Starling Oncology
STLN on Nasdaq. The Oncology Institute sells cancer care to patients and insurers who pay for it. Market value $642m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
Nothing stands out yet.
See Health care stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-0.49 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns -78 cents a year. Above 10 is good.
Quality score: 20 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$6.58 a share, 184% above its 1-year low
Over the past year the price has ranged from $2.32 to $7.13.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: a shortfall of $3 million in the past 12 months, a shortfall of $28 million in the year to December 2025.
| Revenue | |||||
| Revenue | $203m | $252m | $324m | $393m | $503m |
| Operating margin | |||||
| Operating margin | -22.6% | -32.5% | -23.8% | -15.3% | -7.2% |
| Debt to equity | |||||
| Debt to equity | 0.00 | 0.66 | 1.53 | 25.98 | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.07bn | 0.07bn | 0.08bn | 0.10bn | 0.10bn |
Health checks
- Free cash flow positive0 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)3 of 8 checks we could run
- Profit backed by cash (accruals)No
- DebtUnknown
- Revenue growth, five yearsStrong, 21.8% a year
- Buying back its own sharesNo, 41% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $161 million last quarter, up 35% on a year ago.
- A loss of $10 million, compared with a loss of $17 million a year ago.
- It loses 4 cents on each $1 of sales, compared with 11 cents a year earlier.
- Over the past 12 months it spent $3 million more cash than it brought in, compared with $13 million a year earlier.
- 11% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $39 million more than cash, down from $45 million a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $100m |
| December 2024 | $100m |
| March 2025 | $104m |
| June 2025 | $120m |
| September 2025 | $137m |
| December 2025 | $142m |
| March 2026 | $147m |
| June 2026 | $161m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$16m |
| December 2024 | -$13m |
| March 2025 | -$20m |
| June 2025 | -$17m |
| September 2025 | -$17m |
| December 2025 | -$8m |
| March 2026 | -$2m |
| June 2026 | -$10m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 12 March 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
None of the long-term investors we follow own it. 120 funds in all.
Largest holders overall
- BlackRock$26mAdded
- Deerfield Management Company, L.P.$18m
- Vanguard Capital Management$18mCut
- Josh Arnold Investment Consultant$13m
- Geode Capital Management$10mAdded
- Goldman Sachs Group$9mAdded
- Wexford Capital LP$9m
- State Street$8mAdded
- Nuveen$8mAdded
- Renaissance Technologies$7mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- Chernett JoreyPassive investor10.2%+5.0 ptsSince 13 March 2026
- M33 Growth I L.P.at least 4.9%−0.5 pts(filed with 2 related holders)Since 14 May 2026
What they said
Item 4 is hereby supplemented as follows: The information set forth in Item 3 of this Schedule 13D, as amended therein, is incorporated herein by reference.
Read the filing - Ravi Sarinat least 4.7%(filed with 1 related holder)Since 26 March 2025
What they said
Item 4 is hereby supplemented as follows: On August 31, 2023, Mr. Sarin resigned, effective immediately, as a director of the Board of Directors of the Issuer, including any positions held as a member of any committee of the Board.
Read the filing - FOG Ventures Investments, LLCPassive investorSold down below 5%Since 15 May 2025
| Holder | Stake | Since | |
|---|---|---|---|
Chernett Jorey Passive investor | 10.2%+5.0 pts | 13 March 2026 | |
M33 Growth I L.P. | at least 4.9%−0.5 pts (filed with 2 related holders) | 14 May 2026 | What they saidItem 4 is hereby supplemented as follows: The information set forth in Item 3 of this Schedule 13D, as amended therein, is incorporated herein by reference. Read the filing |
Ravi Sarin | at least 4.7% (filed with 1 related holder) | 26 March 2025 | What they saidItem 4 is hereby supplemented as follows: On August 31, 2023, Mr. Sarin resigned, effective immediately, as a director of the Board of Directors of the Issuer, including any positions held as a member of any committee of the Board. Read the filing |
FOG Ventures Investments, LLC Passive investor | Sold down below 5% | 15 May 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 4 sold $3m, $3m of it under preset trading plans.
- Hively BradDirectorSoldunder a preset trading plan
- Date
- 21 August 2026
- Shares
- 298,853
- Price
- $6.51
- Value
- $2m
- Podnos YaleChief Medical OfficerSoldunder a preset trading plan
- Date
- 14 July 2026
- Shares
- 23,452
- Price
- $6.41
- Value
- $150,340
- Podnos YaleChief Medical OfficerSoldunder a preset trading plan
- Date
- 8 June 2026
- Shares
- 23,451
- Price
- $5.38
- Value
- $126,166
- Kaushal MohitDirectorSoldunder a preset trading plan
- Date
- 16 April 2026
- Shares
- 38,433
- Price
- $3.50
- Value
- $134,516
- Kaushal MohitDirectorSoldunder a preset trading plan
- Date
- 14 April 2026
- Shares
- 57,286
- Price
- $3.50
- Value
- $200,501
- Hively BradDirectorSold
- Date
- 15 December 2025
- Shares
- 13,333
- Price
- $3.77
- Value
- $50,265
- Pacala Mark LDirectorSold
- Date
- 18 November 2025
- Shares
- 50,000
- Price
- $4.00
- Value
- $200,000
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 21 August 2026 | Hively Brad Director | Sold under a preset trading plan | 298,853 | $6.51 | $2m |
| 14 July 2026 | Podnos Yale Chief Medical Officer | Sold under a preset trading plan | 23,452 | $6.41 | $150,340 |
| 8 June 2026 | Podnos Yale Chief Medical Officer | Sold under a preset trading plan | 23,451 | $5.38 | $126,166 |
| 16 April 2026 | Kaushal Mohit Director | Sold under a preset trading plan | 38,433 | $3.50 | $134,516 |
| 14 April 2026 | Kaushal Mohit Director | Sold under a preset trading plan | 57,286 | $3.50 | $200,501 |
| 15 December 2025 | Hively Brad Director | Sold | 13,333 | $3.77 | $50,265 |
| 18 November 2025 | Pacala Mark L Director | Sold | 50,000 | $4.00 | $200,000 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
- It owes more than it owns on paper (negative equity). Often that's from borrowing to buy back shares.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.