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Oncology Institute (TOI) Financials

Oncology Institute logo
$5.85 +0.20 (+3.54%)
Closing price 04:00 PM Eastern
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$5.86 +0.01 (+0.09%)
As of 07:09 PM Eastern
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Annual Income Statements for Oncology Institute

Annual Income Statements for Oncology Institute

This table shows Oncology Institute's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -14 -11 0.15 -83 -65 -61
Consolidated Net Income / (Loss)		 -14 -11 0.15 -83 -65 -61
Net Income / (Loss) Continuing Operations		 -14 -11 0.15 -83 -65 -61
Total Pre-Tax Income 		-15 -12 -0.09 -83 -65 -61
Total Revenue		 188 203 252 324 393 503
Net Interest Income / (Expense)		 0.00 0.00 0.00 0.00 0.00 0.00
Total Interest Income		 0.00 0.00 0.00 0.00 0.00 0.00
Total Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00
Total Non-Interest Income		 188 203 252 324 393 503
Other Non-Interest Income		 188 203 252 324 393 503
Total Non-Interest Expense		 196 221 277 401 453 539
Other Operating Expenses		 193 242 322 379 447 532
Depreciation Expense		 3.18 3.34 4.41 5.87 6.29 6.94
Nonoperating Income / (Expense), net		 -6.62 6.00 25 -6.60 -5.16 -24
Income Tax Expense		 -0.49 -0.67 -0.24 -0.04 0.00 -0.13
Basic Earnings per Share		 ($0.24) ($0.16) $0.00 ($0.92) ($0.71) ($0.54)
Weighted Average Basic Shares Outstanding		 59.12M 66.23M 72.79M 73.75M 75.04M 92.39M
Diluted Earnings per Share		 ($0.24) ($0.16) ($0.21) ($0.92) ($0.71) ($0.54)
Weighted Average Diluted Shares Outstanding		 59.12M 66.23M 80.61M 73.75M 75.04M 92.39M
Weighted Average Basic & Diluted Shares Outstanding		 5.60M 73.25M 74.55M 74.31M 75.75M 98.84M

Quarterly Income Statements for Oncology Institute

This table shows Oncology Institute's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -17 -19 -20 -15 -16 -13 -20 -17 -17 -7.51 -2.49
Consolidated Net Income / (Loss)		 -17 -19 -20 -15 -16 -13 -20 -17 -17 -7.51 -2.49
Net Income / (Loss) Continuing Operations		 -17 -19 -20 -15 -16 -13 -20 -17 -17 -7.51 -2.49
Total Pre-Tax Income 		-17 -19 -20 -15 -16 -13 -20 -17 -17 -7.51 -2.49
Total Revenue		 82 86 95 99 100 100 104 120 137 142 147
Net Interest Income / (Expense)		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Interest Income		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Interest Expense		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Non-Interest Income		 82 86 95 99 100 100 104 120 137 142 147
Other Non-Interest Income		 82 86 95 99 100 100 104 120 137 142 147
Total Non-Interest Expense		 96 100 113 114 114 110 114 131 145 149 154
Other Operating Expenses		 94 98 111 113 112 108 113 129 143 147 152
Depreciation Expense		 1.70 1.58 1.49 1.52 1.57 1.71 1.78 1.81 1.72 1.63 1.62
Nonoperating Income / (Expense), net		 -3.18 -5.03 -1.92 0.33 -2.28 -3.84 -9.63 -5.88 -8.30 -0.56 3.85
Income Tax Expense		 0.14 -0.31 0.00 0.00 0.00 - 0.00 -0.13 0.00 - 0.00
Basic Earnings per Share		 ($0.19) ($0.21) ($0.22) ($0.17) ($0.18) ($0.14) ($0.21) ($0.15) ($0.14) ($0.04) ($0.02)
Weighted Average Basic Shares Outstanding		 73.47M 73.75M 74.23M 74.75M 75.52M 75.04M 77.10M 93.20M 97.47M 92.39M 101.80M
Diluted Earnings per Share		 ($0.19) ($0.21) ($0.22) ($0.17) ($0.18) ($0.14) ($0.21) ($0.15) ($0.14) ($0.04) ($0.02)
Weighted Average Diluted Shares Outstanding		 73.47M 73.75M 74.23M 74.75M 75.52M 75.04M 77.10M 93.20M 97.47M 92.39M 101.80M
Weighted Average Basic & Diluted Shares Outstanding		 73.75M 74.31M 74.44M 75.49M 75.56M 75.75M 89.23M 93.50M 98.38M 98.84M 99.98M

