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Side-by-side financial comparison of Phathom Pharmaceuticals, Inc. (PHAT) 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 $57.6M, roughly 1.4× Phathom Pharmaceuticals, Inc.). On growth, Phathom Pharmaceuticals, Inc. posted the faster year-over-year revenue change (94.1% vs -4.7%). P10, Inc. produced more free cash flow last quarter ($18.1M vs $-167.0M).
Phathom Pharmaceuticals is a clinical-stage biopharmaceutical firm focused on developing and commercializing innovative therapies for gastrointestinal diseases. Its lead product candidates address acid-related disorders, inflammatory bowel disease, and other GI conditions, serving patients mainly across North America and Europe.
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.
PHAT vs PX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $57.6M | $81.0M |
| Net Profit | — | $9.5M |
| Gross Margin | 86.7% | — |
| Operating Margin | — | 31.9% |
| Net Margin | — | 11.7% |
| Revenue YoY | 94.1% | -4.7% |
| Net Profit YoY | 71.6% | 79.0% |
| EPS (diluted) | — | $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 | $57.6M | $81.0M | ||
| Q3 25 | $49.5M | $75.9M | ||
| Q2 25 | $39.5M | $72.7M | ||
| Q1 25 | $28.5M | $67.7M | ||
| Q4 24 | $29.7M | $85.0M | ||
| Q3 24 | $16.4M | $74.2M | ||
| Q2 24 | $7.3M | $71.1M | ||
| Q1 24 | — | $66.1M |
| Q4 25 | — | $9.5M | ||
| Q3 25 | $-30.0M | $2.1M | ||
| Q2 25 | $-75.8M | $3.4M | ||
| Q1 25 | $-94.3M | $4.5M | ||
| Q4 24 | — | $5.3M | ||
| Q3 24 | $-85.6M | $1.4M | ||
| Q2 24 | $-91.4M | $7.0M | ||
| Q1 24 | — | $5.0M |
| Q4 25 | 86.7% | — | ||
| Q3 25 | 87.5% | — | ||
| Q2 25 | 87.2% | — | ||
| Q1 25 | 86.9% | — | ||
| Q4 24 | 87.1% | — | ||
| Q3 24 | 85.6% | — | ||
| Q2 24 | 81.2% | — | ||
| Q1 24 | — | — |
| Q4 25 | — | 31.9% | ||
| Q3 25 | -30.8% | 14.1% | ||
| Q2 25 | -151.7% | 24.4% | ||
| Q1 25 | -276.5% | 16.6% | ||
| Q4 24 | — | 26.9% | ||
| Q3 24 | -433.0% | 11.9% | ||
| Q2 24 | -1055.4% | 23.7% | ||
| Q1 24 | — | 18.3% |
| Q4 25 | — | 11.7% | ||
| Q3 25 | -60.5% | 2.8% | ||
| Q2 25 | -191.9% | 4.7% | ||
| Q1 25 | -330.7% | 6.7% | ||
| Q4 24 | — | 6.2% | ||
| Q3 24 | -523.3% | 1.9% | ||
| Q2 24 | -1248.6% | 9.8% | ||
| Q1 24 | — | 7.6% |
| Q4 25 | — | $0.08 | ||
| Q3 25 | $-0.41 | $0.02 | ||
| Q2 25 | $-1.05 | $0.03 | ||
| Q1 25 | $-1.31 | $0.04 | ||
| Q4 24 | — | $0.05 | ||
| Q3 24 | $-1.32 | $0.01 | ||
| Q2 24 | $-1.56 | $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 | $130.0M | $28.2M |
| Total DebtLower is stronger | $209.1M | $373.2M |
| Stockholders' EquityBook value | $-438.2M | $403.5M |
