# Starling Oncology, Inc. (STLN)

> Source: Nexqual · https://nexqual.com/STLN · data as of 2026-10-28 20:00 UTC · cite as "Nexqual, Starling Oncology, Inc. (STLN), nexqual.com/STLN" · informational, not investment advice.

**Price:** USD 6.64 (+0.76% on the day) · last close of Oct 28, 2026; US market closed, not a live price. Prev close 6.59 · day 6.5–6.79 · 52w 2.32–7.13 · market cap $677M · NCM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $587M, net income -$36.3M (-6.2% margin), free cash flow -$3.3M (SEC filings).
- Analysts: Buy (mean 1.80 on a 1–5 scale) (5 analysts), mean target USD 9.4 (range 8–11).
- Total return with dividends: 1Y +41.3% vs S&P 500 +13.6%; 5Y -33.6% vs S&P 500 +79.8%.
- Next earnings: 2026-11-05, EPS estimate USD -0.05, revenue estimate $169M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $203M | $252M | $324M | $393M | $503M | $587M |
| Operating income | -$45.9M | -$82.0M | -$77.0M | -$60.1M | -$36.1M | -$26.1M |
| Net income | -$10.9M | $152K | -$83.1M | -$64.7M | -$60.6M | -$36.3M |
| EPS (diluted) | -$0.16 | -$0.21 | -$0.92 | -$0.71 | -$0.54 | — |
| Free cash flow | -$35.5M | -$67.3M | -$40.9M | -$30.3M | -$27.8M | -$3.3M |
| Operating margin | -22.6% | -32.5% | -23.8% | -15.3% | -7.2% | -4.4% |
| Net margin | -5.4% | 0.1% | -25.6% | -16.4% | -12.1% | -6.2% |
| Revenue growth | +8.3% | +24.4% | +28.4% | +21.3% | +27.8% | — |
| Cash + short-term investments | $115M | $73.8M | $82.9M | $49.7M | — | — |
| Total debt | $183K | $80.6M | $86.8M | $93.1M | $77.4M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 1.1x · FCF yield -0.49% · Earnings yield -5.36%

## Analysts
Consensus Buy (mean 1.80 on a 1–5 scale), 5 analysts; mean target USD 9.4 (low 8, high 11).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-14 | Needham | Target raised | Buy | $7 → $9 |
| 2026-07-09 | BTIG | Target raised | Buy | $8 → $9 |
| 2026-07-06 | Lake Street | Initiated | Buy | $10 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-29) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +41.3% | -33.6% |
| S&P 500 (SPY) | +13.6% | +79.8% |
| Per year | +41.4% | -7.8% |
| Volatility (annualized) | 77.7% | 118.2% |
| Max drawdown | -49.3% (Oct 2025→Feb 2026) | -98.6% (Nov 2021→Nov 2024) |

## Peers (Medical Care Facilities)
INNV (InnovAge Holding Corp.) USD 9.1 -0.22% · USPH (U.S. Physical Therapy, Inc.) USD 85.32 -2.31% · NUTX (Nutex Health Inc.) USD 212.63 +2.10% · PNTG (The Pennant Group, Inc.) USD 42.16 +1.18% · AGL (agilon health, inc.) USD 91 +0.39% · SNDA (Sonida Senior Living, Inc.) USD 33.6 +2.44%

## More
Full page: https://nexqual.com/STLN · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in STLN's own 10-K filed 2026-03-12 (https://www.sec.gov/Archives/edgar/data/1799191/000179919126000007/toi-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | The Oncology Institute | "While we continue our original purpose of seeing our patients on a fee-for-service basis for their oncology, hematology, specialty infusion, oral pharmacy needs, as well as enrolling patients in clinical trials, where ap…" |
| Partner | Helios CR | "(1) During the year ended December 31, 2025, non-cash addbacks was comprised of the write-off of the net assets of the Clinical Trials segment and certain expenses incurred through our shared services agreement with Heli…" |

