CoverageForm 410-K10-Q8-K13D13G13F

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.

Price · TOI

Income Statement

Line itemFY 2025FY 2024FY 2023FY 2022FY 2021FY 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 itemFY 2025FY 2024FY 2023FY 2022FY 2021FY 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 itemFY 2025FY 2024FY 2023FY 2022FY 2021FY 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

MetricFY 2025FY 2024FY 2023FY 2022FY 2021FY 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 income0.460.470.49-442.663.10-
R&D / Revenue------
SG&A / Revenue21.0%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 equity385.5%-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 ratio1.592.154.124.395.174.00
Quick ratio1.351.963.734.084.954.00
Cash ratio0.470.950.960.473.873.36
Leverage
Debt / Equity-4.9225.951.520.650.06-
Debt / Assets0.470.540.410.310.03-
Debt / EBITDA------
Interest coverage-3.2x-8.0x---132.2x-
Equity multiplier-10.4748.123.672.121.95-14.45
Liabilities / Assets1.100.980.730.530.490.08
Efficiency
Asset turnover3.052.281.550.960.92-
Inventory turnover------
Days sales outstanding43d45d48d58d33d-
Days inventory outstanding------
Days payable outstanding------
Cash conversion cycle------
Valuation
P / E------
P / B-6.5x2.6x1.1x5.5x-
P / S0.7x0.1x0.5x0.5x3.1x-
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 total
Specialty 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 total
Health 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

CompanyRevenue (last FY)Net marginROE
HIMS$2.35B5.5%23.7%
TDOC$2.53B-7.9%-14.5%
LFMD$194.06M7.4%62.0%
CANO---
AIRS$151.82M-7.7%-13.3%

Comparing Oncology Institute against the 5 most active filers in the same SIC group.