| Total Assets | $259.1M | $928.3M |
| Debt / EquityLower = less leverage | — | 0.93× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $130.0M | $28.2M | ||
| Q3 25 | $135.2M | $40.0M | ||
| Q2 25 | $149.6M | $33.4M | ||
| Q1 25 | $212.3M | $74.4M | ||
| Q4 24 | $297.3M | $67.5M | ||
| Q3 24 | $334.7M | $61.5M | ||
| Q2 24 | $276.2M | $31.2M | ||
| Q1 24 | — | $29.0M |
| Q4 25 | $209.1M | $373.2M | ||
| Q3 25 | $207.1M | $393.4M | ||
| Q2 25 | $205.1M | $373.0M | ||
| Q1 25 | $203.2M | $357.2M | ||
| Q4 24 | $201.4M | $319.8M | ||
| Q3 24 | $175.7M | $319.4M | ||
| Q2 24 | $174.4M | $300.6M | ||
| Q1 24 | — | $314.0M |
| Q4 25 | $-438.2M | $403.5M | ||
| Q3 25 | $-422.5M | $396.8M | ||
| Q2 25 | $-405.8M | $388.9M | ||
| Q1 25 | $-338.4M | $374.3M | ||
| Q4 24 | $-253.6M | $386.9M | ||
| Q3 24 | $-187.1M | $394.1M | ||
| Q2 24 | $-233.8M | $396.9M | ||
| Q1 24 | — | $400.1M |
| Q4 25 | $259.1M | $928.3M | ||
| Q3 25 | $240.3M | $936.0M | ||
| Q2 25 | $250.2M | $932.2M | ||
| Q1 25 | $294.2M | $877.4M | ||
| Q4 24 | $378.3M | $869.3M | ||
| Q3 24 | $387.0M | $857.0M | ||
| Q2 24 | $319.4M | $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 | $-166.8M | $23.0M |
| Free Cash FlowOCF − Capex | $-167.0M | $18.1M |
| FCF MarginFCF / Revenue | -290.0% | 22.3% |
| Capex IntensityCapex / Revenue | 0.4% | 6.0% |
| Cash ConversionOCF / Net Profit | — | 2.43× |
| TTM Free Cash FlowTrailing 4 quarters | $-328.9M | $14.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-166.8M | $23.0M | ||
| Q3 25 | $-14.1M | $-8.6M | ||
| Q2 25 | $-62.7M | $13.4M | ||
| Q1 25 | $-84.9M | $-4.7M | ||
| Q4 24 | $-266.8M | $101.0M | ||
| Q3 24 | $-63.6M | $27.5M | ||
| Q2 24 | $-70.7M | $34.8M | ||
| Q1 24 | — | $11.0M |
| Q4 25 | $-167.0M | $18.1M | ||
| Q3 25 | $-14.1M | $-9.5M | ||
| Q2 25 | $-62.8M | $11.6M | ||
| Q1 25 | $-84.9M | $-6.0M | ||
| Q4 24 | $-266.9M | $96.6M | ||
| Q3 24 | $-63.6M | $25.2M | ||
| Q2 24 | $-70.8M | $33.9M | ||
| Q1 24 | — | $10.7M |
| Q4 25 | -290.0% | 22.3% | ||
| Q3 25 | -28.6% | -12.6% | ||
| Q2 25 | -159.0% | 15.9% | ||
| Q1 25 | -297.9% | -8.9% | ||
| Q4 24 | -899.8% | 113.6% | ||
| Q3 24 | -389.0% | 34.0% | ||
| Q2 24 | -966.2% | 47.7% | ||
| Q1 24 | — | 16.2% |
| Q4 25 | 0.4% | 6.0% | ||
| Q3 25 | 0.1% | 1.2% | ||
| Q2 25 | 0.2% | 2.5% | ||
| Q1 25 | 0.1% | 1.9% | ||
| Q4 24 | 0.5% | 5.2% | ||
| Q3 24 | 0.3% | 3.0% | ||
| Q2 24 | 0.6% | 1.3% | ||
| Q1 24 | — | 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
PHAT
Segment breakdown not available.
PX
| Management Fees | $78.1M | 96% |
| Advisory Fees | $1.8M | 2% |
