📈 Price History

Ratio Health

— Excellent

— Good

— Average

— Poor

By Category

📊 Sector Averages

About

Oscar Health, Inc. operates as a healthcare technology company in the United States.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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⭐ Superinvestors Holding OSCR

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Manager	Shares	Value	% of Fund	Period
Steve Cohen Point72 Asset Management	3.11M	$35.7M	0.05%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific ~ Volatile 4 quarters analysed

Q2 2025

Cautious

Management acknowledges a market-wide morbidity increase and now projects a full-year loss, but repeatedly states confidence in market stabilization in 2026 and outlines specific corrective actions (rate refilings, cost cuts). The language is measured and factual, not defensive or evasive.

Q3 2025

Confident Specific

Management repeatedly expressed confidence in returning to profitability in 2026 and provided specific numbers (28% rate increase, $60M admin cost cuts, SG&A improvement) while acknowledging higher market morbidity. They framed challenges as manageable and emphasized disciplined pricing and innovation.

Q4 2025

Confident Vague

Management expresses strong confidence in returning to profitability in 2026 ('Oscar is on track to return to profitability this year') and highlights record membership growth, but also hedges on risk adjustment volatility and market morbidity, using vague language like 'we feel like we've taken all of those building blocks... gives us confidence' while admitting 'the hardest part of forecasting risk adjustment' is outside visibility.

Q1 2026 latest

Confident Specific

Management used definitive language like 'strong first quarter 2026 results', 'record membership', and 'reaffirming full year guidance'. They provided specific metrics (e.g., 53% revenue growth, 70.5% MLR, 15.2% SG&A) and directly addressed analyst questions with detailed explanations.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is stronger after this call. Oscar Health delivered record profitability and membership growth, with Q1 results exceeding expectations. Management reaffirmed full-year guidance and provided confidence in risk adjustment, which is a key variable. New growth platforms (Lucie, ICHRAx) offer unregulated, high-margin revenue streams, diversifying beyond ACA. However, risks remain: risk adjustment uncertainty persists until the Q2 Wakely report, and competition is intense. The focus on technology and consumer tools could sustain momentum. Key watch items include the June Wakely report, MLR progression through the year, and early traction of Lucie. Overall, the call reinforced execution credibility and long-term vision.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific ~ Volatile 4 quarters Full tone analysis in Intelligence →

📊 MIXED Revenue $4.6B, net income $679M, 3.2M members – strong Q1 2026.

Revenue & Profitability

First quarter 2026 total revenue was $4.6 billion, up 53% year-over-year. Net income reached approximately $679 million ($2.07 per diluted share), the highest in company history. Earnings from operations were $704 million, a $407 million improvement, and adjusted EBITDA was $727 million, up $398 million year-over-year. The medical loss ratio (MLR) improved 490 basis points to 70.5%, driven by disciplined pricing, favorable prior period development ($68 million), and seasonality. The SG&A expense ratio improved 60 basis points to 15.2%, the lowest ever.

Outlook

Management views the individual market as resilient at 23 million lives, with consumers increasingly demanding choice and transparency. The sunset of enhanced premium tax credits had a modestly favorable impact on payment rates. Early Wakely reports show market contraction tracking in line to favorable, and market morbidity is trending in line to favorable versus pricing expectations. Oscar is working with policy makers to strengthen transparency and product innovation, and reaffirmed full-year 2026 guidance with expectations of meaningful profitability.

Growth Drivers

Key growth levers include above-market open enrollment gains, high retention, and expansion of ICHRA (individual coverage health reimbursement arrangement) as employers shift from small group plans. The Lucie Health Marketplace is expected to drive growth by allowing consumers and brokers to shop, bundle, and build personalized coverage. Oscar also sees potential in newer markets like Arizona, North Carolina, and New Jersey, though it is still early. AI tools and broker engagement tools further support membership and retention.

Balance Sheet & CapEx

Not discussed in this earnings call.

Margins

Operating margin improved to 15.2% in Q1 2026, a 540 basis point year-over-year increase, driven by fixed cost leverage, disciplined expense management, and AI efficiencies. Full-year guidance expects MLR of 82.4%–83.4% (lowest in Q1, highest in Q4), SG&A ratio of 15.8%–16.3%, and earnings from operations of $250 million–$450 million. Management expects to continue expanding margins and achieve meaningful profitability in 2026.

Key Risks

Management and analysts flagged risk adjustment as a key swing factor, with early Wakely data pointing to favorable market morbidity but actual claims development still uncertain. The risk adjustment accrual in Q1 was based on pricing expectations and could become a tailwind if morbidity trends persist. Other risks include the impact of competitor exits, timing of claims runout, and the seasonality of utilization as new members (especially in bronze plans) engage with benefits.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-08-06

Record Q2 results featured 70% revenue growth, 46% membership increase, and significant margin expansion. Full-year guidance was raised on strong operating performance, with technology and AI driving efficiencies and favorable risk adjustment trends.

Q1 2026 Q1 2026 2026-05-06

First quarter 2026 saw record revenue and net income, with 56% membership growth and improved margins. Technology and AI drove operational efficiency, and guidance for the full year was reaffirmed amid favorable market trends.

Q4 2025 Q4 2025 2026-02-10

Revenue grew 28% to $11.7B in 2025, with membership up 58% year-over-year and improved SG&A efficiency. Despite a net loss driven by higher market morbidity and risk adjustment, guidance projects a return to profitability in 2026 with $18.7–$19B revenue and a 450 bps MLR improvement.

Q3 2025 Q3 2025 2025-11-06

Q3 2025 revenue rose 23% year-over-year to $3 billion, with membership up 28%. MLR increased to 88.5% due to higher morbidity, but SG&A ratio improved. Full-year guidance was reaffirmed, with disciplined pricing and cost actions positioning for margin expansion and profitability in 2026.

Q2 2025 Q2 2025 2025-08-06

Second quarter revenue grew 29% year-over-year to $2.9 billion, but higher market morbidity drove MLR up to 91.1% and resulted in a $230 million operating loss. Guidance for 2025 is reaffirmed, with profitability expected to return in 2026 and significant cost reductions planned.

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