Oscar Health reported membership of 2.96 million at the end of the second quarter of 2026, up 46% year over year, driven by above-market growth during open enrollment and solid retention. The gains came despite weaker overall paid ACA enrollment following the expiration of enhanced subsidies, suggesting Oscar captured market share. The company plans to enter more than 150 additional metropolitan statistical areas by 2027 and sees Individual Coverage Health Reimbursement Arrangements as another enrollment channel. However, enrollment is seasonal, with membership declining sequentially after adding roughly 1.1 million members in the first quarter of 2026, and higher premiums and reduced subsidies could drive price-sensitive consumers away. Oscar's stock has gained 108.6% year to date, trading at a price-to-book multiple of 4.5 versus the industry average of 2.67, and the Zacks Consensus Estimate for 2026 and 2027 earnings has moved 144.4% and 31.6% north, respectively, in the past 30 days. Among peers, Molina Healthcare's membership decreased 14.3% year over year to around 4.9 million as of June 30, 2026, while Centene has shifted focus to earnings quality over membership growth.
Centene Corp
Molina Healthcare IncOscar Health IncMembership surged 46% year over year, driven by above-market growth and solid retention.
