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Side-by-side financial comparison of 4D Molecular Therapeutics, Inc. (FDMT) and P10, Inc. (PX). Click either name above to swap in a different company.
4D Molecular Therapeutics, Inc. is the larger business by last-quarter revenue ($85.1M vs $81.0M, roughly 1.0× P10, Inc.). 4D Molecular Therapeutics, Inc. runs the higher net margin — 22.8% vs 11.7%, a 11.1% gap on every dollar of revenue. On growth, 4D Molecular Therapeutics, Inc. posted the faster year-over-year revenue change (8508900.0% vs -4.7%). 4D Molecular Therapeutics, Inc. produced more free cash flow last quarter ($28.5M vs $18.1M). Over the past eight quarters, 4D Molecular Therapeutics, Inc.'s revenue compounded faster (5412.6% CAGR vs 10.7%).
4D Molecular Therapeutics is a clinical-stage biotechnology company specializing in the research and development of targeted adeno-associated virus (AAV) gene therapies. Its core product candidates address unmet medical needs in ophthalmology, cardiology, and pulmonary disease segments, serving global patient populations with rare and common hard-to-treat conditions.
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.
FDMT vs PX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $85.1M | $81.0M |
| Net Profit | $19.4M | $9.5M |
| Gross Margin | — | — |
| Operating Margin | 17.3% | 31.9% |
| Net Margin | 22.8% | 11.7% |
| Revenue YoY | 8508900.0% | -4.7% |
| Net Profit YoY | 139.1% | 79.0% |
| EPS (diluted) | $0.43 | $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 | $85.1M | $81.0M | ||
| Q3 25 | $90.0K | $75.9M | ||
| Q2 25 | $15.0K | $72.7M | ||
| Q1 25 | $14.0K | $67.7M | ||
| Q4 24 | $1.0K | $85.0M | ||
| Q3 24 | $3.0K | $74.2M | ||
| Q2 24 | $5.0K | $71.1M | ||
| Q1 24 | $28.0K | $66.1M |
| Q4 25 | $19.4M | $9.5M | ||
| Q3 25 | $-56.9M | $2.1M | ||
| Q2 25 | $-54.7M | $3.4M | ||
| Q1 25 | $-48.0M | $4.5M | ||
| Q4 24 | — | $5.3M | ||
| Q3 24 | $-43.8M | $1.4M | ||
| Q2 24 | $-35.0M | $7.0M | ||
| Q1 24 | $-32.4M | $5.0M |
| Q4 25 | 17.3% | 31.9% | ||
| Q3 25 | -67983.3% | 14.1% | ||
| Q2 25 | -396373.3% | 24.4% | ||
| Q1 25 | -383007.1% | 16.6% | ||
| Q4 24 | — | 26.9% | ||
| Q3 24 | -1704400.0% | 11.9% | ||
| Q2 24 | -849120.0% | 23.7% | ||
| Q1 24 | -136200.0% | 18.3% |
| Q4 25 | 22.8% | 11.7% | ||
| Q3 25 | -63195.6% | 2.8% | ||
| Q2 25 | -364386.7% | 4.7% | ||
| Q1 25 | -342657.1% | 6.7% | ||
| Q4 24 | — | 6.2% | ||
| Q3 24 | -1461433.3% | 1.9% | ||
| Q2 24 | -699060.0% | 9.8% | ||
| Q1 24 | -115717.9% | 7.6% |
| Q4 25 | $0.43 | $0.08 | ||
| Q3 25 | $-1.01 | $0.02 | ||
| Q2 25 | $-0.98 | $0.03 | ||
| Q1 25 | $-0.86 | $0.04 | ||
| Q4 24 | — | $0.05 | ||
| Q3 24 | $-0.79 | $0.01 | ||
