ELEVANCE HEALTH, INC. vs Oscar Health, Inc., two Managed Care stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Elevance is what insurance at scale looks like: 47 million members' worth of premium flowing at a 2.6% net margin, an 11.9% return on equity, a dividend, and a 16.8 times multiple. Oscar is what insurance as software pitch looks like: a 15.2% operating margin that still nets negative, no multiple, and a 28.5% free-cash figure that is float rather than earnings. The scale gap is 9-to-1, $87B against $10B. Oscar's clean 0.26-turn balance sheet keeps the experiment funded; Elevance's 0.72 turns fund buybacks. The incumbent's price asks it to survive a bad rate cycle; the challenger's asks it to invent a profitable business model. Only one of those has been done before.
Comparison updated 2026-07-10.
| Metric | ELV | OSCR |
|---|---|---|
| Price | $395.20 | $29.79 |
| Market cap | $87.1B | $9.8B |
| Sector | Managed Care | Managed Care |
| Stage | Mature | Growth |
| P/E | 16.8 | — |
| P/B | 1.98 | 5.89 |
| P/S | 0.43 | 0.74 |
| EV/EBITDA | 17.9 | 309.2 |
| Revenue growth | +9.5% | +30.5% |
| Operating margin | 4.2% | 15.2% |
| Net margin | 2.6% | -0.3% |
| Return on equity | 11.9% | -2.4% |
| Return on assets | 4.2% | -0.4% |
| Return on invested capital | 6.2% | 0.5% |
| FCF yield | 7.4% | 28.5% |
| Dividend yield | 1.5% | — |
| Debt / equity | 0.72 | 0.26 |
| Current ratio | 1.48 | 1.09 |
| Altman Z (solvency) | 2.89 | 2.14 |
| Piotroski F (quality) | 7 / 9 | 8 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.