Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 27, 2026
Oncology Institute, Inc. (TOI)
A forensic read on Oncology Institute, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-5.3
Altman Z-score
Clean
Earnings quality
4
Forensic signals
-482.6%
ROE
$539M
Market cap
Oncology Institute, Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is -5.3, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-30%Return on invested capital.Return on invested capital is -30% and slipping from -28% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+4.9%/yrShare-count dilution.Diluted share count changed +15% over the last 3 years to FY2025 (+4.9%/yr). The count is GROWING — existing holders are being diluted. That's ~4.9% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~15%.
stoppedShareholder returns — halted.Capital returns have STOPPED — $1M of buybacks + dividends in FY2023, but ~$0 in FY2024. A halt usually means the company is conserving cash; understand why before reading it as neutral.
$27MGoodwill impairments.Took $27M of goodwill writedowns across 2 year(s) (FY2022 ($10M), FY2023 ($17M)). Writedowns mean past acquisitions underperformed what was paid for them — worth weighing on capital-allocation skill.
Key fundamentals
Net Margin-12.1%
Free Cash Flow$-27.8M
Latest Revenue$502.7M
Revenue Growth YoY+27.8%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Oncology Institute, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about TOI's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown