ELV vs OSCR: Which Is the Better Buy in 2026?
Last updated August 2026
Short answer
ELV is the larger of the two ($81.51B market cap): the incumbent the market prices for continued execution (12.68x forward earnings, beta 0.68). OSCR is the smaller challenger ($9.41B), actually pricier on forward earnings (19.94x): more room to run, but more to prove. The real question is which set of drivers you believe, and whether owning one (or both) leaves you over-concentrated.
ELV vs OSCR: the tie-breaker metrics
Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.
| Metric | ELV | OSCR | What it tells you |
|---|---|---|---|
| Market cap | $81.51B | $9.41B | Size. The larger name is the incumbent; the smaller has more room to grow and more to prove. |
| Forward P/E | 12.68 | 19.94 | Valuation on next year's expected earnings, the same yardstick for both. Lower is cheaper for that growth; higher means the market is paying up. |
| Beta | 0.68 | 2.34 | Volatility vs the market. Above 1 swings harder than the index; below 1 is steadier. Higher beta means bigger drawdowns to hold through. |
| Price vs 52-week range | 63% of range | 92% of range | Where today's price sits between the 52-week low and high. Near the high is momentum with less margin of safety; near the low is out of favor or a discount, depending on why. |
| Price / book | 1.82 | 5.61 | How much you pay over book value. Very high can signal an asset-light, high-return business or a rich price. |
Reading it: ELV is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.
Before you buy: how ELV and OSCR affect your concentration
The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. ELV and OSCR share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.
This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined ELV and OSCR exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.
What does Elevance Health (ELV) do?
Elevance Health (formerly Anthem) is a diversified health insurer and healthcare services company that covers roughly 45.6 million medical members as of mid 2025. Its Health Benefits segment sells commercial, Medicare Advantage, Medicaid, and ACA marketplace plans, operating Blue Cross Blue Shield plans across 14 states, while its fast-growing Carelon segment houses pharmacy benefits (CarelonRx) and risk-based care services. Operating revenue reached roughly $197.6 billion in 2025, with Carelon revenue climbing about 33 percent on CarelonRx growth and the CareBridge acquisition.
What does Oscar Health (OSCR) do?
Oscar Health is a US health insurance company built around a digital-first member experience rather than the paperwork and call centers of legacy insurers. The vast majority of its money comes from premiums on individual and family health plans sold through the Affordable Care Act (ACA) public marketplaces, where by early 2026 it had grown to roughly 3.2 million members, up about 56% year over year, making it one of the larger players on the exchanges. Alongside the insurance business it runs +Oscar, a technology platform it licenses to other healthcare organizations, plus brokerage and enrollment tools; that platform revenue is small today but growing faster than premiums and carries higher margins. The company was founded in 2012 by Mario Schlosser, Kevin Nazemi, and Joshua Kushner, and is now led by chief executive Mark Bertolini, a former Aetna CEO.
ELV vs OSCR: how do they differ?
Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.
- ELV drivers: Carelon services and pharmacy expansion; Government programs repricing.
- OSCR drivers: Membership growth and share gains; Turn to profitability.
Which fits which kind of investor
A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: The dominant risk is medical cost trend: the benefit expense ratio (medical loss ratio) ran near 86.8 percent in Q1 2026 and rising Medicaid and Medicare utilization can compress margins faster than premiums reprice. For OSCR, the dominant risk is policy.
ELV or OSCR: which should you pick?
Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick ELV if you believe its drivers more; OSCR if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the ELV and OSCR guides.
ELV vs OSCR: the full fundamentals
ELV. Elevance trades at a low double-digit earnings multiple, reflecting investor caution on medical cost trend rather than doubt about scale. Q1 2026 operating revenue was roughly $49.5 billion with adjusted EPS of about $12.58, and management raised full-year guidance while reaffirming its benefit expense ratio target near 90.2 percent. These figures are approximate and as of April 2026; verify current numbers before acting.
