The Oncology Institute Inc (TOI) Financials
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 6, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the TOI SEC filings page.
The Oncology Institute Inc (TOI) reported $587.2M in revenue over the twelve months to Jun 30, 2026, up 38.4% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Revenue growth is absorbing fixed costs, yet persistent cash outflows are eroding the balance-sheet cushion.
Operating margin improved from FY2023 through FY2025 while operating cash flow stayed negative; scale is reducing the loss per revenue dollar without yet creating self-funded operations. By FY2025, liabilities exceeded assets and equity turned negative, so improved operating efficiency has not translated into a stronger solvency cushion.
Revenue reached
Free cash flow was
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of The Oncology Institute Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
The Oncology Institute Inc has an operating margin of -7.2%, meaning the company loses $7 on every $100 of revenue. This results in a profitability score of 29/100. This is up from -15.3% the prior year.
The Oncology Institute Inc's revenue surged 27.8% year-over-year to $502.7M, reflecting rapid business expansion. This strong growth earns a score of 86/100.
The Oncology Institute Inc's current ratio of 1.59 indicates adequate short-term liquidity, earning a score of 45/100. The company can meet its near-term obligations, though with limited headroom.
The Oncology Institute Inc's operations used $24.6M of cash, and capex of $3.2M added to the outflow, for a free cash flow shortfall of $27.8M. This results in a cash flow score of 14/100.
The Oncology Institute Inc scores 2.03, placing it in the grey zone between 1.81 and 2.99. The score is driven primarily by a large market capitalization ($512.9M) relative to total liabilities ($180.4M). This signals moderate financial risk that warrants monitoring.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
The Oncology Institute Inc passes 2 of 5 computable financial strength tests (4 of the nine could not be computed from available data). No profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
The Oncology Institute Inc reported an operating loss of $36.1M against $11.3M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
The Oncology Institute Inc generated $161.3M in revenue in Q2 2026. This represents an increase of 34.6% from the same quarter a year earlier. Against the prior quarter it is up 9.4%.
The Oncology Institute Inc's EBITDA was -$2.8M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 70.5% from the same quarter a year earlier. Against the prior quarter it is up 43.3%.
The Oncology Institute Inc reported -$9.8M in net income in Q2 2026. This represents an increase of 42.4% from the same quarter a year earlier. Against the prior quarter it is down 292.8%.
The Oncology Institute Inc earned -$0.08 per diluted share (EPS) in Q2 2026. This represents an increase of 46.7% from the same quarter a year earlier. Against the prior quarter it is down 300.0%.
Cash & Balance Sheet
The Oncology Institute Inc generated $11.0M in free cash flow in Q2 2026, representing cash available after capex. This represents an increase of 196.7% from the same quarter a year earlier. Against the prior quarter it is up 438.7%.
The Oncology Institute Inc held $41.1M in cash against $79.9M in long-term debt as of Q2 2026.
Not reported for Q2 2026.
Margins & Returns
The Oncology Institute Inc's operating margin was -2.9% in Q2 2026, reflecting core business profitability. This is up 6.5 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.6 percentage points.
The Oncology Institute Inc's net profit margin was -6.1% in Q2 2026, showing the share of revenue converted to profit. This is up 8.1 percentage points from the same quarter a year earlier. Against the prior quarter it is down 4.4 percentage points.
Not reported for Q2 2026.
Not reported for Q2 2026.
Capital Allocation
The Oncology Institute Inc invested $908K in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 24.8% from the same quarter a year earlier. Against the prior quarter it is down 12.9%.
Not reported for Q2 2026.
Not reported for Q2 2026.
