TOI

MKT CAP:$320M

The Oncology Institute, Inc.

Market Cap

$320M

Healthcare·Medical - Care Facilities·🇺🇸 United States·NASDAQ

Healthcare·Medical·🇺🇸·NASDAQ

Stock Price

$3.50-$0.17 (-4.65%)

Apr 21, 2026

Company Details

The Oncology Institute, Inc., an oncology company, provides medical oncology services in the United States. Its services include physician services, in-house infusion and dispensary, clinical trial services, radiation, outpatient stem cell ...

CEO

Daniel Virnich

IPO Date

Jun 4, 2020

Website

theoncologyinstitute.com

Key Metrics TTM

Revenue

$441M

+36.1% YoY

Net Income

-$65M

EPS (Diluted)

-$0.67

Free Cash Flow

-$15M

Revenue / Share

$0.45

Gross Margin

14.8%

Operating Margin

-9.9%

Net Margin

-14.8%

FCF Margin

-3.4%

P/S

0.7x

P/E

—

Earnings Reports

Q4 2025

May 13, 2026

PENDING

FY 2025

Mar 12, 2026

$503MEPS -$0.54

Q3 2025

Nov 13, 2025

$137M+36.7%EPS -$0.14

Q1 2025

May 14, 2025

$104MEPS -$0.21

Q4 2024

Mar 25, 2025

$100M+16.9%EPS -$0.14

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 20	$49M	$10M	-$5M
Q1 21	$49M	$10M	-$2M
Q2 21	$50M	$11M	-$1M
Q3 21	$52M	$11M	-$2M
Q4 21	$52M	$8M	-$41M
Q1 22	$55M	$12M	-$18M
Q2 22	$61M	$11M	-$18M
Q4 22	$71M	$16M	-$25M
Q1 23	$76M	$14M	-$33M
Q2 23	$80M	$15M	-$15M
Q3 23	$82M	$16M	-$14M
Q4 23	$86M	$14M	-$15M
Q3 24	$100M	$14M	-$14M
Q4 24	$100M	$15M	-$12M
Q1 25	$104M	$17M	-$10M
Q3 25	$137M	$19M	-$8M

Valuation

Quarter	P/S	P/E
Q4 20	4.0x	—
Q1 21	3.4x	—
Q2 21	3.4x	—
Q3 21	3.7x	—
Q4 21	3.6x	—
Q1 22	2.4x	53.4x
Q2 22	1.8x	567.6x
Q4 22	0.4x	—
Q1 23	0.2x	—
Q2 23	0.1x	—
Q3 23	0.3x	—
Q4 23	0.4x	—
Q3 24	0.1x	—
Q4 24	0.1x	—
Q1 25	0.2x	—
Q3 25	7.3x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 20	$1M	-$185.1K
Q1 21	$464.0K	-$155.0K
Q2 21	-$7M	-$8M
Q3 21	-$3M	-$4M
Q4 21	-$23M	-$24M
Q1 22	-$17M	-$18M
Q2 22	-$10M	-$12M
Q4 22	-$14M	-$16M
Q1 23	-$15M	-$17M
Q2 23	-$9M	-$10M
Q3 23	-$8M	-$9M
Q4 23	-$4M	-$5M
Q3 24	$819.0K	$1M
Q4 24	$4M	$2M
Q1 25	-$5M	-$5M
Q3 25	-$13M	-$13M

Capital Expenditures

Quarter	CapEx
Q4 20	$1M
Q1 21	$619.0K
Q2 21	$607.0K
Q3 21	$950.0K
Q4 21	$871.0K
Q1 22	$1M
Q2 22	$1M
Q4 22	$2M
Q1 23	$2M
Q2 23	$937.0K
Q3 23	$930.0K
Q4 23	$861.0K
Q3 24	$402.0K
Q4 24	$2M
Q1 25	$328.0K
Q3 25	$604.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 21	+30.0%	+30.6%
Q2 21	+5.4%	+8.1%
Q3 21	+10.6%	+13.5%
Q4 21	+6.8%	+72.6%
Q1 22	+13.5%	+46.3%
Q2 22	+22.2%	+55.5%
Q4 22	+36.6%	+77.3%
Q1 23	+45.7%	+17.1%
Q2 23	+45.4%	+29.2%
Q3 23	+34.7%	+21.1%
Q4 23	+20.1%	+4.7%
Q3 24	+31.1%	+4.3%
Q4 24	+25.0%	+17.9%
Q1 25	+27.3%	+19.1%
Q3 25	+59.2%	+43.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 20	$0	0.0%
Q1 21	$42.0K	0.1%
Q2 21	$51.0K	0.1%
Q3 21	$59.0K	0.1%
Q4 21	$24M	46.6%
Q1 22	$9M	15.5%
Q2 22	$7M	10.7%
Q4 22	$6M	8.5%
Q1 23	$5M	6.5%
Q2 23	$4M	5.1%
Q3 23	$5M	5.7%
Q4 23	$4M	4.8%
Q3 24	$2M	2.4%
Q4 24	$1M	1.3%
Q1 25	$1M	1.4%
Q3 25	$1M	0.7%

OpEx Breakdown

Quarter	G&A	S&M	SG&A
Q4 20	—	—	$15M
Q1 21	—	—	$11M
Q2 21	—	—	$11M
Q3 21	$2M	$11M	—
Q4 21	—	—	$48M
Q1 22	—	—	$30M
Q2 22	—	—	$28M
Q4 24	—	—	$25M
Q1 25	—	—	$25M
Q3 25	—	—	$25M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$95M	$0	$95M
Q2 22	$64M	$0	$64M
Q3 22	$61M	$29M	$91M
Q4 22	$14M	$60M	$74M
Q1 23	$15M	$40M	$55M
Q2 23	$29M	$10M	$39M
Q3 23	$28M	$60M	$87M
Q4 23	$33M	$49M	$83M
Q1 24	$36M	$30M	$66M
Q2 24	$36M	$10M	$46M
Q3 24	$47M	$0	$47M
Q4 24	$50M	$0	$50M
Q1 25	$40M	$0	$40M
Q2 25	$30M	$0	$30M
Q3 25	$28M	$0	$28M
Q4 25	$34M	$0	$34M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 20	29M	0.0%	—
Q1 21	66M	+129.6%	0.0%
Q2 21	66M	0.0%	0.0%
Q3 21	75M	+13.0%	+159.4%
Q4 21	70M	-6.2%	+143.3%
Q1 22	76M	+9.0%	+15.5%
Q2 22	73M	-4.3%	+10.6%
Q4 22	86M	+17.3%	+14.7%
Q1 23	73M	-14.2%	+5.0%
Q2 23	74M	+0.9%	-2.8%
Q3 23	73M	-0.9%	+0.6%
Q4 23	73M	0.0%	-14.2%
Q3 24	76M	+2.8%	+2.8%
Q4 24	76M	+0.2%	+2.1%
Q1 25	77M	+1.9%	+4.9%
Q3 25	975M	+1164.3%	+1226.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 20	$16M	3
Q1 21	$16M	3
Q2 21	$17M	3
Q3 21	$17M	3
Q4 21	$79.5K	658
Q1 22	$83.8K	658
Q2 22	$92.6K	658
Q4 22	$95.2K	750
Q1 23	$101.6K	750
Q2 23	$107.0K	750
Q3 23	$109.4K	750
Q4 23	$107.2K	800
Q3 24	$124.9K	800
Q4 24	$121.5K	825
Q1 25	$126.6K	825
Q3 25	$165.5K	825

Revenue / Employee