TOI · Oncology Institute, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $502.73M | $393.41M | $324.24M | $252.48M | $187.51M | - |
| Cost of Revenue | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - |
| R&D | - | - | - | - | - | - |
| SG&A | $105.57M | $107.83M | $113.85M | $119.69M | $41.90M | $309.2K |
| Total Operating Expenses | $538.81M | $453.53M | $401.26M | $334.43M | $195.71M | - |
| D&A | $6.94M | $6.29M | $5.87M | $4.41M | $3.18M | - |
| Operating Income | ($36.08M) | ($60.12M) | ($77.02M) | ($81.95M) | ($45.86M) | ($683.9K) |
| Interest Expense | $11.28M | $7.50M | - | - | $347.0K | - |
| Income Tax | ($131.0K) | $0 | ($36.0K) | ($243.0K) | ($671.0K) | $11.4K |
| Net Income | ($60.61M) | ($64.66M) | ($83.07M) | $152.0K | ($10.93M) | ($441.2K) |
| EPS - Basic | ($0.54) | ($0.71) | ($0.92) | $0.00 | ($0.24) | - |
| EPS - Diluted | ($0.54) | ($0.71) | ($0.92) | ($0.21) | ($0.24) | - |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $33.56M | $49.67M | $33.49M | $14.01M | $115.17M | $900.0K |
| Accounts Receivable | $59.00M | $48.34M | $42.36M | $39.82M | $17.15M | - |
| Inventory | $16.88M | $10.04M | $13.68M | $9.26M | $6.44M | - |
| Accounts Payable | $43.17M | $24.32M | $14.43M | $9.37M | $12.64M | - |
| Current Assets | $112.75M | $112.42M | $143.49M | $130.42M | $154.06M | $1.07M |
| Total Assets | $164.66M | $172.72M | $209.24M | $261.67M | $203.44M | $231.77M |
| Current Liabilities | $70.96M | $52.22M | $34.79M | $29.72M | $29.80M | $267.6K |
| Long-term Debt | $77.40M | $93.13M | $86.83M | $80.62M | $6.56M | - |
| Total Liabilities | $180.38M | $169.13M | $152.22M | $138.49M | $99.28M | $17.81M |
| Stockholders' Equity | ($15.72M) | $3.59M | $57.02M | $123.17M | $104.16M | ($16.04M) |
| Retained Earnings | ($271.42M) | ($210.81M) | ($146.15M) | ($63.08M) | ($63.23M) | ($16.04M) |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | ($24.59M) | ($26.54M) | ($36.31M) | ($61.76M) | ($32.68M) | ($582.5K) |
| Investing Cash Flow | ($3.07M) | $46.21M | $62.64M | ($131.61M) | ($12.15M) | ($230.00M) |
| Financing Cash Flow | $11.56M | ($3.49M) | ($6.85M) | $92.21M | $154.01M | $231.47M |
| CapEx | $3.20M | $3.79M | $4.57M | $5.53M | $1.19M | - |
| Free Cash Flow | ($27.79M) | ($30.33M) | ($40.88M) | ($67.28M) | ($33.87M) | - |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | - | - | - | - | - | - |
| Operating margin | -7.2% | -15.3% | -23.8% | -32.5% | -24.5% | - |
| EBITDA margin | -5.8% | -13.7% | -21.9% | -30.7% | -22.8% | - |
| Net margin | -12.1% | -16.4% | -25.6% | 0.1% | -5.8% | - |
| Free cash flow margin | -5.5% | -7.7% | -12.6% | -26.6% | -18.1% | - |
| FCF / Net income | 0.46 | 0.47 | 0.49 | -442.66 | 3.10 | - |
| R&D / Revenue | - | - | - | - | - | - |
| SG&A / Revenue | 21.0% | 27.4% | 35.1% | 47.4% | 22.3% | - |
| Effective tax rate | - | - | - | - | - | - |
| Return on assets | -36.8% | -37.4% | -39.7% | 0.1% | -5.4% | -0.2% |
| Return on equity | 385.5% | -1801.7% | -145.7% | 0.1% | -10.5% | 2.7% |
| Return on invested capital | -46.2% | -49.1% | -42.3% | -31.8% | -32.7% | - |
| Liquidity | ||||||
| Current ratio | 1.59 | 2.15 | 4.12 | 4.39 | 5.17 | 4.00 |
| Quick ratio | 1.35 | 1.96 | 3.73 | 4.08 | 4.95 | 4.00 |
| Cash ratio | 0.47 | 0.95 | 0.96 | 0.47 | 3.87 | 3.36 |
| Leverage | ||||||
| Debt / Equity | -4.92 | 25.95 | 1.52 | 0.65 | 0.06 | - |
| Debt / Assets | 0.47 | 0.54 | 0.41 | 0.31 | 0.03 | - |
| Debt / EBITDA | - | - | - | - | - | - |
| Interest coverage | -3.2x | -8.0x | - | - | -132.2x | - |
| Equity multiplier | -10.47 | 48.12 | 3.67 | 2.12 | 1.95 | -14.45 |
| Liabilities / Assets | 1.10 | 0.98 | 0.73 | 0.53 | 0.49 | 0.08 |
| Efficiency | ||||||
| Asset turnover | 3.05 | 2.28 | 1.55 | 0.96 | 0.92 | - |
| Inventory turnover | - | - | - | - | - | - |
| Days sales outstanding | 43d | 45d | 48d | 58d | 33d | - |
| Days inventory outstanding | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | - | - | - | - | - | - |
| P / B | - | 6.5x | 2.6x | 1.1x | 5.5x | - |
| P / S | 0.7x | 0.1x | 0.5x | 0.5x | 3.1x | - |
| EV / EBITDA | - | - | - | - | - | - |
| Growth | ||||||
| Revenue growth (YoY) | 27.8% | 21.3% | 28.4% | 34.6% | - | - |
| Revenue CAGR (3y) | 25.8% | 28.0% | - | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - | - |
| Gross profit growth (YoY) | - | - | - | - | - | - |
| Operating income growth (YoY) | 40.0% | 21.9% | 6.0% | -78.7% | -6605.7% | - |
| Net income growth (YoY) | 6.3% | 22.2% | - | - | -2376.9% | - |
| EPS growth (YoY) | 23.9% | 22.8% | -338.1% | 12.5% | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - |
| FCF growth (YoY) | 8.4% | 25.8% | 39.2% | -98.6% | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - |
| Book value growth (YoY) | - | -93.7% | -53.7% | 18.3% | - | - |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$502.73M totalSpecialty Pharmacy Segment$269.18M · 53.5%
Patient Services Segment$228.99M · 45.5%
Clinical Trials And Other Segment$4.56M · 0.9%
Product / service
$731.72M totalHealth Care Specialty Pharmacy$269.18M · 36.8%
Health Care Patient Service$228.99M · 31.3%
Fee For Service$148.51M · 20.3%
Capitated Revenue$80.48M · 11.0%
Clinical Research Trials And Other Revenue$4.56M · 0.6%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
1.12
Distress
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
4/9
Neutral
- ✗Net income positive
- ✗Operating cash flow positive
- ✓ROA improved YoY
- ✓Cash flow > net income
- ✓Long-term debt decreased
- ✗Current ratio improved
- ✗No share dilution
- -Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Services-Offices & Clinics of Doctors of Medicine
Comparing Oncology Institute against the 5 most active filers in the same SIC group.