Metrics
The numbers behind Oscar Health, Inc.: as-reported financial statements and company metrics for FY2021–FY2025, traced to the source filings, opened with the share-price history those statements have to justify. Every linked figure opens the exact page of the filing it was printed on, with the statement row highlighted. Amounts in US$ thousands unless noted.
Reading notes: All figures are in US$ thousands, the scale Oscar Health prints on every statement page ('(in thousands, except per share amounts)'). Per-share rows are in dollars and Medical Loss Ratio is a percentage. Oscar reports as a single reportable segment, so the revenue breakdown is the Company's own revenue disaggregation from the Consolidated Statements of Operations (Premium, Investment income, Other revenues) rather than a segment cut. Presentation change: the FY2024 Form 10-K recast the income statement into Premium / Investment income / Services and other revenue and Medical / Selling, general, and administrative / Depreciation and amortization expense. FY2022-FY2024 are therefore cited to the FY2024 Form 10-K, the earliest filing in the corpus that prints those years in the current format. FY2021 is cited to the FY2021 Form 10-K's original presentation, in which Premium appears as 'Premiums earned' and Medical as 'Claims incurred, net'. FY2021 Investment income, Other revenues and Selling, general, and administrative are shown as not available: the FY2021 presentation combined investment income with other revenue and split operating costs into Other insurance costs, General and administrative expenses, Federal and state assessments and Premium deficiency reserve, and no filing in the corpus recasts FY2021 into the current format.
Share Price — Full Available History — 5 Years
The stock closed at $28.34 on Jul 27, 2026 — down 19% over the window shown (-3.7% a year), trading between $2.15 and $36.77.
Source: market price feed, weekly closes, sampled from 1,357 source observations, Mar 2021–Jul 2026. Price return only, excludes dividends.
Market capitalization $817mn and enterprise value -$1.5bn.
Market cap = 28.8M shares outstanding × the Jul 27, 2026 close of $28.34. Enterprise value adds total debt of $430mn and subtracts cash and equivalents of $2.8bn (net cash of $2.3bn), from the FY2025 balance sheet. Market-derived figures, shown without filing links.
FY2025 at a Glance
Revenue (US$ thousands)
Net income (US$ thousands)
Diluted EPS
Source: FY2025 consolidated statements [1] [2] [3] [4]. Click any linked figure to open the filing page with the row highlighted.
Revenue by Component
| Revenue by Component | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Premium | 1,831,020 | 3,871,117 | 5,686,069 | 8,971,259 | 11,469,893 |
| Investment income | — | 27,594 | 155,447 | 185,729 | 202,941 |
| Other revenues | — | 64,927 | 21,353 | 20,576 | 28,593 |
| Total revenue | 1,838,715 | 3,963,638 | 5,862,869 | 9,177,564 | 11,701,427 |
| Total revenue growth, derived | — | +115.6% | +47.9% | +56.5% | +27.5% |
Source: Consolidated Statements of Operations (FY2025 and FY2024 Forms 10-K); FY2021 premium is the 'Premiums earned' line of the FY2021 Form 10-K, which used the pre-2024 revenue presentation [1] [2] [4]. Click any linked figure to open the filing page with the row highlighted.
Income Statement
Source: Consolidated Statements of Operations. FY2022-FY2024 are cited to the FY2024 Form 10-K, the earliest filing that presents those years in the current revenue and expense format; FY2021 is cited to the FY2021 Form 10-K's original presentation. [1] [2] [3] [4]. Click any linked figure to open the filing page with the row highlighted.
Columns marked E are consensus analyst estimates from S&P Capital IQ (CapIQ), shown alongside reported results for direct comparison; they are not company guidance.
Estimate source: S&P Capital IQ (CapIQ) consensus, as of 2026-07-28. Estimate figures are S&P Capital IQ consensus (vendor data — no filing page links). EPS and net income use the normalized (adjusted) consensus where the street reports it. Line-item analyst models (segments, drivers, KPIs) are in the Visible Alpha tab.
Balance Sheet
Source: Consolidated Balance Sheets. FY2021 is the comparative column of the FY2022 Form 10-K, whose line-item labels match the FY2022 presentation. [5] [6] [7] [8]. Click any linked figure to open the filing page with the row highlighted.
Cash Flow
Source: Consolidated Statements of Cash Flows, each year cited to its own Form 10-K [9] [10] [11] [12]. Click any linked figure to open the filing page with the row highlighted.
Selling, General, and Administrative Expense Detail
| Selling, General, and Administrative Expense Detail | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Member acquisition and servicing costs | — | 679,464 | 540,135 | 747,627 | 975,328 |
| Premium taxes, exchange fees, and other taxes and fees | — | 281,518 | 289,388 | 432,290 | 446,079 |
| All other selling, general, and administrative | — | 296,442 | 596,243 | 575,648 | 628,460 |
| Total selling, general, and administrative expenses | — | 1,257,424 | 1,425,766 | 1,755,565 | 2,049,867 |
Source: Segment Information note (single reportable segment) — significant expense categories reviewed by the chief operating decision maker; first disclosed on adoption of ASU 2023-07 in the FY2024 Form 10-K, so FY2021 is not available [13] [14]. Click any linked figure to open the filing page with the row highlighted.
