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 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $147.44M | - | $136.56M | $119.80M | $104.41M | - | $99.90M | $98.58M | $94.67M | - |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - | - | - | - | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | $28.21M | - | $25.25M | $26.91M | $25.38M | - | $26.65M | $27.87M | $28.45M | - |
| Total Operating Expenses | $153.95M | - | $144.62M | $131.01M | $114.32M | - | $113.75M | $114.94M | $112.64M | - |
| D&A | $1.62M | - | $1.72M | $1.80M | $1.78M | - | $1.57M | $1.52M | $1.49M | - |
| Operating Income | ($6.51M) | - | ($8.05M) | ($11.21M) | ($9.91M) | - | ($13.85M) | ($16.36M) | ($17.97M) | - |
| Interest Expense | $1.93M | - | $1.92M | $1.87M | $1.99M | - | $1.75M | $1.64M | - | - |
| Income Tax | $0 | - | $0 | ($131.0K) | $0 | - | $0 | $0 | $0 | - |
| Net Income | ($2.49M) | - | ($16.50M) | ($17.01M) | ($19.59M) | - | ($16.11M) | ($15.48M) | ($19.89M) | - |
| EPS - Basic | ($0.02) | - | ($0.14) | ($0.15) | ($0.21) | - | ($0.18) | ($0.17) | ($0.22) | - |
| EPS - Diluted | ($0.02) | - | ($0.14) | ($0.15) | ($0.21) | - | ($0.18) | ($0.17) | ($0.22) | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $30.28M | $33.56M | $27.66M | $30.29M | $39.74M | $49.67M | $47.40M | $36.42M | $36.05M | $33.49M |
| Accounts Receivable | $58.13M | $59.00M | $59.64M | $55.66M | $49.32M | $48.34M | $54.50M | $54.02M | $58.76M | $42.36M |
| Inventory | $24.29M | $16.88M | $18.88M | $15.79M | $12.31M | $10.04M | $10.11M | $11.32M | $11.55M | $13.68M |
| Accounts Payable | $47.65M | $43.17M | $35.63M | $34.93M | $29.29M | $24.32M | $24.57M | $15.75M | $21.02M | $14.43M |
| Current Assets | $116.86M | $112.75M | $110.09M | $104.79M | $106.82M | $112.42M | $116.42M | $116.21M | $141.19M | $143.49M |
| Total Assets | $168.23M | $164.66M | $163.62M | $159.80M | $164.00M | $172.72M | $179.18M | $179.60M | $204.53M | $209.24M |
| Current Liabilities | $79.35M | $70.96M | $65.58M | $64.78M | $59.54M | $52.22M | $46.76M | $35.10M | $45.77M | $34.79M |
| Long-term Debt | $78.61M | $77.40M | $76.19M | $75.02M | $73.89M | $93.13M | $91.54M | $89.95M | $88.39M | $86.83M |
| Total Liabilities | $184.51M | $180.38M | $175.89M | $168.78M | $158.93M | $169.13M | $163.70M | $150.40M | $163.24M | $152.22M |
| Stockholders' Equity | ($16.29M) | ($15.72M) | ($12.27M) | ($8.98M) | $5.07M | $3.59M | $15.48M | $29.21M | $41.30M | $57.02M |
| Retained Earnings | ($273.91M) | ($271.42M) | ($263.91M) | ($247.41M) | ($230.40M) | ($210.81M) | ($197.63M) | ($181.52M) | ($166.04M) | ($146.15M) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | ($2.21M) | - | - | - | ($4.99M) | - | - | - | ($15.88M) | - |
| Investing Cash Flow | ($1.04M) | - | - | - | ($202.0K) | - | - | - | $19.39M | - |
| Financing Cash Flow | ($28.0K) | - | - | - | ($4.74M) | - | - | - | ($938.0K) | - |
| CapEx | $1.04M | - | - | - | $328.0K | - | - | - | $610.0K | - |
| Free Cash Flow | ($3.26M) | - | - | - | ($5.32M) | - | - | - | ($16.49M) | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | - | - | - | - | - | - | - | - | - | - |
