← All companies ← OSBC Manual OSIS → ← MOH Managed Care UNH →
OSCR, Oscar Health
Oscar is a leading healthcare technology company built around a full stack technology platform and a relentless focus on member experience.
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.
The business
What it sells, where the money comes from, the kind of company it is.
Next report By 8/9 · the 10-Q for the quarter ended late June · due within 40 days of period end · has filed ~38 days after · the wire records it on arrival
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- Situation
- Unprofitable. No sustained operating profit across the record; an earnings multiple has nothing to rest on. What the record does show is revenue, the gross-margin trajectory, and the burn against the cash on hand.
- What moves the needle
- The medical loss ratio and membership. What decides it: keeping medical costs below the premiums collected, where a regulated floor sets how much must be paid out as care, so the spread is thin; membership growth across commercial, Medicare and Medicaid; and the cost discipline on what little is left. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- It pays out about 85% of premiums as medical care across the record (the medical loss ratio), keeping the rest to cover administration and profit against a regulated floor. That leaves a thin operating margin, a median of about −14.9%, the sign of a volume-and-cost-control business rather than a high-margin one, though turns that sliver over fast enough to earn roughly −41% on equity. Whether membership keeps growing and medical costs stay below premiums, especially as the Medicare Advantage and Medicaid mix shifts, is what the 10-K decides, not an earnings multiple.
Every line is arithmetic on the company's filings, shown in full in the sections below.
The record
Ten years of arithmetic, read across the cycle.
The record, 2019–2025
realized figures from each filing · older years to the left| 2019’19 | 2020’20 | 2021’21 | 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMMar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||
| $488M | $463M | $1.8B | $4.0B | $5.9B | $9.2B | $11.7B | $13.3B | RevenueRevenue |
| $469M | $455M | $1.8B | $3.9B | $5.7B | $9.0B | $11.5B | $13.1B | Premiums earnedPremiums |
| 87% | 68% | 89% | 85% | 82% | 82% | 87% | 84% | Medical loss ratioMLR |
| −53.1% | −86.9% | −29.6% | −14.9% | −4.0% | 0.6% | −3.4% | 0.1% | Operating marginOp. mgn |
| ($259M) | ($406M) | ($571M) | ($610M) | ($267M) | $33M | ($437M) | — | Pretax incomePretax |
| ($261M) | ($407M) | ($573M) | ($606M) | ($271M) | $25M | ($443M) | ($39M) | Net incomeNet inc. |
| Cash flow & returns | ||||||||
| — | — | -41% | -68% | -34% | 3% | -45% | -2% | Return on equityROE |
| — | — | −41% | −68% | −34% | 3% | −45% | −2% | Retained to equityRetained/eq |
| $151M | ($345M) | ($775M) | ($227M) | $577M | ($1.4B) | ($241M) | — | Investing cash flowInv. cash |
| ($2M) | $612M | $1.2B | $301M | $6M | $68M | $399M | — | Financing cash flowFin. cash |
| ($17M) | $490M | $282M | $455M | $311M | ($341M) | $1.3B | — | Change in cashΔ cash |
| Balance sheet | ||||||||
| — | $2.3B | $3.3B | $4.5B | $3.6B | $4.8B | $6.3B | $9.3B | Total assetsAssets |
| — | $1.8B | $1.9B | $3.6B | $2.8B | $3.8B | $5.3B | — | Total liabilitiesTotal liab. |
| $1.3B | $1.7B | $0 | $0 | — | — | — | — | Redeemable interestsRedeemable |
| — | $0 | $5M | $2M | $2M | $3M | $3M | — | Noncontrolling interestsNCI |
| $0 | ($1.3B) | $1.4B | $890M | $804M | $1.0B | $978M | $1.7B | Shareholders’ equityEquity |
| Per share | ||||||||
| 28.8M | 29.3M | 179M | 212M | 222M | 266M | 262M | 330M | Shares out (diluted)Shares |
| $16.94 | $15.82 | $10.27 | $18.65 | $26.45 | $34.52 | $44.60 | $40.34 | Revenue / shareRev/sh |
| $-9.06 | $-13.90 | $-3.20 | $-2.85 | $-1.22 | $0.10 | $-1.69 | $-0.12 | EPS (diluted)EPS |
| $0.00 | $-44.28 | $7.75 | $4.19 | $3.63 | $3.81 | $3.73 | $5.05 | Book value / shareBVPS |
The diluted share count moved ×6.12 into 2021 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
| 6-yr | 5-yr | |
|---|---|---|
| Revenue / share | +17.5%/yr | +23.0%/yr |
| Owner earnings / share | — | −10.6%/yr |
| Capital spending / share | −26.8%/yr | −22.0%/yr |
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
Is it a good business?
- Medical loss ratio 87.4%Costs well-coveredMedical costs $10.0B ÷ premiums earned $11.5BIndustry peers: median 86%Pricing against the trend, in the filing’s wordsThe filer's stated move5.7%
“MLR increased 5.7% year over year for the year ended December 31, 2025, primarily driven by an increase in average market morbidity that resulted in an increase in the net risk adjustment transfer accrual, as well as higher utilization that was not fully offset by risk adjustment.”