Membership by Offering and Core States
| Membership by Offering and Core States | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Individual and Small Group members | 577,799 | 1,084,404 | 967,002 | 1,636,400 | 2,042,449 |
| Cigna+Oscar Small Group members | 16,506 | 62,627 | 67,500 | 40,570 | 0 |
| Medicare Advantage members | 3,864 | 4,452 | 1,781 | 0 | — |
| Members - Florida | 291,894 | 685,205 | 593,867 | 871,881 | 1,179,934 |
| Members - Texas | 90,369 | 148,362 | 112,554 | 141,000 | 358,910 |
| Members - Georgia | 6,610 | 103,970 | 117,189 | 379,680 | 218,746 |
Source: company filings [15] [16] [17] [18]. Click any linked figure to open the filing page with the row highlighted.
InsuranceCo Underwriting and Cost Ratios
| InsuranceCo Underwriting and Cost Ratios | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Direct and Assumed Policy Premiums | 3,436,626 | 6,842,439 | 6,647,658 | — | — |
| Premiums before ceded reinsurance | 2,712,988 | 5,334,520 | 5,696,978 | — | — |
| InsuranceCo Administrative Expense Ratio | 21.8% | 20.6% | 17.9% | — | — |
| InsuranceCo Combined Ratio | 110.7% | 105.8% | 99.5% | — | — |
| Adjusted Administrative Expense Ratio | 28.9% | 24.6% | 21.0% | — | — |
| SG A Expense Ratio | — | 31.7% | 24.3% | 19.1% | 17.5% |
| Adjusted EBITDA | (429,826) | (462,255) | (45,238) | 199,234 | (279,811) |
Source: company filings [19] [20] [21] [22]. Click any linked figure to open the filing page with the row highlighted.
Premium Mix and Subsidy Dependence
| Premium Mix and Subsidy Dependence | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Policy premiums collected from CMS (APTC) | 2,500,000 | 5,700,000 | 5,500,000 | 9,512,300 | — |
| Policy premiums collected from members | 911,600 | 977,000 | 900,000 | 799,300 | — |
| Assumed policy premiums (Cigna+Oscar) | 16,300 | 138,100 | 228,800 | — | — |
| Reinsurance premiums ceded | (881,968) | (1,463,403) | (10,909) | — | — |
| Direct policy premiums subsidized by APTCs | — | 85.0% | 85.0% | 92.0% | 97.0% |
| Revenue from ACA-regulated health plans | 98.0% | 99.0% | 97.0% | 97.0% | 98.0% |
Source: company filings [23] [24] [25] [26]. Click any linked figure to open the filing page with the row highlighted.
Statutory Capital and Parent Liquidity
| Statutory Capital and Parent Liquidity | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Combined statutory capital and surplus | 474,800 | 701,500 | 800,600 | 1,242,700 | 1,000,000 |
| Excess over minimum statutory RBC requirement | — | 198,000 | 301,000 | 734,000 | 315,000 |
| Additional capital required absent quota share reinsurance | 147,900 | 446,800 | 447,100 | 553,800 | 683,100 |
| Capital contributions from Parent to insurance subsidiaries | 540,900 | 423,500 | 19,500 | 146,600 | 120,800 |
| Cash and investments held at Parent / holding company | 738,600 | 342,000 | 233,500 | 189,800 | 414,200 |
| Cash and investments held at Health Insurance Subsidiaries | — | 2,900,000 | 2,721,200 | 3,808,000 | 5,100,000 |
Source: company filings [27] [28] [29] [30]. Click any linked figure to open the filing page with the row highlighted.
Long-Term Record
| Fiscal year | Total revenue | Earnings (loss) from operations | Net income (loss) attributable to Oscar Health, Inc. | Diluted earnings (loss) per share | Net cash provided by (used in) operating activities | Purchase of property, equipment and capitalized software | Total stockholders' equity |
|---|---|---|---|---|---|---|---|
| FY2019 | 488,188 | (259,389) | (261,182) | (9.06) | (165,370) | (25,996) | (945,138) |
| FY2020 | 462,801 | (402,266) | (406,825) | (14.16) | 222,732 | (14,021) | (1,295,893) |
| FY2021 | 1,838,715 | (544,481) | (572,606) | (3.20) | (181,745) | (25,885) | 1,392,522 |
| FY2022 | 3,963,638 | (589,867) | (606,275) | (2.85) | 380,349 | (29,012) | 892,400 |
| FY2023 | 5,862,869 | (235,615) | (270,728) | (1.22) | (272,159) | (25,577) | 806,117 |
| FY2024 | 9,177,564 | 57,265 | 25,432 | 0.10 | 978,193 | (27,897) | 1,016,425 |
| FY2025 | 11,701,427 | (396,357) | (443,151) | (1.69) | 1,094,854 | (36,372) | 980,735 |
Source: consolidated statements across filings; older years from the standardized feed [31] [9] [5] [1]. Click any linked figure to open the filing page with the row highlighted.