Annual Cash Flow Statements for Oncology Institute

This table details how cash moves in and out of Oncology Institute's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 3.55 109 -101 19 16 -16
Net Cash From Operating Activities		 0.51 -33 -62 -36 -27 -25
Net Cash From Continuing Operating Activities		 0.51 -33 -62 -36 -27 -25
Net Income / (Loss) Continuing Operations		 -14 -11 0.15 -83 -65 -61
Consolidated Net Income / (Loss)		 -14 -11 0.15 -83 -65 -61
Depreciation Expense		 3.18 3.34 4.41 5.87 6.29 6.94
Amortization Expense		 0.06 0.05 1.42 3.57 5.81 8.38
Non-Cash Adjustments to Reconcile Net Income		 6.37 -10 -48 33 7.97 19
Changes in Operating Assets and Liabilities, net		 0.99 -14 -21 2.36 18 1.33
Net Cash From Investing Activities		 -8.84 -12 -132 63 46 -3.07
Net Cash From Continuing Investing Activities		 -8.84 -12 -132 63 46 -3.07
Purchase of Property, Leasehold Improvements and Equipment		 -1.19 -2.85 -5.53 -4.57 -3.79 -3.20
Sale and/or Maturity of Investments		 - - 0.00 81 50 0.13
Net Cash From Financing Activities		 12 154 92 -6.85 -3.49 12
Net Cash From Continuing Financing Activities		 12 154 92 -6.85 -3.49 12
Issuance of Common Equity		 - - - 0.13 0.00 30
Repayment of Debt		 -0.31 -7.25 -8.73 -3.37 -1.20 -20
Other Financing Activities, Net		 -0.29 141 -0.06 -2.58 -2.30 1.88
Cash Interest Paid		 0.23 0.28 0.22 4.51 4.50 3.91

Quarterly Cash Flow Statements for Oncology Institute

This table details how cash moves in and out of Oncology Institute's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -1.36 5.95 2.57 0.37 11 2.27 -9.93 -9.45 -2.63 5.91 -3.29
Net Cash From Operating Activities		 -8.31 -3.89 -16 -16 0.82 4.19 -4.99 -10 -13 3.23 -2.22
Net Cash From Continuing Operating Activities		 -8.31 -3.89 -16 -16 0.82 4.19 -4.99 -10 -13 3.23 -2.22
Net Income / (Loss) Continuing Operations		 -17 -19 -20 -15 -16 -13 -20 -17 -17 -7.51 -2.49
Consolidated Net Income / (Loss)		 -17 -19 -20 -15 -16 -13 -20 -17 -17 -7.51 -2.49
Depreciation Expense		 1.70 1.58 1.49 1.52 1.57 1.71 1.78 1.81 1.72 1.63 1.62
Amortization Expense		 2.44 -0.35 1.24 1.44 1.54 1.59 4.87 1.13 1.17 1.21 1.21
Non-Cash Adjustments to Reconcile Net Income		 6.05 5.20 4.01 0.27 2.36 1.33 4.81 7.16 7.15 0.25 -3.48
Changes in Operating Assets and Liabilities, net		 -1.11 6.45 -2.73 -3.41 11 13 3.13 -3.29 -6.17 7.65 0.93
Net Cash From Investing Activities		 7.71 12 19 18 10 -1.76 -0.20 -1.21 -0.60 -1.06 -1.04
Net Cash From Continuing Investing Activities		 7.71 12 19 18 10 -1.76 -0.20 -1.21 -0.60 -1.06 -1.04
Purchase of Property, Leasehold Improvements and Equipment		 -0.93 -0.86 -0.61 -1.83 0.40 -1.76 -0.33 -1.21 -0.60 -1.06 -1.04
Sale and/or Maturity of Investments		 8.58 13 20 20 10 - 0.13 - - - 0.00
Net Cash From Financing Activities		 -0.76 -1.78 -0.94 -2.15 -0.24 -0.16 -4.74 1.96 11 3.73 -0.03
Net Cash From Continuing Financing Activities		 -0.76 -1.78 -0.94 -2.15 -0.24 -0.16 -4.74 1.96 11 3.73 -0.03
Issuance of Common Equity		 0.01 0.11 0.07 0.00 -0.08 - 15 2.20 7.61 4.41 0.00
Repayment of Debt		 2.57 -3.28 -0.01 -0.01 -1.01 -0.01 -20 -0.47 -0.24 0.68 -0.27
Other Financing Activities, Net		 -3.21 1.39 -1.00 -2.14 0.85 -0.15 -0.09 0.23 3.23 -1.35 0.24
Cash Interest Paid		 1.13 1.12 1.13 1.09 1.11 1.16 1.29 0.87 0.88 0.88 0.89

