The Oncology Institute Warrant (TOIIW) 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 TOIIW SEC filings page.
The Oncology Institute, Inc. Warrant (TOIIW) 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 has scaled quickly, but operating losses remain while liabilities now exceed assets, making financing structure central.
Revenue reached$503M in FY2025 while operating losses were$36.1M ; the scale-up has narrowed losses but has not yet produced operating profitability. The cash-conversion improvement is visible in free-cash-flow margin moving from-12.6% in FY2023 to-5.5% in FY2025, yet cash flow remained negative, so growth still draws on financing or existing balance-sheet resources.
FY2025 liabilities of
Revenue increased
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed. 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. Warrant'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. Warrant has an operating margin of -7.2%, meaning the company loses $7 on every $100 of revenue. This results in a profitability score of 28/100. This is up from -15.3% the prior year.
The Oncology Institute, Inc. Warrant'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. Warrant'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. Warrant'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. Warrant 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, the one computable operating efficiency signal (asset turnover improving) passes.
The Oncology Institute, Inc. Warrant 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. Warrant 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. Warrant's EBITDA was -$2.8M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
The Oncology Institute, Inc. Warrant reported a net loss of $9.8M in Q2 2026. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
The Oncology Institute, Inc. Warrant earned -$0.08 per diluted share (EPS) in Q2 2026. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Cash & Balance Sheet
The Oncology Institute, Inc. Warrant generated $11.0M in free cash flow in Q2 2026, representing cash available after capex. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
The Oncology Institute, Inc. Warrant 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. Warrant'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. Warrant'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. Warrant 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.
TOIIW 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 | -$4.6Mn/m | -$6.5Mn/m | -$6.9Mn/m | -$8.1Mn/m | -$11.2Mn/m | -$9.9Mn/m | -$11.9Mn/m | -$13.9Mn/m |
| EBITDA | -$2.8Mn/m | -$4.9Mn/m | -$5.3Mn/m | -$6.3Mn/m | -$9.4Mn/m | -$8.1Mn/m | -$10.2Mn/m | -$12.3Mn/m |
| 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 | $0n/m | $0n/m | $0n/m | $0n/m | -$131Kn/m | $0n/m | $0n/m | $0-100.0% |
| Net Income | -$9.8Mn/m | -$2.5Mn/m | N/A | -$16.5Mn/m | -$17.0Mn/m | -$19.6Mn/m | N/A | -$16.1Mn/m |
| EPS (Basic) | -$0.08n/m | -$0.02n/m | N/A | -$0.14n/m | -$0.15n/m | -$0.21n/m | N/A | -$0.18n/m |
| EPS (Diluted) | -$0.08n/m | -$0.02n/m | N/A | -$0.14n/m | -$0.15n/m | -$0.21n/m | N/A | -$0.18n/m |
| 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.
TOIIW 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 | -$24.9Mn/m | -$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 | -$283.7Mn/m | -$273.9Mn/m | -$271.4Mn/m | -$263.9Mn/m | -$247.4Mn/m | -$230.4Mn/m | -$210.8Mn/m | -$197.6Mn/m |
Not reported in any period shown, so not listed: Short-Term Investments, Long-Term Investments.
TOIIW 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 | $11.9Mn/m | -$2.2Mn/m | $3.2M-19.2% | -$12.6M-1642.1% | -$10.2Mn/m | -$5.0Mn/m | $4.0Mn/m | $819Kn/m |
| 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 | $11.0Mn/m | -$3.3Mn/m | $2.2M-3.2% | -$13.2M-3273.6% | -$11.4Mn/m | -$5.3Mn/m | $2.2Mn/m | $417Kn/m |
| Investing Cash Flow | -$908Kn/m | -$1.0Mn/m | -$1.1Mn/m | -$604K-105.8% | -$1.2M-106.6% | -$202K-101.0% | -$1.8M-115.1% | $10.4M+34.9% |
| Financing Cash Flow | -$218K-111.1% | -$28Kn/m | $3.7Mn/m | $10.6Mn/m | $2.0Mn/m | -$4.7Mn/m | -$164Kn/m | -$243Kn/m |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | $0n/m | $0-100.0% |
Not reported in any period shown, so not listed: Dividends Paid.
TOIIW 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 |
| Liabilities-to-Equity | N/A | N/A | N/A | N/A | N/A | 31.35+27.4x | 47.12+44.5x | 10.57+8.5x |
| 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 the debt-to-equity, liabilities-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. Warrant TOIIW | FY2025 | $502.7M | N/A | N/A | N/A | 34/100 |
| Concord Medical Services Holding Limited CCM | FY2025 | $65.9M | -$13.3M | -20.2% | $16.9M | 45/100 |
| American Shared Hospital Services AMS | FY2025 | $28.1M | -$1.6M | -5.5% | $8.3M | 37/100 |
| NewGenIvf Group Limited NIVF | FY2025 | $4.7M | $9.9M | N/A | $990K | 32/100 |
| Basel Medical Group Ltd BMGL | FY2025 | $8.9M | -$8.4M | -94.0% | $7.2M | 21/100 |
Where The Oncology Institute, Inc. Warrant Ranks
Frequently Asked Questions
What is The Oncology Institute, Inc. Warrant's annual revenue?
The Oncology Institute, Inc. Warrant (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.
How fast is The Oncology Institute, Inc. Warrant's revenue growing?
The Oncology Institute, Inc. Warrant (TOIIW) revenue grew by 27.8% year-over-year, from $393.4M to $502.7M in fiscal year 2025.
What is The Oncology Institute, Inc. Warrant's EBITDA?
The Oncology Institute, Inc. Warrant (TOIIW) 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. Warrant have?
As of fiscal year 2025, The Oncology Institute, Inc. Warrant (TOIIW) had $33.6M in cash and equivalents against $77.4M in long-term debt.
What is The Oncology Institute, Inc. Warrant's operating margin?
The Oncology Institute, Inc. Warrant (TOIIW) 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. Warrant's free cash flow?
The Oncology Institute, Inc. Warrant (TOIIW) recorded an outflow of $27.8M in free cash flow during fiscal year 2025. The change from the previous fiscal year is not meaningful, because that year’s figure was zero or negative. 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. Warrant's operating cash flow?
The Oncology Institute, Inc. Warrant (TOIIW) 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. Warrant's total assets?
The Oncology Institute, Inc. Warrant (TOIIW) had $164.7M in total assets as of fiscal year 2025, including both current and long-term assets.
What are The Oncology Institute, Inc. Warrant's capital expenditures?
The Oncology Institute, Inc. Warrant (TOIIW) invested $3.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is The Oncology Institute, Inc. Warrant's current ratio?
The Oncology Institute, Inc. Warrant (TOIIW) had a current ratio of 1.59 as of fiscal year 2025, which is generally considered healthy.
Why is The Oncology Institute, Inc. Warrant's debt-to-equity ratio negative or not reported?
The Oncology Institute, Inc. Warrant (TOIIW) has negative shareholder equity of -$15.7M as of fiscal year 2025, so no debt-to-equity or liabilities-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. Warrant's Piotroski F-Score?
The Oncology Institute, Inc. Warrant (TOIIW) 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. Warrant cover its interest payments?
The Oncology Institute, Inc. Warrant (TOIIW) 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. Warrant?
The Oncology Institute, Inc. Warrant (TOIIW) scores 34 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is the average 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.