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Side-by-side financial comparison of AbCellera Biologics Inc. (ABCL) and P10, Inc. (PX). Click either name above to swap in a different company.
P10, Inc. is the larger business by last-quarter revenue ($81.0M vs $44.9M, roughly 1.8× AbCellera Biologics Inc.). P10, Inc. runs the higher net margin — 11.7% vs -19.9%, a 31.6% gap on every dollar of revenue. On growth, AbCellera Biologics Inc. posted the faster year-over-year revenue change (788.4% vs -4.7%). P10, Inc. produced more free cash flow last quarter ($18.1M vs $-44.6M). Over the past eight quarters, AbCellera Biologics Inc.'s revenue compounded faster (112.3% CAGR vs 10.7%).
AbCellera Biologics Inc. is a Vancouver, British Columbia-based biotechnology company that discovers and develops antibody therapeutics. The company is best known for its leading role in the Pandemic Prevention Platform, a project of DARPA's Biological Technologies Office. AbCellera utilizes a proprietary technology platform, which they claim can develop "medical countermeasures within 60 days." Its platform for single-cell screening was initially developed at the University of British Columbia.
P10, Inc. is a global alternative investment management firm that offers a diversified portfolio of investment solutions spanning private equity, private credit, real assets and venture capital. It primarily caters to institutional clients including pension funds, endowments, foundations, and high-net-worth individuals across North America, Europe, and Asia Pacific.
ABCL vs PX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $44.9M | $81.0M |
| Net Profit | $-8.9M | $9.5M |
| Gross Margin | — | — |
| Operating Margin | -63.7% | 31.9% |
| Net Margin | -19.9% | 11.7% |
| Revenue YoY | 788.4% | -4.7% |
| Net Profit YoY | 73.9% | 79.0% |
| EPS (diluted) | $-0.03 | $0.08 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $44.9M | $81.0M | ||
| Q3 25 | $9.0M | $75.9M | ||
| Q2 25 | $17.1M | $72.7M | ||
| Q1 25 | $4.2M | $67.7M | ||
| Q4 24 | $5.0M | $85.0M | ||
| Q3 24 | $6.5M | $74.2M | ||
| Q2 24 | $7.3M | $71.1M | ||
| Q1 24 | $10.0M | $66.1M |
| Q4 25 | $-8.9M | $9.5M | ||
| Q3 25 | $-57.1M | $2.1M | ||
| Q2 25 | $-34.7M | $3.4M | ||
| Q1 25 | $-45.6M | $4.5M | ||
| Q4 24 | — | $5.3M | ||
| Q3 24 | $-51.1M | $1.4M | ||
| Q2 24 | $-36.9M | $7.0M | ||
| Q1 24 | $-40.6M | $5.0M |
| Q4 25 | -63.7% | 31.9% | ||
| Q3 25 | -851.8% | 14.1% | ||
| Q2 25 | -290.2% | 24.4% | ||
| Q1 25 | -1479.6% | 16.6% | ||
| Q4 24 | — | 26.9% | ||
| Q3 24 | -1439.4% | 11.9% | ||
| Q2 24 | -1276.2% | 23.7% | ||
| Q1 24 | -551.5% | 18.3% |
| Q4 25 | -19.9% | 11.7% | ||
| Q3 25 | -637.8% | 2.8% | ||
| Q2 25 | -203.3% | 4.7% | ||
| Q1 25 | -1077.2% | 6.7% | ||
| Q4 24 | — | 6.2% | ||
| Q3 24 | -785.4% | 1.9% | ||
| Q2 24 | -504.3% | 9.8% | ||
| Q1 24 | -408.0% | 7.6% |
| Q4 25 | $-0.03 | $0.08 | ||
| Q3 25 | $-0.19 | $0.02 | ||
| Q2 25 | $-0.12 | $0.03 | ||
| Q1 25 | $-0.15 | $0.04 | ||
| Q4 24 | — | $0.05 | ||
| Q3 24 | $-0.17 | $0.01 | ||
| Q2 24 | $-0.13 | $0.06 | ||
| Q1 24 | $-0.14 | $0.04 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $128.5M | $28.2M |
