P10 Holdings (PX) AI Stock Analysis

• Market Cap: $1.25B
• Dividend Yield: 1.25%
• Average Volume (3M): 563.56K
• Price to Earnings (P/E): 72.9
• Beta (1Y): 1.24
• Revenue Growth: 18.92%
• EPS Growth: N/A
• Country: US
• Employees: 267
• Sector: Financial
• Sector Strength: 82
• Industry: Asset Management
• EPS (TTM): 0.20
• Shares Outstanding: 77,530,130
• 10 Day Avg. Volume: 616,392
• 30 Day Avg. Volume: 563,556
• PEG Ratio: 1.15
• Price to Book (P/B): 3.73
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 13.42
• Enterprise Value/Market Cap: 1.25
• Enterprise Value/Revenue: 1.45
• Enterprise Value/Gross Profit: 11.12
• Enterprise Value/Ebitda: 5.56
• 1Y Price Target: $15.38
• Price Target Upside: 37.44% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4

• Rating: 73 Outperform
• Price Target: $12.50 ▲( 11.71% Upside)

P10 Holdings' strong revenue growth and strategic acquisitions are significant positive factors, supported by robust earnings call results. However, high leverage and overvaluation present risks, alongside technical indicators suggesting caution.

Positive Factors

Financial Targets

Long-term financial targets are ahead of expectations across fee-paying AUM (FPAUM) and fee-related earnings (FRE) margins.

Leadership Changes

The appointment of Luke Sarsfield as CEO is a significant development for the company.

Valuation

Private markets growth at a compelling valuation has resulted in an initiation at an overweight rating.

Negative Factors

Growth Outlook

Slower than expected growth outlook has led to a downgrade.

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 performance-based incentives. The company earns management fees by overseeing and managing assets on behalf of its clients, typically calculated as a percentage of the total assets under management. Additionally, P10 Holdings may receive performance fees, which are contingent on achieving specific investment benchmarks or returns. These fee structures incentivize the firm to enhance investment performance while aligning its interests with those of their investors. Strategic partnerships with institutional investors and other financial entities further bolster their revenue streams by expanding their investment reach and capabilities.

P10 Holdings Financial Statement Overview

Summary

P10 Holdings exhibits strong revenue growth and operational efficiency, but faces challenges in profitability due to a volatile net profit margin and high leverage. The company demonstrates solid cash flow management, supporting future growth.

Income Statement

P10 Holdings has demonstrated a strong revenue growth trajectory over the years, with a significant increase in total revenue from 2020 to 2024. The gross profit margin has remained healthy, indicating efficient cost management. However, the net profit margin has been volatile, with a notable negative margin in 2023 due to a net loss, signaling some profitability challenges. EBIT and EBITDA margins are robust, showing good operational efficiency.

Balance Sheet

The company maintains a high debt-to-equity ratio, reflecting significant leverage which could pose a risk if not managed carefully. However, the return on equity has been positive overall, indicating effective use of shareholder funds. The equity ratio has been stable, suggesting a balanced approach to financing assets with equity.

Cash Flow

P10 Holdings has shown impressive free cash flow growth, with a substantial increase in free cash flow in 2024 compared to previous years. The operating cash flow to net income ratio indicates strong cash-generating ability relative to net income. The company has also managed to maintain a stable free cash flow to net income ratio, demonstrating effective cash management.

