| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 68 | 21.1x | 17.8x | Top tier | |
Growth | 98 | 42.8% | 7.1% | Top tier | |
Quality | 95 | 28.7% | 4.5% | Top tier | |
Safety | 76 | — | 2.6x | Top tier | |
Capital Return | 34 | — | 2.12% | Bottom tier | |
Momentum | 97 | 55.4% | 2.9% | Top tier | |
Sentiment | 35 | 6 | 3 | Bottom tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Oscar Health operates in the individual health insurance market, focusing on ACA coverage aimed at individuals outside employer-sponsored plans, including self-employed workers, part-time workers, and early retirees. Its growth depends on increasing membership and pricing insurance premiums by market, while risk adjustment payments and medical care costs directly affect profitability. The company is expanding its model through ICHRA, where the ICHRAx platform enables employers to shift from defined benefits to defined contributions, with conversion revenue that management said is not subject to regulatory constraints like insurance revenue, does not require reserves, and carries higher margins.
In the second quarter of fiscal year 2026, revenue rose 70% year over year to $4.9 billion, driven by membership growth and price increases, partially offset by higher risk adjustment payment accruals. The company ended the quarter with 2.96 million active members, up 46%, while the medical loss ratio improved by approximately 12 points to 79.2% and the selling, general, and administrative expense ratio declined 450 basis points to a record 14.2%.
Income from operations reached $389 million at an operating margin of 8%, representing year-over-year improvements of $619 million and 16 percentage points, respectively, while net income reached $362 million. During the first half of fiscal year 2026, the company recorded approximately $1 billion in net income and diluted earnings of $3.16 per share. The membership mix included members shifting from Silver plans to higher-deductible Bronze plans and to Gold plans, and management said these categories performed in line with or better than its adjusted expectations.
Automated analysis for informational purposes only — not investment advice.
Analyst consensus is neutral, with an average price target of $27.25 and a wide range between $16 and $39. The average is approximately 19% below the 52-week range high of $33.548, while the highest target exceeds that high. A meaningful traditional price-to-earnings multiple is unavailable because of a trailing twelve-month net loss of $39.4 million and negative earnings per share of approximately $0.12, despite the strong profitability recorded in the first half of fiscal year 2026; therefore, the dispersion in analyst targets reflects uncertainty about the sustainability of the improvement after the impact of reserve development and risk adjustment.
Figures in the text are as of 2026-08-30; the live price is shown at the top of the page.
Oscar Health's revenue reached approximately $4.9 billion, up 70% year over year. Net income reached $362 million, while income from operations was $389 million and the operating margin was 8%. The medical loss ratio also improved to 79.2%, and the selling, general, and administrative expense ratio declined to 14.2%. The company ended the quarter with 2.96 million active members, up 46%.
The company expects revenue of between $18.7 billion and $19.0 billion in fiscal year 2026. It raised its income from operations guidance by $250 million to a range of $500–700 million. It also lowered its expected medical loss ratio range to 81.5%–82.5% and its selling, general, and administrative expense ratio range to 15.6%–16.1%. It expects adjusted EBITDA to exceed income from operations by approximately $115 million.
The claims platform processes most claims in less than 48 hours with first-pass accuracy of 98.7%. Oswell Agent uses claims history and clinical interactions to recommend care providers based on cost, location, and availability, and one in four members selected the recommended radiology location and saved an average of $75 per appointment. The company's models also analyze pharmacy activity and utilization, provider, broker, and member data to detect anomalies. Management expects these tools to generate tens of millions of dollars in annual savings.
Oscar Health built the ICHRAx platform from a CMS-certified electronic data exchange it acquired in fiscal year 2025. The platform allows an employee to choose a plan from Oscar Health or participating competing insurers, easing employers' concerns about the breadth of provider networks. Management said the benefit selection tools could reduce employer costs by up to 26%. The company sees an opportunity involving approximately 115 million people at small and middle-market companies, in addition to conversion revenue that it described as higher-margin than regulated insurance revenue.
Management expects the medical loss ratio to rise sequentially as members exhaust their deductibles, and outpatient utilization was elevated during the first half. It also expects membership attrition to be closer to twice its previous estimate of 1%–2% per month due to CMS eligibility verification measures. Results for the first six months benefited from $232 million of favorable prior-period development, support that should not be assumed to recur at the same level. Nevertheless, management confirmed on the August 6, 2026 call that the expected effects of eligibility verification are included in fiscal year 2026 guidance.
Analyst consensus is neutral, with an average price target of $27.25, a high target of $39, and a low target of $16. This $23 spread indicates substantial divergence in estimates of the sustainability of profitability and growth. During the three months ended with the latest transaction on August 18, 2026, insider net sales totaled $104.9 million across 33 sales and no purchases. These sales alone are insufficient to support a bearish thesis because they may be prearranged unless the data proves otherwise.
