The company's financial stability is increasingly precarious, as evidenced by a negative equity position of -$16.3M and a reliance on a dwindling cash reserve of $30.3M to support its 67-location network.
| Total Current Assets | 116.86M | 112.75M | 112.42M | 143.49M | 130.42M | 154.06M | 29.72M | 21.79M |
| Cash & Short-Term Investments | 30.28M | 33.56M | 49.67M | 82.86M | 73.81M | 114.3M | 6M | 2.45M |
| Cash Only | 30.28M | 33.56M | 49.67M | 33.49M | 14.01M | 114.3M | 6M | 2.45M |
| Short-Term Investments | 0 | 0 | 0 | 49.37M | 59.8M | 0 | 0 | 0 |
| Accounts Receivable | 59.45M | 59.32M | 48.68M | 42.91M | 40.43M | 21.24M | 17.26M | 14.73M |
| Days Sales Outstanding | 39.19 | 43.07 | 45.17 | 48.31 | 58.45 | 38.2 | 33.59 | 34.61 |
| Inventory | 24.29M | 16.88M | 10.04M | 13.68M | 9.26M | 6.44M | 4.35M | 3.89M |
| Days Inventory Outstanding | 14.89 | 14.45 | 10.8 | 18.86 | 16.87 | 14.49 | 10.55 | 11.31 |
| Other Current Assets | 2.84M | 2.99M | 4.03M | 0 | 0 | 875K | 0 | 0 |
| Total Non-Current Assets | 51.37M | 51.91M | 60.3M | 65.75M | 131.25M | 49.38M | 35.97M | 37.73M |
| Property, Plant & Equipment | 33.22M | 33.06M | 37.67M | 40.05M | 33.04M | 4.19M | 2.1M | 1.55M |
| Fixed Asset Turnover | 16.17x | 15.21x | 10.44x | 8.10x | 7.64x | 48.43x | 89.12x | 100.20x |
| Goodwill | 7.23M | 7.23M | 7.23M | 7.23M | 21.42M | 26.63M | 14.23M | 14.08M |
| Intangible Assets | 10.3M | 11.02M | 14.81M | 17.9M | 17.96M | 18.25M | 19.52M | 22M |
| Long-Term Investments | 0 | 0 | 0 | 0 | 58.35M | -371K | 0 | 0 |
| Other Non-Current Assets | 620K | 606K | 589K | 561K | 477K | 320K | 122K | 97.85K |
| Total Assets | 168.23M | 164.66M | 172.72M | 209.24M | 261.67M | 203.44M | 65.69M | 59.52M |
| Asset Turnover | 3.33x | 3.05x | 2.28x | 1.55x | 0.96x | 1.00x | 2.85x | 2.61x |
| Asset Growth % | -21.8% | -4.67% | -17.46% | -20.04% | 28.62% | 209.7% | 10.36% | - |
| Total Current Liabilities | 79.35M | 70.96M | 52.22M | 34.79M | 29.72M | 29.8M | 28.61M | 13.59M |
| Accounts Payable | 47.65M | 43.17M | 24.32M | 14.43M | 9.37M | 15.56M | 12.64M | 8.89M |
| Days Payables Outstanding | 31.68 | 36.96 | 26.16 | 19.9 | 17.07 | 35.02 | 30.63 | 25.85 |
| Short-Term Debt | 7.4M | 0 | 0 | 0 | 0 | 183K | 5.37M | 0 |
| Deferred Revenue (Current) | 0 | 2.28M | 4.7M | 545K | 1.14M | 592K | 3.38M | 0 |
| Other Current Liabilities | 24.3M | 13.15M | 10.35M | 11.32M | 9.35M | 10.14M | -3.38M | 0 |
| Current Ratio | 1.47x | 1.59x | 2.15x | 4.12x | 4.39x | 5.17x | 1.04x | 1.60x |
| Quick Ratio | 1.17x | 1.35x | 1.96x | 3.73x | 4.08x | 4.95x | 0.89x | 1.32x |
| Cash Conversion Cycle | 22.4 | 20.56 | 29.8 | 47.27 | 58.25 | 17.67 | 13.51 | 20.07 |
| Total Non-Current Liabilities | 105.16M | 109.41M | 116.91M | 117.43M | 108.77M | 69.48M | 8.98M | 3.71M |
| Long-Term Debt | 18.84M | 77.4M | 93.13M | 86.83M | 80.62M | 0 | 6.56M | 0 |
| Capital Lease Obligations | 21.23M | 19.13M | 23.22M | 26.49M | 22.06M | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 32K | 32K | 108K | 371K | 1.61M | 2.96M |
| Other Non-Current Liabilities | 86.32M | 12.88M | 527K | 4.08M | 5.98M | 69.11M | 807K | 756.42K |
| Total Liabilities | 184.51M | 180.38M | 169.13M | 152.22M | 138.49M | 99.28M | 37.59M | 17.3M |
| Total Debt | 26.25M | 103.69M | 123.15M | 119.67M | 108.18M | 183K | 11.93M | 0 |
| Net Debt | -4.03M | 70.12M | 73.48M | 86.19M | 94.17M | -114.12M | 5.93M | -2.45M |
| Debt / Equity | -1.61x | - | 34.31x | 2.10x | 0.88x | 0.00x | 0.42x | - |
| Debt / EBITDA | -1.01x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.16x | - | - | - | - | - | - | -8.23x |
| Interest Coverage | -4.96x | -4.39x | -8.02x | -8.88x | -17.64x | -141.82x | -41.69x | -780.67x |
| Total Equity | -16.29M | -15.72M | 3.59M | 57.02M | 123.17M | 104.16M | 28.1M | 42.22M |
