Oncology Institute (TOI) AI Stock Analysis

• Market Cap: $326.33M
• Dividend Yield: N/A
• Average Volume (3M): 2.01M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.36
• Revenue Growth: 17.53%
• EPS Growth: 14.49%
• Country: US
• Employees: 825
• Sector: Healthcare
• Sector Strength: 47
• Industry: Medical - Care Facilities
• EPS (TTM): -0.15
• Shares Outstanding: 93,504,770
• 10 Day Avg. Volume: 1,926,887
• 30 Day Avg. Volume: 2,010,124
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 0.81
• Enterprise Value/Revenue: 0.62
• Enterprise Value/Gross Profit: 4.26
• Enterprise Value/Ebitda: -5.46
• 1Y Price Target: $7.00
• Price Target Upside: 100.57% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3

• Rating: 55 Neutral
• Price Target: $4.00 ▲(14.61% Upside)

The Oncology Institute's stock score is primarily impacted by its financial instability, with high leverage and profitability challenges. However, positive technical indicators and a promising earnings call outlook provide some optimism. The recent leadership change is also a positive factor, but the financial concerns remain the most significant risk.

Positive Factors

Earnings

TOI offers an attractive risk/reward profile given the operating margin improvement trajectory and path to cash flow positivity.

Expansion

TOI continues to expand into new markets and increase the number of patients served, driven by macro trends and a differentiated business model.

Financial Performance

The recent debt facility amendment has eliminated a key financial overhang, and management is guiding toward cash flow and adjusted EBITDA breakeven.

Negative Factors

Business Model Transition

TOI is working to transition some patients from a fee-for-service model to value-based-care, with ~46% of revenue in 2024 coming from VBC contracts.

Cost Management

Margins are expected to improve as TOI signed an improved contract, reduced SG&A costs, and is focusing on driving earnings, aiming for positive EBITDA and FCF.

Oncology Institute Business Overview & Revenue Model

Company Description

The Oncology Institute (TOI) is a specialized healthcare provider that focuses on delivering comprehensive cancer care. It operates across multiple sectors, including clinical research, patient-centered treatment, and supportive care services. TOI is committed to providing high-quality, evidence-based oncology services, leveraging a multidisciplinary team approach to treat various forms of cancer. The institute offers services such as chemotherapy, radiation therapy, immunotherapy, and personalized patient care plans, aimed at improving patient outcomes and enhancing quality of life.

How the Company Makes Money

The Oncology Institute makes money primarily through providing medical services to cancer patients. Revenue streams include payments from healthcare insurance providers, government healthcare programs, and direct payments from patients for treatments and consultations. TOI may also receive funding through clinical research grants and partnerships with pharmaceutical companies for conducting clinical trials. Additionally, the institute could benefit from value-based care arrangements, where they may receive incentives for meeting specific patient care quality metrics. Significant partnerships with hospitals, research institutions, and insurance companies also contribute to its financial performance.

Oncology Institute Financial Statement Overview

Summary

The Oncology Institute faces significant financial challenges. Despite modest revenue growth, the company struggles with profitability, high leverage, and negative equity, indicating financial instability. Cash flow issues further exacerbate the situation, posing liquidity risks.

Income Statement

The Oncology Institute shows a modest revenue growth rate of 5.27% TTM, indicating some positive momentum. However, the company struggles with profitability, as evidenced by negative net profit and EBIT margins. The gross profit margin is relatively low at 14.60% TTM, reflecting challenges in cost management. Overall, while revenue is growing, profitability remains a significant concern.

Balance Sheet

The balance sheet reveals high leverage with a negative debt-to-equity ratio TTM, indicating financial instability. The negative return on equity suggests that the company is not generating returns for shareholders. The equity ratio is not provided, but the overall high debt levels and negative equity are concerning for financial health.

Cash Flow

Cash flow analysis shows negative operating and free cash flows TTM, with a significant decline in free cash flow growth. The free cash flow to net income ratio is positive, suggesting some efficiency in converting net income to cash, but overall cash flow performance is weak, posing liquidity risks.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	424.38M	393.41M	324.24M	252.48M	203.00M	187.51M
Gross Profit	61.95M	54.00M	59.57M	52.09M	40.85M	36.88M
EBITDA	-48.32M	-50.88M	-70.45M	8.40M	-7.94M	-11.29M
Net Income	-65.89M	-64.66M	-83.07M	152.00K	-10.93M	-14.32M
Balance Sheet
Total Assets	159.80M	172.72M	209.24M	263.75M	203.44M	65.69M
Cash, Cash Equivalents and Short-Term Investments	30.29M	49.67M	82.86M	73.81M	114.30M	6.00M
Total Debt	103.16M	123.15M	119.67M	108.18M	183.00K	11.93M
Total Liabilities	168.78M	169.13M	152.22M	139.07M	99.28M	37.59M
Stockholders Equity	-8.98M	3.59M	57.02M	124.68M	104.16M	28.10M
Cash Flow
Free Cash Flow	-13.07M	-30.33M	-40.88M	-67.28M	-35.73M	-685.88K
Operating Cash Flow	-10.19M	-26.54M	-36.31M	-61.76M	-32.68M	508.24K
Investing Cash Flow	7.24M	46.21M	62.64M	-131.61M	-12.15M	-8.84M
Financing Cash Flow	-3.18M	-3.49M	-6.85M	92.21M	154.01M	11.89M

Oncology Institute Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 3.49
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TOI, the sentiment is Positive. The current price of 3.49 is below the 20-day moving average (MA) of 3.86, above the 50-day MA of 3.28, and above the 200-day MA of 1.76, indicating a neutral trend. The MACD of 0.03 indicates Positive momentum. The RSI at 44.30 is Neutral, neither overbought nor oversold. The STOCH value of 12.58 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TOI.

Oncology Institute Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
EHC	73 Outperform	$12.28B	23.89	25.35%	0.56%	11.80%	30.02%
SEM	71 Outperform	$1.59B	12.35	8.15%	1.95%	-16.10%	-48.97%
ACHC	70 Outperform	$1.99B	14.20	4.62%	―	5.64%	―
NHC	69 Neutral	$1.73B	16.69	10.65%	2.21%	25.19%	13.44%
TOI	55 Neutral	$326.33M	―	-535.24%	―	17.53%	14.49%
Sector *	51 Neutral	$7.83B	-0.18	-40.10%	2.29%	21.46%	-2.03%
CYH	51 Neutral	$381.12M	―	39.18%	―	0.80%	-95.01%

Oncology Institute Corporate Events

Oncology Institute Announces New Board Chairman

On August 8, 2025, Richard Barasch resigned as Chairman of the Board of The Oncology Institute, effective August 12, 2025, with no disagreements cited. Anne McGeorge, with extensive financial and healthcare advisory experience, will succeed him, bringing her strategic guidance to the role. Her appointment is expected to strengthen the company’s leadership and continue its mission of providing exceptional oncology care.