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TOI

The Oncology Institute, Inc.

TOI

The Oncology Institute, Inc. • NASDAQ
$3.15 ▲ 1.12% (+0.04)
Market Cap $310.39 M
52w High $4.88
52w Low $0.14
Dividend Yield 0%
P/E -4.93
Volume 966.97K
Outstanding Shares 98.38M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $136.564M ▲ $26.974M ▼ $-16.504M ▲ -12.085% ▲ $-0.14 ▲ $-12.861M ▼
Q2-2025 $119.802M ▲ $28.712M ▲ $-17.009M ▲ -14.198% ▲ $-0.15 ▲ $-9.406M ▲
Q1-2025 $104.406M ▲ $27.16M ▲ $-19.585M ▼ -18.759% ▼ $-0.21 ▼ $-12.231M ▼
Q4-2024 $100.267M ▲ $26.565M ▼ $-13.182M ▲ -13.147% ▲ $-0.14 ▲ $-10.307M ▲
Q3-2024 $99.901M $28.219M $-16.113M -16.129% $-0.18 $-12.28M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $27.658M ▼ $163.619M ▲ $175.893M ▲ $-12.274M ▼
Q2-2025 $30.292M ▼ $159.798M ▼ $168.783M ▲ $-8.985M ▼
Q1-2025 $39.739M ▼ $164.002M ▼ $158.933M ▼ $5.069M ▲
Q4-2024 $49.669M ▲ $172.717M ▼ $169.128M ▲ $3.589M ▼
Q3-2024 $47.402M $179.183M $163.701M $15.482M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-16.504M ▼ $-12.63M ▼ $-604K ▲ $10.6M ▲ $-2.634M ▲ $-13.234M ▼
Q2-2025 $-13.991M ▲ $-10.202M ▼ $-1.208M ▼ $1.963M ▲ $-9.447M ▲ $-11.41M ▼
Q1-2025 $-19.585M ▼ $-4.988M ▼ $-202K ▲ $-4.74M ▼ $-9.93M ▼ $-5.316M ▼
Q4-2024 $-13.182M ▲ $4.186M ▲ $-1.755M ▼ $-164K ▲ $2.267M ▼ $2.431M ▲
Q3-2024 $-16.113M $819K $10.402M $-243K $10.978M $1.221M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Capitated Revenue
Capitated Revenue
 $10.00M ▲$40.00M ▲$20.00M ▼$20.00M ▲
Clinical Research Trials And Other Revenue
Clinical Research Trials And Other Revenue
 $0 ▲$0 ▲$0 ▲$0 ▲
Dispensary Revenue
Dispensary Revenue
 $50.00M ▲$90.00M ▲$50.00M ▼$60.00M ▲
Fee For Service
Fee For Service
 $30.00M ▲$70.00M ▲$40.00M ▼$40.00M ▲
Health Care Patient Service
Health Care Patient Service
 $50.00M ▲$100.00M ▲$50.00M ▼$60.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been climbing steadily over the past several years, showing that TOI’s model is gaining traction and they are treating more patients or winning more contracts. However, the company remains unprofitable, with operating losses and net losses persisting and even widening again in the most recent period. Gross profit is positive but relatively thin, suggesting reimbursement and cost pressures in their value-based care model. Overall, this is a growth story with improving scale but without a clear, sustained path to consistent earnings yet.

Balance Sheet

Balance Sheet TOI’s balance sheet shows a business that has been drawing down its financial cushion over time. Total assets have shrunk from earlier peaks, and reported equity has been squeezed down to essentially nothing, which signals that accumulated losses have absorbed much of the original capital. Debt now makes up a meaningful share of the funding mix, increasing financial risk and reducing flexibility if performance does not improve. Cash has ticked up recently from very low levels, but it still looks modest relative to the company’s needs and volatility.

Cash Flow

Cash Flow The company has been consistently burning cash from its core operations, which means day‑to‑day activities are not yet self‑funding. Free cash flow is also negative, and the drag is mainly from operating losses rather than heavy investment spending, since capital expenditures are quite light. This pattern suggests that TOI depends on outside financing or new arrangements with partners to support growth and cover ongoing cash needs. Unless operating performance turns around, cash flow will remain a key area of concern.

Competitive Edge

Competitive Edge TOI has carved out a differentiated niche in oncology by focusing on value‑based care, community‑based clinics, and close alignment with insurers on both outcomes and costs. Its data‑driven model, history of reducing hospital use, and growing network of clinics create switching costs for payors and a degree of network effect. Unique offerings—such as outpatient stem cell transplants, integrated mental health support, and in‑house pharmacy and lab services—further distinguish it from traditional hospital‑centric cancer care. The flip side is that this model is complex to manage, exposed to reimbursement shifts, and competing against large health systems that may try to replicate parts of TOI’s approach.

Innovation and R&D

Innovation and R&D Innovation at TOI is centered on how care is delivered rather than on developing new drugs. The company invests in a value‑based, data‑rich care platform, AI‑driven automation tools for administrative work, and a broad menu of advanced therapies delivered in community settings. It is also building specialized centers of excellence and running clinical trials, which can enhance its clinical reputation and attract both patients and partners. While traditional R&D spending may be limited, the ongoing experimentation in care models, technology integration, and partnerships with payors and behavioral health providers represents a meaningful innovation engine.

Summary

TOI is a growing oncology services company with a distinctive, value‑based care model that is gaining commercial traction but has not yet translated into sustainable profits or positive cash flow. The financial profile shows rising revenue but persistent losses, a pressured balance sheet with very thin equity and notable debt, and ongoing cash burn, all of which heighten execution and financing risk. At the same time, the firm’s competitive strengths—its integrated value‑based platform, community footprint, differentiated services, and technology‑enabled operations—give it a clear strategic identity in a large, evolving cancer care market. The key question going forward is whether TOI can scale this innovative model in a way that strengthens margins, stabilizes the balance sheet, and turns its clinical and operational advantages into durable financial strength.

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