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The Oncology Institute Inc Financials

TOIIW
Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows The Oncology Institute Inc (TOIIW) financial statements, including the 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).

Rhea AI TOIIW FY2025

Revenue growth is now outrunning overhead, but debt costs and a thinner liquidity cushion still keep the business unprofitable.

From FY2021 to FY2025, revenue expanded from $203.0M to $502.7M, which points to a business adding volume much faster than it adds corporate overhead. Because SG&A stayed near $106M while interest expense reached $11.3M, scale is improving the operating model faster than it is improving the bottom line.

FY2025 operating cash outflow was -$24.6M and free cash flow was -$27.8M, a small gap that says capital spending is modest. Cash burn mostly mirrors the operating loss, so this is not a business where heavy reinvestment is the main reason cash keeps leaving.

The balance sheet is doing less of the supporting: the current ratio fell from 4.1x in FY2023 to 1.6x in FY2025. With liabilities now exceeding assets by about $15.7M, growth is being carried with a much thinner liquidity cushion than the company had two years ago.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 35 / 100
Financial Health Score 35/100

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.

Profitability
32

The Oncology Institute Inc has an operating margin of -7.2%, meaning the company retains $-7 of operating profit per $100 of revenue. This results in a moderate score of 32/100, indicating healthy but not exceptional operating efficiency. This is up from -15.3% the prior year.

Growth
86

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.

Leverage
1

The Oncology Institute Inc has elevated debt relative to equity (D/E of -4.92), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 1/100, reflecting increased financial risk.

Liquidity
44

The Oncology Institute Inc's current ratio of 1.59 indicates adequate short-term liquidity, earning a score of 44/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow
17

While The Oncology Institute Inc generated -$24.6M in operating cash flow, capex of $3.2M consumed most of it, leaving -$27.8M in free cash flow. This results in a low score of 17/100, reflecting heavy capital investment rather than weak cash generation.

Piotroski F-Score Partial
4/8

The Oncology Institute Inc passes 4 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Low Quality
0.41x

For every $1 of reported earnings, The Oncology Institute Inc generates $0.41 in operating cash flow (-$24.6M OCF vs -$60.6M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk
-3.2x

The Oncology Institute Inc earns $-3.2 in operating income for every $1 of interest expense (-$36.1M vs $11.3M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue
$502.7M
YoY+27.8%
5Y CAGR+21.8%

The Oncology Institute Inc generated $502.7M in revenue in fiscal year 2025. This represents an increase of 27.8% from the prior year.

EBITDA
-$29.1M
YoY+45.9%

The Oncology Institute Inc's EBITDA was -$29.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 45.9% from the prior year.

Net Income
-$60.6M
YoY+6.3%

The Oncology Institute Inc reported -$60.6M in net income in fiscal year 2025. This represents an increase of 6.3% from the prior year.

EPS (Diluted)
$-0.54
YoY+23.9%

The Oncology Institute Inc earned $-0.54 per diluted share (EPS) in fiscal year 2025. This represents an increase of 23.9% from the prior year.

Cash & Balance Sheet

Free Cash Flow
-$27.8M
YoY+8.4%

The Oncology Institute Inc generated -$27.8M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 8.4% from the prior year.

Cash & Debt
$33.6M
YoY-32.4%
5Y CAGR+106.2%

The Oncology Institute Inc held $33.6M in cash against $77.4M in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
99M
YoY+30.5%

The Oncology Institute Inc had 99M shares outstanding in fiscal year 2025. This represents an increase of 30.5% from the prior year.

Margins & Returns

Gross Margin
N/A
Operating Margin
-7.2%
YoY+8.1pp
5Y CAGR-2.8pp

The Oncology Institute Inc's operating margin was -7.2% in fiscal year 2025, reflecting core business profitability. This is up 8.1 percentage points from the prior year.

Net Margin
-12.1%
YoY+4.4pp
5Y CAGR-4.4pp

The Oncology Institute Inc's net profit margin was -12.1% in fiscal year 2025, showing the share of revenue converted to profit. This is up 4.4 percentage points from the prior year.

Return on Equity
N/A

Capital Allocation

R&D Spending
N/A
Share Buybacks
N/A
Capital Expenditures
$3.2M
YoY-15.5%
5Y CAGR+21.8%

The Oncology Institute Inc invested $3.2M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 15.5% from the prior year.