TOI Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $161.3M+34.6% | $147.4M+41.2% | $142.0M+41.6% | $136.6M+36.7% | $119.8M+21.5% | $104.4M+10.3% | $100.3M+16.9% | $99.9M+21.8% |
| SG&A Expenses | $29.9M+11.3% | $28.2M+11.2% | $28.0M+12.8% | $25.3M-5.2% | $26.9M-3.5% | $25.4M-10.8% | $24.9M-11.5% | $26.6M-5.5% |
| Operating Income | -$4.6M+58.8% | -$6.5M+34.3% | -$6.9M+42.1% | -$8.1M+41.9% | -$11.2M+31.5% | -$9.9M+44.9% | -$11.9M+22.0% | -$13.9M+0.5% |
| EBITDA | -$2.8M+70.5% | -$4.9M+39.7% | -$5.3M+48.4% | -$6.3M+48.4% | -$9.4M+36.6% | -$8.1M+50.7% | -$10.2M+25.4% | -$12.3M-0.4% |
| Interest Expense | $1.9M-0.6% | $1.9M-65.3% | $1.9M+64.0% | $1.9M-13.7% | $1.9M-11.7% | $5.6M+180.6% | $1.2M-75.8% | $2.2M+26.8% |
| Income Tax | $0+100.0% | $0 | $0 | $0 | -$131K | $0 | $0+100.0% | $0-100.0% |
| Net Income | -$9.8M+42.4% | -$2.5M+87.3% | N/A | -$16.5M-2.4% | -$17.0M-9.9% | -$19.6M+1.5% | N/A | -$16.1M+7.5% |
| EPS (Basic) | -$0.08+46.7% | -$0.02+90.5% | N/A | -$0.14+22.2% | -$0.15+11.8% | -$0.21+4.5% | N/A | -$0.18+5.3% |
| EPS (Diluted) | -$0.08+46.7% | -$0.02+90.5% | N/A | -$0.14+22.2% | -$0.15+11.8% | -$0.21+4.5% | N/A | -$0.18+5.3% |
| Diluted Shares (Avg) | 103M+10.5% | 102M+32.0% | N/A | 97M+29.1% | 93M+24.7% | 77M+3.9% | N/A | 76M+2.8% |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses.
TOI Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $178.2M+11.5% | $168.2M+2.6% | $164.7M-4.7% | $163.6M-8.7% | $159.8M-11.0% | $164.0M-19.8% | $172.7M-17.5% | $179.2M-17.9% |
| Current Assets | $129.0M+23.1% | $116.9M+9.4% | $112.7M+0.3% | $110.1M-5.4% | $104.8M-9.8% | $106.8M-24.3% | $112.4M-21.7% | $116.4M-23.7% |
| Cash & Equivalents | $41.1M+35.7% | $30.3M-23.8% | $33.6M-32.4% | $27.7M-41.7% | $30.3M-16.8% | $39.7M+10.2% | $49.7M+48.3% | $47.4M+72.2% |
| Inventory | $20.0M+26.8% | $24.3M+97.4% | $16.9M+68.1% | $18.9M+86.8% | $15.8M+39.4% | $12.3M+6.5% | $10.0M-26.6% | $10.1M-17.0% |
| Accounts Receivable | $66.3M+19.2% | $58.1M+17.9% | $59.0M+22.1% | $59.6M+9.4% | $55.7M+3.0% | $49.3M-16.1% | $48.3M+14.1% | $54.5M+12.5% |
| Goodwill | $7.2M0.0% | $7.2M0.0% | $7.2M0.0% | $7.2M0.0% | $7.2M0.0% | $7.2M0.0% | $7.2M0.0% | $7.2M0.0% |
| Total Liabilities | $203.1M+20.4% | $184.5M+16.1% | $180.4M+6.7% | $175.9M+7.4% | $168.8M+12.2% | $158.9M-2.6% | $169.1M+11.1% | $163.7M+11.7% |
| Current Liabilities | $94.9M+46.6% | $79.4M+33.3% | $71.0M+35.9% | $65.6M+40.3% | $64.8M+84.5% | $59.5M+30.1% | $52.2M+50.1% | $46.8M+44.4% |
| Non-Current Liabilities | $108.2M+4.0% | $105.2M+5.8% | $109.4M-6.4% | $110.3M-5.7% | $104.0M-9.8% | $99.4M-15.4% | $116.9M-0.4% | $116.9M+2.5% |
| Long-Term Debt | $79.9M+6.5% | $78.6M+6.4% | $77.4M-16.9% | $76.2M-16.8% | $75.0M-16.6% | $73.9M-16.4% | $93.1M+7.3% | $91.5M+7.4% |
| Total Equity | -$24.9M-177.3% | -$16.3M-421.3% | -$15.7M-538.0% | -$12.3M-179.3% | -$9.0M-130.8% | $5.1M-87.7% | $3.6M-93.7% | $15.5M-78.5% |
| Retained Earnings | -$283.7M-14.7% | -$273.9M-18.9% | -$271.4M-28.7% | -$263.9M-33.5% | -$247.4M-36.3% | -$230.4M-38.8% | -$210.8M-44.2% | -$197.6M-55.1% |
Not reported in any period shown, so not listed: Short-Term Investments, Long-Term Investments.