## Company outlook (8-K filed 2026-08-06)

- "(NASDAQ: STLN) (“STLN” or the “Company”), one of the largest value-based community oncology groups in the United States, today reported financial results for its quarter ended June 30, 2026 and updated it's full-year 2026 guidance."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.05 | $-0.04 | −$0.01 | $168.7M | 5 |
| Next quarter (ends 2026-12-31) | $-0.01 | $-0.02 | $0.00 | $187.7M | 5 |
| Current fiscal year (ends 2026-12-31) | $-0.16 | $-0.14 | −$0.02 | $665.0M | 5 |
| Next fiscal year (ends 2027-12-31) | $0.00 | $-0.03 | +$0.03 | $884.0M | 4 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-05): ±27.8%; last 8 reports averaged ±14.9%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 23 | 134.6% | ±27.8% |
| 2027-02-19 | 114 | 99.9% | ±44.7% |
| 2027-05-21 | 205 | 85.2% | ±52.9% |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| Aug 6, 2026 | Quarter ended Jun 30, 2026 | −$0.08 | −$0.06 | Miss −33.3% | +27.4% |
| May 7, 2026 | Quarter ended Mar 31, 2026 | −$0.02 | −$0.09 | Beat +77.8% | +5.3% |
| Mar 12, 2026 | Quarter ended Dec 31, 2025 | −$0.06 | −$0.09 | Beat +33.3% | +2.9% |
| Jan 12, 2026 | Quarter ended Dec 31, 2025 | −$0.06 | −$0.09 | Beat +33.3% | -15.6% |
| Nov 13, 2025 | Quarter ended Sep 30, 2025 | −$0.14 | −$0.11 | Miss −27.3% | +15.7% |
| Aug 13, 2025 | — | — | — | — | -10.7% |
| May 14, 2025 | — | — | — | — | +14.7% |
| Mar 24, 2025 | — | — | — | — | +26.5% |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-09-02 | 8-K | Director or executive officer change, or pay arrangement — “On September 1, 2026, Brad Hively notified Starling Oncology, Inc. (the "Company") of his decision to not stand for re-election to the Board of the Directors of the Company (the "Board") at its 2027 annual meeting of stockholders (the "Annual Meeting"). Mr. Hively is expected to continue to serve as a director of the Company until the Annual Meeting, but effective immediately, will no longer serve as Vice Chairman of the Board or as a member of the Compliance Committee or any other committees of the Board. Mr.…” | https://www.sec.gov/Archives/edgar/data/1799191/000107997326001208/0001079973-26-001208-index.htm |
| 2026-08-21 | 8-K | Entered a material agreement; New debt or off-balance-sheet obligation — “On August 20, 2026, Starling Oncology Management, Limited Liability Company, a wholly owned subsidiary of Starling Oncology, Inc. ("SOM, LLC"), entered into a Credit Agreement (the "Revolving Loan Agreement") among SOM, LLC, such other persons joined thereto as a borrower from time to time, and Gemino Healthcare Finance, LLC d/b/a SLR Healthcare ABL, as lender. The Revolving Loan Agreement provides access to a revolving line of credit facility in the aggregate principal amount of up to $25 million (the "Revolving…” | https://www.sec.gov/Archives/edgar/data/1799191/000107997326001169/0001079973-26-001169-index.htm |
| 2026-08-06 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1799191/000179919126000017/0001799191-26-000017-index.htm |
| 2026-08-06 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1799191/000107997326001006/0001079973-26-001006-index.htm |
| 2026-08-03 | 8-K | Bylaws or fiscal-year change; Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1799191/000107997326000997/0001079973-26-000997-index.htm |
| 2026-07-07 | 8-K | Entered a material agreement; New debt or off-balance-sheet obligation; Unregistered sale of shares; Regulation FD disclosure — “Term Loan Agreement On July 1, 2026, The Oncology Institute, Inc. (the "Company") entered into a Credit Agreement (the "Term Loan Agreement"), by and among the Company, the lenders from time to time party thereto, and Orbimed Opportunities (CA) V LLC, as the initial lender and administrative agent. The Term Loan Agreement provides for a term loan facility in an aggregate principal amount of $75 million, which was drawn in full on the date of entry into the Term Loan Agreement (the "Closing Date"). Loans under the…” | https://www.sec.gov/Archives/edgar/data/1799191/000107997326000934/0001079973-26-000934-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.