✓ direction only, no level stated: the desk's own computed medical loss ratio rose 5.6 points, 81.7% to 87.4% (medical costs ÷ premiums earned, as filed); the sentence's 5.7% is the filer's own rounding of the same moveWhat this means
The number that runs a health plan: cents of every premium dollar paid back out as medical care. A regulated floor (about 80-85% under the ACA, or rebates are owed) means the plan keeps only a thin sliver, so the discipline is in pricing premiums ahead of medical cost trend. Read it across years, because a single bad cost trend, like the recent Medicare Advantage squeeze, shows up here first.
- Operating margin −3.4%Very thin (<2%)Operating income ($396M) ÷ revenue $11.7BIndustry peers: median 4%
What this means
Health plans earn a sliver on enormous revenue, so a few points of margin is the norm and the business is really a volume-and-cost-control game. Because the margin is so thin, a small miss on medical costs swings profit hard, which is why membership scale and cost management matter more than price.
- Return on equity −45%Loss on equityNet income ($443M) ÷ equity $978MIndustry peers: median 13%
What this means
The thin margin turns over fast on a modest capital base, so a plan earning its keep still shows a good return on equity. Durably above the ~10% cost of equity is what compounds value; a year below it usually means medical costs outran premiums.
The claims and the reserves
- Days claims payable 53 daysCushion thinning against its own recordClaims payable $1.5B ÷ daily medical costs (annual average) · record median 104 days
What this means
How many days of medical costs the plan holds in reserve against claims already incurred. The level varies by book; the TREND is the honesty read — a cushion shrinking against the company's own history while margins hold means earnings are being helped by the reserve, the fast-float version of under-reserving.
- Reserve development −$240MPast estimates heldPrior-year development, FY2025: favorable · record: 3 favorable, 3 unfavorable of 6In the filing’s words
“Healthcare costs in the years ended December 31, 2025 and 2024 included favorable healthcare claim development related to prior years, net of reinsurance of $239.5 million and $164.7 million, respectively.”
✓ the narrated $239.5 million ties the filed figure · the words are the company’sWhat this means
Each year the plan restates what last year's claims actually cost once the bills finished arriving. Persistent favorable development means honest reserving; unfavorable means past profits were flattered. Signed as filed: negative favorable. On a book this fast the estimates resolve within a year, so the meter reads management's candor almost in real time.
All figures as filed; the source filing is linked above.
Current Position
as of the latest quarter, Mar 31, 2026Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
- Cash & short-term investments$5.4B
- Receivables$587M
- Other current assets$1.8B
- Accounts payable$506M
- Other current liabilities$6.6B
From the company's latest filing.
Management, ownership & pay
read the proxy →From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.
| Fiscal year | Pay, as filed | “Actually paid” | Owner earnings |
|---|---|---|---|
| 2021 | $60.8M | −$8.9M | ($196M) |
| 2022 | $652k | −$1.0M | $365M |
| 2023 | $44.5M | $66.5M | ($298M) |
| 2023 | $854k | $860k | ($298M) |
| 2024 | $915k | $54.3M | $950M |
| 2025 | $1.1M | $5.3M | $1.1B |
Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.
- Insider ownership10.3%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
- Stock-based compensation$88M
The slice of the business handed to employees in shares in fiscal 2025, 0.7% of revenue. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.
What an owner would ask, FY2025
read the 10-K →- Which reported numbers are a judgment call?Management names Income taxes, Insurance reserves, Stock compensation as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →
The questions the record and the charts do not answer on their own; each carries the figure and the place to look.
Peers, Managed Care
The same industry, side by side on the medical-loss-ratio lens. Each column names the period it is read over; the group median at the foot is the line to read each figure against.
| Company | Revenuelatest FY, USD | Medical loss ratiomedian over the record | Op. marginmedian over the record | ROEmedian over the record |
|---|---|---|---|---|
| CIThe Cigna Group | $274.9B | 80% | 4.9% | 13% |
| ELVElevance Health Inc. | $199.1B | 87% | 5.3% | 14% |
| CNCCentene Corporation | $194.8B | 87% | 2.2% | 9% |
| HUMHumana Inc. | $129.7B | 86% | 3.9% | 17% |
| MOHMolina Healthcare | $45.4B | 88% | 3.9% | 26% |
| OSCROscar Health | $11.7B | 85% | -14.9% | -41% |
| ALHCAlignment Healthcare | $3.9B | — | -3.9% | -69% |
| CLOVClover Health Investments Corp. | $1.9B | 83% | -16.3% | -74% |
| Group median | — | 86% | 3.1% | 11% |
The price
What a price has to assume.
What the price implies
reverse-DCFType today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Oscar Health has delivered.
Through the cycle, Oscar Health earns about $1.1B on its 9.1% median owner-earnings margin. This year’s 9.1% margin runs in line with that. Normalize, below, values the price on that through-cycle figure rather than the latest year.
—
9.0% = the 4.68% 10-year Treasury (Jul 30, 2026) + 4.32 points of equity premium. The rate you require is yours to set.
Enter a price above to run it.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.
Prefilled with the 10-year Treasury (4.68%, as of Jul 30, 2026). Edit it for today’s exact figure, or a AAA corporate yield.
Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.
Free cash flow $2.8B on 298M shares outstanding (a weighted basic average, the only count this filer tags); net cash $5.0B. The if-converted diluted count is 330M, 11% above the shares outstanding: the dilution overhang (convertibles, options) a buyer inherits. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. Capex ($36M) runs well above depreciation ($29M), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about $2.8B, the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.
Manual order: ← OSBC its page in the Manual OSIS →
Industry order: ← MOH the Managed Care chapter UNH →