What happened with OSCR today?
No read yet
Uses news and trading volume to explain the day’s move and how it relates to the market.
Stop guessing. Get the call, a three-month target price, the best and worst cases, and a source for every claim.
Oscar Health covers members’ medical costs through health plans that use selected networks of hospitals and other healthcare providers. Individuals and families buy coverage through government Health Insurance Marketplaces or outside those exchanges. Brokers bring in most members. Almost all revenue comes from premiums, and most premium payments reach Oscar directly from the Centers for Medicare & Medicaid Services (CMS) through advance premium tax credits on members’ behalf; members pay the remainder.
The business depends on retaining members and setting premiums that cover medical claims and administrative costs. Federal risk adjustment also moves money between insurers according to how healthy or sick their members are relative to others in the same market. Oscar must obtain regulatory approval for its premium rates and maintain licenses and Marketplace approvals to sell coverage. Its reliance on subsidized coverage makes federal eligibility and enrollment rules important; enhanced premium subsidies expired at the end of 2025, leaving the earlier subsidy structure in place.
Oscar also offers healthcare providers and insurers its +Oscar technology platform, including Campaign Builder, which uses data to guide personalized outreach. Insurance remains its main business.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Oscar’s results hinge on ACA subsidies, payments that balance member health risks across insurers, and medical costs; watch unlisted partner CVS/Caremark, which manages pharmacy claims, networks and drug rebates.
Centene competes with Oscar to sell ACA Marketplace health insurance to individuals and families, and both face the same subsidy, enrollment and payments that balance member health risks across insurers. Watch Centene’s Marketplace enrollment rather than its overall results, which also reflect its large Medicaid business.
Molina competes with Oscar for Marketplace customers, collecting premiums in return for arranging and paying for covered care. Its Marketplace business is the relevant comparison: Medicaid supplied 75% of Molina’s consolidated premium revenue in 2025.
Elevance Health’s Anthem plans compete with Oscar for individuals buying ACA health insurance. Its much broader employer and government insurance businesses make individual ACA plans the closer comparison for Oscar, rather than Elevance’s overall results.
Oscar both competes with and depends on UnitedHealth Group: UnitedHealthcare sells competing ACA insurance, while Optum gives Oscar members access to behavioral-health providers and manages those benefits.
HCA Healthcare provides hospital care to Oscar members, making its contract prices a direct concern for Oscar’s medical costs. Including local affiliates, HCA accounted for approximately 8% of Oscar’s total allowable medical costs in 2025; watch hospital contract renegotiations that could change costs or members’ access to care.
Cigna competes with Oscar to sell individual ACA health insurance; their former co-branded insurance partnership for small employers ended after 2024. For Oscar, Cigna is now a rival in individual coverage rather than a source of members through that partnership.
Centene Corporation earningsCNC
Centene’s report will show enrollment and medical-cost trends in its ACA Marketplace business, a read-through on the market Oscar also serves.
Focus on Centene’s ACA Marketplace business, not its overall results, which are dominated by Medicaid. Read Marketplace enrollment alongside medical costs as a share of premiums: steady enrollment with a contained cost ratio suggests shared subsidy and risk-adjustment conditions are not broadly weighing on the market; falling enrollment with a rising ratio flags demand or claims-cost pressure Oscar may also face, though the two companies’ results need not match.
HCA Healthcare, Inc. earningsHCA
HCA Healthcare treats Oscar members, and its report offers a hospital pricing and volume signal for Oscar’s medical costs.
Read HCA’s revenue per equivalent admission alongside equivalent admissions. Revenue per case rising faster than volume can mean hospitals are bringing in more per case, adding pressure to Oscar’s hospital claims, though case mix also affects the measure and HCA’s report does not disclose Oscar’s contract prices. More contained revenue per case offers less evidence that hospital-price pressure is worsening.
Oscar Health, Inc. earningsThis company
Oscar Health relies on premiums to cover members’ medical claims and risk-adjustment costs, and this report will show whether premiums are keeping pace.
Read the medical loss ratio (medical claims as a share of premiums) alongside membership and premium revenue. A lower ratio with membership holding steady or growing says Oscar’s pricing and member risk mix are covering claims better; a rising ratio even as membership or premiums grow says medical claims or risk-adjustment costs are consuming the added premiums, so growth may not be improving insurance economics.