| Total DebtLower is stronger | — | $373.2M |
| Stockholders' EquityBook value | $966.9M | $403.5M |
| Total Assets | $1.4B | $928.3M |
| Debt / EquityLower = less leverage | — | 0.93× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $128.5M | $28.2M | ||
| Q3 25 | $83.2M | $40.0M | ||
| Q2 25 | $92.4M | $33.4M | ||
| Q1 25 | $159.3M | $74.4M | ||
| Q4 24 | $156.3M | $67.5M | ||
| Q3 24 | $126.6M | $61.5M | ||
| Q2 24 | $148.3M | $31.2M | ||
| Q1 24 | $123.6M | $29.0M |
| Q4 25 | — | $373.2M | ||
| Q3 25 | — | $393.4M | ||
| Q2 25 | — | $373.0M | ||
| Q1 25 | — | $357.2M | ||
| Q4 24 | — | $319.8M | ||
| Q3 24 | — | $319.4M | ||
| Q2 24 | — | $300.6M | ||
| Q1 24 | — | $314.0M |
| Q4 25 | $966.9M | $403.5M | ||
| Q3 25 | $964.0M | $396.8M | ||
| Q2 25 | $1.0B | $388.9M | ||
| Q1 25 | $1.0B | $374.3M | ||
| Q4 24 | $1.1B | $386.9M | ||
| Q3 24 | $1.1B | $394.1M | ||
| Q2 24 | $1.1B | $396.9M | ||
| Q1 24 | $1.1B | $400.1M |
| Q4 25 | $1.4B | $928.3M | ||
| Q3 25 | $1.4B | $936.0M | ||
| Q2 25 | $1.4B | $932.2M | ||
| Q1 25 | $1.3B | $877.4M | ||
| Q4 24 | $1.4B | $869.3M | ||
| Q3 24 | $1.4B | $857.0M | ||
| Q2 24 | $1.4B | $823.2M | ||
| Q1 24 | $1.5B | $832.8M |
| Q4 25 | — | 0.93× | ||
| Q3 25 | — | 0.99× | ||
| Q2 25 | — | 0.96× | ||
| Q1 25 | — | 0.95× | ||
| Q4 24 | — | 0.83× | ||
| Q3 24 | — | 0.81× | ||
| Q2 24 | — | 0.76× | ||
| Q1 24 | — | 0.78× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-34.7M | $23.0M |
| Free Cash FlowOCF − Capex | $-44.6M | $18.1M |
| FCF MarginFCF / Revenue | -99.4% | 22.3% |
| Capex IntensityCapex / Revenue | 21.9% | 6.0% |
| Cash ConversionOCF / Net Profit | — | 2.43× |
| TTM Free Cash FlowTrailing 4 quarters | $-174.1M | $14.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-34.7M | $23.0M | ||
| Q3 25 | $-52.6M | $-8.6M | ||
| Q2 25 | $-32.4M | $13.4M | ||
| Q1 25 | $-11.6M | $-4.7M | ||
| Q4 24 | $-108.6M | $101.0M | ||
| Q3 24 | $-28.9M | $27.5M | ||
| Q2 24 | $-30.0M | $34.8M | ||
| Q1 24 | $-41.7M | $11.0M |
| Q4 25 | $-44.6M | $18.1M | ||
| Q3 25 | $-61.5M | $-9.5M | ||
| Q2 25 | $-45.8M | $11.6M | ||
| Q1 25 | $-22.2M | $-6.0M | ||
| Q4 24 | $-187.0M | $96.6M | ||
| Q3 24 | $-47.4M | $25.2M | ||
| Q2 24 | $-50.1M | $33.9M | ||
| Q1 24 | $-65.8M | $10.7M |
| Q4 25 | -99.4% | 22.3% | ||
| Q3 25 | -687.0% | -12.6% | ||
| Q2 25 | -267.9% | 15.9% | ||
| Q1 25 | -524.0% | -8.9% | ||
| Q4 24 | -3702.8% | 113.6% | ||
| Q3 24 | -728.4% | 34.0% | ||
| Q2 24 | -683.8% | 47.7% | ||
| Q1 24 | -661.5% | 16.2% |
| Q4 25 | 21.9% | 6.0% | ||
| Q3 25 | 99.7% | 1.2% | ||
| Q2 25 | 78.2% | 2.5% | ||
| Q1 25 | 251.1% | 1.9% | ||
| Q4 24 | 1552.7% | 5.2% | ||
| Q3 24 | 284.6% | 3.0% | ||
| Q2 24 | 274.6% | 1.3% | ||
| Q1 24 | 242.5% | 0.4% |
| Q4 25 | — | 2.43× | ||
| Q3 25 | — | -4.01× | ||
| Q2 25 | — | 3.96× | ||
| Q1 25 | — | -1.05× | ||
| Q4 24 | — | 19.12× | ||
| Q3 24 | — | 19.54× | ||
| Q2 24 | — | 4.98× | ||
| Q1 24 | — | 2.18× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ABCL
Segment breakdown not available.
PX
| Management Fees | $78.1M | 96% |
| Advisory Fees | $1.8M | 2% |
