P10 Holdings (PX) AI Stock Analysis

• Market Cap: $1.10B
• Dividend Yield: 1.48%
• Average Volume (3M): 532.65K
• Price to Earnings (P/E): 75.0
• Beta (1Y): 1.40
• Revenue Growth: 9.77%
• EPS Growth: 26.76%
• Country: US
• Employees: 267
• Sector: Financial
• Sector Strength: 70
• Industry: Asset Management
• EPS (TTM): 0.24
• Shares Outstanding: 78,067,340
• 10 Day Avg. Volume: 515,250
• 30 Day Avg. Volume: 532,647
• PEG Ratio: -0.20
• Price to Book (P/B): 4.09
• Price to Sales (P/S): 4.79
• P/FCF Ratio: 14.69
• Enterprise Value/Market Cap: 0.00
• Enterprise Value/Revenue: 0.00
• Enterprise Value/Gross Profit: 0.00
• Enterprise Value/Ebitda: 0.00
• 1Y Price Target: $15.88
• Price Target Upside: 59.28% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4
• EPS Forecast (FY): 0.9
• Revenue Forecast (FY): $301.04M

• Rating: 62 Neutral
• Price Target: $10.50 ▲(5.32% Upside)

P10 Holdings' overall stock score reflects strong revenue growth and successful fundraising efforts, balanced by challenges in profitability and leverage management. The technical indicators suggest a bearish trend, and the high P/E ratio indicates potential overvaluation. The earnings call provided a balanced view of strengths and challenges, contributing to a moderate overall score.

Positive Factors

Revenue Growth

The robust revenue growth indicates effective business expansion and strong demand for the company's services, supporting long-term growth potential.

Strong Fundraising

Successful fundraising efforts exceeding targets suggest strong investor confidence and enhance the company's ability to scale operations.

Fee-Paying Assets Growth

The increase in fee-paying assets under management reflects the company's ability to attract and retain clients, driving sustainable revenue streams.

Negative Factors

Increased Leverage

Higher leverage can increase financial risk and limit flexibility, potentially impacting the company's ability to invest in growth opportunities.

Decline in Free Cash Flow

A decline in free cash flow growth raises concerns about liquidity and the company's ability to fund operations and investments without external financing.

Decreased Net Profit Margin

A decreasing net profit margin indicates challenges in maintaining profitability, which could affect long-term financial performance and shareholder returns.

P10 Holdings Business Overview & Revenue Model

Company Description

P10, Inc., together with its subsidiaries, operates as a multi-asset class private market solutions provider in the alternative asset management industry in the United States. The company offers private equity, venture capital, private credit, impact investing, and private credit services, as well as primary fund of funds, secondary investment, and direct and co-investments services. It also provides tax credit transaction and consulting services. The company was founded in 1992 and is headquartered in Dallas, Texas.

How the Company Makes Money

P10 Holdings generates revenue primarily through management fees and carried interest from its investment funds. The company manages several private equity and venture capital funds, earning management fees based on the total capital committed by investors. Additionally, P10 benefits from carried interest, which is a share of the profits from the investments made by these funds, typically realized when the investments are exited. Significant partnerships with institutional investors and strategic alliances within the industries they invest in also contribute to their earnings. The firm's ability to identify and invest in high-growth potential companies is a critical factor in its revenue generation.

P10 Holdings Financial Statement Overview

Summary

P10 Holdings shows strong revenue growth and solid gross margins, but faces challenges in maintaining net profitability and managing increased leverage. The decline in free cash flow growth is a concern, although cash conversion remains efficient. The company needs to address profitability and leverage to sustain its growth trajectory.

Income Statement

P10 Holdings has demonstrated strong revenue growth, particularly in the TTM period with a 56.3% increase, indicating robust business expansion. The gross profit margin remains solid at 49.5%, although slightly lower than previous years. The net profit margin has decreased to 4.9% in the TTM, reflecting challenges in maintaining profitability. Overall, the company shows a positive growth trajectory but faces pressure on net profitability.

