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TOIThe Oncology Institute, Inc.$5.31$5.4B
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TOI logoThe Oncology Institute, Inc.(TOI)Earnings, Financials & Key Ratios

TOI•NASDAQ
Price updated Jun 13, 2026
SectorHealthcareIndustryHealthcare FacilitiesSub-IndustrySpecialty chronic care clinics
AboutThe Oncology Institute, Inc., an oncology company, provides medical oncology services in the United States. Its services include physician services, in-house infusion and dispensary, clinical trial services, radiation, outpatient stem cell transplants and transfusions programs, and patient support. The company also offers and manages clinical trial services, such as managing clinical trials, palliative care programs, and stem cell transplants services. It serves adult and senior cancer patients. The company operates 67 clinic locations. The Oncology Institute, Inc. was founded in 2007 and is based in Cerritos, California.Show more
  • Revenue$503M+27.8%
  • EBITDA-$29M+45.9%
  • Net Income-$61M+6.3%
  • EPS (Diluted)-0.54+23.9%
  • Gross Margin15.2%+10.8%
  • EBITDA Margin-5.8%+57.6%
  • Operating Margin-7.18%+53.0%
  • Net Margin-12.06%+26.7%
  • ROIC-41.17%-0.6%
  • Interest Coverage-4.39+45.3%

TOI Key Insights

The Oncology Institute, Inc. (TOI) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Momentum leader: RS Rating 94 (top 6%)
  • ✓Strong 5Y sales CAGR of 21.8%
  • ✓Trading near 52-week high
  • ✓Efficient asset utilization: 3.1x turnover

✗Weaknesses

  • ✗Profits declining 33.4% over 5 years
  • ✗Negative free cash flow
  • ✗Low quality earnings: Net income not backed by cash flow
  • ✗Shares diluted 100.0% in last year

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

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TOI Price & Volume

The Oncology Institute, Inc. (TOI) stock price & volume — 10-year historical chart

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TOI Growth Metrics

The Oncology Institute, Inc. (TOI) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-
5 Years21.8%
3 Years25.81%
TTM35.37%

Profit CAGR

10 Years-
5 Years-
3 Years-
TTM32.39%

EPS CAGR

10 Years-
5 Years-
3 Years-
TTM50%

Return on Capital

10 Years-31.69%
5 Years-39.26%
3 Years-37.45%
Last Year-33.69%

TOI Recent Earnings

The Oncology Institute, Inc. (TOI) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 2/12 qtrs (18%)●Beat Revenue 4/12 qtrs (36%)
Q2 2026Latest
May 7, 2026
EPS
$0.02
Est $0.07
+71.4%
Revenue
$147M
Est $142M
+3.8%
Q2 2026
Mar 12, 2026
EPS
$0.06
Est $0.08
+25.0%
Revenue
$142M
Est $140M
+1.6%
Q4 2025
Nov 13, 2025
EPS
$0.14
Est $0.12
-16.7%
Revenue
$137M
Est $140M
-2.3%
Q3 2025
Aug 13, 2025
EPS
$0.14
Est $0.14
+0.0%
Revenue
$120M
Est $123M
-2.2%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 7, 2026
$0.02vs $0.07+71.4%
$147Mvs $142M+3.8%
Q2 2026Mar 12, 2026
$0.06vs $0.08+25.0%
$142Mvs $140M+1.6%
Q4 2025Nov 13, 2025
$0.14vs $0.12-16.7%
$137Mvs $140M-2.3%
Q3 2025Aug 13, 2025
$0.14vs $0.14+0.0%
$120Mvs $123M-2.2%
Based on last 12 quarters of dataView full earnings history →

