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P10, Inc. (PX) Financials

PX
Trailing 12 months to March 31, 2026
Revenue $304.7M +2.2% YoY
Net Income $23.5M +28.9% YoY
EPS (Diluted) $0.17 FY2025 annual
Free Cash Flow $40.8M -48.9% YoY
Source SEC Filings (10-K/10-Q) Latest period Q1 FY2026, ended Mar 31, 2026 Reported Currency USD FYE December

Newest figures come from the 10-Q for Q1 FY2026, filed May 8, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the PX SEC filings page.

P10, Inc. (PX) reported $304.7M in revenue over the twelve months to Mar 31, 2026, up 2.2% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI PX FY2025

P10’s earnings look steadier than its cash generation, while rising leverage and goodwill make the balance sheet less conservative.

The key earnings-quality shift is that net income stayed near $19M while operating cash flow dropped to $23M in the latest year, showing reported profit was no longer converting into cash at its prior rate. Because free cash flow margin was only 6.1% of revenue, cash remaining after investment was materially thinner than accounting profit suggests.

Revenue was essentially flat in FY2025, yet operating margin expanded from 20.5% to 22.0%; with SG&A also rising, the improvement points to mix or other operating-cost changes rather than simple top-line scale. That matters because a margin gain without volume growth is less evidence of operating leverage than the headline margin suggests.

Debt-to-equity reached 0.9x from 0.5x in FY2021, indicating financing has become more leveraged. Goodwill was $559M against $928M of assets, so reported equity includes a large non-cash asset component rather than an equally tangible buffer.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity CashFlow Returns 41 / 100
Financial Health Score 41/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of P10, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability
79

P10, Inc. has an operating margin of 22.0%, meaning the company retains $22 of operating profit per $100 of revenue. This strong profitability earns a score of 79/100, reflecting efficient cost management and pricing power. This is up from 20.4% the prior year.

Growth
67

P10, Inc.'s revenue grew a modest 0.3% year-over-year to $297.3M. This slow but positive growth earns a score of 67/100.

Leverage
16

P10, Inc. has elevated debt relative to equity (D/E of 0.93), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 16/100, reflecting increased financial risk.

Liquidity
0

Not available for P10, Inc., and counted as zero in the overall score.

Cash Flow
81

P10, Inc. converts 6.1% of revenue into free cash flow ($18.1M). This strong cash generation earns a score of 81/100.

Returns
0

Not available for P10, Inc., and counted as zero in the overall score.

Piotroski F-Score Partial
3/6

P10, Inc. passes 3 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality Cash-Backed
1.18x

For every $1 of reported earnings, P10, Inc. generates $1.18 in operating cash flow ($23.0M OCF vs $19.5M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Adequate
2.40x

P10, Inc. earns $2.40 in operating income for every $1 of interest expense ($65.5M vs $27.3M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.

Key Financial Metrics

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Earnings & Revenue

Revenue
$75.0M
YoY+10.9%
QoQ-7.4%
5Y CAGR+18.0%

P10, Inc. generated $75.0M in revenue in Q1 2026. This represents an increase of 10.9% from the same quarter a year earlier. Against the prior quarter it is down 7.4%.

EBITDA
$25.5M
YoY+51.0%

P10, Inc.'s EBITDA was $25.5M in Q1 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 51.0% from the same quarter a year earlier.

Net Income
$8.5M
YoY+87.8%
QoQ-10.2%
5Y CAGR+30.8%

P10, Inc. reported $8.5M in net income in Q1 2026. This represents an increase of 87.8% from the same quarter a year earlier. Against the prior quarter it is down 10.2%.

EPS (Diluted)
$0.08
YoY+100.0%

P10, Inc. earned $0.08 per diluted share (EPS) in Q1 2026. This represents an increase of 100.0% from the same quarter a year earlier.

