The Oncology Institute, Inc. (TOI) Stock

The Oncology Institute, Inc. (TOI) is a Healthcare stock trading at $5.12 (as of 2026-08-03), with a market capitalization of $511.91M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

The Oncology Institute, Inc. provides medical oncology care in the United States, including physician services, in-house infusion and dispensing, and related clinical trial offerings. It also provides radiation and outpatient stem cell transplant and transfusion programs, serving adult and senior cancer patients through multiple clinic locations.

Understand The Oncology Institute, Inc.: how it makes money

The Oncology Institute runs 81 oncology clinics across 17 markets, providing physician care, infusion, radiation, and specialty pharmacy to Medicare Advantage and cancer patients. Revenue splits roughly 45% specialty pharmacy, 30% patient services, with the remainder from clinical trials and other lines.

The profit engine is specialty pharmacy dispensing (45% of revenue) embedded in a capitated Medicare Advantage book: the company collects per-member fees and keeps the spread after paying for drugs and clinical care.

Revenue by segment (latest quarter)
Specialty Pharmacy	$0.1B
Patient Services	$0.1B
Clinical Trials & Other	$0.0B

Business quality (Weak): Revenue is growing 35% YoY, but the business still books a -3% operating margin and deeply negative ROE, placing it in a late-investment, early-profitability phase.

Bull case

Capitation Book Is Expanding Fast: New delegated capitation contracts add roughly 80,000 lives and approximately $50M in annualized revenue, deepening the per-member fee base that anchors the model.
Debt Runway Extended to 2031: Debt maturities were pushed out to 2031, reducing near-term refinancing pressure and giving management flexibility to fund new clinic builds.
Cash Flow Finally Turns Positive: Free cash flow reached approximately $12.5M in Q2 and $9.5M year to date, suggesting the heavy clinic-opening investment phase is starting to pay back.

Bear case

Pharmacy Margin Is Compressing Hard: Gross profit fell 57% year over year in Q2 even though revenue grew 35%, meaning the drug-spread that underwrites the clinical network is narrowing sharply.
Contract Launch Slips a Quarter: The delegated capitation contract launch was pushed to October 1, narrowing the adjusted EBITDA range and delaying the revenue step-up the market had penciled in.
Onboarding Will Bounce Per-Member Costs: Medical loss ratio is expected to fluctuate as the new 80,000 delegated members are onboarded, creating a volatile window for per-member economics before they stabilize.

Valuation — source: SEC EDGAR (first-party)
Price	$5.12
Market Cap	$511.91M
Price / Sales	0.86
FCF Yield	-5.6%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$502.73M
Net Margin	-12.1%
Revenue Growth (YoY)	41.2%
EPS Growth (YoY)	-90.5%
FCF Growth (YoY)	-38.7%

Financial Health — source: SEC EDGAR
Altman Z-Score	2.01 (grey)

Valuation vs Sector & Industry
Sector P/E (Healthcare)	21.9
Industry P/E (Healthcare Services)	25.4

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Insider Sells (12mo)	7
Top Institutional Holder	VANGUARD GROUP INC ($16.91M)
Institutional Holders Tracked	10

Company
Sector	Healthcare
Industry	Healthcare Services
CEO	Daniel Virnich
Employees	825
Country	US
IPO Date	2020-06-04

Related Companies (Healthcare Services; 8 comparable companies)

Data as of 2026-08-03.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.