Breakdown
Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement		Total Revenue
296.45M	241.73M	198.36M	150.53M	67.37M
	Gross Profit
141.13M	87.45M	104.06M	95.78M	42.84M
	EBIT
60.62M	20.92M	43.42M	40.35M	8.69M
	EBITDA
91.83M	48.69M	72.32M	56.59M	24.26M
	Net Income Common Stockholders
18.70M	-7.13M	29.21M	10.77M	23.81M
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
67.45M	30.47M	20.02M	40.92M	11.77M
	Total Assets
869.27M	834.07M	826.36M	676.22M	582.43M
	Total Debt
340.37M	310.12M	307.78M	228.20M	297.74M
	Net Debt
272.92M	279.65M	287.76M	187.28M	285.96M
	Total Liabilities
482.38M	408.91M	392.48M	281.05M	522.59M
	Stockholders Equity
347.00M	385.59M	393.14M	395.16M	59.84M
Cash Flow		Free Cash Flow
96.59M	46.22M	60.21M	48.86M	10.64M
	Operating Cash Flow
100.97M	47.69M	61.67M	49.02M	10.67M
	Investing Cash Flow
-5.80M	-2.25M	-98.59M	-47.40M	-214.19M
	Financing Cash Flow
-59.11M	-42.87M	22.93M	29.08M	196.84M

P10 Holdings Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 11.19
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PX, the sentiment is Negative. The current price of 11.19 is below the 20-day moving average (MA) of 11.59, below the 50-day MA of 11.35, and below the 200-day MA of 11.73, indicating a bearish trend. The MACD of 0.06 indicates Positive momentum. The RSI at 44.09 is Neutral, neither overbought nor oversold. The STOCH value of 12.67 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for PX.

P10 Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TRIN	74 Outperform	$966.53M	6.82	17.56%	14.18%	46.14%	34.91%
PX	73 Outperform	$1.25B	72.85	5.24%	1.25%	18.92%	―
WT	73 Outperform	$1.38B	27.82	10.77%	1.26%	20.66%	-47.25%
VRTS	71 Outperform	$1.17B	10.03	13.66%	5.12%	0.63%	1.46%
PAX	68 Neutral	$2.03B	28.31	13.16%	4.87%	7.56%	-46.44%
AMTD	64 Neutral	$1.12B	1.44	11.11%	―	―	―
Sector *	64 Neutral	$12.64B	9.78	7.67%	17015.08%	12.23%	-6.02%

P10 Holdings Corporate Events

P10 Holdings Reports Strong Q1 2025 Financial Results

On May 8, 2025, P10 Holdings reported its first-quarter 2025 financial results, highlighting a record fundraising and deployment of over $1.4 billion in gross new fee-paying assets under management. The company also completed the acquisition of Qualitas Funds, expanding its global presence. Financial highlights include a 2% year-over-year increase in revenue to $67.7 million and a 10% increase in fee-paying assets under management to $26.3 billion. Despite a slight decrease in GAAP net income compared to the previous year, P10 increased its quarterly dividend by 7% and repurchased over 1.2 million shares. The company’s strong performance underscores its platform’s strength and its strategic positioning for future growth.

P10 Holdings Appoints New Board Members

On April 21, 2025, P10, Inc. announced the appointment of Jennifer Glassman and Stephen Blewitt to its Board of Directors, filling two current vacancies. Ms. Glassman, the CFO of Towerbrook Capital Partners, joins as a Class I director and will serve on the Audit Committee, while Mr. Blewitt, co-founder of Youth.Work.Connect., joins as a Class III director and will serve on the Compensation Committee. Both appointees are recognized for their extensive experience in the investment industry, with Ms. Glassman having a background in financial services and Mr. Blewitt in private markets. The appointments are part of P10’s strategy to enhance its governance profile and create long-term value for its investment strategies and shareholders.

P10 Holdings Completes Acquisition of Qualitas Equity Funds

On April 4, 2025, P10, Inc. completed its acquisition of Qualitas Equity Funds SGEIC, S.A., a Madrid-based private equity platform specializing in the European lower-middle market. The acquisition, valued initially at $63 million, aims to expand P10’s global presence and enhance its offerings in the private markets sector. Qualitas Funds, with approximately $1 billion in fee-paying assets under management, provides fund-of-funds and direct co-investing opportunities to over 1,300 limited partners. The acquisition is expected to strengthen P10’s position in the European market and provide new investment opportunities for its global client base.