Cash & Balance Sheet

Free Cash Flow
$16.7M
YoY+378.5%
QoQ-24.3%
5Y CAGR+12.1%

P10, Inc. generated $16.7M in free cash flow in Q1 2026, representing cash available after capex. This represents an increase of 378.5% from the same quarter a year earlier. Against the prior quarter it is down 24.3%.

Cash & Debt
$29.0M
YoY-61.0%
QoQ+3.1%
5Y CAGR+19.0%

P10, Inc. held $29.0M in cash against $375.0M in long-term debt as of Q1 2026.

Dividends Per Share
$0.04
YoY0.0%

P10, Inc. paid $0.04 per share in dividends in Q1 2026. That is unchanged from the same quarter a year earlier.

Shares Outstanding
78M

P10, Inc. had 78M shares outstanding in Q1 2026.

Margins & Returns

Operating Margin
26.2%
YoY+9.6pp
QoQ-5.8pp
5Y change+0.1pp

P10, Inc.'s operating margin was 26.2% in Q1 2026, reflecting core business profitability. This is up 9.6 percentage points from the same quarter a year earlier. Against the prior quarter it is down 5.8 percentage points.

Net Margin
11.3%
YoY+4.6pp
QoQ-0.3pp
5Y change+4.6pp

P10, Inc.'s net profit margin was 11.3% in Q1 2026, showing the share of revenue converted to profit. This is up 4.6 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.3 percentage points.

Return on Equity
2.1%
YoY+0.9pp
QoQ-0.2pp
5Y change-1.4pp

P10, Inc.'s ROE was 2.1% in Q1 2026, measuring profit generated per dollar of shareholder equity. This is up 0.9 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.2 percentage points.

Gross Margin

Not reported for Q1 2026.

Capital Allocation

Share Buybacks
$6.0M

P10, Inc. spent $6.0M on share buybacks in Q1 2026, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures
$358K
YoY-71.9%
QoQ-57.9%
5Y CAGR+74.7%

P10, Inc. invested $358K in capex in Q1 2026, funding long-term assets and infrastructure. This represents a decrease of 71.9% from the same quarter a year earlier. Against the prior quarter it is down 57.9%.

R&D Spending

Not reported for Q1 2026.

PX Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

PX quarterly income statement
MetricQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-KQ3'2410-QQ2'2410-Q
Revenue$75.0M+10.9%$81.0M-4.7%$75.9M+2.3%$72.7M+2.3%$67.7M+2.3%$85.0M+34.8%$74.2M+26.0%$71.1M+13.8%
SG&A Expenses$9.7M+41.8%$10.4M+14.8%$9.1M+37.1%$8.8M+25.8%$6.8M+12.7%$9.1M+23.4%$6.6M+24.3%$7.0M+39.3%
Operating Income$19.6M+75.0%$25.9M+13.3%$10.7M+21.2%$17.7M+5.3%$11.2M-7.2%$22.9M+327.8%$8.8M+2204.4%$16.8M+63.1%
EBITDA$25.5M+51.0%N/AN/AN/A$16.9M-9.8%N/AN/AN/A
Interest Expense$6.4M-0.2%$7.1M+3.1%$7.0M+4.4%$6.8M+11.2%$6.4M+11.1%$6.9M+19.6%$6.7M+22.1%$6.1M+12.7%
Income Tax$4.0M+1417.7%$6.7M+243.5%$1.1M-16.3%$1.4M-62.9%$265K-84.9%$2.0M+7.7%$1.3M-30.3%$3.7M+89.3%
Net Income$8.5M+87.8%$9.5M+79.0%$2.1M+52.6%$3.4M-51.6%$4.5M-9.9%$5.3M+586.6%$1.4M+116.7%$7.0M+296.7%
EPS (Basic)$0.08+100.0%N/A$0.02+100.0%$0.03-50.0%$0.040.0%N/A$0.01+114.3%$0.06+200.0%
EPS (Diluted)$0.08+100.0%N/A$0.02+100.0%$0.03-50.0%$0.040.0%N/A$0.01+114.3%$0.06+200.0%
Diluted Shares (Avg)117M-1.7%N/A118M-1.2%119M-1.1%119M-2.8%N/A119M+2.6%120M-3.0%

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses.