TOI Peer Comparison

The Oncology Institute, Inc. (TOI) competitors in Specialty chronic care clinics — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
Institutional Holdings
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
AIOT logoAIOTPowerFleet, Inc.Direct Competitor574.36M4.22-9.81-7.4%-6.64%0.64
ONCO logoONCOOnconetix, Inc.Direct Competitor653.67K1.04-0.22-67.7%-13.2%-105.46%0.00
USPH logoUSPHU.S. Physical Therapy, Inc.Product Competitor998.5M65.5646.1716.33%1.52%1.36%0.55
OPCH logoOPCHOption Care Health, Inc.Product Competitor3.25B20.7616.3513.03%3.64%15.28%
ADUS logoADUSAddus HomeCare CorporationProduct Competitor1.74B93.2817.9023.21%6.89%9.34%0.19
AMSF logoAMSFAMERISAFE, Inc.Product Competitor592.6M31.5312.772.63%14.27%9.68%0.00
MCK logoMCKMcKesson CorporationSupply Chain94.25B784.0520.4312.36%1.18%
CAH logoCAHCardinal Health, Inc.Supply Chain52.68B223.8534.71-1.87%0.62%

Compare TOI vs Peers

The Oncology Institute, Inc. (TOI) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs AIOT

Most directly comparable listed peer for TOI.

Scale Benchmark

vs MCK

Larger-name benchmark to compare TOI against a more recognizable public peer.

Peer Set

Compare Top 5

vs AIOT, ONCO, USPH, OPCH

TOI Income Statement

The Oncology Institute, Inc. (TOI) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
MetricDec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Sales/Revenue
155.41M187.51M203M252.48M324.24M393.41M502.73M545.76M
Revenue Growth %
-20.66%8.26%24.37%28.42%21.33%27.79%35.37%
Cost of Goods Sold
125.46M150.64M162.16M200.39M264.67M339.42M426.29M464.88M
COGS % of Revenue
80.73%80.33%79.88%79.37%81.63%86.27%84.8%-
Gross Profit
29.94M▲ 0%
36.88M▲ 23.2%
40.85M▲ 10.8%
52.09M▲ 27.5%
59.57M▲ 14.4%
54M▼ 9.4%
76.44M▲ 41.6%
80.89M▲ 0%
Gross Margin %
19.27%19.67%20.12%20.63%18.37%13.73%15.2%14.82%
Gross Profit Growth %
-23.17%10.76%27.53%14.36%-9.36%41.55%-
Operating Expenses
32.59M45.07M86.71M134.04M136.59M114.11M112.52M113.57M
OpEx % of Revenue
20.97%24.04%42.71%53.09%42.13%29.01%22.38%-
Selling, General & Admin
29.64M41.9M0000105.57M81.5M