Annual Balance Sheets for Oncology Institute

This table presents Oncology Institute's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 0.05 66 203 262 209 173 165
Cash and Due from Banks		 0.03 6.00 115 14 33 50 34
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 - 2.10 4.19 8.55 11 12 11
Goodwill		 - 14 27 21 7.23 7.23 7.23
Intangible Assets		 - 20 18 18 18 15 11
Other Assets		 0.00 24 39 140 90 89 102
Total Liabilities & Shareholders' Equity		 0.05 66 203 262 209 173 165
Total Liabilities		 0.03 38 99 138 152 169 180
Short-Term Debt		 0.00 18 16 15 21 31 50
Accrued Interest Payable		 0.03 11 14 15 14 21 21
Long-Term Debt		 - 6.56 0.00 81 87 93 77
Other Long-Term Liabilities		 0.00 2.42 69 28 31 24 32
Commitments & Contingencies		 - - 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 0.02 28 104 123 57 3.59 -16
Total Preferred & Common Equity		 0.02 28 104 123 57 3.59 -16
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 0.02 28 104 123 57 3.59 -16
Common Stock		 0.03 80 167 186 204 215 257
Retained Earnings		 -0.00 -52 -63 -63 -146 -211 -271
Treasury Stock		 - - - 0.00 -1.02 -1.02 -1.02

Quarterly Balance Sheets for Oncology Institute

This table presents Oncology Institute's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 218 205 180 179 164 160 164 168
Cash and Due from Banks		 28 36 36 47 40 30 28 30
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 11 11 12 12 11 11 11 11
Goodwill		 7.23 7.23 7.23 7.23 7.23 7.23 7.23 7.23
Intangible Assets		 19 17 16 16 14 12 12 10
Other Assets		 94 103 97 97 92 99 106 110
Total Liabilities & Shareholders' Equity		 218 205 180 179 164 160 164 168
Total Liabilities		 147 163 150 164 159 169 176 185
Short-Term Debt		 19 27 22 31 36 42 43 55
Accrued Interest Payable		 13 18 13 15 23 23 23 24
Long-Term Debt		 85 88 90 92 74 75 76 79
Other Long-Term Liabilities		 29 29 25 25 25 29 34 27
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 72 41 29 15 5.07 -8.99 -12 -16
Total Preferred & Common Equity		 72 41 29 15 5.07 -8.99 -12 -16
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 72 41 29 15 5.07 -8.99 -12 -16
Common Stock		 200 208 212 214 236 239 253 259
Retained Earnings		 -127 -166 -182 -198 -230 -247 -264 -274
Treasury Stock		 -1.02 -1.02 -1.02 -1.02 -1.02 -1.02 -1.02 -1.02

