vs
Side-by-side financial comparison of Adaptive Biotechnologies Corp (ADPT) 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 $71.7M, roughly 1.1× Adaptive Biotechnologies Corp). P10, Inc. runs the higher net margin — 11.7% vs -18.9%, a 30.6% gap on every dollar of revenue. On growth, Adaptive Biotechnologies Corp posted the faster year-over-year revenue change (51.0% vs -4.7%). P10, Inc. produced more free cash flow last quarter ($18.1M vs $1.4M). Over the past eight quarters, Adaptive Biotechnologies Corp's revenue compounded faster (30.8% CAGR vs 10.7%).
ExpreS2ion Biotechnologies is a Danish biotechnology company specialised in the development of new vaccines and immunotherapy products based in Hørsholm, Denmark and listed on the Nasdaq First North Growth Market Sweden.
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.
ADPT vs PX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $71.7M | $81.0M |
| Net Profit | $-13.6M | $9.5M |
| Gross Margin | 74.6% | — |
| Operating Margin | -17.8% | 31.9% |
| Net Margin | -18.9% | 11.7% |
| Revenue YoY | 51.0% | -4.7% |
| Net Profit YoY | 59.7% | 79.0% |
| EPS (diluted) | $-0.08 | $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 | $71.7M | $81.0M | ||
| Q3 25 | $94.0M | $75.9M | ||
| Q2 25 | $58.9M | $72.7M | ||
| Q1 25 | $52.4M | $67.7M | ||
| Q4 24 | $47.5M | $85.0M | ||
| Q3 24 | $46.4M | $74.2M | ||
| Q2 24 | $43.2M | $71.1M | ||
| Q1 24 | $41.9M | $66.1M |
| Q4 25 | $-13.6M | $9.5M | ||
| Q3 25 | $9.5M | $2.1M | ||
| Q2 25 | $-25.6M | $3.4M | ||
| Q1 25 | $-29.9M | $4.5M | ||
| Q4 24 | $-33.7M | $5.3M | ||
| Q3 24 | $-32.1M | $1.4M | ||
| Q2 24 | $-46.2M | $7.0M | ||
| Q1 24 | $-47.5M | $5.0M |
| Q4 25 | 74.6% | — | ||
| Q3 25 | 80.7% | — | ||
| Q2 25 | 69.4% | — | ||
| Q1 25 | 67.6% | — | ||
| Q4 24 | 62.0% | — | ||
| Q3 24 | 64.1% | — | ||
| Q2 24 | 55.3% | — | ||
| Q1 24 | 56.9% | — |
| Q4 25 | -17.8% | 31.9% | ||
| Q3 25 | 10.9% | 14.1% | ||
| Q2 25 | -42.5% | 24.4% | ||
| Q1 25 | -56.4% | 16.6% | ||
| Q4 24 | -71.3% | 26.9% | ||
| Q3 24 | -70.3% | 11.9% | ||
| Q2 24 | -109.6% | 23.7% | ||
| Q1 24 | -116.5% | 18.3% |
| Q4 25 | -18.9% | 11.7% | ||
| Q3 25 | 10.2% | 2.8% | ||
| Q2 25 | -43.5% | 4.7% | ||
| Q1 25 | -56.9% | 6.7% | ||
| Q4 24 | -71.0% | 6.2% | ||
| Q3 24 | -69.1% | 1.9% | ||
| Q2 24 | -107.0% | 9.8% | ||
| Q1 24 | -113.5% | 7.6% |
| Q4 25 | $-0.08 | $0.08 | ||
| Q3 25 | $0.06 | $0.02 | ||
| Q2 25 | $-0.17 | $0.03 | ||
| Q1 25 | $-0.20 | $0.04 | ||
| Q4 24 | $-0.22 | $0.05 | ||
| Q3 24 | $-0.22 | $0.01 | ||
| Q2 24 | $-0.31 | $0.06 | ||
| Q1 24 | $-0.33 | $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 | $70.5M | $28.2M |
