P10 Holdings (PX) AI Stock Analysis

• Market Cap: $1.24B
• Dividend Yield: 1.29%
• Average Volume (3M): 443.79K
• Price to Earnings (P/E): 94.1
• Beta (1Y): 1.39
• Revenue Growth: 15.60%
• EPS Growth: 445.23%
• Country: US
• Employees: 267
• Sector: Financial
• Sector Strength: 70
• Industry: Asset Management
• EPS (TTM): 0.23
• Shares Outstanding: 77,843,010
• 10 Day Avg. Volume: 488,929
• 30 Day Avg. Volume: 443,792
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 1.32
• Enterprise Value/Revenue: 5.45
• Enterprise Value/Gross Profit: 11.01
• Enterprise Value/Ebitda: 18.07
• 1Y Price Target: $15.63
• Price Target Upside: 39.06% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4

• Rating: 63 Neutral
• Price Target: $12.50 ▲(11.21% Upside)

P10 Holdings' overall score reflects strong growth and strategic initiatives, as highlighted in the earnings call, which are offset by financial challenges such as declining profit margins and high leverage. Technical indicators suggest neutral momentum, and the high P/E ratio raises valuation concerns.

Positive Factors

Revenue Growth

The significant revenue growth indicates robust expansion and effective market penetration, which is crucial for long-term business sustainability and competitive positioning.

AUM Growth

The increase in assets under management reflects successful fundraising and strategic initiatives, enhancing the firm's ability to generate management fees and improve financial performance.

Strategic Initiatives

Launching new products like the evergreen fund demonstrates innovation and adaptability in capturing market opportunities, which supports long-term growth and diversification.

Negative Factors

Declining Profit Margins

The decline in profit margins suggests increased cost pressures or pricing challenges, which could affect profitability and cash flow sustainability if not addressed.

Increased Leverage

Higher leverage can limit financial flexibility and increase risk, particularly in volatile markets, potentially impacting long-term financial stability.

Decreased Free Cash Flow

The decline in free cash flow growth raises concerns about liquidity and the ability to fund operations or strategic investments without external financing.

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 through management fees and performance-based fees from the investment funds it manages. The company's key revenue streams include income from its private equity and venture capital investments, as well as advisory and consulting services offered to portfolio companies. Additionally, P10 may earn income from co-investment opportunities and partnerships with other institutional investors, enhancing its earnings potential through collaborative investments. The firm's strategic focus on niche markets and emerging technologies allows it to capitalize on unique investment opportunities, contributing to its overall financial performance.

P10 Holdings Financial Statement Overview

Summary

P10 Holdings shows strong revenue growth and operational efficiency, with a 54.6% increase in revenue. However, challenges include declining net profit margins and increased leverage, with a debt-to-equity ratio of 1.04. Cash flow generation is robust, but the decrease in free cash flow growth could impact future liquidity.

Income Statement

P10 Holdings shows strong revenue growth with a TTM increase of 54.6%, indicating robust expansion. The gross profit margin is healthy at 49.5%, although it has slightly decreased from previous years. The net profit margin has declined to 4.9% in TTM, reflecting some pressure on profitability. EBIT and EBITDA margins remain solid, suggesting efficient operations.

Balance Sheet

The company's debt-to-equity ratio has increased to 1.04 in TTM, indicating higher leverage, which could pose a risk if not managed properly. Return on equity has decreased to 4.1%, showing reduced profitability for shareholders. However, the equity ratio remains stable, suggesting a balanced asset structure.

Cash Flow

Free cash flow has decreased by 27.8% in TTM, which is a concern for liquidity. The operating cash flow to net income ratio is strong at 4.58, indicating good cash generation relative to net income. However, the decline in free cash flow growth suggests potential challenges in sustaining cash reserves.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	299.63M	296.45M	241.73M	198.36M	150.53M	67.37M
Gross Profit	148.45M	141.13M	87.45M	104.06M	95.78M	42.84M
EBITDA	90.42M	91.83M	52.93M	72.32M	56.59M	24.26M
Net Income	14.59M	18.70M	-7.13M	29.21M	10.77M	23.81M
Balance Sheet
Total Assets	932.16M	869.27M	834.07M	826.36M	676.22M	582.43M
Cash, Cash Equivalents and Short-Term Investments	33.44M	67.45M	30.47M	20.02M	40.92M	11.77M
Total Debt	403.41M	340.37M	310.12M	307.78M	228.20M	297.74M
Total Liabilities	543.22M	482.38M	408.91M	392.48M	281.05M	522.59M
Stockholders Equity	337.66M	347.00M	385.59M	393.14M	395.16M	59.84M
Cash Flow
Free Cash Flow	57.46M	96.59M	46.22M	60.21M	48.86M	10.64M
Operating Cash Flow	63.84M	100.97M	47.69M	61.67M	49.02M	10.67M
Investing Cash Flow	-47.60M	-5.80M	-2.25M	-98.59M	-47.40M	-214.19M
Financing Cash Flow	-14.30M	-59.11M	-42.87M	22.93M	29.08M	196.84M

P10 Holdings Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 11.24
• 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 11.24 is below the 20-day moving average (MA) of 12.06, below the 50-day MA of 12.15, and below the 200-day MA of 11.82, indicating a bearish trend. The MACD of -0.12 indicates Positive momentum. The RSI at 35.95 is Neutral, neither overbought nor oversold. The STOCH value of 18.98 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	80 Outperform	1.11B	7.08	14.05%	12.66%	31.43%	30.85%
CSWC	71 Outperform	1.25B	14.10	9.11%	10.08%	12.82%	-5.37%
GSBD	71 Outperform	1.25B	8.82	―	15.97%	-55.16%	47.09%
VRTS	67 Neutral	1.28B	9.25	16.21%	4.74%	0.66%	36.96%
NMFC	65 Neutral	1.03B	12.79	―	13.18%	39.05%	-32.62%
PX	63 Neutral	$1.24B	94.08	4.20%	1.29%	15.60%	445.23%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%

P10 Holdings Corporate Events

P10 Holdings Reports Strong Q2 2025 Financial Results

On August 7, 2025, P10, Inc. reported its financial results for the second quarter ended June 30, 2025, highlighting a record organic fundraising and deployments of over $1.9 billion in gross new fee-paying assets under management (AUM). The company’s fee-paying AUM grew by 21% year over year, reaching $28.9 billion, bolstered by the acquisition of Qualitas Funds. Despite a slight decline in GAAP net income compared to the previous year, P10’s fee-related earnings increased by 5% year over year. The company also repurchased over 2.5 million shares and declared a quarterly cash dividend, underscoring its strategic initiatives in capital formation and global expansion.

P10 Holdings Announces Key Governance Decisions at Annual Meeting

On June 12, 2025, P10, Inc. held its Annual Meeting of Stockholders where significant decisions were made regarding the company’s governance and financial oversight. Stockholders elected three nominees as Class I Directors for a three-year term and ratified the appointment of KPMG LLP as the independent auditor for the fiscal year ending December 31, 2025. These decisions are pivotal for P10, Inc.’s operational continuity and financial transparency, reinforcing its commitment to robust corporate governance and stakeholder trust.