OSCR. Figures are approximate and tied to the asOf date; verify live numbers before acting. OSCR roughly doubled in 2026 to near multi-year highs after its record first quarter, yet it still trades at a low price-to-sales ratio (around 0.5x) versus other insurers because the market prices in ACA-policy risk and the possibility that back-half losses offset early-year profit. The valuation is less a bet on a rich growth multiple and more a wager on whether the profitability turn is durable through a policy shock.
Headline figures (approximate, April 2026): ELV shows revenue (ttm) ~$200 billion, fy2025 operating revenue ~$197.6 billion, fy2025 net income ~$5.7 billion, fy2026 adjusted eps guidance at least ~$26.75; OSCR shows revenue (ttm) ~$13 billion, revenue (q1 2026 quarterly) ~$4.65 billion, up ~53% year over year, net income (q1 2026) ~$679 million, or ~$2.07 per diluted share, a record, members ~3.2 million, up ~56% year over year.
The bottom line: ELV vs OSCR
ELV and OSCR are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined ELV and OSCR exposure against your real portfolio. It is not an investment adviser.
Wondering how ELV or OSCR fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in Elevance Health with AI
Connect the broker you already use and ask Walnut's AI how ELV fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What is the difference between ELV and OSCR?
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Elevance Health (formerly Anthem) is a diversified health insurer and healthcare services company that covers roughly 45.6 million medical members as of mid 2025. Oscar Health is a US health insurance company built around a digital-first member experience rather than the paperwork and call centers of legacy insurers. They show up together because they share investment themes, but they are different businesses, so the better fit depends on which thesis you are expressing.
Is ELV or OSCR the better stock?
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Neither is universally better. ELV is the larger incumbent; OSCR is the smaller challenger and looks pricier on forward earnings. Walnut is informational, not investment advice. Compare what each does, the tie-breaker metrics above, and the risks, then decide which fits your thesis and what you already own.
Which is cheaper, ELV or OSCR?
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On forward P/E (as of August 2026), ELV trades at 12.68x and OSCR at 19.94x, so ELV is the cheaper of the two on next year's expected earnings. A lower multiple is not automatically the better buy: a richer valuation can be justified by faster growth, and a lower one can reflect real risk. Weigh the multiple against how fast each business is compounding.
Should you own both ELV and OSCR?
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Because they share themes, owning both concentrates you in that theme. That can be intentional (a focused bet) or accidental (less diversification than it looks). Walnut can show your combined exposure across both, and whether adding either over-concentrates you, before you buy.
What are the risks of ELV vs OSCR?
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ELV: The dominant risk is medical cost trend: the benefit expense ratio (medical loss ratio) ran near 86.8 percent in Q1 2026 and rising Medicaid and Medicare utilization can compress margins faster than premiums reprice. Elevance is heavily exposed to government programs, so Medicaid rate adequacy, Medicare Advantage rate notices, and ACA subsidy policy are all regulatory swing factors outside its control. Integration risk from acquisitions like CareBridge, litigation and audit exposure common to large payers, and the political sensitivity of health insurer profits add further uncertainty. Because insurance margins are thin, a few points of adverse medical loss ratio can move earnings sharply, which is a key reason the stock carries a low multiple. OSCR: The dominant risk is policy. Oscar is a near pure-play ACA marketplace insurer, so the scheduled expiration of enhanced federal premium tax credits is an existential-level variable: if the credits are not extended, marketplace premiums could more than double for many enrollees, healthier members may drop coverage, and the remaining risk pool would skew sicker and more expensive. Oscar itself took a weighted-average rate increase near 28% for 2026 partly to account for worsening morbidity. Results are also highly seasonal and can be volatile, swinging from strong first-quarter profit to losses later in the year as the medical loss ratio climbs; full-year MLR is guided well above the Q1 figure. On top of that, Oscar competes against far larger, better-capitalized insurers, and any spike in medical costs, adverse regulatory change, or execution stumble hits a company still proving it can stay consistently profitable.
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Walnut is informational, not investment advice. This page is descriptive and not a recommendation to buy or sell ELV or OSCR; figures are approximate and dated (as of August 2026). Verify current data before investing.