PX Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

PX quarterly balance sheet
MetricQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-KQ3'2410-QQ2'2410-Q
Total Assets$909.7M+3.7%$928.3M+6.8%$936.0M+9.2%$932.2M+13.2%$877.4M+5.3%$869.3M+4.2%$857.0M+5.2%$823.2M+0.4%
Cash & Equivalents$29.0M-61.0%$28.2M-58.3%$40.0M-34.9%$33.4M+7.0%$74.4M+156.6%$67.5M+121.4%$61.5M+206.6%$31.2M+33.7%
Accounts Receivable$25.4M+13.8%$27.0M-16.6%$22.5M-17.0%$21.9M-6.8%$22.3M-4.3%$32.3M+56.7%$27.1M+37.7%$23.4M+21.5%
Goodwill$557.6M+10.2%$559.0M+10.5%$558.9M+10.4%$558.1M+10.3%$506.0M0.0%$506.0M0.0%$506.0M0.0%$506.0M0.0%
Total Liabilities$506.4M+0.7%$524.8M+8.8%$539.2M+16.5%$543.2M+27.4%$503.1M+16.3%$482.4M+18.0%$462.9M+19.6%$426.4M+10.8%
Long-Term Debt$375.0M+0.5%$373.2M+16.7%$393.4M+23.2%$373.0M+24.1%$373.2M+18.8%$319.8M+10.3%$319.4M+21.9%$300.6M+10.6%
Total Equity$403.3M+7.8%$403.5M+4.3%$396.8M+0.7%$388.9M-2.0%$374.3M-6.5%$386.9M-9.0%$394.1M-7.8%$396.9M-8.8%
Retained Earnings-$186.3M+11.2%-$194.8M+9.1%-$204.3M+7.0%-$206.4M+6.6%-$209.8M+8.0%-$214.3M+8.0%-$219.6M+5.3%-$221.0M+1.1%

Not reported in any period shown, so not listed: Current Assets, Short-Term Investments, Inventory, Long-Term Investments, Current Liabilities, Non-Current Liabilities.

PX Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

PX quarterly cash flow statement
MetricQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-KQ3'2410-QQ2'2410-Q
Operating Cash Flow$17.1M+461.2%$22.9M-17.2%-$8.6M-131.3%$13.4M-61.6%-$4.7M-143.2%$27.7M+1375.6%$27.5M+65.5%$34.8M+313.1%
Depreciation & Amortization$5.9M+3.7%N/AN/AN/A$5.7M-14.5%N/AN/AN/A
Stock-Based Compensation$8.8M+34.7%N/A$2.1M+16.7%$2.7M+8.0%$6.6M-2.2%N/A$1.8M-5.3%$2.5M+38.9%
Capital Expenditures$358K-71.9%$850K-9.5%$938K-58.2%$1.8M+93.9%$1.3M+394.6%$939K+486.9%$2.2M+1205.2%$937K+153.9%
Free Cash Flow$16.7M+378.5%$22.1M-17.5%-$9.5M-137.8%$11.6M-65.9%-$6.0M-156.1%$26.8M+1458.4%$25.2M+53.6%$33.9M+320.4%
Investing Cash Flow-$452K+64.4%-$1.7M+31.0%$1.9M+184.3%-$41.7M-4661.9%-$1.3M-387.7%-$2.4M-60.6%-$2.2M-2123.0%-$875K-1282.4%
Financing Cash Flow-$15.6M-217.3%-$33.4M-63.8%$13.5M+131.4%-$13.0M+59.1%$13.3M+204.5%-$20.4M-315.3%$5.8M+130.4%-$31.8M-63.0%
Dividends Paid$4.1M+6.0%$4.1M+6.0%$4.1M+5.9%$4.2M+2508.6%$3.9M+2.5%$3.9M+2.4%$3.9M+2.9%$162K+16100.0%
Share Buybacks$6.0MN/AN/AN/AN/AN/AN/AN/A

