OSCRNYSEHospital & Medical Service PlansFiscal year ends December 31
Oscar Health, Inc.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 7, 2026
$32.54+0.65 (+2.04%)
Close on Oct 19, 2026
- Market cap
- $10.85B
- P/E (TTM)
- 23.2
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2018 to 2025
Operating margin
-3.4%+83.5 pts over 5 years
Net margin
-3.8%+84.1 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +27.5% | +43.5% | +90.8% | – | |
| Free cash flow | +11.4% | +44.4% | +38.4% | – |
Returns and balance sheet
8 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2018 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 36.3% | -44.5% | |
| Return on assets | – | – | -7.9% | |
| Current ratio | – | 1.12 | 0.95 | |
| Debt to equity | – | -0.11 | 0.44 | |
| Net debt to EBITDA | – | 1.79× | 6.38× | |
| Interest coverage | – | -114.5× | -22.5× | |
| Capex to revenue | – | 3.0% | 0.3% | |
| Diluted shares | – | 29M | 262M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Oscar Health generated $2.91B from operations and spent $144.74M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$2.91B
Used
$144.74M
Capital expenditure$144.74M100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-3.8%
×Asset turnover2.10×
×Equity multiplier5.61×
=Return on equity, FY2025-44.5%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -3.8% | 2.10× | 5.61× | -44.5% |
| FY2024 | 0.3% | 2.17× | 4.64× | 2.8% |
| FY2023 | -4.6% | 1.44× | 4.80× | -32.0% |
| FY2022 | -15.3% | 1.01× | 3.45× | -53.2% |
| FY2021 | -31.1% | 0.66× | 61.24× | -1253.8% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero-$443.15M
- Cash generatingOperating cash flow above zero$1.09B
- Return on assets improvedROA up on the prior year0.7% → -9.2%
- Earnings backed by cashOperating cash flow above net income$1.09B vs -$443.15M
- Less leverageLong-term debt to assets fell6.2% → 6.8%
- Better liquidityCurrent ratio rose0.82 → 0.95
- No dilutionShare count did not rise266M → 262M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose2.55 → 2.42