SG&A % of Revenue
19.07%22.34%----21%-
Research & Development
00000000
R&D % of Revenue
--------
Other Operating Expenses
2.94M3.18M86.71M134.04M136.59M114.11M6.94M3M
Operating Income
-2.64M▲ 0%
-8.2M▼ 209.9%
-45.86M▼ 459.5%
-81.95M▼ 78.7%
-77.02M▲ 6.0%
-60.12M▲ 21.9%
-36.08M▲ 40.0%
-32.69M▲ 0%
Operating Margin %
-1.7%-4.37%-22.59%-32.46%-23.75%-15.28%-7.18%-5.99%
Operating Income Growth %
--209.89%-459.52%-78.71%6.02%21.94%39.98%-
EBITDA
297.11K-5.02M-42.52M-77.54M-71.14M-53.83M-29.14M-25.91M
EBITDA Margin %
0.19%-2.68%-20.94%-30.71%-21.94%-13.68%-5.8%-4.75%
EBITDA Growth %
--1788.91%-747.31%-82.37%8.25%24.34%45.87%43.03%
D&A (Non-Cash Add-back)
2.94M3.18M3.34M4.41M5.87M6.29M6.94M6.78M
EBIT
-2.63M-14.47M-45.38M-72.01M-60.15M-60.12M-49.46M-37.9M
Net Interest Income
-3.38K-347K-320K-4.08M-6.78M-7.5M-11.28M-7.64M
Interest Income
00000000
Interest Expense
3.38K347K320K4.08M6.78M7.5M11.28M7.64M
Other Income/Expense
6.63K-6.62M34.26M81.86M-6.09M-4.54M-24.65M-10.96M
Pretax Income
-2.64M▲ 0%
-14.81M▼ 461.5%
-11.6M▲ 21.7%
-91K▲ 99.2%
-83.1M▼ 91223.1%
-64.66M▲ 22.2%
-60.74M▲ 6.1%
-43.64M▲ 0%
Pretax Margin %
-1.7%-7.9%-5.71%-0.04%-25.63%-16.44%-12.08%-8%
Income Tax
1.38M-492.82K-671K-243K-36K0-131K-131K
Effective Tax Rate %
-52.43%3.33%5.79%267.03%0.04%0%0.22%0.3%
Net Income
-4.02M▲ 0%
-14.32M▼ 256.1%
-10.93M▲ 23.7%
152K▲ 101.4%
-83.07M▼ 54750.0%
-64.66M▲ 22.2%
-60.61M▲ 6.3%
-43.51M▲ 0%
Net Margin %
-2.59%-7.64%-5.38%0.06%-25.62%-16.44%-12.06%-7.97%
Net Income Growth %
--256.13%23.7%101.39%-54750%22.16%6.27%32.39%
Net Income (Continuing)
-4.02M-14.32M-10.93M152K-83.07M-64.66M-60.61M-43.51M
Discontinued Operations
00000000
Minority Interest
00000000
EPS (Diluted)
-0.06▲ 0%
-0.24▼ 284.6%
-0.16▲ 33.3%
-0.21▼ 31.2%
-0.92▼ 338.1%
-0.71▲ 22.8%
-0.54▲ 23.9%
-0.04▲ 0%
EPS Growth %
--284.62%33.33%-31.25%-338.1%22.83%23.94%50%
EPS (Basic)
-0.06-0.24-0.160.00-0.92-0.71-0.54-
Diluted Shares Outstanding
64.45M59.12M66.23M80.61M73.75M75.04M923.89M1.02B
Basic Shares Outstanding
64.45M59.12M66.23M72.79M73.75M75.04M923.89M1.02B
Dividend Payout Ratio
--------