| Equity Growth % | -1269.31% | -538% | -93.71% | -53.7% | 18.26% | 270.66% | -33.45% | - |
| Book Value per Share | -0.02 | -0.02 | 0.05 | 0.77 | 1.53 | 1.57 | 0.48 | 0.66 |
| Total Shareholders' Equity | -16.29M | -15.72M | 3.59M | 57.02M | 123.17M | 104.16M | 28.1M | 42.22M |
| Common Stock | 10K | 10K | 8K | 8K | 7K | 7K | 6K | 0 |
| Retained Earnings | -273.91M | -271.42M | -210.81M | -146.15M | -63.08M | -63.23M | -52.31M | -6.02M |
| Treasury Stock | 0 | -1.02M | -1.02M | -1.02M | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Insufficient liquidity for expansion
As reported in recent financial statements, TOI's equity position has deteriorated into negative territory, falling to -$16.3M by 2026Q1, which reflects a persistent trend of accumulated losses that significantly undermines the company's long-term balance sheet stability and overall financial health.
The consistent decline in retained earnings, which reached -$273.9M in 2026Q1, indicates that the company's aggressive expansion strategy has yet to yield the necessary returns to offset operational losses. This trajectory suggests that the business model remains in a capital-consuming phase that may necessitate further dilutive financing to sustain operations.
Based on the provided balance sheet data, TOI's debt profile has undergone significant shifts, with total debt currently standing at $26.2M in 2026Q1, down from peak levels exceeding $120M in 2024, suggesting a strategic effort to deleverage despite ongoing operational cash flow challenges.
While the reduction in total debt is a positive development for the balance sheet, the company's inability to generate consistent positive net income makes the remaining debt burden a potential point of stress. Investors should monitor whether this deleveraging was achieved through asset sales or equity-linked financing, as it impacts the company's future flexibility.
According to quarterly filings, TOI's cash and equivalents have dwindled to $30.3M as of 2026Q1, a level that appears increasingly inadequate given the company's ongoing operating losses and the capital-intensive nature of maintaining its 67-location oncology care network.
The current ratio of 1.47 suggests a moderate ability to cover short-term obligations, yet the lack of a clear path to profitability implies that this liquidity buffer is rapidly depleting. The company's reliance on cash reserves to fund its growth strategy warrants close scrutiny regarding potential future capital raises.
As indicated by the reported figures, the company's asset base is heavily weighted toward non-liquid items, with net PPE of $33.2M representing a significant portion of the $168.2M total assets, which may limit the company's ability to quickly monetize assets in a liquidity crisis.
The presence of $7.2M in goodwill, while relatively stable, suggests that past acquisitions have not yet been impaired, though the persistent negative operating margins could eventually trigger impairment testing. This asset structure highlights the difficulty of pivoting the business model without incurring substantial write-downs or further capital expenditure.
Quick answers to the most common questions about buying TOI stock.
As of 2025, The Oncology Institute, Inc. (TOI) had total assets of $164.7M including $112.7M in current assets.
The Oncology Institute, Inc. (TOI) carries total debt of $103.7M, offset by $33.6M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
The Oncology Institute, Inc. (TOI) has total shareholders' equity (book value) of $-15.7M ($-0.02 book value per share). Book value represents the net worth of the company belonging to common stock holders.
The Oncology Institute, Inc. (TOI) reported a current ratio of 1.59x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.