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Side-by-side financial comparison of Ellington Financial Inc. (EFC) 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 $78.2M, roughly 1.0× Ellington Financial Inc.). Ellington Financial Inc. runs the higher net margin — 28.9% vs 11.7%, a 17.2% gap on every dollar of revenue. On growth, Ellington Financial Inc. posted the faster year-over-year revenue change (8.7% vs -4.7%). Over the past eight quarters, P10, Inc.'s revenue compounded faster (10.7% CAGR vs 1.8%).
Ellington Management Group is an American hedge fund firm. As of June 2019, the firm was reportedly managing $8.5 billion in structured products and other credit instruments.
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.
EFC vs PX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $78.2M | $81.0M |
| Net Profit | $22.6M | $9.5M |
| Gross Margin | — | — |
| Operating Margin | 7.4% | 31.9% |
| Net Margin | 28.9% | 11.7% |
| Revenue YoY | 8.7% | -4.7% |
| Net Profit YoY | -26.2% | 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 | $78.2M | $81.0M | ||
| Q3 25 | $82.8M | $75.9M | ||
| Q2 25 | $92.5M | $72.7M | ||
| Q1 25 | $82.9M | $67.7M | ||
| Q4 24 | $72.0M | $85.0M | ||
| Q3 24 | $67.0M | $74.2M | ||
| Q2 24 | $91.2M | $71.1M | ||
| Q1 24 | $75.5M | $66.1M |
| Q4 25 | $22.6M | $9.5M | ||
| Q3 25 | $29.5M | $2.1M | ||
| Q2 25 | $42.9M | $3.4M | ||
| Q1 25 | $31.6M | $4.5M | ||
| Q4 24 | $30.7M | $5.3M | ||
| Q3 24 | $16.2M | $1.4M | ||
| Q2 24 | $52.3M | $7.0M | ||
| Q1 24 | $26.9M | $5.0M |
| Q4 25 | 7.4% | 31.9% | ||
| Q3 25 | 31.1% | 14.1% | ||
| Q2 25 | 38.3% | 24.4% | ||
| Q1 25 | 37.3% | 16.6% | ||
| Q4 24 | 28.0% | 26.9% | ||
| Q3 24 | 24.0% | 11.9% | ||
| Q2 24 | 52.8% | 23.7% | ||
| Q1 24 | 42.2% | 18.3% |
| Q4 25 | 28.9% | 11.7% | ||
| Q3 25 | 35.7% | 2.8% | ||
| Q2 25 | 46.4% | 4.7% | ||
| Q1 25 | 38.2% | 6.7% | ||
| Q4 24 | 42.6% | 6.2% | ||
| Q3 24 | 24.1% | 1.9% | ||
| Q2 24 | 57.4% | 9.8% | ||
| Q1 24 | 35.6% | 7.6% |
| Q4 25 | $0.10 | $0.08 | ||
| Q3 25 | $0.29 | $0.02 | ||
| Q2 25 | $0.45 | $0.03 | ||
| Q1 25 | $0.35 | $0.04 | ||
| Q4 24 | $0.23 | $0.05 | ||
| Q3 24 | $0.19 | $0.01 | ||
| Q2 24 | $0.62 | $0.06 | ||
| Q1 24 | $0.32 | $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 | $201.9M | $28.2M |
| Total DebtLower is stronger | — | $373.2M |
| Stockholders' EquityBook value | $1.8B | $403.5M |
| Total Assets | $19.4B | $928.3M |
| Debt / EquityLower = less leverage | — | 0.93× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $201.9M | $28.2M | ||
| Q3 25 | $184.8M | $40.0M | ||
| Q2 25 | $211.0M | $33.4M | ||
| Q1 25 | $203.3M | $74.4M | ||
| Q4 24 | $192.4M | $67.5M | ||
| Q3 24 | $217.7M | $61.5M | ||
| Q2 24 | $198.5M | $31.2M | ||
| Q1 24 | $187.5M | $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 | $1.8B | $403.5M | ||
| Q3 25 | $1.8B | $396.8M | ||
| Q2 25 | $1.7B | $388.9M | ||
| Q1 25 | $1.6B | $374.3M | ||
| Q4 24 | $1.6B | $386.9M | ||
| Q3 24 | $1.6B | $394.1M | ||
| Q2 24 | $1.6B | $396.9M | ||
| Q1 24 | $1.5B | $400.1M |
| Q4 25 | $19.4B | $928.3M | ||
| Q3 25 | $17.8B | $936.0M | ||
| Q2 25 | $17.1B | $932.2M | ||
| Q1 25 | $16.6B | $877.4M | ||
| Q4 24 | $16.3B | $869.3M | ||
| Q3 24 | $16.0B | $857.0M | ||
| Q2 24 | $15.1B | $823.2M | ||
| Q1 24 | $15.1B | $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 | $-925.5M | $23.0M |
| Free Cash FlowOCF − Capex | — | $18.1M |
| FCF MarginFCF / Revenue | — | 22.3% |
| Capex IntensityCapex / Revenue | 0.0% | 6.0% |
| Cash ConversionOCF / Net Profit | -40.92× | 2.43× |
| TTM Free Cash FlowTrailing 4 quarters | — | $14.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-925.5M | $23.0M | ||
| Q3 25 | $-290.4M | $-8.6M | ||
| Q2 25 | $-210.5M | $13.4M | ||
| Q1 25 | $-126.4M | $-4.7M | ||
| Q4 24 | $-430.5M | $101.0M | ||
| Q3 24 | $-141.7M | $27.5M | ||
| Q2 24 | $-88.6M | $34.8M | ||
| Q1 24 | $-59.5M | $11.0M |
| Q4 25 | — | $18.1M | ||
| Q3 25 | — | $-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 | — | -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 | 0.0% | 6.0% | ||
| Q3 25 | — | 1.2% | ||
| Q2 25 | — | 2.5% | ||
| Q1 25 | — | 1.9% | ||
| Q4 24 | 0.0% | 5.2% | ||
| Q3 24 | 0.0% | 3.0% | ||
| Q2 24 | 0.0% | 1.3% | ||
| Q1 24 | 0.0% | 0.4% |
| Q4 25 | -40.92× | 2.43× | ||
| Q3 25 | -9.84× | -4.01× | ||
| Q2 25 | -4.90× | 3.96× | ||
| Q1 25 | -3.99× | -1.05× | ||
| Q4 24 | -14.04× | 19.12× | ||
| Q3 24 | -8.76× | 19.54× | ||
| Q2 24 | -1.69× | 4.98× | ||
| Q1 24 | -2.21× | 2.18× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EFC
Segment breakdown not available.
PX
| Management Fees | $78.1M | 96% |
| Advisory Fees | $1.8M | 2% |
