Fundamentals snapshot
OSCR · NYQ · Healthcare · Healthcare Plans
Current price
$31.89
52-week range
$10.69 - $35.01
Market cap
$9.84B
One-glance verdict
We don't put a cash-flow fair value on banks and insurers. For these companies the reported 'cash flow' is really just money moving between loans, deposits and trades — not the leftover profit the owners could actually pocket — so the usual method would print a misleading number.
Balance sheet
Net cash $8.07B. Interest coverage shows how many times profit covers the interest bill.
What stands out
What this company does
Oscar Health, Inc. is a company that offers health insurance plans to individuals, families, and small businesses, with much of its money coming from the premiums people pay for these plans. This matters because their success depends on signing up enough people and managing the costs of healthcare services for those members. They also have technology platforms to help other healthcare companies run more smoothly.
Oscar Health was founded in 2012 with the goal of making health insurance simpler and more user-friendly by leveraging technology. The company launched its first individual plans on the Affordable Care Act (ACA) marketplaces in 2014, aiming to offer a more consumer-focused alternative to traditional insurers. After a period of growth and expansion into new markets, Oscar Health went public in 2021. Since then, the company has shifted its focus towards disciplined, profitable growth and refining its market strategy.
Oscar Health operates as a healthcare technology company that primarily offers health insurance plans. It aims to simplify the healthcare experience through a digital-first approach, utilizing an app, telemedicine services, and personalized care guidance. The company collects premiums from its members and manages their healthcare benefits, paying claims to doctors and hospitals. Oscar's core mission is to make healthcare more accessible and affordable by reorienting it around individuals and families.
This is Oscar Health's main business, where it sells health insurance plans to individuals and families. These plans are primarily offered through the Affordable Care Act (ACA) marketplaces, which are government-regulated platforms where people can shop for health coverage, often with financial assistance. Customers typically buy these plans during an annual open enrollment period. This segment is the largest contributor to Oscar's revenue, making its performance heavily reliant on the dynamics of the individual insurance market.
Beyond selling its own insurance plans, Oscar Health also offers its technology platform to other organizations in the healthcare industry. This B2B (business-to-business) offering, known as +Oscar, allows other health systems and insurance companies to use Oscar's technology infrastructure. This segment represents a smaller portion of Oscar's overall revenue but is a strategic area for growth, leveraging the company's tech expertise to serve a wider market.
Oscar Health also provides health insurance options for small businesses and their employees. These plans are designed to offer coverage to smaller employers who may not have the resources to negotiate large group plans. This business line allows Oscar to serve a different segment of the market beyond individual consumers, contributing to its overall revenue diversification.
ICHRA, which stands for "Individual Coverage Health Reimbursement Arrangement," is a way for employers to help employees pay for health insurance purchased on the individual market. Oscar Health offers solutions that support employers and employees using ICHRA. This allows employers to provide a set amount of money to their employees, who can then use it to buy their own health plans, offering flexibility in how benefits are managed.
Oscar Health's management is focused on achieving sustainable, profitable growth by enhancing its superior member experience and leveraging its technology platform, +Oscar. A key strategy is to expand its market offerings beyond the individual market to include small group and middle-market employers, particularly through ICHRA solutions. The company is also betting on disciplined pricing and effective medical-cost management to improve its financial performance. Ultimately, Oscar aims to become a dominant player in building a more personalized and accessible healthcare ecosystem for individuals and employers.
Oscar Health was founded in 2012 with the goal of making health insurance simpler and more user-friendly by leveraging technology. The company launched its first individual plans on the Affordable Care Act (ACA) marketplaces in 2014, aiming to offer a more consumer-focused alternative to traditional insurers. After a period of growth and expansion into new markets, Oscar Health went public in 2021. Since then, the company has shifted its focus towards disciplined, profitable growth and refining its market strategy.
Oscar Health operates as a healthcare technology company that primarily offers health insurance plans. It aims to simplify the healthcare experience through a digital-first approach, utilizing an app, telemedicine services, and personalized care guidance. The company collects premiums from its members and manages their healthcare benefits, paying claims to doctors and hospitals. Oscar's core mission is to make healthcare more accessible and affordable by reorienting it around individuals and families.
This is Oscar Health's main business, where it sells health insurance plans to individuals and families. These plans are primarily offered through the Affordable Care Act (ACA) marketplaces, which are government-regulated platforms where people can shop for health coverage, often with financial assistance. Customers typically buy these plans during an annual open enrollment period. This segment is the largest contributor to Oscar's revenue, making its performance heavily reliant on the dynamics of the individual insurance market.
Beyond selling its own insurance plans, Oscar Health also offers its technology platform to other organizations in the healthcare industry. This B2B (business-to-business) offering, known as +Oscar, allows other health systems and insurance companies to use Oscar's technology infrastructure. This segment represents a smaller portion of Oscar's overall revenue but is a strategic area for growth, leveraging the company's tech expertise to serve a wider market.
Oscar Health also provides health insurance options for small businesses and their employees. These plans are designed to offer coverage to smaller employers who may not have the resources to negotiate large group plans. This business line allows Oscar to serve a different segment of the market beyond individual consumers, contributing to its overall revenue diversification.
ICHRA, which stands for "Individual Coverage Health Reimbursement Arrangement," is a way for employers to help employees pay for health insurance purchased on the individual market. Oscar Health offers solutions that support employers and employees using ICHRA. This allows employers to provide a set amount of money to their employees, who can then use it to buy their own health plans, offering flexibility in how benefits are managed.
Oscar Health's management is focused on achieving sustainable, profitable growth by enhancing its superior member experience and leveraging its technology platform, +Oscar. A key strategy is to expand its market offerings beyond the individual market to include small group and middle-market employers, particularly through ICHRA solutions. The company is also betting on disciplined pricing and effective medical-cost management to improve its financial performance. Ultimately, Oscar aims to become a dominant player in building a more personalized and accessible healthcare ecosystem for individuals and employers.
Price history
Earnings history
Click any quarter to read the call summary and what the numbers say.
Is it cheap or expensive?
For a bank or insurer, the "free cash flow" shown on its statements is mostly money flowing through loans, deposits and trades — not the leftover profit the owners could actually keep, which is what this kind of valuation needs. Running that through the usual method would spit out a meaningless number, so we leave the cash-flow fair value out here rather than show you something misleading.
Is it drowning in debt?
Net cash $8.1B - more cash than debt. Interest coverage -23.8x.
Oscar Health, Inc.'s profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here and 2 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Total debt $482.10M Interest coverage -23.85x This is the baseline the peer rows are being compared against.
Total debt $3.95B Interest coverage 4.07x This peer still has a real interest-payment cushion, while OSCR does not.
Total debt $330.50M Interest coverage 0.93x This peer still has a real interest-payment cushion, while OSCR does not.
Total debt $33.45M Interest coverage -64.32x Neither company has much profit cushion over interest right now.
What you should know
The numbers
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Valuation
Profitability
Health
Growth
Cash flow
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Metric explainer
Debt comparison
What you should know