Annual Metrics And Ratios for Oncology Institute

This table displays calculated financial ratios and metrics derived from Oncology Institute's official financial filings.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 28,750,000.00 57,500,000.00 72,341,687.00 73,748,979.00 - 98,381,340.00
DEI Adjusted Shares Outstanding		 28,750,000.00 57,500,000.00 72,341,687.00 73,748,979.00 - 98,381,340.00
DEI Earnings Per Adjusted Shares Outstanding		 -0.50 -0.19 0.00 -1.13 - -0.62
Growth Metrics		 - - - - - -
Revenue Growth		 0.00% 8.26% 24.37% 28.42% 21.33% 27.79%
EBITDA Growth		 0.00% -186.49% -34.72% -250.33% 29.30% 55.69%
EBIT Growth		 0.00% -114.72% -41.90% -206.31% 22.22% 38.94%
NOPAT Growth		 0.00% -114.72% -41.90% -206.31% 22.22% 38.94%
Net Income Growth		 0.00% 23.70% 101.39% -54,750.00% 22.16% 6.27%
EPS Growth		 0.00% 33.33% -31.25% -338.10% 22.83% 23.94%
Operating Cash Flow Growth		 0.00% -6,533.07% -88.97% 41.20% 26.92% 7.35%
Free Cash Flow Firm Growth		 0.00% 0.00% -46.13% 100.41% -1,126.53% -97.84%
Invested Capital Growth		 0.00% 127.63% 82.37% -24.71% -22.35% -12.39%
Revenue Q/Q Growth		 0.00% -39.94% 8.11% 4.70% 3.82% 9.04%
EBITDA Q/Q Growth		 0.00% -111.27% 69.26% -195.41% 22.22% 17.54%
EBIT Q/Q Growth		 0.00% -161.74% 62.87% -134.17% 16.17% 11.95%
NOPAT Q/Q Growth		 0.00% -100.78% 62.87% -134.17% 16.17% 11.95%
Net Income Q/Q Growth		 0.00% -28.49% -84.85% -10.29% 7.93% 8.56%
EPS Q/Q Growth		 0.00% -131.37% -31.25% -2.22% 8.97% 15.63%
Operating Cash Flow Q/Q Growth		 0.00% -292.03% 13.13% 21.77% 23.34% -4.03%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% -80.75% -98.03% 57.87% -449.91%
Invested Capital Q/Q Growth		 0.00% -41.82% -2.08% -6.73% -7.59% 4.95%
Profitability Metrics		 - - - - - -
EBITDA Margin		 -2.64% -7.00% -7.58% -20.68% -12.05% -4.18%
EBIT Margin		 -4.37% -8.67% -9.89% -23.59% -15.12% -7.23%
Profit (Net Income) Margin		 -7.64% -5.38% 0.06% -25.62% -16.44% -12.06%
Tax Burden Percent		 96.67% 94.21% -167.03% 99.96% 100.00% 99.78%
Interest Burden Percent		 180.74% 65.89% 0.36% 108.63% 108.68% 167.18%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 -10.89% -14.28% -10.33% -27.94% -28.48% -21.21%
ROIC Less NNEP Spread (ROIC-NNEP)		 -45.83% -7.36% 21.38% -57.01% -48.33% -49.13%
Return on Net Nonoperating Assets (RNNOA)		 -40.07% -2.24% 10.46% -64.25% -184.88% 1,020.40%
Return on Equity (ROE)		 -50.97% -16.52% 0.13% -92.20% -213.36% 999.19%
Cash Return on Invested Capital (CROIC)		 0.00% -92.19% -68.67% 0.25% -3.32% -8.00%
Operating Return on Assets (OROA)		 -24.94% -13.08% -10.74% -32.49% -31.15% -21.54%
Return on Assets (ROA)		 -43.57% -8.12% 0.07% -35.28% -33.86% -35.93%
Return on Common Equity (ROCE)		 -50.96% -16.52% 0.13% -92.20% -213.36% 999.19%
Return on Equity Simple (ROE_SIMPLE)		 -50.97% -10.49% 0.12% -145.67% -1,801.70% 385.53%
Net Operating Profit after Tax (NOPAT)		 -5.74 -12 -17 -54 -42 -25
NOPAT Margin		 -3.06% -6.07% -6.92% -16.52% -10.59% -5.06%
Net Nonoperating Expense Percent (NNEP)		 34.93% -6.91% -31.71% 29.07% 19.85% 27.92%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 104.37% 108.67% 109.89% 123.59% 115.12% 107.23%
Earnings before Interest and Taxes (EBIT)		 -8.20 -18 -25 -77 -59 -36
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -4.96 -14 -19 -67 -47 -21
Valuation Ratios		 - - - - - -
Price to Book Value (P/BV)		 0.00 2.69 0.97 2.64 6.51 0.00
Price to Tangible Book Value (P/TBV)		 0.00 4.73 1.42 4.72 0.00 0.00
