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Side-by-side financial comparison of BillionToOne, Inc. (BLLN) and P10, Inc. (PX). Click either name above to swap in a different company.
BillionToOne, Inc. is the larger business by last-quarter revenue ($83.5M vs $81.0M, roughly 1.0× P10, Inc.). P10, Inc. runs the higher net margin — 11.7% vs 6.8%, a 4.8% gap on every dollar of revenue. On growth, BillionToOne, Inc. posted the faster year-over-year revenue change (117.4% vs -4.7%). P10, Inc. produced more free cash flow last quarter ($18.1M vs $6.5M).
BillionToOne, Inc. is a life sciences and molecular diagnostics firm developing high-precision genetic testing solutions. Its core offerings include non-invasive prenatal tests, oncology diagnostics, and rare disease screening, serving clinical providers and patients mainly in North America.
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.
BLLN vs PX — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $83.5M | $81.0M |
| Net Profit | $5.7M | $9.5M |
| Gross Margin | 69.9% | — |
| Operating Margin | 11.5% | 31.9% |
| Net Margin | 6.8% | 11.7% |
| Revenue YoY | 117.4% | -4.7% |
| Net Profit YoY | 138.3% | 79.0% |
| EPS (diluted) | $0.10 | $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 | — | $81.0M | ||
| Q3 25 | $83.5M | $75.9M | ||
| Q2 25 | — | $72.7M | ||
| Q1 25 | — | $67.7M | ||
| Q4 24 | — | $85.0M | ||
| Q3 24 | $38.4M | $74.2M | ||
| Q2 24 | — | $71.1M | ||
| Q1 24 | — | $66.1M |
| Q4 25 | — | $9.5M | ||
| Q3 25 | $5.7M | $2.1M | ||
| Q2 25 | — | $3.4M | ||
| Q1 25 | — | $4.5M | ||
| Q4 24 | — | $5.3M | ||
| Q3 24 | $-14.9M | $1.4M | ||
| Q2 24 | — | $7.0M | ||
| Q1 24 | — | $5.0M |
| Q4 25 | — | — | ||
| Q3 25 | 69.9% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 52.6% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | 31.9% | ||
| Q3 25 | 11.5% | 14.1% | ||
| Q2 25 | — | 24.4% | ||
| Q1 25 | — | 16.6% | ||
| Q4 24 | — | 26.9% | ||
| Q3 24 | -32.9% | 11.9% | ||
| Q2 24 | — | 23.7% | ||
| Q1 24 | — | 18.3% |
| Q4 25 | — | 11.7% | ||
| Q3 25 | 6.8% | 2.8% | ||
| Q2 25 | — | 4.7% | ||
| Q1 25 | — | 6.7% | ||
| Q4 24 | — | 6.2% | ||
| Q3 24 | -38.8% | 1.9% | ||
| Q2 24 | — | 9.8% | ||
| Q1 24 | — | 7.6% |
| Q4 25 | — | $0.08 | ||
| Q3 25 | $0.10 | $0.02 | ||
| Q2 25 | — | $0.03 | ||
| Q1 25 | — | $0.04 | ||
| Q4 24 | — | $0.05 | ||
| Q3 24 | $-1.47 | $0.01 | ||
| Q2 24 | — | $0.06 | ||
| Q1 24 | — | $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 | $195.2M | $28.2M |
| Total DebtLower is stronger | $55.0M | $373.2M |
| Stockholders' EquityBook value | $-239.5M | $403.5M |
| Total Assets | $327.5M | $928.3M |
| Debt / EquityLower = less leverage | — | 0.93× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $28.2M | ||
| Q3 25 | $195.2M | $40.0M | ||
| Q2 25 | — | $33.4M | ||
| Q1 25 | — | $74.4M | ||
| Q4 24 | — | $67.5M | ||
| Q3 24 | — | $61.5M | ||
| Q2 24 | — | $31.2M | ||
| Q1 24 | — | $29.0M |
| Q4 25 | — | $373.2M | ||
| Q3 25 | $55.0M | $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 | — | $403.5M | ||
| Q3 25 | $-239.5M | $396.8M | ||
| Q2 25 | — | $388.9M | ||
| Q1 25 | — | $374.3M | ||
| Q4 24 | — | $386.9M | ||
| Q3 24 | $-242.9M | $394.1M | ||
| Q2 24 | — | $396.9M | ||
| Q1 24 | — | $400.1M |
| Q4 25 | — | $928.3M | ||
| Q3 25 | $327.5M | $936.0M | ||
| Q2 25 | — | $932.2M | ||
| Q1 25 | — | $877.4M | ||
| Q4 24 | — | $869.3M | ||
| Q3 24 | — | $857.0M | ||
| Q2 24 | — | $823.2M | ||
| Q1 24 | — | $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 | $13.8M | $23.0M |
| Free Cash FlowOCF − Capex | $6.5M | $18.1M |
| FCF MarginFCF / Revenue | 7.7% | 22.3% |
| Capex IntensityCapex / Revenue | 8.8% | 6.0% |
| Cash ConversionOCF / Net Profit | 2.42× | 2.43× |
| TTM Free Cash FlowTrailing 4 quarters | — | $14.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $23.0M | ||
| Q3 25 | $13.8M | $-8.6M | ||
| Q2 25 | — | $13.4M | ||
| Q1 25 | — | $-4.7M | ||
| Q4 24 | — | $101.0M | ||
| Q3 24 | — | $27.5M | ||
| Q2 24 | — | $34.8M | ||
| Q1 24 | — | $11.0M |
| Q4 25 | — | $18.1M | ||
| Q3 25 | $6.5M | $-9.5M | ||
| Q2 25 | — | $11.6M | ||
| Q1 25 | — | $-6.0M | ||
| Q4 24 | — | $96.6M | ||
| Q3 24 | — | $25.2M | ||
| Q2 24 | — | $33.9M | ||
| Q1 24 | — | $10.7M |
| Q4 25 | — | 22.3% | ||
| Q3 25 | 7.7% | -12.6% | ||
| Q2 25 | — | 15.9% | ||
| Q1 25 | — | -8.9% | ||
| Q4 24 | — | 113.6% | ||
| Q3 24 | — | 34.0% | ||
| Q2 24 | — | 47.7% | ||
| Q1 24 | — | 16.2% |
| Q4 25 | — | 6.0% | ||
| Q3 25 | 8.8% | 1.2% | ||
| Q2 25 | — | 2.5% | ||
| Q1 25 | — | 1.9% | ||
| Q4 24 | — | 5.2% | ||
| Q3 24 | — | 3.0% | ||
| Q2 24 | — | 1.3% | ||
| Q1 24 | — | 0.4% |
| Q4 25 | — | 2.43× | ||
| Q3 25 | 2.42× | -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
BLLN
| Prenatal | $74.1M | 89% |
| Oncology | $8.7M | 10% |
PX
| Management Fees | $78.1M | 96% |
| Advisory Fees | $1.8M | 2% |