TOI Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $11.9M+217.0% | -$2.2M+55.6% | $3.2M-19.2% | -$12.6M-1642.1% | -$10.2M+34.9% | -$5.0M+68.6% | $4.0M+202.7% | $819K+109.9% |
| Depreciation & Amortization | $1.8M+1.8% | $1.6M-9.4% | $1.6M-4.4% | $1.7M+9.5% | $1.8M+18.9% | $1.8M+19.8% | $1.7M+8.2% | $1.6M-7.4% |
| Stock-Based Compensation | N/A | $1.7M+15.6% | N/A | N/A | N/A | $1.5M-64.3% | N/A | N/A |
| Capital Expenditures | $908K-24.8% | $1.0M+217.7% | $1.1M-39.6% | $604K+50.2% | $1.2M-33.8% | $328K-46.2% | $1.8M+103.8% | -$402K-56.8% |
| Free Cash Flow | $11.0M+196.7% | -$3.3M+38.7% | $2.2M-3.2% | -$13.2M-3273.6% | -$11.4M+34.7% | -$5.3M+67.8% | $2.2M+147.2% | $417K+104.5% |
| Investing Cash Flow | -$908K+24.8% | -$1.0M-415.8% | -$1.1M+39.6% | -$604K-105.8% | -$1.2M-106.6% | -$202K-101.0% | -$1.8M-115.1% | $10.4M+34.9% |
| Financing Cash Flow | -$218K-111.1% | -$28K+99.4% | $3.7M+2376.8% | $10.6M+4462.1% | $2.0M+191.4% | -$4.7M-405.3% | -$164K+90.8% | -$243K+67.9% |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | $0 | $0-100.0% |
Not reported in any period shown, so not listed: Dividends Paid.
TOI Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | -2.9%+6.5pp | -4.4%+5.1pp | -4.9%+7.0pp | -5.9%+8.0pp | -9.4%+7.2pp | -9.5%+9.5pp | -11.9%+5.9pp | -13.9%+3.1pp |
| Net Margin | -6.1%+8.1pp | -1.7%+17.1pp | N/A | -12.1%+4.0pp | -14.2%+1.5pp | -18.8%+2.3pp | N/A | -16.1%+5.1pp |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | -386.4%-338.2pp | N/A | -104.1%-79.8pp |
| Return on Assets | -5.5%+5.1pp | -1.5%+10.5pp | N/A | -10.1%-1.1pp | -10.6%-2.0pp | -11.9%-2.2pp | N/A | -9.0%-1.0pp |
| Current Ratio | 1.36-0.3x | 1.47-0.3x | 1.59-0.6x | 1.68-0.8x | 1.62-1.7x | 1.79-1.3x | 2.15-2.0x | 2.49-2.2x |
| Debt-to-Equity | N/A | N/A | N/A | N/A | N/A | 14.58+12.4x | 25.95+24.4x | 5.91+4.7x |
| Asset Turnover | 0.90+0.2x | 0.88+0.2x | 0.86+0.3x | 0.83+0.3x | 0.75+0.2x | 0.64+0.2x | 0.58+0.2x | 0.56+0.2x |
| FCF Margin | 6.8%+16.4pp | -2.2%+2.9pp | 1.5%-0.7pp | -9.7%-10.1pp | -9.5%+8.2pp | -5.1%+12.3pp | 2.2%+7.8pp | 0.4%+11.7pp |
Not reported in any period shown, so not listed: Gross Margin.
