transitioned from President of Technology and Chief Technology Officer to Co-Founder Advisor to the CEO...
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.