Price to Revenue (P/Rev)		 0.00 1.38 0.47 0.46 0.06 0.70
Price to Earnings (P/E)		 0.00 0.00 785.29 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.13% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 1.51 0.92 1.36 0.77 3.97
Enterprise Value to Revenue (EV/Rev)		 0.00 0.89 0.80 0.69 0.25 0.88
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 475.50 0.00 0.00
Leverage & Solvency		 - - - - - -
Debt to Equity		 0.87 0.15 0.78 1.89 34.62 -8.12
Long-Term Debt to Equity		 0.23 0.00 0.65 1.52 25.95 -4.92
Financial Leverage		 0.87 0.30 0.49 1.13 3.83 -20.77
Leverage Ratio		 2.34 2.03 2.05 2.61 6.30 -27.81
Compound Leverage Factor		 4.22 1.34 0.01 2.84 6.85 -46.49
Debt to Total Capital		 46.65% 13.13% 43.67% 65.36% 97.19% 114.04%
Short-Term Debt to Total Capital		 34.19% 13.13% 6.80% 12.63% 24.34% 44.93%
Long-Term Debt to Total Capital		 12.46% 0.00% 36.87% 52.74% 72.85% 69.11%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 53.34% 86.87% 56.33% 34.64% 2.81% -14.04%
Debt to EBITDA		 -4.96 -1.11 -4.99 -1.60 -2.62 -6.08
Net Debt to EBITDA		 -3.75 7.00 -4.26 -1.11 -1.57 -4.48
Long-Term Debt to EBITDA		 -1.32 0.00 -4.21 -1.29 -1.96 -3.68
Debt to NOPAT		 -4.28 -1.28 -5.46 -2.01 -2.98 -5.02
Net Debt to NOPAT		 -3.24 8.07 -4.66 -1.38 -1.79 -3.70
Long-Term Debt to NOPAT		 -1.14 0.00 -4.61 -1.62 -2.24 -3.04
Noncontrolling Interest Sharing Ratio		 0.02% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - -
Cash Flow Metrics		 - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -80 -116 0.47 -4.85 -9.59
Operating Cash Flow to CapEx		 42.55% -1,147.88% -1,116.95% -795.16% -700.40% -768.34%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - -
Asset Turnover		 5.70 1.51 1.09 1.38 2.06 2.98
Fixed Asset Turnover		 0.00 64.49 39.64 33.38 34.55 44.54
Capital & Investment Metrics		 - - - - - -
Invested Capital		 53 120 219 165 128 112
Invested Capital Turnover		 3.56 2.35 1.49 1.69 2.69 4.19
Increase / (Decrease) in Invested Capital		 0.00 67 99 -54 -37 -16
Enterprise Value (EV)		 0.00 181 201 225 98 444
Market Capitalization		 0.00 280 119 150 23 350
Book Value per Share		 $0.98 $3.62 $1.70 $0.77 $0.05 ($0.16)
Tangible Book Value per Share		 ($0.20) $2.06 $1.16 $0.43 ($0.24) ($0.35)
Total Capital		 53 120 219 165 128 112
Total Debt		 25 16 95 108 124 128
Total Long-Term Debt		 6.56 0.00 81 87 93 77
Net Debt		 19 -99 81 74 75 94
Capital Expenditures (CapEx)		 1.19 2.85 5.53 4.57 3.79 3.20
Net Nonoperating Expense (NNE)		 8.58 -1.39 -18 30 23 35
Net Nonoperating Obligations (NNO)		 25 16 95 108 124 128
Total Depreciation and Amortization (D&A)		 3.24 3.39 5.84 9.45 12 15
Earnings Adjustments		 - - - - - -
Adjusted Basic Earnings per Share		 $0.00 ($0.16) $0.00 ($0.92) ($0.71) ($0.54)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 66.23M 72.79M 73.75M 75.04M 92.39M
Adjusted Diluted Earnings per Share		 $0.00 ($0.16) ($0.21) ($0.92) ($0.71) ($0.54)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 66.23M 80.61M 73.75M 75.04M 92.39M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 73.25M 74.55M 74.31M 75.75M 98.84M
Normalized Net Operating Profit after Tax (NOPAT)		 -5.74 -30 -52 -42 -42 -25
Normalized NOPAT Margin		 -3.06% -14.65% -20.58% -13.05% -10.59% -5.06%
Pre Tax Income Margin		 -7.90% -5.71% -0.04% -25.63% -16.44% -12.08%
Debt Service Ratios		 - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 5,921.05% -1.23% 0.00% 0.00%

