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Side-by-side financial comparison of PubMatic, Inc. (PUBM) 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 $62.6M, roughly 1.3× PubMatic, Inc.). P10, Inc. runs the higher net margin — 11.7% vs -20.0%, a 31.7% gap on every dollar of revenue. On growth, PubMatic, Inc. posted the faster year-over-year revenue change (-2.0% vs -4.7%). P10, Inc. produced more free cash flow last quarter ($18.1M vs $10.7M). Over the past eight quarters, P10, Inc.'s revenue compounded faster (10.7% CAGR vs -3.6%).
PubMatic, Inc. develops and implements online advertising software and strategies for the digital publishing and advertising industry. PubMatic's sell-side, real-time programmatic ad transaction advertising software puts publishers of websites, videos, and mobile apps into contact with ad buyers by using automated systems, while allowing users to opt-out of having their personal information collected on internet searches. PubMatic has a number of offices in countries around the world.
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.
PUBM vs PX — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $62.6M | $81.0M |
| Net Profit | $-12.5M | $9.5M |
| Gross Margin | 58.3% | — |
| Operating Margin | 17.3% | 31.9% |
| Net Margin | -20.0% | 11.7% |
| Revenue YoY | -2.0% | -4.7% |
| Net Profit YoY | -31.9% | 79.0% |
| EPS (diluted) | $-0.27 | $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.
| Q1 26 | $62.6M | — | ||
| Q4 25 | $80.0M | $81.0M | ||
| Q3 25 | $68.0M | $75.9M | ||
| Q2 25 | $71.1M | $72.7M | ||
| Q1 25 | $63.8M | $67.7M | ||
| Q4 24 | $85.5M | $85.0M | ||
| Q3 24 | $71.8M | $74.2M | ||
| Q2 24 | $67.3M | $71.1M |
| Q1 26 | $-12.5M | — | ||
| Q4 25 | — | $9.5M | ||
| Q3 25 | $-6.5M | $2.1M | ||
| Q2 25 | $-5.2M | $3.4M | ||
| Q1 25 | $-9.5M | $4.5M | ||
| Q4 24 | — | $5.3M | ||
| Q3 24 | $-912.0K | $1.4M | ||
| Q2 24 | $2.0M | $7.0M |
| Q1 26 | 58.3% | — | ||
| Q4 25 | 68.2% | — | ||
| Q3 25 | 62.6% | — | ||
| Q2 25 | 62.6% | — | ||
| Q1 25 | 59.9% | — | ||
| Q4 24 | 70.8% | — | ||
| Q3 24 | 64.5% | — | ||
| Q2 24 | 62.6% | — |
| Q1 26 | 17.3% | — | ||
| Q4 25 | 10.6% | 31.9% | ||
| Q3 25 | -12.4% | 14.1% | ||
| Q2 25 | -7.7% | 24.4% | ||
| Q1 25 | -18.6% | 16.6% | ||
| Q4 24 | 17.3% | 26.9% | ||
| Q3 24 | -1.9% | 11.9% | ||
| Q2 24 | -5.9% | 23.7% |
| Q1 26 | -20.0% | — | ||
| Q4 25 | — | 11.7% | ||
| Q3 25 | -9.5% | 2.8% | ||
| Q2 25 | -7.3% | 4.7% | ||
| Q1 25 | -14.9% | 6.7% | ||
| Q4 24 | — | 6.2% | ||
| Q3 24 | -1.3% | 1.9% | ||
| Q2 24 | 2.9% | 9.8% |
| Q1 26 | $-0.27 | — | ||
| Q4 25 | $0.14 | $0.08 | ||
| Q3 25 | $-0.14 | $0.02 | ||
| Q2 25 | $-0.11 | $0.03 | ||
| Q1 25 | $-0.20 | $0.04 | ||
| Q4 24 | $0.26 | $0.05 | ||
| Q3 24 | $-0.02 | $0.01 | ||