TOI Balance Sheet

The Oncology Institute, Inc. (TOI) balance sheet — assets, liabilities & shareholders' equity

MetricDec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Current Assets
21.79M29.72M154.06M130.42M143.49M112.42M112.75M116.86M
Cash & Short-Term Investments
2.45M6M114.3M73.81M82.86M49.67M33.56M30.28M
Cash Only
2.45M6M114.3M14.01M33.49M49.67M33.56M30.28M
Short-Term Investments
00059.8M49.37M000
Accounts Receivable
14.73M17.26M21.24M40.43M42.91M48.68M59.32M59.45M
Days Sales Outstanding
34.6133.5938.258.4548.3145.1743.0739.19
Inventory
3.89M4.35M6.44M9.26M13.68M10.04M16.88M24.29M
Days Inventory Outstanding
11.3110.5514.4916.8718.8610.814.4514.89
Other Current Assets
00875K004.03M2.99M2.84M
Total Non-Current Assets
37.73M35.97M49.38M131.25M65.75M60.3M51.91M51.37M
Property, Plant & Equipment
1.55M2.1M4.19M33.04M40.05M37.67M33.06M33.22M
Fixed Asset Turnover
100.20x89.12x48.43x7.64x8.10x10.44x15.21x16.17x
Goodwill
14.08M14.23M26.63M21.42M7.23M7.23M7.23M7.23M
Intangible Assets
22M19.52M18.25M17.96M17.9M14.81M11.02M10.3M
Long-Term Investments
00-371K58.35M0000
Other Non-Current Assets
97.85K122K320K477K561K589K606K620K
Total Assets
59.52M▲ 0%
65.69M▲ 10.4%
203.44M▲ 209.7%
261.67M▲ 28.6%
209.24M▼ 20.0%
172.72M▼ 17.5%
164.66M▼ 4.7%
168.23M▲ 0%
Asset Turnover
2.61x2.85x1.00x0.96x1.55x2.28x3.05x3.33x
Asset Growth %
-10.36%209.7%28.62%-20.04%-17.46%-4.67%-21.8%
Total Current Liabilities
13.59M28.61M29.8M29.72M34.79M52.22M70.96M79.35M
Accounts Payable
8.89M12.64M15.56M9.37M14.43M24.32M43.17M47.65M
Days Payables Outstanding
25.8530.6335.0217.0719.926.1636.9631.68
Short-Term Debt
05.37M183K00007.4M
Deferred Revenue (Current)
03.38M592K1.14M545K4.7M2.28M0
Other Current Liabilities
0-3.38M10.14M9.35M11.32M10.35M13.15M24.3M
Current Ratio
1.60x1.04x5.17x4.39x4.12x2.15x1.59x1.47x
Quick Ratio
1.32x0.89x4.95x4.08x3.73x1.96x1.35x1.17x
Cash Conversion Cycle
20.0713.5117.6758.2547.2729.820.5622.4
Total Non-Current Liabilities
3.71M8.98M69.48M108.77M117.43M116.91M109.41M105.16M
Long-Term Debt
06.56M080.62M86.83M93.13M77.4M18.84M
Capital Lease Obligations
00022.06M26.49M23.22M19.13M21.23M
Deferred Tax Liabilities
2.96M1.61M371K108K32K32K00
Other Non-Current Liabilities
756.42K807K69.11M5.98M4.08M527K12.88M86.32M
Total Liabilities
17.3M37.59M99.28M138.49M152.22M169.13M180.38M184.51M
Total Debt
011.93M183K108.18M119.67M123.15M103.69M26.25M
Net Debt
-2.45M5.93M-114.12M94.17M86.19M73.48M70.12M-4.03M
Debt / Equity
-0.42x0.00x0.88x2.10x34.31x--1.61x
Debt / EBITDA
--------1.01x
Net Debt / EBITDA
-8.23x------0.16x
Interest Coverage
-780.67x-41.69x-141.82x-17.64x-8.88x-8.02x-4.39x-4.96x
Total Equity
42.22M▲ 0%
28.1M▼ 33.4%
104.16M▲ 270.7%
123.17M▲ 18.3%
57.02M▼ 53.7%
3.59M▼ 93.7%
-15.72M▼ 538.0%
-16.29M▲ 0%
Equity Growth %
--33.45%270.66%18.26%-53.7%-93.71%-538%-1269.31%
Book Value per Share
0.660.481.571.530.770.05-0.02-0.02
Total Shareholders' Equity
42.22M28.1M104.16M123.17M57.02M3.59M-15.72M-16.29M
Common Stock
06K7K7K8K8K10K10K
Retained Earnings
-6.02M-52.31M-63.23M-63.08M-146.15M-210.81M-271.42M-273.91M
Treasury Stock
0000-1.02M-1.02M-1.02M0
Accumulated OCI
00000000
Minority Interest
00000000

TOI Cash Flow Statement

The Oncology Institute, Inc. (TOI) cash flow — operating, investing & free cash flow history

