NYSE:OSCR
Oscar Health, Inc.
A tech-driven health insurer expanding its direct-to-consumer membership base with a focus on personalized care coordination and digital-first customer experiences.
Key Metrics
Investment Thesis
Bull Case
The company's massive revenue growth trajectory from under $4B to over $11B signals a rapidly scaling platform that is successfully gaining market share. Strong positive cash flow from operations relative to net income suggests high-quality earnings quality and efficient working capital management. The direct-to-consumer model offers significant long-term margin expansion potential as member acquisition costs amortize over time.
Bear Case
The substantial retained earnings deficit of $3.29B indicates a history of heavy losses that investors may not see immediate resolution for despite recent cash generation. A current liability load exceeding assets by $254M creates a fragile balance sheet vulnerable to liquidity shocks or underwriting deterioration. The volatile net income trend, swinging from profitability in 2024 back to a $443M loss in 2025, highlights significant operational instability and execution risk.
About Oscar Health, Inc.
Oscar Health Inc. is a technology-enabled health insurance provider serving over one million members across New York and the United States through its Oscar Advantage plan and Medicare Advantage offerings. The company leverages proprietary data science and digital platforms to personalize care delivery, manage member engagement, and optimize cost efficiency within the competitive US healthcare market.
Analysis
Management Discussion
Despite reporting a net loss of $442.9M in 2025, the company demonstrated strong cash flow from operations of $1.09B, indicating robust underlying business generation capabilities. Revenue growth accelerated significantly from $3.96B in 2022 to $11.70B in 2025, reflecting successful membership expansion and market penetration. However, the persistent net income deficit suggests that scaling investments in technology and provider networks are currently outpacing profitability realization.
Industry Overview
The US health insurance industry is characterized by high barriers to entry due to regulatory complexity and the need for extensive provider networks. Established incumbents dominate market share, while tech-enabled disruptors like Oscar Health attempt to capture value through superior member experience and data-driven care management. The sector faces persistent headwinds from medical cost inflation and shifting reimbursement models that challenge traditional revenue streams.
Financial Statements
Income Statement
Balance Sheet
Cash Flow
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $3.96B | $5.86B | $9.18B | $11.70B |
| Cost of Revenue | $0 | $0 | $0 | $0 |
| Gross Profit | $3.96B | $5.86B | $9.18B | $11.70B |
| Operating Expenses | $4.55B | $6.10B | $9.12B | $12.10B |
| Operating Income | $-589.9M | $-235.6M | $57.3M | $-396.4M |
| G&A | $309.8M | $339.7M | $32.1M | $28.9M |
| Stock-Based Comp | $112.3M | $159.7M | $109.8M | $87.7M |
| D&A | $15.3M | $30.7M | $32.1M | $28.9M |
| Other OpEx | $4.24B | $5.76B | $9.09B | $12.07B |
| Non-Operating Income | $-20.2M | $-31.7M | $-23.8M | $-40.9M |
| Interest Expense | $22.6M | $24.6M | — | — |
| Pre-Tax Income | $-610.1M | $-267.3M | $33.4M | $-437.3M |
| Income Tax | $-523.0K | $3.3M | $7.3M | $5.6M |
| Continuing Ops | $-609.6M | $-270.6M | $26.1M | $-442.9M |
| Discontinued Ops | $0 | $0 | $0 | $0 |
| Net Income | $-609.6M | $-270.6M | $26.1M | $-442.9M |
| Minority Interest | $-3.3M | $134.0K | $689.0K | $248.0K |
| Net to Common | $-606.3M | $-270.7M | $25.4M | $-443.2M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Current Assets | $4.12B | $3.06B | $2.85B | $4.61B |