| Total DebtLower is stronger | — | $373.2M |
| Stockholders' EquityBook value | $218.8M | $403.5M |
| Total Assets | $512.7M | $928.3M |
| Debt / EquityLower = less leverage | — | 0.93× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $70.5M | $28.2M | ||
| Q3 25 | $55.0M | $40.0M | ||
| Q2 25 | $43.2M | $33.4M | ||
| Q1 25 | $50.6M | $74.4M | ||
| Q4 24 | $47.9M | $67.5M | ||
| Q3 24 | $38.1M | $61.5M | ||
| Q2 24 | $59.8M | $31.2M | ||
| Q1 24 | $71.2M | $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 | $218.8M | $403.5M | ||
| Q3 25 | $204.4M | $396.8M | ||
| Q2 25 | $179.7M | $388.9M | ||
| Q1 25 | $190.4M | $374.3M | ||
| Q4 24 | $202.7M | $386.9M | ||
| Q3 24 | $223.8M | $394.1M | ||
| Q2 24 | $241.6M | $396.9M | ||
| Q1 24 | $274.9M | $400.1M |
| Q4 25 | $512.7M | $928.3M | ||
| Q3 25 | $490.6M | $936.0M | ||
| Q2 25 | $496.6M | $932.2M | ||
| Q1 25 | $510.9M | $877.4M | ||
| Q4 24 | $539.4M | $869.3M | ||
| Q3 24 | $558.5M | $857.0M | ||
| Q2 24 | $584.9M | $823.2M | ||
| Q1 24 | $620.3M | $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 | $2.1M | $23.0M |
| Free Cash FlowOCF − Capex | $1.4M | $18.1M |
| FCF MarginFCF / Revenue | 2.0% | 22.3% |
| Capex IntensityCapex / Revenue | 0.9% | 6.0% |
| Cash ConversionOCF / Net Profit | — | 2.43× |
| TTM Free Cash FlowTrailing 4 quarters | $-48.9M | $14.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.1M | $23.0M | ||
| Q3 25 | $-7.1M | $-8.6M | ||
| Q2 25 | $-12.4M | $13.4M | ||
| Q1 25 | $-28.5M | $-4.7M | ||
| Q4 24 | $-12.5M | $101.0M | ||
| Q3 24 | $-27.1M | $27.5M | ||
| Q2 24 | $-17.3M | $34.8M | ||
| Q1 24 | $-38.4M | $11.0M |
| Q4 25 | $1.4M | $18.1M | ||
| Q3 25 | $-7.5M | $-9.5M | ||
| Q2 25 | $-13.1M | $11.6M | ||
| Q1 25 | $-29.7M | $-6.0M | ||
| Q4 24 | $-12.6M | $96.6M | ||
| Q3 24 | $-27.4M | $25.2M | ||
| Q2 24 | $-19.0M | $33.9M | ||
| Q1 24 | $-39.9M | $10.7M |
| Q4 25 | 2.0% | 22.3% | ||
| Q3 25 | -8.0% | -12.6% | ||
| Q2 25 | -22.2% | 15.9% | ||
| Q1 25 | -56.7% | -8.9% | ||
| Q4 24 | -26.5% | 113.6% | ||
| Q3 24 | -59.0% | 34.0% | ||
| Q2 24 | -44.1% | 47.7% | ||
| Q1 24 | -95.2% | 16.2% |
| Q4 25 | 0.9% | 6.0% | ||
| Q3 25 | 0.4% | 1.2% | ||
| Q2 25 | 1.1% | 2.5% | ||
| Q1 25 | 2.4% | 1.9% | ||
| Q4 24 | 0.2% | 5.2% | ||
| Q3 24 | 0.7% | 3.0% | ||
| Q2 24 | 4.0% | 1.3% | ||
| Q1 24 | 3.6% | 0.4% |
| Q4 25 | — | 2.43× | ||
| Q3 25 | -0.75× | -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
ADPT
| Mrd Business Segment | $61.9M | 86% |
| Immune Medicine Business | $9.8M | 14% |
| Immune Medicine Service Revenue | $100.0K | 0% |
PX
| Management Fees | $78.1M | 96% |
| Advisory Fees | $1.8M | 2% |