Balance Sheet

The company's debt-to-equity ratio has increased to 1.19 in the TTM, indicating higher leverage compared to previous years, which could pose financial risks. The return on equity has decreased to 4.2%, suggesting reduced efficiency in generating profits from shareholders' equity. Despite these challenges, the equity ratio remains stable, reflecting a balanced asset structure.

Cash Flow

P10 Holdings experienced a significant decline in free cash flow growth by 60.5% in the TTM, raising concerns about cash generation capabilities. The operating cash flow to net income ratio is strong at 4.58, indicating good cash conversion efficiency. However, the decline in free cash flow growth suggests potential liquidity challenges.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	301.31M	296.45M	241.73M	198.36M	150.53M	67.37M
Gross Profit	150.34M	141.13M	87.45M	104.06M	95.78M	42.84M
EBITDA	74.94M	91.83M	48.69M	72.32M	56.59M	24.26M
Net Income	15.33M	18.70M	-7.13M	29.21M	10.77M	23.81M
Balance Sheet
Total Assets	936.01M	869.27M	834.07M	826.36M	676.22M	582.43M
Cash, Cash Equivalents and Short-Term Investments	39.99M	67.45M	30.47M	20.02M	40.92M	11.77M
Total Debt	424.07M	340.37M	310.12M	307.78M	228.20M	297.74M
Total Liabilities	539.22M	482.38M	408.91M	392.48M	281.05M	522.59M
Stockholders Equity	344.78M	347.00M	385.59M	393.14M	395.16M	59.84M
Cash Flow
Free Cash Flow	22.65M	96.59M	46.22M	60.21M	48.86M	10.63M
Operating Cash Flow	27.77M	100.97M	47.69M	61.67M	49.02M	10.67M
Investing Cash Flow	-43.51M	-5.80M	-2.25M	-98.59M	-47.40M	-214.19M
Financing Cash Flow	-6.65M	-59.11M	-42.87M	22.93M	29.08M	196.84M

P10 Holdings Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 9.97
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PX, the sentiment is Neutral. The current price of 9.97 is above the 20-day moving average (MA) of 9.84, below the 50-day MA of 10.03, and below the 200-day MA of 10.93, indicating a neutral trend. The MACD of 0.02 indicates Negative momentum. The RSI at 51.01 is Neutral, neither overbought nor oversold. The STOCH value of 34.97 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for PX.

P10 Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TRIN	76 Outperform	$1.15B	6.96	16.18%	13.53%	33.44%	25.22%
GSBD	71 Outperform	$1.09B	8.38	8.75%	17.34%	-16.58%	65.24%
VRTS	70 Neutral	$1.12B	8.50	15.07%	5.41%	-3.07%	18.00%
CSWC	68 Neutral	$1.24B	13.85	9.80%	11.90%	25.28%	-1.69%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
NMFC	66 Neutral	$931.50M	13.84	5.43%	14.17%	36.15%	-38.59%
PX	62 Neutral	$1.10B	75.02	4.38%	1.48%	9.77%	26.76%

P10 Holdings Corporate Events

P10 Holdings Reports Q3 2025 Financial Results

On November 6, 2025, P10, Inc. reported its financial results for the third quarter ending September 30, 2025, highlighting a 17% year-over-year increase in fee-paying assets under management, reaching $29.1 billion. The company also announced a stock repurchase program and declared a quarterly cash dividend, reflecting its strong financial performance and strategic focus on the middle and lower-middle markets.

P10 Holdings Enters Interest Rate Collar Agreement

On September 15, 2025, P10, Inc. entered into an interest rate collar hedging transaction with East West Bank to manage the variable interest rate risk associated with its borrowings under an amended credit agreement. The transaction involves a notional amount of $211,250,000, with a SOFR floor of 2.310% and a cap of 4.250%, effective from September 30, 2025, to August 1, 2028.