PX Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

PX quarterly financial ratios
MetricQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-KQ3'2410-QQ2'2410-Q
Operating Margin26.2%+9.6pp31.9%+5.1pp14.1%+2.2pp24.4%+0.7pp16.6%-1.7pp26.9%+18.4pp11.9%+11.2pp23.7%+7.2pp
Net Margin11.3%+4.6pp11.7%+5.4pp2.8%+0.9pp4.7%-5.2pp6.7%-0.9pp6.2%+7.9pp1.9%+16.2pp9.8%+7.0pp
Return on Equity2.1%+0.9pp2.3%+1.0pp0.5%+0.2pp0.9%-0.9pp1.2%0.0pp1.4%+1.6pp0.4%+2.3pp1.8%+1.4pp
Return on Assets0.9%+0.4pp1.0%+0.4pp0.2%+0.1pp0.4%-0.5pp0.5%-0.1pp0.6%+0.7pp0.2%+1.2pp0.9%+0.6pp
Debt-to-Equity0.93-0.1x0.93+0.1x0.99+0.2x0.96+0.2x1.00+0.2x0.83+0.1x0.81+0.2x0.76+0.1x
Asset Turnover0.080.0x0.090.0x0.080.0x0.080.0x0.080.0x0.100.0x0.090.0x0.090.0x
FCF Margin22.3%+31.2pp27.3%-4.2pp-12.6%-46.6pp15.9%-31.8pp-8.9%-25.1pp31.5%+28.8pp34.0%+6.1pp47.7%+34.8pp

Not reported in any period shown, so not listed: Gross Margin, Current Ratio.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company Fiscal year Revenue Net income Net margin Market cap Health score
P10, Inc. PX FY2025 $297.3M $19.5M 6.6% $1.2B 41/100
Virtus Investment Partners, Inc. VRTS FY2025 $852.9M $136.0M 16.0% $811.1M 39/100
Goldman Sachs BDC, Inc. GSBD FY2025 N/A $119.3M N/A $972.6M —

Frequently Asked Questions

What is P10, Inc.'s annual revenue?

P10, Inc. (PX) reported $297.3M in total revenue for fiscal year 2025. This represents a 0.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is P10, Inc.'s revenue growing?

P10, Inc. (PX) revenue grew by 0.3% year-over-year, from $296.4M to $297.3M in fiscal year 2025.

Is P10, Inc. profitable?

Yes, P10, Inc. (PX) reported a net income of $19.5M in fiscal year 2025, with a net profit margin of 6.6%.

P10, Inc. (PX) reported diluted earnings per share of $0.17 for fiscal year 2025. This represents a 6.3% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

P10, Inc. (PX) had EBITDA of $91.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, P10, Inc. (PX) had $28.2M in cash and equivalents against $373.2M in long-term debt.

P10, Inc. (PX) had an operating margin of 22.0% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

P10, Inc. (PX) had a net profit margin of 6.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Yes, P10, Inc. (PX) paid $0.15 per share in dividends during fiscal year 2025.

P10, Inc. (PX) has a return on equity of 4.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

P10, Inc. (PX) generated $18.1M in free cash flow during fiscal year 2025. This represents a -81.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

P10, Inc. (PX) generated $23.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

P10, Inc. (PX) had $928.3M in total assets as of fiscal year 2025, including both current and long-term assets.

P10, Inc. (PX) invested $4.9M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

P10, Inc. (PX) had a debt-to-equity ratio of 0.93 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

P10, Inc. (PX) had a return on assets of 2.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

P10, Inc. (PX) has a Piotroski F-Score of 3 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

P10, Inc. (PX) has an earnings quality ratio of 1.18x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

P10, Inc. (PX) has an interest coverage ratio of 2.40x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

P10, Inc. (PX) scores 41 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.

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