Quarterly Metrics And Ratios for Oncology Institute

This table displays calculated financial ratios and metrics derived from Oncology Institute's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 72,955,088.00 73,748,979.00 74,312,921.00 74,437,924.00 75,490,489.00 - 75,753,229.00 89,234,112.00 93,504,767.00 98,381,340.00 98,839,144.00
DEI Adjusted Shares Outstanding		 72,955,088.00 73,748,979.00 74,312,921.00 74,437,924.00 75,490,489.00 - 75,753,229.00 89,234,112.00 93,504,767.00 98,381,340.00 98,839,144.00
DEI Earnings Per Adjusted Shares Outstanding		 -0.24 -0.25 -0.27 -0.21 -0.21 - -0.26 -0.19 -0.18 -0.08 -0.03
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 26.25% 20.42% 24.25% 22.88% 21.78% 16.88% 10.29% 21.53% 36.70% 41.58% 41.22%
EBITDA Growth		 38.40% -140.62% 51.66% -0.96% -7.60% 52.82% 78.38% 35.21% 50.48% 52.06% -6.74%
EBIT Growth		 22.38% -147.14% 46.22% -5.85% 1.93% 33.45% 44.61% 28.76% 40.69% 41.50% 36.26%
NOPAT Growth		 22.38% -147.14% 46.22% -5.85% 1.93% 33.45% 44.61% 28.76% 40.69% 41.50% 36.26%
Net Income Growth		 -551.42% -70.38% 33.70% 8.39% 7.50% 29.71% 1.53% -9.88% -2.43% 43.04% 87.28%
EPS Growth		 -11.76% -10.53% 33.33% 10.53% 5.26% 33.33% 4.55% 11.76% 22.22% 71.43% 90.48%
Operating Cash Flow Growth		 59.26% 72.19% -2.79% -80.83% 109.86% 207.53% 68.60% 34.85% -1,642.12% -22.77% 55.59%
Free Cash Flow Firm Growth		 223.30% 156.72% 139.18% 162.99% -22.85% -31.53% 23.11% -26.89% -9.16% -61.48% -119.26%
Invested Capital Growth		 -20.96% -24.71% -20.72% -24.59% -21.63% -22.35% -26.75% -23.69% -22.86% -12.39% 2.01%
Revenue Q/Q Growth		 2.26% 4.57% 10.35% 4.13% 1.34% 0.37% 4.13% 14.75% 13.99% 3.95% 3.86%
EBITDA Q/Q Growth		 21.75% -28.59% -19.00% 15.69% 16.61% 43.62% 61.59% -156.07% 36.27% 22.51% 14.49%
EBIT Q/Q Growth		 5.58% 0.44% -27.98% 12.02% 12.52% 32.44% 16.23% -13.65% 27.17% 15.27% 8.72%
NOPAT Q/Q Growth		 5.58% 0.44% -27.98% 12.02% 12.52% 32.44% 16.23% -13.65% 27.17% 15.27% 8.72%
Net Income Q/Q Growth		 -3.09% -7.66% -6.05% 22.17% -4.10% 18.19% -48.57% 13.15% 2.97% 54.51% 66.81%
EPS Q/Q Growth		 0.00% -10.53% -4.76% 22.73% -5.88% 22.22% -50.00% 28.57% 6.67% 71.43% 50.00%
Operating Cash Flow Q/Q Growth		 4.04% 53.15% -307.99% 1.40% 105.23% 411.11% -219.16% -104.53% -23.80% 125.60% -168.51%
Free Cash Flow Firm Q/Q Growth		 166.40% 19.66% -35.58% 23.08% -18.68% 6.20% 23.05% -26.97% 1.03% -57.60% -161.53%
Invested Capital Q/Q Growth		 -5.88% -6.73% -4.59% -9.97% -2.18% -7.59% -9.99% -6.21% -1.12% 4.95% 4.80%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 -12.15% -14.94% -16.11% -13.04% -10.73% -6.03% -3.16% -6.95% -3.89% -2.90% -2.39%
EBIT Margin		 -17.19% -16.37% -18.98% -16.04% -13.85% -9.32% -9.53% -9.40% -6.01% -4.90% -4.30%
Profit (Net Income) Margin		 -21.23% -21.86% -21.01% -15.70% -16.13% -13.15% -18.76% -14.20% -12.09% -5.29% -1.69%
Tax Burden Percent		 100.78% 98.35% 100.00% 100.00% 100.00% 100.00% 100.00% 99.24% 100.00% 100.00% 100.00%
Interest Burden Percent		 122.54% 135.78% 110.67% 97.89% 116.48% 141.06% 196.76% 152.17% 201.17% 108.01% 39.28%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 -18.64% -19.39% -25.64% -24.65% -23.33% -17.55% -19.77% -22.40% -15.82% -14.37% -14.15%
ROIC Less NNEP Spread (ROIC-NNEP)		 -26.19% -28.17% -32.42% -28.75% -28.98% -23.28% -30.95% -30.37% -24.72% -16.47% -12.55%
Return on Net Nonoperating Assets (RNNOA)		 -26.22% -31.75% -50.02% -54.26% -75.51% -89.05% -150.71% -344.09% -1,863.78% 342.02% 272.55%
Return on Equity (ROE)		 -44.87% -51.14% -75.66% -78.91% -98.84% -106.60% -170.48% -366.50% -1,879.60% 327.65% 258.40%
Cash Return on Invested Capital (CROIC)		 11.97% 0.25% -0.95% 1.67% -3.17% -3.32% 4.39% 0.55% 2.24% -8.00% -21.69%
