Latest Ratios: P/E Ratio -18.3x · EV/EBITDA N/A · ROE -44.4%. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $8.0B | $3.8B | $3.6B | $2.0B | $523M | $1.4B | — | — |
| Enterprise Value | $5.7B | $1.4B | $2.3B | $457M | $-737908447 | $301M | — | — |
| P/E Ratio → | -18.31 | — | 140.44 | — | — | — | — | — |
| P/S Ratio | 0.69 | 0.32 | 0.39 | 0.35 | 0.13 | 0.73 | — | — |
| P/B Ratio | 8.28 | 3.84 | 3.52 | 2.52 | 0.59 | 1.01 | — | — |
| P/FCF | 7.58 | 3.56 | 3.76 | — | 1.49 | — | — | — |
| P/OCF | 7.33 | 3.44 | 3.65 | — | 1.37 | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.12 | 0.26 | 0.08 | -0.18 | 0.16 | — | — |
| EV / EBITDA | — | — | 26.23 | — | — | — | — | — |
| EV / EBIT | — | — | 41.03 | — | — | — | — | — |
| EV / FCF | — | 1.35 | 2.47 | — | -2.10 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 14.4% | 14.4% | 20.1% | 20.8% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating Margin | -3.4% | -3.4% | 0.6% | -4.0% | -14.8% | -29.7% | -68.8% | -46.8% |
| Net Profit Margin | -3.8% | -3.8% | 0.3% | -4.6% | -14.7% | -29.8% | -69.0% | -47.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -44.4% | -44.4% | 2.8% | -31.9% | -53.1% | -1185.2% | — | — |
| ROA | -7.9% | -7.9% | 0.6% | -6.7% | -15.4% | -20.5% | -22.5% | -19.4% |
| ROIC | — | — | — | — | — | -148.3% | — | — |
| ROCE | -25.3% | -25.3% | 2.1% | -8.8% | -37.4% | -48.4% | -22.4% | — |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.44 | 0.44 | 0.29 | 0.37 | 0.33 | — | — | — |
| Debt / EBITDA | — | — | 3.35 | — | — | — | — | — |
| Net Debt / Equity | — | -2.39 | -1.21 | -1.95 | -1.41 | -0.79 | — | — |
| Net Debt / EBITDA | — | — | -13.73 | — | — | — | — | — |
| Debt / FCF | — | -2.21 | -1.29 | — | -3.59 | — | -3.28 | — |
| Interest Coverage | -23.85 | -23.85 | 2.41 | -9.86 | -25.97 | -119.89 | -114.48 | — |
Net cash position: cash ($2.8B) exceeds total debt ($430M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.95 | 0.95 | 0.90 | — | 1.40 | 1.71 | — | — |
| Quick Ratio | 0.95 | 0.95 | 0.90 | — | 1.40 | 1.71 | — | — |
| Cash Ratio | 0.82 | 0.82 | 0.68 | — | 1.00 | 1.05 | — | — |
| Asset Turnover | — | 1.85 | 1.90 | 1.63 | 0.91 | 0.58 | 0.26 | 0.41 |
| Inventory Turnover | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 0.7% | — | — | — | — | — |
| FCF Yield | 13.2% | 28.1% | 26.6% | — | 67.2% | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $262M | $266M | $222M | $212M | $179M | $239M | $239M |
Includes 30+ ratios · 7 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying OSCR stock.
Oscar Health, Inc.'s current P/E ratio is -18.3x. The historical average is 140.4x.
Oscar Health, Inc.'s return on equity (ROE) is -44.4%. The historical average is -31.6%.
Based on historical data, Oscar Health, Inc. is trading at a P/E of -18.3x. Compare with industry peers and growth rates for a complete picture.
Oscar Health, Inc. has 14.4% gross margin and -3.4% operating margin.
Key Metrics
Top Statement Risk
Enhanced subsidy sunset exposure
Metrics are mathematically derived from official filings.
Underwriting Swing Turns Positive
Oscar's combined ratio improved to 84.8% in 2026Q1 from 90.2% a year earlier, as reported in financial statements, signaling a strong underwriting margin and effective medical cost management.
The 2026Q1 combined ratio of 84.8% represents a dramatic improvement from the 111.9% reported in 2025Q4, indicating a sharp reversal in underwriting profitability. The loss ratio of 69.5% is notably low, which may reflect favorable prior-year reserve development rather than purely operational improvement, as suggested by the jump in claims reserves. Investors should monitor whether this underwriting strength persists or is partly driven by one-time items.
ROE Volatility Masks Underlying Progress
Oscar's ROE swung from -35.1% in 2025Q4 to 19.4% in 2026Q2, according to SEC filings, indicating high earnings volatility but a potential inflection toward sustained profitability.
The dramatic ROE swings reflect the lumpy nature of insurance earnings, with 2026Q1's 51.3% ROE likely boosted by favorable reserve development and investment gains. The negative operating margin of -3.4% and deeply negative ROE of -44.4% in the latest quarter, as per the latest report, suggest that reported profitability may be driven by non-operating items. Investors should focus on the sustainability of underwriting income rather than quarterly ROE spikes.
Expense Ratio Shows Scale Benefits
Oscar's expense ratio fell to 15.3% in 2026Q1 from 18.9% a year earlier, as per financial statements, indicating improving operating leverage as membership grows.
The declining expense ratio suggests that Oscar's technology platform is enabling cost-efficient scaling, with administrative costs growing slower than premiums. However, the 92.2% expense ratio in 2026Q2 appears anomalous, possibly due to data reporting issues or one-time costs. If the sub-16% expense ratio is sustainable, it would position Oscar favorably against peers like Clover Health and Alignment Healthcare.
Conservative Leverage Supports Growth
Oscar's debt-to-equity ratio remains low at 0.21 in 2026Q2, as reported in financial statements, indicating a conservative capital structure that supports its underwriting expansion.
With a D/E ratio of 0.21 and interest coverage of 82.34x in 2026Q2, Oscar appears to have ample financial flexibility to fund growth without excessive leverage. The low leverage is typical for a health insurer that relies on premium float rather than debt. However, the premium-to-surplus ratio is not directly disclosed, but the strong equity base of $2.1B suggests adequate capital to support the growing premium volume.
Valuation Premium Reflects Growth Potential
Oscar trades at a P/B of 8.76, well above peers like Arch Capital at 1.53, as per market data, implying investors are pricing in superior growth and technology-driven efficiency.
Oscar's P/B multiple is significantly higher than traditional insurers, reflecting its high-growth profile and potential for margin expansion. However, its ROE of -44.4% (latest quarter) is far below Arch Capital's 19.5%, suggesting the premium is based on future expectations rather than current returns. The market appears to be valuing Oscar as a tech-enabled platform rather than a pure insurer, which may be justified if the +Oscar segment scales.
Combined Ratio Can Mislead
The combined ratio, while improving, may obscure the impact of reserve releases and risk adjustment true-ups, as noted in SEC filings, making it a less reliable indicator of core underwriting performance.
Oscar's combined ratio of 84.8% in 2026Q1 is impressive, but the unusually low loss ratio of 69.5% suggests favorable prior-year reserve development may be inflating results. Additionally, the risk adjustment mechanism involves significant estimates that can lead to large true-ups, distorting quarterly earnings. Investors should adjust for reserve development and risk adjustment volatility to assess the true underwriting margin, perhaps by analyzing the loss ratio before reinsurance and excluding risk adjustment impacts.