MeritValue

Oncology Institute, Inc.

TOIdata completeness 100%6 fiscal years on file
The thesis, from the filings

Oncology Institute, Inc. earns about -86% on invested capital, but has diluted owners by 39% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$203M1$252.5M2$324.2M3$393.4M4$502.7M4
Net income−$10.9M5$152,0006−$83.1M7−$64.7M8−$60.6M8
Operating cash flow−$32.7M9−$61.8M10−$36.3M11−$26.5M12−$24.6M12
Capital expenditure$2.85M13$5.53M14$4.57M15$3.79M16$3.2M16
Free cash flow (derived)−$35.5M9−$67.3M10−$40.9M11−$30.3M12−$27.8M12
Total debt$366,00017$80.6M18$86.8M19$93.1M20$77.4M20
Cash & equivalents$115.2M21$14M22$33.5M23$49.7M23$33.6M23
Diluted shares66.2M80.6M73.7M75.0M92.4M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
−$1.7
your share of equity
Profit it earned you last year
−$6.56
Free cash flow it threw off
−$3.01
Debt you’d be carrying
$8.38

10 shares is a claim on −$1.7 of net worth that earned you −$6.56 and generated −$3.01 of cash last year, against $8.38 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-86% avg · 5y
FY21 —FY22 -2%FY23 -64%FY24 -109%FY25 -171%

It earned an average -86% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+39% shares · 5y

Share count is up 39% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 21048% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001628280-23-008315 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001628280-24-013444 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001799191-25-000014 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001799191-26-000007 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001628280-23-008315 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001628280-24-013444 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001799191-25-000014 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001799191-26-000007 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001628280-23-008315 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001628280-24-013444 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001799191-25-000014 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001799191-26-000007 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001628280-23-008315 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001628280-24-013444 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001799191-25-000014 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001799191-26-000007 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001628280-23-008315 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2022-12-31 · accession 0001628280-24-013444 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2023-12-31 · accession 0001799191-25-000014 (LongTermDebtNoncurrent)
  20. 10-K · period ending 2024-12-31 · accession 0001799191-26-000007 (LongTermDebtNoncurrent)
  21. 10-K · period ending 2021-12-31 · accession 0001628280-24-013444 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  22. 10-K · period ending 2022-12-31 · accession 0001799191-25-000014 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  23. 10-K · period ending 2023-12-31 · accession 0001799191-26-000007 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)