MetricDec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations
3.62M508K-32.68M-61.76M-36.31M-26.54M-24.59M-21.81M
Operating CF Margin %
2.33%0.27%-16.1%-24.46%-11.2%-6.75%-4.89%-
Operating CF Growth %
--85.95%-6533.07%-88.97%41.2%26.92%7.35%-1574.44%
Net Income
-4.02M-14.32M-10.93M152K-83.07M-53.01M-60.61M-43.51M
Depreciation & Amortization
2.94M3.18M3.34M4.41M5.87M6.29M6.94M3.25M
Stock-Based Compensation
94.01K151K24.54M27.68M17.81M04.55M1.82M
Deferred Taxes
824.76K-1.34M-1.24M-263K-76K0-32K0
Other Non-Cash Items
326.93K11.85M-33.9M-73.2M20.79M2.12M23.23M-21.73M
Working Capital Changes
3.45M992K-14.49M-20.54M2.36M18.06M1.32M-876K
Change in Receivables
-4.44M-6.76M-2.99M-19.66M-4.5M-5.77M-12.58M-11.73M
Change in Inventory
-1.13M-465K-1.84M-1.73M-4.38M3.64M-6.84M-11.98M
Change in Payables
5.53M3.76M2.92M-6.19M5.06M9.21M19.64M19.19M
Cash from Investing
-1.2M-8.84M-12.15M-131.61M62.64M46.21M-3.07M-3.91M
Capital Expenditures
-1.2M-1.19M-2.85M-5.53M-4.57M-3.79M-3.2M-2.71M
CapEx % of Revenue
0.78%0.64%1.4%2.19%1.41%0.96%0.64%0.5%
Acquisitions
0-150K-9.11M-8.58M-4.46M00-126K
Investments
--------
Other Investing
0-7.5M-200K0000-1.08M
Cash from Financing
-1.81K11.89M154.01M92.21M-6.85M-3.49M11.56M16.27M
Debt Issued (Net)
-1.81K12.18M-7.25M109.94M-101K-39K-20.04M-36K
Equity Issued (Net)
0020M-9M-1.02M75K32.63M16.49M
Dividends Paid
00000000
Share Repurchases
000-9M-1.02M000
Other Financing
0-293K141.26M-8.74M-5.73M-3.53M-1.04M-184K
Net Change in Cash
2.41M▲ 0%
3.55M▲ 47.5%
109.18M▲ 2973.6%
-101.16M▼ 192.7%
19.48M▲ 119.3%
16.18M▼ 16.9%
-16.1M▼ 199.5%
-9.46M▲ 0%
Free Cash Flow
2.41M▲ 0%
-686K▼ 128.5%
-35.73M▼ 5108.0%
-67.28M▼ 88.3%
-40.88M▲ 39.2%
-30.33M▲ 25.8%
-27.79M▲ 8.4%
-25.73M▲ 0%
FCF Margin %
1.55%-0.37%-17.6%-26.65%-12.61%-7.71%-5.53%-4.71%
FCF Growth %
--128.46%-5108.02%-88.33%39.24%25.82%8.38%-34.35%
FCF per Share
0.04-0.01-0.54-0.83-0.55-0.40-0.03-0.03
FCF Conversion (FCF/Net Income)
-0.90x-0.04x2.99x-406.29x0.44x0.41x0.41x0.59x
Interest Paid
3.38K227K275K224K4.51M00878K
Taxes Paid
61.27K207K1.73M150K403K000

TOI Key Ratios

The Oncology Institute, Inc. (TOI) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric202020212022202320242025TTM
Return on Equity (ROE)-40.73%-16.52%0.13%-92.2%-213.36%-326.77%
Return on Invested Capital (ROIC)-16.66%-285.72%-59.27%-32.04%-40.94%-41.17%-1169.83%
Gross Margin19.67%20.12%20.63%18.37%13.73%15.2%14.82%
Net Margin-7.64%-5.38%0.06%-25.62%-16.44%-12.06%-7.97%
Debt / Equity0.42x0.00x0.88x2.10x34.31x--1.61x
Interest Coverage-41.69x-141.82x-17.64x-8.88x-8.02x-4.39x-4.96x
FCF Conversion-0.04x2.99x-406.29x0.44x0.41x0.41x0.59x
Revenue Growth20.66%8.26%24.37%28.42%21.33%27.79%35.37%
Related:TOI Dividend History·TOI Revenue History·TOI Price History·TOI P/E History·TOI Financial Ratios·TOI Institutional Holders

TOI SEC Filings & Documents

The Oncology Institute, Inc. (TOI) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

May 7, 2026·SEC

Material company update

Mar 13, 2026·SEC

Material company update

Mar 12, 2026·SEC

10-K Annual Reports

3
FY 2026

Mar 12, 2026·SEC

FY 2025

Mar 26, 2025·SEC

FY 2024

Mar 28, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

May 7, 2026·SEC

FY 2025

Nov 13, 2025·SEC

FY 2025

Aug 13, 2025·SEC

TOI Frequently Asked Questions

The Oncology Institute, Inc. (TOI) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

The Oncology Institute, Inc. (TOI) reported $545.8M in revenue for fiscal year 2025. This represents a 251% increase from $155.4M in 2019.

The Oncology Institute, Inc. (TOI) grew revenue by 27.8% over the past year. This is strong growth.

The Oncology Institute, Inc. (TOI) reported a net loss of $43.5M for fiscal year 2025.

Dividend & Returns

The Oncology Institute, Inc. (TOI) had negative free cash flow of $25.7M in fiscal year 2025, likely due to heavy capital investments.

What if you invested $1,000 in TOI back in 2019?

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