| Q2 24 | $0.04 | $0.06 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $144.9M | $28.2M |
| Total DebtLower is stronger | — | $373.2M |
| Stockholders' EquityBook value | $251.0M | $403.5M |
| Total Assets | $659.4M | $928.3M |
| Debt / EquityLower = less leverage | — | 0.93× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $144.9M | — | ||
| Q4 25 | $145.5M | $28.2M | ||
| Q3 25 | $136.5M | $40.0M | ||
| Q2 25 | $90.5M | $33.4M | ||
| Q1 25 | $101.8M | $74.4M | ||
| Q4 24 | $100.5M | $67.5M | ||
| Q3 24 | $78.9M | $61.5M | ||
| Q2 24 | $73.5M | $31.2M |
| Q1 26 | — | — | ||
| 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 26 | $251.0M | — | ||
| Q4 25 | $262.6M | $403.5M | ||
| Q3 25 | $245.1M | $396.8M | ||
| Q2 25 | $243.3M | $388.9M | ||
| Q1 25 | $275.6M | $374.3M | ||
| Q4 24 | $277.3M | $386.9M | ||
| Q3 24 | $263.2M | $394.1M | ||
| Q2 24 | $282.7M | $396.9M |
| Q1 26 | $659.4M | — | ||
| Q4 25 | $680.2M | $928.3M | ||
| Q3 25 | $676.2M | $936.0M | ||
| Q2 25 | $675.2M | $932.2M | ||
| Q1 25 | $668.6M | $877.4M | ||
| Q4 24 | $739.5M | $869.3M | ||
| Q3 24 | $689.1M | $857.0M | ||
| Q2 24 | $673.1M | $823.2M |
| Q1 26 | — | — | ||
| 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× |
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 | $17.3M | $23.0M |
| Free Cash FlowOCF − Capex | $10.7M | $18.1M |
| FCF MarginFCF / Revenue | 17.1% | 22.3% |
| Capex IntensityCapex / Revenue | — | 6.0% |
| Cash ConversionOCF / Net Profit | — | 2.43× |
| TTM Free Cash FlowTrailing 4 quarters | $63.2M | $14.1M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $17.3M | — | ||
| Q4 25 | $18.2M | $23.0M | ||
| Q3 25 | $32.4M | $-8.6M | ||
| Q2 25 | $14.9M | $13.4M | ||
| Q1 25 | $15.6M | $-4.7M | ||
| Q4 24 | $18.0M | $101.0M | ||
| Q3 24 | $19.1M | $27.5M | ||
| Q2 24 | $11.9M | $34.8M |
| Q1 26 | $10.7M | — | ||
| Q4 25 | $11.3M | $18.1M | ||
| Q3 25 | $27.7M | $-9.5M | ||
| Q2 25 | $13.6M | $11.6M | ||
| Q1 25 | $14.2M | $-6.0M | ||
| Q4 24 | $13.7M | $96.6M | ||
| Q3 24 | $7.4M | $25.2M | ||
| Q2 24 | $11.2M | $33.9M |
| Q1 26 | 17.1% | — | ||
| Q4 25 | 14.1% | 22.3% | ||
| Q3 25 | 40.8% | -12.6% | ||
| Q2 25 | 19.1% | 15.9% | ||
| Q1 25 | 22.2% | -8.9% | ||
| Q4 24 | 16.1% | 113.6% | ||
| Q3 24 | 10.3% | 34.0% | ||
| Q2 24 | 16.7% | 47.7% |
| Q1 26 | — | — | ||
| Q4 25 | 8.6% | 6.0% | ||
| Q3 25 | 6.9% | 1.2% | ||
| Q2 25 | 1.9% | 2.5% | ||
| Q1 25 | 2.3% | 1.9% | ||
| Q4 24 | 5.1% | 5.2% | ||
| Q3 24 | 16.3% | 3.0% | ||
| Q2 24 | 1.1% | 1.3% |
| Q1 26 | — | — | ||
| 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 | 6.06× | 4.98× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PUBM
Segment breakdown not available.
PX
| Management Fees | $78.1M | 96% |
| Advisory Fees | $1.8M | 2% |