Operating Return on Assets (OROA)		 -21.21% -22.54% -29.63% -28.28% -26.40% -19.20% -20.86% -23.51% -16.16% -14.59% -14.14%
Return on Assets (ROA)		 -26.19% -30.10% -32.79% -27.69% -30.75% -27.08% -41.04% -35.50% -32.51% -15.76% -5.55%
Return on Common Equity (ROCE)		 -44.87% -51.14% -75.66% -78.91% -98.84% -106.60% -170.48% -366.50% -1,879.60% 327.65% 258.40%
Return on Equity Simple (ROE_SIMPLE)		 -104.83% 0.00% -176.67% -244.95% -453.66% 0.00% -1,269.66% 733.32% 540.00% 0.00% 267.20%
Net Operating Profit after Tax (NOPAT)		 -9.87 -9.83 -13 -11 -9.68 -6.54 -6.97 -7.88 -5.74 -4.87 -4.44
NOPAT Margin		 -12.04% -11.46% -13.29% -11.23% -9.69% -6.52% -6.67% -6.58% -4.21% -3.43% -3.01%
Net Nonoperating Expense Percent (NNEP)		 7.54% 8.79% 6.78% 4.10% 5.65% 5.73% 11.18% 7.96% 8.90% 2.10% -1.60%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 117.19% 116.37% 118.98% 116.04% 113.85% 109.32% 109.53% 109.40% 106.01% 104.90% 104.30%
Earnings before Interest and Taxes (EBIT)		 -14 -14 -18 -16 -14 -9.35 -9.95 -11 -8.20 -6.95 -6.35
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -9.96 -13 -15 -13 -11 -6.05 -3.30 -8.33 -5.31 -4.11 -3.52
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.42 2.64 2.84 0.00 1.59 6.51 17.04 0.00 0.00 0.00 0.00
Price to Tangible Book Value (P/TBV)		 2.22 4.72 6.93 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 0.33 0.46 0.34 0.00 0.07 0.06 0.21 0.43 0.71 0.70 0.56
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 1.02 1.36 1.26 0.00 0.72 0.77 1.36 2.50 3.91 3.97 3.47
Enterprise Value to Revenue (EV/Rev)		 0.58 0.69 0.58 0.00 0.26 0.25 0.39 0.64 0.91 0.88 0.75
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 7.49 475.50 0.00 0.00 0.00 0.00 26.19 396.39 152.36 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.46 1.89 2.80 3.84 7.94 34.62 21.70 -13.01 -9.69 -8.12 -8.21
Long-Term Debt to Equity		 1.19 1.52 2.14 3.08 5.91 25.95 14.58 -8.35 -6.21 -4.92 -4.83
Financial Leverage		 1.00 1.13 1.54 1.89 2.61 3.83 4.87 11.33 75.39 -20.77 -21.72
Leverage Ratio		 2.51 2.61 3.14 3.59 4.55 6.30 7.95 16.78 106.86 -27.81 -29.62
Compound Leverage Factor		 3.08 3.55 3.48 3.52 5.30 8.89 15.64 25.54 214.97 -30.04 -11.63
Debt to Total Capital		 59.30% 65.36% 73.71% 79.35% 88.81% 97.19% 95.59% 108.33% 111.50% 114.04% 113.87%
Short-Term Debt to Total Capital		 11.00% 12.63% 17.45% 15.75% 22.64% 24.34% 31.38% 38.81% 40.10% 44.93% 46.90%
Long-Term Debt to Total Capital		 48.30% 52.74% 56.27% 63.60% 66.17% 72.85% 64.22% 69.51% 71.40% 69.11% 66.97%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 40.70% 34.64% 26.29% 20.65% 11.19% 2.81% 4.41% -8.33% -11.50% -14.04% -13.87%
Debt to EBITDA		 -4.61 -1.60 -2.28 -2.21 -2.38 -2.62 -3.10 -3.79 -4.67 -6.08 -6.30
Net Debt to EBITDA		 -3.40 -1.11 -1.57 -1.49 -1.46 -1.57 -1.98 -2.80 -3.59 -4.48 -4.87
Long-Term Debt to EBITDA		 -3.76 -1.29 -1.74 -1.77 -1.77 -1.96 -2.08 -2.43 -2.99 -3.68 -3.70
Debt to NOPAT		 -4.58 -2.01 -2.71 -2.59 -2.85 -2.98 -3.05 -3.56 -4.12 -5.02 -5.84
Net Debt to NOPAT		 -3.37 -1.38 -1.87 -1.75 -1.75 -1.79 -1.95 -2.64 -3.16 -3.70 -4.51
Long-Term Debt to NOPAT		 -3.73 -1.62 -2.07 -2.07 -2.12 -2.24 -2.05 -2.29 -2.64 -3.04 -3.43
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 37 44 28 35 28 30 35 26 26 11 -6.75
Operating Cash Flow to CapEx		 -893.55% -452.15% -2,603.77% -857.61% 0.00% 238.52% -1,520.73% -844.54% -2,091.06% 305.00% -212.57%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 1.23 1.38 1.56 1.76 1.91 2.06 2.19 2.50 2.69 2.98 3.29
Fixed Asset Turnover		 34.81 33.38 32.89 31.39 32.86 34.55 36.47 36.76 40.11 44.54 50.04