| Q2 24 | $-0.63 | $0.06 | ||
| Q1 24 | $-0.66 | $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 | $402.7M | $28.2M |
| Total DebtLower is stronger | — | $373.2M |
| Stockholders' EquityBook value | $505.7M | $403.5M |
| Total Assets | $566.7M | $928.3M |
| Debt / EquityLower = less leverage | — | 0.93× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $402.7M | $28.2M | ||
| Q3 25 | $305.1M | $40.0M | ||
| Q2 25 | $293.2M | $33.4M | ||
| Q1 25 | $321.4M | $74.4M | ||
| Q4 24 | $424.9M | $67.5M | ||
| Q3 24 | $501.9M | $61.5M | ||
| Q2 24 | $541.9M | $31.2M | ||
| Q1 24 | $525.9M | $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 | $505.7M | $403.5M | ||
| Q3 25 | $369.0M | $396.8M | ||
| Q2 25 | $420.9M | $388.9M | ||
| Q1 25 | $469.7M | $374.3M | ||
| Q4 24 | $510.6M | $386.9M | ||
| Q3 24 | $552.9M | $394.1M | ||
| Q2 24 | $588.3M | $396.9M | ||
| Q1 24 | $600.6M | $400.1M |
| Q4 25 | $566.7M | $928.3M | ||
| Q3 25 | $424.0M | $936.0M | ||
| Q2 25 | $473.6M | $932.2M | ||
| Q1 25 | $515.7M | $877.4M | ||
| Q4 24 | $560.4M | $869.3M | ||
| Q3 24 | $604.0M | $857.0M | ||
| Q2 24 | $620.1M | $823.2M | ||
| Q1 24 | $629.9M | $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 | $28.6M | $23.0M |
| Free Cash FlowOCF − Capex | $28.5M | $18.1M |
| FCF MarginFCF / Revenue | 33.5% | 22.3% |
| Capex IntensityCapex / Revenue | 0.1% | 6.0% |
| Cash ConversionOCF / Net Profit | 1.47× | 2.43× |
| TTM Free Cash FlowTrailing 4 quarters | $-109.9M | $14.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.6M | $23.0M | ||
| Q3 25 | $-46.5M | $-8.6M | ||
| Q2 25 | $-43.4M | $13.4M | ||
| Q1 25 | $-47.8M | $-4.7M | ||
| Q4 24 | $-134.6M | $101.0M | ||
| Q3 24 | $-29.4M | $27.5M | ||
| Q2 24 | $-30.2M | $34.8M | ||
| Q1 24 | $-29.1M | $11.0M |
| Q4 25 | $28.5M | $18.1M | ||
| Q3 25 | $-46.6M | $-9.5M | ||
| Q2 25 | $-43.4M | $11.6M | ||
| Q1 25 | $-48.4M | $-6.0M | ||
| Q4 24 | $-138.4M | $96.6M | ||
| Q3 24 | $-31.2M | $25.2M | ||
| Q2 24 | $-30.6M | $33.9M | ||
| Q1 24 | $-29.8M | $10.7M |
| Q4 25 | 33.5% | 22.3% | ||
| Q3 25 | -51765.6% | -12.6% | ||
| Q2 25 | -289620.0% | 15.9% | ||
| Q1 25 | -345635.7% | -8.9% | ||
| Q4 24 | -13837100.0% | 113.6% | ||
| Q3 24 | -1038966.7% | 34.0% | ||
| Q2 24 | -611840.0% | 47.7% | ||
| Q1 24 | -106421.4% | 16.2% |
| Q4 25 | 0.1% | 6.0% | ||
| Q3 25 | 101.1% | 1.2% | ||
| Q2 25 | 440.0% | 2.5% | ||
| Q1 25 | 4507.1% | 1.9% | ||
| Q4 24 | 378600.0% | 5.2% | ||
| Q3 24 | 59266.7% | 3.0% | ||
| Q2 24 | 6980.0% | 1.3% | ||
| Q1 24 | 2535.7% | 0.4% |
| Q4 25 | 1.47× | 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
FDMT
Segment breakdown not available.
PX
| Management Fees | $78.1M | 96% |
| Advisory Fees | $1.8M | 2% |
