Latest Ratios: P/E Ratio -10.1x · EV/EBITDA N/A · ROE N/A. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $5.5B | $3.3B | $23M | $150M | $133M | $646M | $638M | — |
| Enterprise Value | $5.6B | $3.4B | $97M | $237M | $227M | $532M | $644M | — |
| P/E Ratio → | -10.07 | — | — | — | — | — | — | — |
| P/S Ratio | 11.02 | 6.54 | 0.06 | 0.46 | 0.53 | 3.18 | 3.40 | — |
| P/B Ratio | — | — | 6.46 | 2.64 | 1.08 | 6.20 | 22.72 | — |
| P/FCF | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | 1256.83 | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 6.68 | 0.25 | 0.73 | 0.90 | 2.62 | 3.44 | — |
| EV / EBITDA | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 15.2% | 15.2% | 13.7% | 18.4% | 20.6% | 20.1% | 19.7% | 19.3% |
| Operating Margin | -7.2% | -7.2% | -15.3% | -23.8% | -32.5% | -22.6% | -4.4% | -1.7% |
| Net Profit Margin | -12.1% | -12.1% | -16.4% | -25.6% | 0.1% | -5.4% | -7.6% | -2.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | — | — | -213.4% | -92.2% | 0.1% | -16.5% | -40.7% | -9.5% |
| ROA | -35.9% | -35.9% | -33.9% | -35.3% | 0.1% | -8.1% | -22.9% | -6.8% |
| ROIC | -41.2% | -41.2% | -40.9% | -32.0% | -59.3% | -285.7% | -16.7% | -5.0% |
| ROCE | -33.7% | -33.7% | -40.8% | -37.9% | -40.4% | -43.5% | -19.7% | -5.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | 34.31 | 2.10 | 0.88 | 0.00 | 0.42 | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | — | 20.47 | 1.51 | 0.76 | -1.10 | 0.21 | -0.06 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | -8.23 |
| Debt / FCF | — | — | — | — | — | — | — | -1.01 |
| Interest Coverage | -4.39 | -4.39 | -8.02 | -8.88 | -17.64 | -141.82 | -41.69 | -780.67 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.59 | 1.59 | 2.15 | 4.12 | 4.39 | 5.17 | 1.04 | 1.60 |
| Quick Ratio | 1.35 | 1.35 | 1.96 | 3.73 | 4.08 | 4.95 | 0.89 | 1.32 |
| Cash Ratio | 0.47 | 0.47 | 0.95 | 2.38 | 2.48 | 3.84 | 0.21 | 0.18 |
| Asset Turnover | — | 3.05 | 2.28 | 1.55 | 0.96 | 1.00 | 2.85 | 2.61 |
| Inventory Turnover | 25.26 | 25.26 | 33.81 | 19.35 | 21.64 | 25.19 | 34.60 | 32.26 |
| Days Sales Outstanding | — | 43.07 | 45.17 | 48.31 | 58.45 | 38.20 | 33.59 | 34.61 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.7% | 6.8% | 0.0% | 0.0% | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.7% | 6.8% | 0.0% | 0.0% | — |
| Shares Outstanding | — | $924M | $75M | $74M | $81M | $66M | $59M | $64M |
Insufficient liquidity for expansion
According to recent market data, TOI trades at a price-to-sales multiple of 10.91, a valuation that appears disconnected from the company's persistent negative net margins and suggests investors are pricing in a significant, yet unproven, long-term pivot toward high-margin clinical trial revenue streams.
The current P/S multiple implies a growth-oriented valuation that is difficult to justify given the company's inability to demonstrate consistent profitability at the operating level. Investors should monitor whether this premium valuation is sustainable if the company fails to convert its 67-location footprint into a scalable, data-driven platform for pharmaceutical partnerships.
Based on reported financial figures, TOI's ROIC has remained consistently negative, bottoming out at -23.4% in 2025Q3, which indicates that the capital deployed into clinic expansion is currently destroying shareholder value rather than compounding returns on invested capital over the observed period.
The persistent negative ROIC suggests that the company's aggressive de-novo strategy has yet to reach the critical mass required to offset the high fixed costs of its clinical infrastructure. This trend warrants further investigation into whether the current model can ever achieve positive returns without a fundamental shift in its payer-contracting strategy.
As reported in quarterly filings, TOI's cash conversion cycle has fluctuated significantly, reaching 18 days in 2026Q1, which suggests that while the company is managing its payables more aggressively, the underlying volatility in its receivables remains a potential drag on operational liquidity.
The reduction in the cash conversion cycle appears to be driven by a tactical extension of days payable outstanding, which may not be sustainable if supplier relationships are pressured. Analysts should interpret this efficiency gain with caution, as it may mask underlying difficulties in collecting capitated payments from payers in a timely manner.
According to the latest balance sheet data, TOI's current ratio has compressed to 1.47 in 2026Q1, a level that, when combined with ongoing operating losses, suggests the company has limited room for error in managing its near-term cash requirements and potential debt service obligations.
The decline in the current ratio from its 2023Q4 peak of 4.12 indicates a rapid consumption of liquid assets to fund operational deficits. This trend suggests that the company may face a liquidity crunch if it cannot achieve cash-flow neutrality before its existing cash reserves are exhausted.
The most commonly misapplied metric for TOI is the price-to-sales ratio, which obscures the company's high-cost pharmaceutical procurement model and fails to account for the fact that a significant portion of top-line revenue is essentially pass-through volume with minimal contribution to gross profit.
Investors should instead focus on gross profit per member or net premium revenue to better understand the true unit economics of the company's risk-based contracts. Relying on P/S multiples in this context may lead to an overestimation of the company's intrinsic value by ignoring the structural margin constraints inherent in oncology drug management.
Includes 30+ ratios · 7 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying TOI stock.
The Oncology Institute, Inc.'s current P/E ratio is -10.1x. This places it at the 50th percentile of its historical range.
Based on historical data, The Oncology Institute, Inc. is trading at a P/E of -10.1x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
The Oncology Institute, Inc. has 15.2% gross margin and -7.2% operating margin.