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 177 165 157 141 138 128 115 108 107 112 117
Invested Capital Turnover		 1.55 1.69 1.93 2.20 2.41 2.69 2.96 3.40 3.76 4.19 4.70
Increase / (Decrease) in Invested Capital		 -47 -54 -41 -46 -38 -37 -42 -34 -32 -16 2.31
Enterprise Value (EV)		 179 225 197 0.00 100 98 157 270 418 444 407
Market Capitalization		 102 150 117 0.00 25 23 86 183 326 350 303
Book Value per Share		 $0.98 $0.77 $0.56 $0.39 $0.21 $0.05 $0.07 ($0.10) ($0.13) ($0.16) ($0.16)
Tangible Book Value per Share		 $0.63 $0.43 $0.23 $0.08 ($0.10) ($0.24) ($0.21) ($0.32) ($0.33) ($0.35) ($0.34)
Total Capital		 177 165 157 141 138 128 115 108 107 112 117
Total Debt		 105 108 116 112 123 124 110 117 119 128 134
Total Long-Term Debt		 85 87 88 90 92 93 74 75 76 77 79
Net Debt		 77 74 80 76 75 75 70 87 91 94 103
Capital Expenditures (CapEx)		 0.93 0.86 0.61 1.83 -0.40 1.76 0.33 1.21 0.60 1.06 1.04
Net Nonoperating Expense (NNE)		 7.55 8.92 7.31 4.41 6.43 6.64 13 9.12 11 2.64 -1.95
Net Nonoperating Obligations (NNO)		 105 108 116 112 123 124 110 117 119 128 134
Total Depreciation and Amortization (D&A)		 4.14 1.23 2.72 2.96 3.11 3.30 6.66 2.93 2.90 2.84 2.83
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.19) ($0.21) ($0.22) ($0.17) ($0.18) ($0.14) ($0.21) ($0.15) ($0.14) ($0.04) ($0.02)
Adjusted Weighted Average Basic Shares Outstanding		 73.47M 73.75M 74.23M 74.75M 75.52M 75.04M 77.10M 93.20M 97.47M 92.39M 101.80M
Adjusted Diluted Earnings per Share		 ($0.19) ($0.21) ($0.22) ($0.17) ($0.18) ($0.14) ($0.21) ($0.15) ($0.14) ($0.04) ($0.02)
Adjusted Weighted Average Diluted Shares Outstanding		 73.47M 73.75M 74.23M 74.75M 75.52M 75.04M 77.10M 93.20M 97.47M 92.39M 101.80M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 73.75M 74.31M 74.44M 75.49M 75.56M 75.75M 89.23M 93.50M 98.38M 98.84M 99.98M
Normalized Net Operating Profit after Tax (NOPAT)		 -9.89 -9.83 -13 -11 -9.68 -6.54 -6.97 -7.88 -5.74 -4.87 -4.44
Normalized NOPAT Margin		 -12.06% -11.46% -13.29% -11.23% -9.69% -6.52% -6.67% -6.58% -4.21% -3.43% -3.01%
Pre Tax Income Margin		 -21.07% -22.23% -21.01% -15.70% -16.13% -13.15% -18.76% -14.31% -12.09% -5.29% -1.69%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 -1.35% -1.23% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Financials Breakdown Chart

Oncology Institute Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Oncology Institute's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Oncology Institute's net income appears to be on an upward trend, with a most recent value of -$60.61 million in 2025, rising from -$14.32 million in 2020. The previous period was -$64.66 million in 2024. See where experts think Oncology Institute is headed by visiting Oncology Institute's forecast page.

Over the last 5 years, Oncology Institute's total revenue changed from $187.52 million in 2020 to $502.73 million in 2025, a change of 168.1%.

Oncology Institute's total liabilities were at $180.38 million at the end of 2025, a 6.7% increase from 2024, and a 660,617.9% increase since 2019.

In the past 6 years, Oncology Institute's cash and equivalents has ranged from $25 thousand in 2019 to $115.17 million in 2021, and is currently $33.57 million as of their latest financial filing in 2025.

Over the last 5 years, Oncology Institute's book value per share changed from 0.98 in 2020 to -0.16 in 2025, a change of -116.4%.


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Financial statements for NASDAQ:TOI last updated on 7/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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