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Oscar Health, Inc. operates as a healthcare technology company in the United States. The company offers health plans to individuals, families, employees, and small group markets. It also provides +Oscar platform that power others throughout the healthcare system; Campaign Builder platform, an engagement and recommendation platform for providers and payors; and reinsurance products. In addition, the company offers brokerage services and enrollment platform for brokers and consumers to shop, buy, and enroll in medical and supplemental health products. The company was formerly known as Mulberry Health Inc. and changed its name to Oscar Health, Inc. in January 2021. Oscar Health, Inc. was incorporated in 2012 and is headquartered in New York, New York.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $11.7B | - | $-443M | $1.1B | -45.3% | 27.5% | -1842.5% |
| 2024 | $9.2B | - | $25M | $950M | 2.5% | 56.5% | -109.4% |
| 2023 | $5.9B | - | $-271M | $-298M | -33.7% | 42.1% | -55.3% |
| 2022 | $4.1B | - | $-606M | $351M | -68.1% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 4,125.58 | 5,862.87 | 9,177.94 | 11,701.43 |
| Operating Revenue | - | 4,125.58 | 5,862.87 | 9,177.94 | 11,701.43 |
| Selling General And Administration | - | 1,419.37 | 1,424.76 | 1,755.94 | 2,049.87 |
| Total Expenses | - | 4,735.66 | 6,130.17 | 9,144.52 | 12,138.72 |
| EBIT | - | -587.45 | -242.70 | 57.16 | -419.70 |
| Interest Income | 10.25 | 31.31 | - | - | - |
| Interest Expense | - | 22.62 | 24.60 | 23.73 | 17.60 |
| Net Interest Income | - | -22.62 | -24.60 | -23.73 | -17.60 |
| Other Income Expense | 5.30 | 3.88 | - | 20.58 | 28.59 |
| Interest Expense Non Operating | - | 22.62 | 24.60 | 23.73 | 17.60 |
| Net Non Operating Interest Income Expense | - | -22.62 | -24.60 | -23.73 | -17.60 |
| Pretax Income | - | -610.08 | -267.30 | 33.43 | -437.30 |
| Tax Provision | - | -0.52 | 3.29 | 7.30 | 5.61 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | -609.55 | -270.59 | 26.12 | -442.90 |
| Net Income From Continuing And Discontinued Operation | - | -606.28 | -270.73 | 25.43 | -443.15 |
| Net Income From Continuing Operation Net Minority Interest | - | -606.28 | -270.73 | 25.43 | -443.15 |
| Net Income | - | -606.28 | -270.73 | 25.43 | -443.15 |
| Net Income Common Stockholders | - | -606.28 | -270.73 | 25.43 | -443.15 |
| Net Income Including Noncontrolling Interests | - | -609.55 | -270.59 | 26.12 | -442.90 |
| Normalized Income | - | -606.28 | -270.73 | 25.43 | -443.15 |
| Diluted NI Availto Com Stockholders | - | -606.28 | -270.73 | 25.43 | -443.15 |
| Basic Average Shares | - | 212.47 | 221.66 | 265.85 | 262.39 |
| Diluted Average Shares | - | 212.47 | 221.66 | 265.85 | 262.39 |
| Reconciled Depreciation | - | 15.28 | 30.69 | 32.15 | 28.89 |
| Total Unusual Items | -20.18 | 0 | 0 | - | - |
| Total Unusual Items Excluding Goodwill | -20.18 | 0 | 0 | - | - |
| Minority Interests | - | 3.28 | -0.13 | -0.69 | -0.25 |
| Special Income Charges | -20.18 | 0 | 0 | - | - |
| Other Special Charges | 20.18 | - | - | - | - |
| Depreciation And Amortization In Income Statement | - | 15.28 | 30.69 | 32.15 | 28.89 |
| General And Administrative Expense | - | 1,419.37 | 1,424.76 | 1,755.94 | 2,049.87 |
| Other Gand A | - | 1,419.37 | 1,424.76 | 1,755.94 | 2,049.87 |
| Other Operating Expenses | - | -2.42 | 7.08 | 0.10 | 23.34 |
| Loss Adjustment Expense | - | 3,280.80 | 4,642.02 | 7,332.59 | 10,019.02 |
| Net Policyholder Benefits And Claims | - | 3,280.80 | 4,642.02 | 7,332.59 | 10,019.02 |
| Policyholder Benefits Gross | - | 4,571.15 | 4,686.76 | 7,491.72 | 10,163.18 |
| Policyholder Benefits Ceded | - | 1,290.35 | 44.74 | 159.13 | 144.15 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Oscar Health, Inc.this co. | OSCR | $7.1B | -16.06 | 7.28 | -45.3% | - |
| Nuvalent, Inc. | NUVL | $7.4B | -17.46 | 5.95 | -34.1% | - |
| Praxis Precision Medicines, Inc. | PRAX | $7.4B | -24.34 | 8.41 | -34.5% | -21.54 |
| HealthEquity, Inc. | HQY | $7.2B | 33.42 | 3.41 | 10.2% | 16.10 |
| Vaxcyte, Inc. | PCVX | $7.0B | -9.18 |
| - |
| - |
| - |
| - |
| - |
| 2.62 |
| -28.5% |
| -7.77 |
| Apogee Therapeutics, Inc. | APGE | $6.9B | -26.79 | 7.58 | -28.3% | -23.68 |
| Spyre Therapeutics, Inc. | SYRE | $6.8B | - | 9.53 | -21.7% | - |
| Arcellx, Inc. | ACLX | $6.7B | -29.41 | 16.73 | -56.9% | -30.17 |
| Immunovant, Inc. | IMVT | $6.7B | -13.27 | 7.87 | -59.3% | -10.90 |
| Peer Median | - | -17.46 | 7.72 | -31.3% | -16.22 | |