| Operating margin | -4.4% | - | -5.9% | -9.4% | -9.5% | - | -13.9% | -16.6% | -19.0% | - |
| EBITDA margin | -3.3% | - | -4.6% | -7.9% | -7.8% | - | -12.3% | -15.1% | -17.4% | - |
| Net margin | -1.7% | - | -12.1% | -14.2% | -18.8% | - | -16.1% | -15.7% | -21.0% | - |
| Free cash flow margin | -2.2% | - | - | - | -5.1% | - | - | - | -17.4% | - |
| FCF / Net income | 1.31 | - | - | - | 0.27 | - | - | - | 0.83 | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | 19.1% | - | 18.5% | 22.5% | 24.3% | - | 26.7% | 28.3% | 30.1% | - |
| Effective tax rate | - | - | - | - | - | - | - | - | - | - |
| Return on assets | -1.5% | - | -10.1% | -10.6% | -11.9% | - | -9.0% | -8.6% | -9.7% | - |
| Return on equity | 15.3% | - | 134.5% | 189.3% | -386.4% | - | -104.1% | -53.0% | -48.2% | - |
| Return on invested capital | -8.3% | - | -10.0% | -13.4% | -9.9% | - | -10.2% | -10.8% | -10.9% | - |
| Liquidity | ||||||||||
| Current ratio | 1.47 | 1.59 | 1.68 | 1.62 | 1.79 | 2.15 | 2.49 | 3.31 | 3.08 | 4.12 |
| Quick ratio | 1.17 | 1.35 | 1.39 | 1.37 | 1.59 | 1.96 | 2.27 | 2.99 | 2.83 | 3.73 |
| Cash ratio | 0.38 | 0.47 | 0.42 | 0.47 | 0.67 | 0.95 | 1.01 | 1.04 | 0.79 | 0.96 |
| Leverage | ||||||||||
| Debt / Equity | -4.83 | -4.92 | -6.21 | -8.35 | 14.58 | 25.95 | 5.91 | 3.08 | 2.14 | 1.52 |
| Debt / Assets | 0.47 | 0.47 | 0.47 | 0.47 | 0.45 | 0.54 | 0.51 | 0.50 | 0.43 | 0.41 |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | -3.4x | - | -4.2x | -6.0x | -5.0x | - | -7.9x | -10.0x | - | - |
| Equity multiplier | -10.33 | -10.47 | -13.33 | -17.78 | 32.35 | 48.12 | 11.57 | 6.15 | 4.95 | 3.67 |
| Liabilities / Assets | 1.10 | 1.10 | 1.08 | 1.06 | 0.97 | 0.98 | 0.91 | 0.84 | 0.80 | 0.73 |
| Efficiency | ||||||||||
| Asset turnover | 0.88 | - | 0.83 | 0.75 | 0.64 | - | 0.56 | 0.55 | 0.46 | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | 144d | - | 159d | 170d | 172d | - | 199d | 200d | 227d | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | - | - | - | - |
| P / B | - | - | - | - | 17.3x | - | 1.6x | 1.2x | 2.8x | - |
| P / S | 2.1x | - | 2.5x | 1.6x | 0.8x | - | 0.2x | 0.3x | 1.2x | - |
| EV / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 41.2% | - | 36.7% | 21.5% | 10.3% | - | 21.8% | 22.9% | 24.2% | - |
| Revenue CAGR (3y) | 24.6% | - | 28.1% | 25.3% | 29.0% | - | - | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Operating income growth (YoY) | 34.3% | - | 41.9% | 31.5% | 44.9% | - | 0.5% | -9.5% | 45.3% | - |
| Net income growth (YoY) | 87.3% | - | -2.4% | -9.9% | 1.5% | - | 7.5% | 8.4% | 33.7% | - |
| EPS growth (YoY) | 90.5% | - | 22.2% | 11.8% | 4.5% | - | 5.3% | 10.5% | 33.3% | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | 38.7% | - | - | - | 67.8% | - | - | - | 4.6% | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | - | - | - | - | -87.7% | -93.7% | -78.5% | -65.5% | -58.0% | -53.7% |
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%
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.