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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 | $-420M | $-443M | $1.1B | -45.2% | 27.5% | -1842.5% |
| 2024 | $9.2B | $57M | $25M | $950M | 2.5% | 56.5% | - |
| 2023 | $5.9B | $-243M | $-271M | $-298M | -33.6% | 42.1% | - |
| 2022 | $4.1B | $-587M | $-606M | $351M | -67.9% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 4,125.58 | 5,862.87 | 9,177.94 | 11,701.43 |
| EBIT | -587.45 | -242.70 | 57.16 | -419.70 |
| Pretax Income | -610.08 | -267.30 | 33.43 | -437.30 |
| Tax Provision | -0.52 | 3.29 | 7.30 | 5.61 |
| Net Income | -606.27 | -270.73 | 25.43 | -443.15 |
| Net Income Common Stockholders | -606.27 | -270.73 | 25.43 | -443.15 |
| Total Expenses | 4,735.66 | 6,130.17 | 9,144.51 | 12,138.72 |
| Interest Expense | 22.62 | 24.60 | 23.73 | 17.60 |
| Interest Income | 31.31 | 0 | 0 | 0 |
| Selling General And Administration | 1,419.37 | 1,424.76 | 1,755.94 | 2,049.87 |
| Normalized Income | -606.27 | -270.73 | 25.43 | -443.15 |
| Basic EPS | -2.85 | -1.22 | 0.10 | -1.69 |
| Diluted EPS | -2.85 | -1.22 | 0.10 | -1.69 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | 0 |
| Tax Rate For Calcs | 0 | 0.21 | 0.22 | 0.21 |
| Total Unusual Items | 0 | 0 | 0 | 0 |
| Total Unusual Items Excluding Goodwill | 0 | 0 | 0 | 0 |
| Net Income From Continuing Operation Net Minority Interest | -606.27 | -270.73 | 25.43 | -443.15 |
| Reconciled Depreciation | 15.28 | 30.69 | 32.15 | 28.89 |
| Net Interest Income | -22.62 | -24.60 | -23.73 | -17.60 |
| Net Income From Continuing And Discontinued Operation | -606.27 | -270.73 | 25.43 | -443.15 |
| Diluted Average Shares | 212.47 | 221.66 | 265.85 | 262.39 |
| Basic Average Shares | 212.47 | 221.66 | 265.85 | 262.39 |
| Diluted NI Availto Com Stockholders | -606.27 | -270.73 | 25.43 | -443.15 |
| Minority Interests | 3.28 | -0.13 | -0.69 | -0.25 |
| Net Income Including Noncontrolling Interests | -609.55 | -270.59 | 26.12 | -442.90 |
| Net Income Continuous Operations | -609.55 | -270.59 | 26.12 | -442.90 |
| Other Income Expense | 3.88 | 0 | 20.58 | 28.59 |
| Special Income Charges | 0 | 0 | 0 | 0 |
| Other Special Charges | 0 | 0 | 0 | 0 |
| Net Non Operating Interest Income Expense | -22.62 | -24.60 | -23.73 | -17.60 |
| Interest Expense Non Operating | 22.62 | 24.60 | 23.73 | 17.60 |
| Other Operating Expenses | -2.42 | 7.08 | 0.10 | 23.34 |
| 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 |
| Operating Revenue | 4,125.58 | 5,862.87 | 9,177.94 | 11,701.43 |
| 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 | $5.4B | - | 5.45 | -45.2% | -5.02 |
| Mirum Pharmaceuticals, Inc. | MIRM | $5.7B | - | 15.53 | -7.4% | 2666.18 |
| CG Oncology, Inc. | CGON | $5.7B | - | 6.94 | -21.4% | -24.99 |
| Rhythm Pharmaceuticals, Inc. | RYTM | $5.6B | - | 39.69 | -72.8% | -28.64 |
| Scholar Rock Holding Corporation | SRRK | $5.5B |
| - |
| 20.46 |
| -154.0% |
| -13.21 |
| Immunovant, Inc. | IMVT | $5.5B | - | 5.56 | -58.5% | -9.23 |
| Xenon Pharmaceuticals Inc. | XENE | $5.4B | - | 7.67 | -59.5% | -11.06 |
| Lantheus Holdings, Inc. | LNTH | $5.3B | 23.80 | 4.81 | 21.4% | 14.41 |
| PACS Group, Inc. | PACS | $5.2B | 27.38 | 5.53 | 20.1% | 23.70 |
| Peer Median | - | 25.59 | 7.30 | -39.9% | -10.14 | |