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PX

P10, Inc.

PX

P10, Inc. • NYSE
$9.38 ▲ 0.40% (+0.04)
Market Cap $1.03 B
52w High $14.26
52w Low $8.68
Dividend Yield 0.15%
P/E 72.15
Volume 200.18K
Outstanding Shares 109.87M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $75.929M ▲ $22.908M ▲ $2.145M ▼ 2.825% ▼ $0.02 ▼ $17.746M ▼
Q2-2025 $72.704M ▲ $22.826M ▲ $3.383M ▼ 4.653% ▼ $0.03 ▼ $18.938M ▲
Q1-2025 $67.667M ▼ $19.361M ▼ $4.522M ▼ 6.683% ▲ $0.04 ▼ $17.068M ▼
Q4-2024 $85.014M ▲ $22.735M ▼ $5.28M ▲ 6.211% ▲ $0.047 ▲ $21.191M ▲
Q3-2024 $74.243M $22.886M $1.406M 1.894% $0.013 $15.935M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $39.991M ▲ $936.01M ▲ $539.22M ▼ $344.778M ▲
Q2-2025 $33.44M ▼ $932.165M ▲ $543.224M ▲ $337.664M ▲
Q1-2025 $74.393M ▲ $877.351M ▲ $503.096M ▲ $334.328M ▼
Q4-2024 $67.455M ▲ $869.275M ▲ $482.385M ▲ $346.999M ▼
Q3-2024 $61.451M $857.033M $462.939M $354.45M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $3.033M ▼ $-8.603M ▼ $1.874M ▲ $13.462M ▲ $6.609M ▲ $-9.594M ▼
Q2-2025 $4.2M ▼ $13.386M ▲ $-41.667M ▼ $-12.987M ▼ $-41.197M ▼ $11.569M ▲
Q1-2025 $4.522M ▼ $-4.729M ▼ $-1.268M ▲ $13.293M ▲ $7.296M ▲ $-6.005M ▼
Q4-2024 $5.701M ▲ $27.712M ▲ $-2.446M ▼ $-20.419M ▼ $4.847M ▼ $26.676M ▲
Q3-2024 $1.333M $27.472M $-2.223M $5.817M $31.066M $25.126M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Advisory Fees
Advisory Fees
 $0 ▲$0 ▲$0 ▲$0 ▲
Management Fees
Management Fees
 $150.00M ▲$70.00M ▼$70.00M ▲$70.00M ▲
Other Revenue Excluding Subscription and Consulting and Referral Fee
Other Revenue Excluding Subscription and Consulting and Referral Fee
 $0 ▲$0 ▲$0 ▲$0 ▲
Subscription
Subscription
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement P10’s income statement shows a young asset manager that has been growing steadily while still smoothing out its profitability. Revenue has climbed each year since 2020, more than tripling over the period, which is strong for a relatively small platform. Core profitability looks solid: gross and operating margins are healthy and have generally improved, indicating decent pricing power and cost discipline. The weak spot is at the bottom line, where net income has been choppy, including a small loss in 2023 before returning to profit in 2024. That pattern suggests non‑operating items, financing costs, or acquisition-related charges can swing reported earnings, even though the underlying business appears structurally profitable.

Balance Sheet

Balance Sheet The balance sheet reflects a scalable, asset-light manager that is using leverage to build its platform. Total assets have grown meaningfully over the last five years, largely funded by a mix of debt and equity. Cash on hand is modest but has been trending upward, which is helpful for flexibility and risk management. Debt levels are notable for an asset-management business, and they have crept higher over time, so the company’s dependence on borrowing is a key risk to watch, especially in a higher-rate environment. Shareholders’ equity has expanded significantly from early levels but has ticked down recently, which may reflect capital returns, deal structures, or valuation adjustments, and is worth monitoring as the firm continues to acquire new managers.

Cash Flow

Cash Flow Cash flow is a relative strength. P10 has generated positive operating cash flow every year in the period, and it has generally grown over time, even in the year when accounting profits dipped into a small loss. Free cash flow is very similar to operating cash flow because the business requires minimal spending on physical assets, which is typical for fee-based financial firms. This combination of recurring fees and low capital needs creates a clean cash profile that can support debt service, integration of acquisitions, and potential future investments in products or technology. The main question is not whether the business produces cash, but how effectively that cash is allocated as the platform scales.

Competitive Edge

Competitive Edge P10 occupies a differentiated niche in the private markets ecosystem, focused on the middle and lower-middle market segments that many large asset managers overlook. Its multi-boutique model, built through acquiring specialist firms, gives investors a broad menu of strategies—private equity, venture capital, private credit, and impact—while preserving the entrepreneurial culture of each underlying manager. The firm’s long-standing relationships with both fund managers and institutional investors create a relationship moat that is hard for new entrants to replicate quickly, particularly in access-constrained funds. A high share of insider ownership further aligns employees with long-term outcomes. Key competitive risks include larger players pushing down into this segment, fundraising slowdowns, and the ongoing challenge of integrating multiple acquired franchises under one umbrella without diluting performance or culture.

Innovation and R&D

Innovation and R&D Innovation at P10 is centered on data, technology, and product design rather than traditional R&D. The flagship example is its proprietary GPScout platform, a deep database and analytics engine built over decades that supports sourcing, due diligence, and portfolio monitoring across thousands of private market participants. This tool appears to give P10 an information edge in finding and evaluating smaller, less visible opportunities, and doubles as a relationship enhancer with both investors and managers. On the product side, P10 continues to broaden its toolkit—expanding in private credit, adding European capabilities through acquisitions like Qualitas, and developing more customized vehicles and accounts for large clients. The opportunity is to keep extending this data and technology advantage, potentially with more advanced analytics or AI, while the risk is that peers may build similar platforms or that regulatory and data constraints limit how far the firm can push its information edge.

Summary

Overall, P10 looks like a growing, specialized asset manager with a clear niche and a relatively predictable, fee-based business model, but with some leverage and integration risks to keep in mind. The financial statements show steady revenue growth, solid operating profitability, and consistently positive cash generation, offset by some volatility in reported net income and a noticeable reliance on debt financing. Strategically, the company’s edge comes from its focus on underserved segments of private markets, long-term relationships, and a proprietary data platform that supports differentiated access and insight. Future performance will depend heavily on its ability to keep raising capital, successfully integrate new boutique acquisitions, maintain the quality of returns in a more crowded private markets field, and continue investing in its data and technology platform without overextending its balance sheet.

NEWS

November 6, 2025 · 6:30 AM UTC

P10 Reports Third Quarter 2025 Earnings Results

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October 22, 2025 · 6:52 PM UTC

Pelangio Exploration Completes Final Tranche of Private Placement for Aggregate Gross Proceeds of $4,500,000

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October 15, 2025 · 4:30 PM UTC

P10 Schedules Third Quarter 2025 Earnings Release for Thursday, November 6, 2025

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October 9, 2025 · 8:11 PM UTC

Pelangio Exploration Announces First Tranche Closing of Private Placement for Gross Proceeds of $3,462,600

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October 1, 2025 · 4:30 PM UTC

RCP Advisors Closes Secondary Opportunity Fund V on $1.26 Billion, Exceeding Target Size

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