TOIIW Income Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Revenue $147.4M+3.9% $142.0M+3.9% $136.6M+14.0% $119.8M+14.7% $104.4M+4.1% $100.3M+0.4% $99.9M+1.3% $98.6M
Cost of Revenue N/A N/A N/A N/A N/A N/A N/A N/A
Gross Profit N/A N/A N/A N/A N/A N/A N/A N/A
R&D Expenses N/A N/A N/A N/A N/A N/A N/A N/A
SG&A Expenses $28.2M+0.6% $28.0M+11.0% $25.3M-6.2% $26.9M+6.0% $25.4M+2.1% $24.9M-6.7% $26.6M-4.4% $27.9M
Operating Income -$6.5M+5.7% -$6.9M+14.2% -$8.1M+28.2% -$11.2M-13.1% -$9.9M+16.9% -$11.9M+13.9% -$13.9M+15.3% -$16.4M
Interest Expense $1.9M+0.9% $1.9M-0.2% $1.9M+2.7% $1.9M-66.4% $5.6M+376.9% $1.2M-47.5% $2.2M+5.1% $2.1M
Income Tax $0 $0 $0+100.0% -$131K $0 $0 $0 $0
Net Income -$2.5M+66.8% -$7.5M+54.5% -$16.5M+3.0% -$17.0M+13.2% -$19.6M-48.6% -$13.2M+18.2% -$16.1M-4.1% -$15.5M
EPS (Diluted) $-0.02 N/A $-0.14+6.7% $-0.15+28.6% $-0.21 N/A $-0.18-5.9% $-0.17

TOIIW Balance Sheet

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Total Assets $168.2M+2.2% $164.7M+0.6% $163.6M+2.4% $159.8M-2.6% $164.0M-5.0% $172.7M-3.6% $179.2M-0.2% $179.6M
Current Assets $116.9M+3.7% $112.7M+2.4% $110.1M+5.1% $104.8M-1.9% $106.8M-5.0% $112.4M-3.4% $116.4M+0.2% $116.2M
Cash & Equivalents $30.3M-9.8% $33.6M+21.4% $27.7M-8.7% $30.3M-23.8% $39.7M-20.0% $49.7M+4.8% $47.4M+30.1% $36.4M
Inventory $24.3M+43.9% $16.9M-10.6% $18.9M+19.6% $15.8M+28.3% $12.3M+22.6% $10.0M-0.7% $10.1M-10.7% $11.3M
Accounts Receivable $58.1M-1.5% $59.0M-1.1% $59.6M+7.2% $55.7M+12.9% $49.3M+2.0% $48.3M-11.3% $54.5M+0.9% $54.0M
Goodwill $7.2M0.0% $7.2M0.0% $7.2M0.0% $7.2M0.0% $7.2M0.0% $7.2M0.0% $7.2M0.0% $7.2M
Total Liabilities $184.5M+2.3% $180.4M+2.5% $175.9M+4.2% $168.8M+6.2% $158.9M-6.0% $169.1M+3.3% $163.7M+8.8% $150.4M
Current Liabilities $79.4M+11.8% $71.0M+8.2% $65.6M+1.2% $64.8M+8.8% $59.5M+14.0% $52.2M+11.7% $46.8M+33.2% $35.1M
Long-Term Debt $78.6M+1.6% $77.4M+1.6% $76.2M+1.6% $75.0M+1.5% $73.9M-20.7% $93.1M+1.7% $91.5M+1.8% $90.0M
Total Equity -$16.3M-3.6% -$15.7M-28.1% -$12.3M-36.6% -$9.0M-277.3% $5.1M+41.2% $3.6M-76.8% $15.5M-47.0% $29.2M
Retained Earnings -$273.9M-0.9% -$271.4M-2.8% -$263.9M-6.7% -$247.4M-7.4% -$230.4M-9.3% -$210.8M-6.7% -$197.6M-8.9% -$181.5M

