Oscar Health
Compare Oscar Health…Tech-platform health insurer focused on ACA marketplace; Adj. EBITDA-positive 2024+; ~$3B market cap; Cigna partnership for +Oscar small-group business.
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Oscar HealthTech-platform health insurer focused on ACA marketplace; Adj. EBITDA-positive 2024+; ~$3B market cap; Cigna partnership for +Oscar small-group business.
Effectuated members on the Affordable Care Act exchanges — Oscar's strategic bet after exiting most Medicare Advantage business by 2023. Florida is the largest state (~58% of members in 2025).
FY 2018 — FY 2025
Source: Oscar Health 10-K filings, S-1 (2021 IPO), and investor presentations (Updated: 2025-FY)
Medical claims as a percentage of premium revenue. Lower is more profitable. ACA exchanges target 80-85% MLR; Oscar's spike in 2025 reflected higher acuity, risk-adjustment headwinds, and rising utilization across the marketplace.
Q1 2022 — Q4 2025
Source: Oscar Health 10-Q + quarterly earnings releases (Updated: 2025-Q4)