| Cash & Equivalents | $1.56B | $1.87B | $1.53B | $2.77B |
| Marketable Securities | — | — | $624.5M | — |
| Other Current Assets | $2.56B | $1.19B | $693.5M | $1.84B |
| Long-Term Assets | $405.0M | $540.4M | $2.00B | $1.71B |
| PP&E (Net) | $59.9M | $61.9M | $66.8M | $88.3M |
| Operating Leases | $68.0M | $62.9M | $57.2M | $51.5M |
| LT Investments | — | — | $1.82B | — |
| Other LT Assets | $277.2M | $415.6M | $56.1M | $1.57B |
| Total Assets | $4.53B | $3.60B | $4.84B | $6.33B |
| Current Liabilities | $3.26B | $2.43B | $3.46B | $4.86B |
| Current Leases | $12.8M | $14.2M | $13.5M | $16.7M |
| Other Current Liab | $3.25B | $2.41B | $3.45B | $4.85B |
| Long-Term Liabilities | $370.3M | $366.4M | $360.8M | $482.1M |
| Long-Term Debt | $298.0M | $298.8M | $299.6M | $430.1M |
| LT Operating Leases | $72.2M | $66.8M | $60.7M | $52.0M |
| Other LT Liab | $105.0K | $771.0K | $631.0K | $3.0K |
| Total Liabilities | $3.63B | $2.80B | $3.82B | $5.34B |
| Shareholders' Equity | $892.4M | $806.1M | $1.02B | $980.7M |
| Paid-In Capital | $3.51B | $3.68B | $3.87B | $4.26B |
| Retained Earnings | $-2.61B | $-2.88B | $-2.85B | $-3.29B |
| AOCI | $-9.7M | $1.3M | $-1.8M | $18.0M |
| Treasury Stock | $2.9M | — | $2.9M | $2.9M |
| Total L&E | $4.53B | $3.60B | $4.84B | $6.33B |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income (CFO) | $-609.6M | $-270.6M | $26.1M | $-442.9M |
| Non-Cash Adjustments | $-231.5M | $1.02B | $253.3M | $1.25B |
| Working Capital Changes | $1.22B | $-1.03B | $698.8M | $291.2M |
| Cash from Operations | $380.3M | $-272.2M | $978.2M | $1.09B |
| Cash from Investing | $-226.5M | $577.2M | $-1.39B | $-241.1M |
| Debt Issuances | $305.0M | $0 | $0 | $410.0M |
| Debt Repayments | $0 | $0 | — | — |
| Cash from Financing | $301.1M | $6.4M | $68.4M | $399.2M |
| FX Effect | $0 | $0 | $0 | $0 |
| Net Change in Cash | $454.9M | $311.5M | $-340.9M | $1.25B |
| Beginning Cash | $1.13B | $1.58B | $1.89B | $1.55B |
| Ending Cash | $1.58B | $1.89B | $1.55B | $2.80B |
Frequently Asked Questions
How does Oscar Health, Inc. make money?
The company's revenue is primarily driven by its Oscar Advantage plan for individual and small group markets, as well as its Medicare Advantage products which serve the senior population. Additional segments include commercial group health plans, dental services through partnerships, and ancillary services like vision and behavioral health integrated into the core insurance offering.
What are the main risks for OSCR?
Rising medical inflation and unpredictable claims severity could significantly impact operating margins in the current high-cost environment. Regulatory changes regarding Medicare Advantage reimbursement rates or state-level insurance mandates pose a threat to revenue stability across its multi-state footprint. Intense competition from established insurers like UnitedHealth Group and Elevance Health pressures market share and pricing power. Dependence on digital acquisition channels exposes the company to evolving cybersecurity threats and platform dependency risks.
What is OSCR's competitive advantage?
Oscar Health's proprietary technology stack allows for real-time data analytics that improve care management and member retention rates compared to traditional insurers. Their direct-to-consumer brand strategy creates a highly engaged customer base with lower acquisition costs through digital-first onboarding processes. The company's integrated network of providers and focus on value-based care contracts helps control medical cost trends effectively.
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Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.