Oscar Health, Inc. (OSCR) stock analysis
Close on Nov 12, 2026Market cap $9.86BP/E 13.2Yield –
StockData Score
Prices as of Nov 11, 2026How the score works
Mixed13 of 30 checks passed
Oscar Health passes 13 of the 30 checks behind our score; 12 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 3/6
- Growth
- 2/6
- Past performance
- 4/6
- Financial health
- 4/6
- Dividend
- 0/6
What stands out
Trading below fair value
The share price of $32.11 is below our fair value estimate of $35.67.
Low debt
Debt is 19.5% of shareholders' equity, under the 40% we consider low.
Revenue growing 10%+ a year
Revenue grew 43.5% a year over the last three fiscal years.
Interest well covered
Operating income covers interest expense 68.3 times.
What to watch
Margin of safety under 20%
The price is 10.0% below fair value, less than the 20% cushion we look for.
Return on equity under 15%
Return on equity was 52.7% over the last twelve months and averaged -276% over five years; we look for 15% on both.
Guidance lowered
Oscar Health lowered its Full Year 2026 SG&A Expense Ratio outlook on Aug 6, 2026.
P/B above the industry
Oscar Health's price-to-book of 4.46 is above the Accident and Health Insurance and Medical median of 2.31.
Valuation3/6
P/E against its history
Not enough price and earnings history to compare.
P/E below the industry
Oscar Health's P/E of 13.3 is below the Accident and Health Insurance and Medical median of 21.3.
P/S below the industry
Oscar Health's price-to-sales of 0.57 is below the Accident and Health Insurance and Medical median of 0.80.
P/B above the industry
Oscar Health's price-to-book of 4.46 is above the Accident and Health Insurance and Medical median of 2.31.
Trading below fair value
The share price of $32.11 is below our fair value estimate of $35.67.
Margin of safety under 20%
The price is 10.0% below fair value, less than the 20% cushion we look for.
Growth2/6
Revenue growing 10%+ a year
Revenue grew 43.5% a year over the last three fiscal years.
EPS growth over 3 years
Needs positive EPS three years ago and today.
Earnings acceleration
Needs positive net income now, a year ago and five years ago.
Growing faster than the industry
Revenue grew 54.8% over the last twelve months; the Accident and Health Insurance and Medical median is 6.8%.
Guidance lowered
Oscar Health lowered its Full Year 2026 SG&A Expense Ratio outlook on Aug 6, 2026.
Gross margin trend
Banks and insurers do not report gross profit.
Past performance4/6
Return on equity under 15%
Return on equity was 52.7% over the last twelve months and averaged -276% over five years; we look for 15% on both.
Return on assets over 1%
Return on assets was 10.9%; for a bank or insurer, 1% or more is considered good.
Return on equity above the industry
Oscar Health's return on equity of 52.7% is above the Accident and Health Insurance and Medical median of 11.9%.
Earnings over 5 years
Needs positive net income five years ago and in the latest year.
Net margin above its 5-year average
Net margin was 4.9% over the last twelve months, against a 5-year average of -10.9%.
Net margin above the industry
Oscar Health's net margin of 4.9% is above the Accident and Health Insurance and Medical median of 2.0%.
Financial health4/6
Low debt
Debt is 19.5% of shareholders' equity, under the 40% we consider low.
Debt trend
Needs a balance sheet from five years ago with positive equity.
Debt covered by cash flow
Operating cash flow over the last twelve months equals 967% of total debt.
Interest well covered
Operating income covers interest expense 68.3 times.
Short-term assets cover short-term debts
Current assets are 1.14 times current liabilities.
Bankruptcy risk (Altman Z)
The Altman model does not apply to insurers.
Dividend0/6
No dividend
Oscar Health has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.
Fair value
How we estimate itOur estimate per share
$35.67
The share price is 10% below this estimate.
| Method | Multiple used | Own 5Y median | Industry median | Value per share | Weight |
|---|---|---|---|---|---|
| P/E | 21.3× | – | 21.3× | $51.63 | 50% |
| P/B | 2.7× | 3.2× | 2.3× | $19.71 | 50% |
| Fair value | $35.67 | 100% | |||
Valuation over time
Using the earnings and balance sheet published at each date, not today's.
- EV/EBITDA at month end
- Accident and Health Insurance and Medical median 15.8
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
Low risk
- Average value traded per day
- $173.09M
- Value traded per 1% price move
- $66.27M
Downside
Medium risk
- Typical loss in a bad month
- 23.5%
- Volatility (annualized)
- 66%
- Sharpe ratio, 1 year
- 1.75
- Beta to the S&P 500 (5Y)
- 1.64
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2018 to 2025
Operating margin
Net margin
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.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| 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
- 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
See a number that looks wrong?