Operating KPIs
| KPI | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Total members | 598,169 | 1,151,483 | 1,036,283 | 1,676,970 | 2,042,449 |
| Medical Loss Ratio | 88.9% | 85.3% | 81.6% | 81.7% | 87.4% |
Source: company-reported operating metrics [32] [15] [33] [16]. Click any linked figure to open the filing page with the row highlighted.
Analyst Consensus
Mean target
Median target
High target
Low target
Street ratings: 3 buy, 7 hold, 1 sell. Consensus: Hold.
Estimate source: S&P Capital IQ (CapIQ) consensus, as of 2026-07-28. Estimate figures are S&P Capital IQ consensus (vendor data — no filing page links). EPS and net income use the normalized (adjusted) consensus where the street reports it. Line-item analyst models (segments, drivers, KPIs) are in the Visible Alpha tab.
Traceability
526 of 526 figures on this page (100%) link to the filing page where they are printed — click a linked figure to open the source PDF at that page with the row highlighted. Unlinked figures come from standardized data feeds or pre-filing years.
All figures are in US$ thousands, the scale Oscar Health prints on every statement page ('(in thousands, except per share amounts)'). Per-share rows are in dollars and Medical Loss Ratio is a percentage.
Oscar reports as a single reportable segment, so the revenue breakdown is the Company's own revenue disaggregation from the Consolidated Statements of Operations (Premium, Investment income, Other revenues) rather than a segment cut.
Presentation change: the FY2024 Form 10-K recast the income statement into Premium / Investment income / Services and other revenue and Medical / Selling, general, and administrative / Depreciation and amortization expense. FY2022-FY2024 are therefore cited to the FY2024 Form 10-K, the earliest filing in the corpus that prints those years in the current format. FY2021 is cited to the FY2021 Form 10-K's original presentation, in which Premium appears as 'Premiums earned' and Medical as 'Claims incurred, net'.
FY2021 Investment income, Other revenues and Selling, general, and administrative are shown as not available: the FY2021 presentation combined investment income with other revenue and split operating costs into Other insurance costs, General and administrative expenses, Federal and state assessments and Premium deficiency reserve, and no filing in the corpus recasts FY2021 into the current format.
FY2021 Depreciation and amortization is cited to the FY2021 Form 10-K Consolidated Statements of Cash Flows, the only place that year's figure is printed as a discrete line.
FY2021 balance sheet figures are the December 31, 2021 comparative column of the FY2022 Form 10-K, whose line-item labels match the current presentation.
The Selling, General, and Administrative Expense Detail comes from the Segment Information note, first disclosed on adoption of ASU 2023-07 in the FY2024 Form 10-K (FY2022-FY2024) and updated in the FY2025 Form 10-K (FY2025). FY2021 is not disclosed.
Medical Loss Ratio for FY2021-FY2023 is the ratio printed in each year's Form 10-K Item 1 key-metrics table; FY2024 and FY2025 are the ratio printed in the MD A reconciliation of net claims to net premiums before ceded quota share reinsurance. The FY2024 Form 10-K restates FY2023 on the later basis at 81.6 percent, the same figure the FY2023 Form 10-K printed.
FY2019 and FY2020 in the Long-Term Record are the comparative columns of the FY2021 Form 10-K, which restates per-share amounts for the pre-IPO recapitalization. FY2019 total stockholders' equity is the stockholders' deficit printed in the March 2021 IPO prospectus (Form 424B4) and excludes US$1,295,744k of convertible preferred stock that sat outside permanent equity until the IPO.
The Total stockholders' equity row includes noncontrolling interests, as printed. The provider feed reports the Total Oscar Health, Inc. stockholders' equity line instead (US$977,648k vs US$980,735k at FY2025).
Quarterly cash flows are derived from the printed year-to-date statements: Q1 FY25 and Q1 FY26 are the printed three-month columns, and every other quarter is the exact difference of two printed year-to-date figures. Each derived value was reconciled against the provider's quarterly cash-flow feed, which agrees to the dollar.
Q4 FY24 and Q4 FY25 income-statement figures are the printed three-month December-quarter columns of the Q4 earnings releases (Form 8-K Exhibit 99.1); the corresponding balance sheets are the December 31 columns of the Forms 10-K.
Beginning with the Q1 2026 Form 10-Q, risk adjustment transfer receivable and payable were reclassified into Receivables from CMS and Payables to CMS. Annual balance sheet rows use the presentation as filed in each Form 10-K.
2 figure(s) differed between the data feed and the filing; the filing value is shown (see the run's metrics/metrics_tab.json for the audit trail).