TOIIW Cash Flow Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Operating Cash Flow -$2.2M-168.5% $3.2M+125.6% -$12.6M-23.8% -$10.2M-104.5% -$5.0M-224.7% $4.0M+388.4% $819K+105.2% -$15.7M
Capital Expenditures $1.0M-1.7% $1.1M+75.5% $604K-50.0% $1.2M+268.3% $328K-81.3% $1.8M+536.6% -$402K-122.0% $1.8M
Free Cash Flow -$3.3M-249.9% $2.2M+116.4% -$13.2M-16.0% -$11.4M-114.6% -$5.3M-336.8% $2.2M+438.4% $417K+102.4% -$17.5M
Investing Cash Flow -$1.0M+1.7% -$1.1M-75.5% -$604K+50.0% -$1.2M-498.0% -$202K+88.5% -$1.8M-116.9% $10.4M-42.8% $18.2M
Financing Cash Flow -$28K-100.7% $3.7M-64.8% $10.6M+440.0% $2.0M+141.4% -$4.7M-2790.2% -$164K+32.5% -$243K+88.7% -$2.1M
Dividends Paid N/A N/A N/A N/A N/A N/A N/A N/A
Share Buybacks N/A N/A N/A N/A N/A $0 $0 N/A

TOIIW Financial Ratios

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Gross Margin N/A N/A N/A N/A N/A N/A N/A N/A
Operating Margin -4.4%+0.4pp -4.9%+1.0pp -5.9%+3.5pp -9.4%+0.1pp -9.5%+2.4pp -11.9%+2.0pp -13.9%+2.7pp -16.6%
Net Margin -1.7%+3.6pp -5.3%+6.8pp -12.1%+2.1pp -14.2%+4.6pp -18.8%-5.6pp -13.2%+3.0pp -16.1%-0.4pp -15.7%
Return on Equity N/A N/A N/A N/A -386.4%-19.1pp -367.3%-263.2pp -104.1%-51.1pp -53.0%
Return on Assets -1.5%+3.1pp -4.6%+5.5pp -10.1%+0.5pp -10.6%+1.3pp -11.9%-4.3pp -7.6%+1.4pp -9.0%-0.4pp -8.6%
Current Ratio 1.47-0.1 1.59-0.1 1.68+0.1 1.62-0.2 1.79-0.4 2.15-0.3 2.49-0.8 3.31
Debt-to-Equity -4.83+0.1 -4.92+1.3 -6.21+2.1 -8.35-22.9 14.58-11.4 25.95+20.0 5.91+2.8 3.08
FCF Margin -2.2%-3.7pp 1.5%+11.2pp -9.7%-0.2pp -9.5%-4.4pp -5.1%-7.3pp 2.2%+1.8pp 0.4%+18.2pp -17.7%

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.

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Frequently Asked Questions

The Oncology Institute Inc (TOIIW) 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.

The Oncology Institute Inc (TOIIW) revenue grew by 27.8% year-over-year, from $393.4M to $502.7M in fiscal year 2025.

No, The Oncology Institute Inc (TOIIW) reported a net income of -$60.6M in fiscal year 2025, with a net profit margin of -12.1%.

The Oncology Institute Inc (TOIIW) reported diluted earnings per share of $-0.54 for fiscal year 2025. This represents a 23.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

The Oncology Institute Inc (TOIIW) had EBITDA of -$29.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, The Oncology Institute Inc (TOIIW) had $33.6M in cash and equivalents against $77.4M in long-term debt.

The Oncology Institute Inc (TOIIW) had an operating margin of -7.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

The Oncology Institute Inc (TOIIW) had a net profit margin of -12.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

The Oncology Institute Inc (TOIIW) generated -$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.

The Oncology Institute Inc (TOIIW) generated -$24.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

The Oncology Institute Inc (TOIIW) had $164.7M in total assets as of fiscal year 2025, including both current and long-term assets.

The Oncology Institute Inc (TOIIW) invested $3.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

The Oncology Institute Inc (TOIIW) had 99M shares outstanding as of fiscal year 2025.

The Oncology Institute Inc (TOIIW) had a current ratio of 1.59 as of fiscal year 2025, which is generally considered healthy.

The Oncology Institute Inc (TOIIW) had a debt-to-equity ratio of -4.92 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

The Oncology Institute Inc (TOIIW) had a return on assets of -36.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Based on fiscal year 2025 data, The Oncology Institute Inc (TOIIW) had $33.6M in cash against an annual operating cash burn of $24.6M. This gives an estimated cash runway of approximately 16 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

The Oncology Institute Inc (TOIIW) has negative shareholder equity of -$15.7M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. 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.

The Oncology Institute Inc (TOIIW) has a Piotroski F-Score of 4 out of 8 computable signals; 1 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.

The Oncology Institute Inc (TOIIW) has an earnings quality ratio of 0.41x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

The Oncology Institute Inc (TOIIW) has an interest coverage ratio of -3.2x, meaning it can struggle to cover its interest obligations. 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.

The Oncology Institute Inc (TOIIW) scores 35 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.

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