OSCROscar Health, Inc.
Hospital & Medical Service Plans
- Revenue
- $29M
- 39% YoY
- Operating margin
- -1386.2%
- 598% YoY
- EBITDA
- −$367M
- 511% YoY
- Market cap
- $10.1B
- Employees
- 2,305
- $12K revenue each
- Net debt / EBITDA
- —
- −$3.6B net debt
- AI in 10-K
- 4.0
- mentions per 10K words
Takeover score 5 of 13
Fixable underperformance 2 of 7
- TSR below peersYes5 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCYes307% of revenueOver 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo—Over 40% of assets
- Shareholder dissentNo97% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeYes$12K · 4th pctBottom quartile of its SIC industry
- Quiet on AINo4.0 per 10K words · 78th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedNo$10.1B market capMarket cap $500M–$5B
Catalysts 2 of 2
- Active 13DYes1 filingActive-intent 13D in 18 months
- Net insider sellingYes−$138M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $5M | $65M | $21M | $21M | $29M | 39% |
| Operating income | −$544M | −$590M | −$236M | $57M | −$396M | 792% |
| Net income | −$573M | −$606M | −$271M | $25M | −$443M | 1842% |
| Operating cash flow | −$182M | $380M | −$272M | $978M | $1.1B | 12% |
| Capex | $26M | $29M | $26M | $28M | $36M | 30% |
| Stock-based comp | $86M | $112M | $160M | $110M | $88M | 20% |
| Buybacks | $0 | — | — | — | — |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Sep 18, 2026 | Thrive Capital Partners III, L.P. | SCHEDULE 13D/A | 1.7% | Active |
| Nov 13, 2024 | Thrive Capital Partners III, L.P. | SC 13D/A | 17.2% | Active |
| Feb 4, 2022 | Thrive Capital Partners III, L.P. | SC 13D/A | 3.4% | Passive |
| Sep 16, 2021 | Thrive Capital Partners III, L.P. | SC 13D/A | 3.4% | Passive |
| Aug 30, 2021 | Thrive Capital Partners III, L.P. | SC 13D | 3.4% | Passive |
Insider trading
- Open-market buys, 12 mo
- $12M · 1
- Open-market sells, 12 mo
- $150M · 62
- Net
- −$138M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | — | — | 41 | 100 |
| FY2024 | — | — | 39 | 91 |
| FY2023 | — | — | 26 | 124 |
| FY2022 | — | — | 7 | 136 |
| FY2021 | — | — | 23 | 128 |