Note: Shareholder equity is negative (-$15.7M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| The Oncology Institute Inc TOI | FY2025 | $502.7M | N/A | N/A | $512.9M | 34/100 |
| Joint Corp JYNT | FY2025 | $54.9M | $2.9M | 5.3% | $117.7M | 27/100 |
| DOCGO INC DCGO | FY2025 | $322.2M | -$196.4M | -61.0% | $40.0M | 37/100 |
| Biote BTMD | FY2025 | $192.2M | $27.0M | 14.1% | $44.3M | 53/100 |
| Community Health Sys Inc CYH | FY2025 | $12.5B | $509.0M | 4.1% | $407.5M | 40/100 |
| Cross Ctry Healthcare Inc CCRN | FY2025 | $1.1B | -$94.9M | -9.0% | $428.1M | 41/100 |
Where The Oncology Institute Inc Ranks
Frequently Asked Questions
What is The Oncology Institute Inc's annual revenue?
The Oncology Institute Inc (TOI) reported $502.7M in total revenue for fiscal year 2025. This represents a 27.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is The Oncology Institute Inc's revenue growing?
The Oncology Institute Inc (TOI) revenue grew by 27.8% year-over-year, from $393.4M to $502.7M in fiscal year 2025.
What is The Oncology Institute Inc's EBITDA?
The Oncology Institute Inc (TOI) had EBITDA of -$29.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does The Oncology Institute Inc have?
As of fiscal year 2025, The Oncology Institute Inc (TOI) had $33.6M in cash and equivalents against $77.4M in long-term debt.
What is The Oncology Institute Inc's operating margin?
The Oncology Institute Inc (TOI) had an operating margin of -7.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is The Oncology Institute Inc's free cash flow?
The Oncology Institute Inc (TOI) recorded an outflow of $27.8M in free cash flow during fiscal year 2025. This represents a 8.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is The Oncology Institute Inc's operating cash flow?
The Oncology Institute Inc (TOI) recorded an outflow of $24.6M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are The Oncology Institute Inc's total assets?
The Oncology Institute Inc (TOI) had $164.7M in total assets as of fiscal year 2025, including both current and long-term assets.
What are The Oncology Institute Inc's capital expenditures?
The Oncology Institute Inc (TOI) invested $3.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is The Oncology Institute Inc's current ratio?
The Oncology Institute Inc (TOI) had a current ratio of 1.59 as of fiscal year 2025, which is generally considered healthy.
Why is The Oncology Institute Inc's debt-to-equity ratio negative or not reported?
The Oncology Institute Inc (TOI) has negative shareholder equity of -$15.7M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is The Oncology Institute Inc's Altman Z-Score?
The Oncology Institute Inc (TOI) has an Altman Z-Score of 2.03, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is The Oncology Institute Inc's Piotroski F-Score?
The Oncology Institute Inc (TOI) has a Piotroski F-Score of 2 out of 5 computable signals; 4 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Can The Oncology Institute Inc cover its interest payments?
The Oncology Institute Inc (TOI) reported an operating loss of $36.1M against $11.3M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is The Oncology Institute Inc?
The Oncology Institute Inc (TOI) scores 34 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.