STLNStarling Oncology, Inc.

Services-Offices & Clinics Of Doctors Of Medicine

Revenue: $503M; 28% YoY
Operating margin: -7.2%; 53% YoY
EBITDA: −$29M; 46% YoY
Market cap: $656M
Employees: 641; $784K revenue each
Net debt / EBITDA: —; $80M net debt
AI in 10-K: 0.0; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 2 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
$2M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashYes
-0% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
4% of assets
Over 40% of assets
Shareholder dissentYes
32% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$784K · 87th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.0 per 10K words · 0th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$656M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$124K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$203M	$252M	$324M	$393M	$503M	28%
Operating income	−$46M	−$82M	−$77M	−$60M	−$36M	40%
Net income	−$11M	$152K	−$83M	$64.7B	$60.6B	6.3%
Operating cash flow	−$33M	−$62M	−$36M	−$27M	−$25M	7.4%
Capex	$3M	$6M	$5M	$4M	$3M	16%
Stock-based comp	$25M	$28M	$18M	$11M	$5M	59%
Buybacks	$0	$9M	$1M	$0	—

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
May 15, 2026	M33 Growth I L.P.	SCHEDULE 13D/A	4.9%	Passive
Nov 20, 2025	M33 Growth I L.P.	SCHEDULE 13D/A	5.5%	Passive
Sep 5, 2025	M33 Growth I L.P.	SCHEDULE 13D/A	9.8%	Passive
Apr 23, 2025	SARIN RAVI YANG	SCHEDULE 13D/A	4.7%	Passive
Mar 28, 2025	M33 Growth I L.P.	SCHEDULE 13D/A	22.1%	Passive
Aug 20, 2024	Havencrest Healthcare Partners, L.P.	SC 13D/A	0.5%	Passive
Jan 2, 2024	Havencrest Healthcare Partners, L.P.	SC 13D/A	11.9%	Passive
Nov 7, 2022	Havencrest Healthcare Partners, L.P.	SC 13D/A	18.9%	Passive
Sep 26, 2022	M33 Growth I L.P.	SC 13D/A	18.6%	Active
Sep 21, 2022	Havencrest Healthcare Partners, L.P.	SC 13D/A	20.0%	Active

Insider trading

Open-market buys, 12 mo: $3M · 16
Open-market sells, 12 mo: $3M · 11
Net: −$123K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$2M	$8M	175	—
FY2024	$1M	−$511K	15	—