Total assets grew to $11.2B in 2026Q2 from $4.4B in 2024Q1, with equity rising to $2.1B, yet ROE swung from -35.1% in 2025Q4 to 19.4% in 2026Q2, highlighting earnings instability.
Oscar Health, Inc. (OSCR) balance sheet — 7-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Total Assets | 11.23B | 6.33B | 4.84B | 3.6B | 4.53B | 3.32B | 2.27B | 1.35B |
| Asset Growth % | 193.67% | 30.68% | 34.4% | -20.44% | 36.28% | 46.19% | 68.69% | - |
| Total Investment Assets | 4M | 2.69B | 2.44B | 1.06B | 1.62B | 1.43B | 692.13M | 363.23M |
| Long-Term Investments | 6.09B | 1.47B | 1.82B | 365.31M | 222.92M | 844.48M | 366.39M | 333.75M |
| Short-Term Investments | 4.48B | 1.22B | 624.46M | 689.83M | 1.4B | 587.09M | 366.39M | 333.75M |
| Total Current Assets | 9.37B | 4.61B | 2.85B | 2.07B | 4.14B | 2.76B | 0 | 0 |
| Cash & Equivalents | 4.08B | 2.77B | 1.53B | 1.87B | 1.56B | 1.1B | 826.33M | 336.64M |
| Receivables | 2.26B | 442.64M | 315.89M | 494.39M | 1.16B | 1.04B | 96.48M | 55.19M |
| Other Current Assets | 437.61M | 180.15M | 377.64M | -982.95M | 27.48M | 28.09M | -1.29B | -725.59M |
| Goodwill & Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PP&E (Net) | 101.49M | 88.35M | 66.79M | 61.93M | 59.89M | 46.61M | 35.81M | 33.08M |
| Other Assets | 151.31M | 152.67M | 113.28M | 1.1B | 101.21M | -335.44M | -402.2M | -366.83M |
| Total Liabilities | 9.17B | 5.34B | 3.82B | 2.8B | 3.63B | 1.93B | 3.57B | 2.29B |
| Total Debt | 431.63M | 430.1M | 299.56M | 298.78M | 298M | 0 | 142.49M | 0 |
| Net Debt | -3.64B | -2.34B | -1.23B | -1.57B | -1.26B | -1.1B | -683.84M | -336.64M |
| Long-Term Debt | 431.63M | 430.1M | 299.56M | 298.78M | 298M | 0 | 142.49M | 0 |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 8.69B | 4.86B | 3.17B | -175.28M | 2.97B | 1.62B | 0 | 0 |
| Accounts Payable | -196.54M | -99.75M | 1.4B | 1.03B | 1.37B | 718.81M | 655.23M | 589.07M |
| Deferred Revenue | 0 | 0 | 0 | 0 | 79M | 75.04M | 0 | 0 |
| Other Current Liabilities | 8.89B | 4.96B | 215.28M | -2.26B | 4.21M | 29.25M | -1.37B | -887.7M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 1000K | 0 | 0 |
| Other Liabilities | 50.47M | 51.99M | 61.28M | 2.67B | 370.12M | 311.63M | -142.49M | 0 |
| Total Equity | 2.06B | 980.74M | 1.02B | 806.12M | 892.4M | 1.39B | -1.3B | -945.14M |
| Equity Growth % | 86.35% | -3.51% | 26.09% | -9.67% | -35.91% | 207.46% | -37.11% | - |
| Shareholders Equity | 2.05B | 977.65M | 1.01B | 803.97M | 890.38M | 1.39B | -1.3B | -945.14M |
| Minority Interest | 3.13M | 3.09M | 2.84M | 2.15M | 2.02M | 5.29M | 0 | 0 |
| Retained Earnings | -2.25B | -3.29B | -2.85B | -2.88B | -2.61B | -2B | -1.43B | -1.01B |
| Common Stock | 3K | 3K | 2K | 2K | 2K | 2K | 2K | 2K |
| Accumulated OCI | -8.25M | 18.03M | -1.83M | 1.31M | -9.71M | -3.67M | 879K | -27K |
| Return on Equity (ROE) | 38.45% | -44.38% | 2.79% | -31.88% | -53.07% | -1185.16% | - | - |
| Return on Assets (ROA) | 6.76% | -7.94% | 0.6% | -6.66% | -15.45% | -20.47% | -22.48% | -19.39% |
| Equity / Assets | 18.31% | 15.5% | 21% | 22.38% | 19.71% | 41.92% | -57.03% | -70.17% |
| Debt / Equity | 0.21x | 0.44x | 0.29x | 0.37x | 0.33x | - | - | - |
| Book Value per Share | 6.16 | 3.74 | 3.82 | 3.64 | 4.20 | 7.78 | -5.42 | -3.95 |
| Tangible BV per Share | 6.16 | 3.74 | 3.82 | 3.64 | 4.20 | 7.78 | -5.42 | -3.95 |
Quick answers to the most common questions about buying OSCR stock.
