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Alignment Healthcare vs Oscar Health: revenue, profit, margins and growth compared

Alignment Healthcare brought in $3.9B of revenue in fiscal 2025, Oscar Health $11.7B in fiscal 2025. Revenue changed by +46.1% at Alignment Healthcare and +27.5% at Oscar Health on the year before, so Alignment Healthcare grew faster. Alignment Healthcare kept -0.0% of its revenue as net profit, Oscar Health -3.8%. Free cash flow was $113.1M at Alignment Healthcare and $1.1B at Oscar Health.

Side by side, latest fiscal year

ALHCOSCR
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$3.9B$11.7B
Revenue growth+46.1%+27.5%
Net income-$724K-$443.2M
Net margin-0.0%-3.8%
Free cash flow$113.1M$1.1B
Free cash flow margin2.9%9.0%
Earnings per share (diluted)$0.00-$1.69
Cash$575.8M$2.8B
Debt$323.2M$430.1M
Price to earningsn/an/a
Market value$1.7B$9.1B
Dividend yieldn/an/a
Rank by revenue in sector#73 of 523 · Health care#41 of 523 · Health care

Over the years

Revenue
ALHC FY2019: $757MALHC FY2021: $959.2MALHC FY2021: $1.2BALHC FY2022: $1.4BALHC FY2023: $1.8BALHC FY2024: $2.7BALHC FY2025: $3.9BOSCR FY2019: $488.2MOSCR FY2021: $462.8MOSCR FY2021: $1.8BOSCR FY2022: $4BOSCR FY2023: $5.9BOSCR FY2024: $9.2BOSCR FY2025: $11.7BFY19FY21FY22FY23FY24FY25
ALHC $3.9BOSCR $11.7B
Net income
ALHC FY2019: -$44.7MALHC FY2021: -$22.9MALHC FY2021: -$195.3MALHC FY2022: -$149.5MALHC FY2023: -$148MALHC FY2024: -$128MALHC FY2025: -$724KOSCR FY2019: -$261.2MOSCR FY2021: -$406.8MOSCR FY2021: -$572.6MOSCR FY2022: -$606.3MOSCR FY2023: -$270.7MOSCR FY2024: $25.4MOSCR FY2025: -$443.2MFY19FY21FY22FY23FY24FY25
ALHC -$724KOSCR -$443.2M
Net margin
ALHC FY2019: -5.9%ALHC FY2021: -2.4%ALHC FY2021: -16.7%ALHC FY2022: -10.4%ALHC FY2023: -8.1%ALHC FY2024: -4.7%ALHC FY2025: -0.0%OSCR FY2019: -53.5%OSCR FY2021: -87.9%OSCR FY2021: -31.1%OSCR FY2022: -15.3%OSCR FY2023: -4.6%OSCR FY2024: 0.3%OSCR FY2025: -3.8%FY19FY21FY22FY23FY24FY25
ALHC -0.0%OSCR -3.8%
Revenue growth
ALHC FY2021: +26.7%ALHC FY2021: +21.7%ALHC FY2022: +22.8%ALHC FY2023: +27.2%ALHC FY2024: +48.3%ALHC FY2025: +46.1%OSCR FY2021: -5.2%OSCR FY2021: +297.3%OSCR FY2022: +115.6%OSCR FY2023: +47.9%OSCR FY2024: +56.5%OSCR FY2025: +27.5%FY21FY22FY23FY24FY25
ALHC +46.1%OSCR +27.5%
Free cash flow
ALHC FY2022: -$69.2MALHC FY2023: -$95.2MALHC FY2024: -$6.6MALHC FY2025: $113.1MOSCR FY2019: -$191.4MOSCR FY2021: $208.7MOSCR FY2021: -$207.6MOSCR FY2022: $351.3MOSCR FY2023: -$297.7MOSCR FY2024: $950.3MOSCR FY2025: $1.1BFY19FY21FY22FY23FY24FY25
ALHC $113.1MOSCR $1.1B

Fiscal years as each company reports them; the two may end in different months.

Questions about Alignment Healthcare and Oscar Health

Which is bigger by revenue, Alignment Healthcare or Oscar Health?

Oscar Health is bigger by revenue: $11.7B in fiscal 2025, against $3.9B for Alignment Healthcare in fiscal 2025.

Which keeps more of its revenue as profit, Alignment Healthcare or Oscar Health?

Alignment Healthcare had a net margin of -0.0% in fiscal 2025; Oscar Health had -3.8% in fiscal 2025.

Which grew revenue faster, Alignment Healthcare or Oscar Health?

In their latest fiscal years revenue changed by +46.1% at Alignment Healthcare and +27.5% at Oscar Health.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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