Latest Ratios: P/E Ratio -18.4x · 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 | $8.1B | $3.8B | $3.6B | $2.0B | $523M | $1.4B | — | — |
| Enterprise Value | $5.7B | $1.4B | $2.3B | $457M | $-737908447 | $301M | — | — |
| P/E Ratio → | -18.41 | — | 140.44 | — | — | — | — | — |
| P/S Ratio | 0.69 | 0.32 | 0.39 | 0.35 | 0.13 | 0.73 | — | — |
| P/B Ratio | 8.33 | 3.84 | 3.52 | 2.52 | 0.59 | 1.01 | — | — |
| P/FCF | 7.62 | 3.56 | 3.76 | — | 1.49 | — | — | — |
| P/OCF | 7.37 | 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% | -9.4% | -41.1% | -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 | — | 1.26 | 1.71 | — | — |
| Quick Ratio | 0.95 | 0.95 | 0.90 | — | 1.26 | 1.71 | — | — |
| Cash Ratio | 0.82 | 0.82 | 0.68 | — | 0.91 | 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 | 13.1% | 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 |
Regulatory ACA Subsidy Exposure
According to current market data, Oscar's forward P/E of 28.57 suggests investors are pricing in significant future earnings growth, a notable shift from the negative trailing P/E of -17.63 that previously characterized the company's high-burn, early-stage development phase within the competitive individual healthcare exchange market.
The current valuation appears to be transitioning from a pure growth-at-any-cost narrative to one focused on sustainable earnings, though the forward multiple remains sensitive to the company's ability to maintain recent margin improvements. Investors should monitor whether the current P/S of 0.66 provides a sufficient margin of safety given the inherent volatility in medical loss ratios and the potential for regulatory shifts in ACA subsidies.
As reported in recent financial statements, Oscar's gross margin reached 30.5% in 2026Q1, a substantial improvement from the 6.6% recorded in 2025Q4, which suggests that the company is successfully leveraging its proprietary technology stack to manage medical costs more effectively than in previous, less efficient operating periods.
The improvement in operating margin to 15.2% indicates that the company is beginning to achieve the necessary scale to offset its administrative overhead. However, because these margins are structurally constrained by the ACA's 80/20 rule, future profitability gains must come from superior medical cost management rather than simple premium price increases.
Based on the provided figures, asset turnover has shown a modest upward trend, reaching 0.60 in 2026Q1 compared to 0.46 in 2025Q4, which indicates that the company is becoming more efficient at generating revenue from its expanding asset base as it scales its core insurance operations.
The fluctuation in DSO, which moved from 15 days in 2025Q4 to 10 days in 2026Q1, suggests improved collection cycles for government-backed receivables. This efficiency gain is critical for maintaining liquidity, as the company's business model relies heavily on the timely receipt of subsidies to fund its medical claims obligations.
According to recent balance sheet filings, Oscar has maintained a conservative debt-to-equity ratio of 0.26 as of 2026Q1, which represents a significant improvement from the 0.44 ratio observed in 2025Q4, signaling that management is prioritizing balance sheet stability while navigating the company's rapid membership expansion.
The interest coverage ratio of 130.81 in 2026Q1 highlights a vastly improved ability to service debt compared to the negative coverage seen in previous quarters. This financial flexibility is essential for the company to maintain its regulatory capital requirements without needing to resort to dilutive financing in the near term.
Based on an analysis of the business model, the P/E ratio is frequently misapplied to Oscar, as it obscures the company's true earning power by failing to account for the massive, non-recurring swings in working capital and government risk adjustment true-ups inherent in the ACA exchange market.
Investors should instead focus on the Medical Loss Ratio (MLR) and the Administrative Expense Ratio, as these metrics provide a clearer view of the company's operational efficiency and its ability to scale its tech-enabled platform. Relying on GAAP earnings alone may lead to an incorrect assessment of the company's long-term viability, as these figures are often distorted by the timing of regulatory payments.
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Quick answers to the most common questions about buying OSCR stock.
Oscar Health, Inc.'s current P/E ratio is -18.4x. 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 -18.4x. Compare with industry peers and growth rates for a complete picture.
Oscar Health, Inc. has 14.4% gross margin and -3.4% operating margin.