As of 2025, Oscar Health, Inc. (OSCR) had total assets of $6.33B including $4.61B in current assets.
Oscar Health, Inc. (OSCR) carries total debt of $430.1M, offset by $3.99B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Oscar Health, Inc. (OSCR) has total shareholders' equity (book value) of $977.6M ($3.74 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Oscar Health, Inc. (OSCR) reported a current ratio of 0.95x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Enhanced subsidy sunset exposure
Metrics are mathematically derived from official filings.
Balance Sheet Scales with Premium Surge
Total assets grew to $11.2B in 2026Q2 from $4.4B in 2024Q1, according to the latest balance sheet, reflecting rapid premium growth and capital generation.
The balance sheet has expanded nearly 2.5x in two years, driven by a 70.4% year-over-year revenue surge in 2026Q2. Equity rose to $2.1B from $1.0B in 2024Q1, indicating retained earnings are now contributing to capital. However, liabilities grew proportionally, suggesting the expansion is primarily premium-driven rather than capital-driven.
Investment Portfolio Remains Opaque
Investment holdings are reported at a constant $1,000K across all quarters, as per financial statements, suggesting data limitations rather than a static portfolio.
The reported investment figure appears to be a placeholder, as it does not change despite the company's $2.7B cash and investments mentioned in disclosures. This discrepancy warrants caution; investors should seek more granular portfolio allocation data to assess duration and credit risk. The lack of investment income data further limits analysis of yield contribution.
Loss Reserves Signal Favorable Development
Claims and loss reserves jumped to $3.2B in 2026Q1 from $2.1B in 2024Q4, as per balance sheet data, while the loss ratio fell to 69.5%, suggesting reserve releases.
The sharp increase in reserves aligns with premium growth, but the unusually low loss ratio of 69.5% in 2026Q1, compared to 86.3% in 2024Q4, may indicate favorable prior-year development. This could be inflating current underwriting results, and investors should monitor whether such releases are sustainable or a one-time benefit.
Equity Buffer Strengthens but ROE Remains Volatile
Equity rose to $2.1B in 2026Q2 from $1.0B in 2024Q1, as reported, yet ROE swung from -35.1% in 2025Q4 to 19.4% in 2026Q2, indicating earnings instability.
The equity base has more than doubled, providing a stronger capital buffer for regulatory requirements and potential expansion. However, the extreme volatility in ROE—ranging from -44.4% to 51.3%—suggests that profitability is not yet stable. The negative operating margin of -3.4% in 2026Q2 implies that reported profits may be driven by non-operating items, warranting scrutiny of earnings quality.
Liquidity Profile Hinges on Cash Generation
Cash flow data shows operating cash flow of $2.0B in 2026Q2, as per the cash flow statement, but balance sheet cash is not disclosed, limiting liquidity assessment.
The strong operating cash flow suggests ample liquidity to meet claims, but the absence of cash balances on the balance sheet is a data gap. The company's significant investment in securities ($4.0B purchased in 2026Q2) may indicate a shift toward yield, but this could reduce immediate liquidity. Investors should monitor the mix of cash and invested assets to ensure claims-paying ability.
Earnings Quality Under Scrutiny
Despite record EPS of $1.10 in 2026Q2, operating margin remains negative at -3.4% and ROE is -44.4%, as per the latest report, suggesting profits may be non-operational.
The divergence between reported net income and operating metrics raises questions about the sustainability of earnings. The negative operating margin and deeply negative ROE indicate that core underwriting may still be unprofitable, with the EPS beat possibly driven by investment gains or one-time items. This warrants close monitoring of cash flow quality and the durability of the profitability inflection.