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Oscar Health, Inc. key statistics and ratios

In fiscal 2025, Oscar Health, Inc. had return on equity of -44.5%, an operating margin of -3.4%, debt equal to 44.0% of equity and a current ratio of 0.95. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Operating margin−53.1%−86.9%−29.6%−14.9%−4.0%0.6%−3.4%4.1%
Net margin−53.5%−87.9%−31.1%−15.3%−4.6%0.3%−3.8%3.6%
Free-cash-flow margin−39.2%45.1%−11.3%8.9%−5.1%10.4%9.0%28.6%
Return on equity———−53.2%−32.0%2.8%−44.5%36.4%
Return on assets—−17.9%−20.5%−15.4%−6.7%0.6%−7.9%6.3%
Asset turnover—0.200.661.011.442.172.101.75
Current ratio—1.121.241.261.260.820.951.08
Debt to equity——0.0%33.5%37.2%29.6%44.0%21.0%
Interest cover (operating income ÷ interest)—n/mn/mn/mn/m2.4xn/m39.7x
Effective tax rate—————21.9%—6.6%
SG&A as % of revenue———31.7%24.3%19.1%17.5%15.9%
Capital spending as % of revenue5.3%3.0%1.4%0.7%0.4%0.3%0.3%0.3%
Free cash flow ÷ net income—————>999%—795.3%
Dividends and buybacks ÷ free cash flow—0.0%——————

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Moat

37 /100

Weak moat

How hard Oscar Health's competitive advantage looks for rivals to wear away, judged from 6 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -6.5% of total assets over 6 years.

  • Durability 10 / 20

    Operating margin has been a median -5.1%; its worst year was -34.8%.

  • Cash conversion 15 / 20

    Free cash flow was positive in 6 of 6 years, at a median 9.0% of revenue.

  • Discipline 9 / 20

    The diluted share count rose 223.7% over five years; stock-based pay has been a median 2.4% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (42 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: MOH vs OSCRALHC vs OSCRCLOV vs OSCR

More: Managed Health Care stocks compared, Health Care sector, rankings of US companies

Figures from Oscar Health, Inc.'s SEC filings (10-K and 10-Q), retrieved October 26, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Oscar Health, Inc.