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Side-by-side financial comparison of P10, Inc. (PX) and RE/MAX Holdings, Inc. (RMAX). Click either name above to swap in a different company.
P10, Inc. is the larger business by last-quarter revenue ($81.0M vs $71.1M, roughly 1.1× RE/MAX Holdings, Inc.). P10, Inc. runs the higher net margin — 11.7% vs 2.0%, a 9.6% gap on every dollar of revenue. On growth, RE/MAX Holdings, Inc. posted the faster year-over-year revenue change (-1.8% vs -4.7%). RE/MAX Holdings, Inc. produced more free cash flow last quarter ($33.5M vs $18.1M). Over the past eight quarters, P10, Inc.'s revenue compounded faster (10.7% CAGR vs -4.7%).
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.
RE/MAX is an international real estate franchise operating in over 100 countries and territories that, in 2015, had over 100,000 agents in 6,800 offices.
PX vs RMAX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $81.0M | $71.1M |
| Net Profit | $9.5M | $1.4M |
| Gross Margin | — | — |
| Operating Margin | 31.9% | 13.1% |
| Net Margin | 11.7% | 2.0% |
| Revenue YoY | -4.7% | -1.8% |
| Net Profit YoY | 79.0% | -75.2% |
| 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 | $81.0M | $71.1M | ||
| Q3 25 | $75.9M | $73.2M | ||
| Q2 25 | $72.7M | $72.8M | ||
| Q1 25 | $67.7M | $74.5M | ||
| Q4 24 | $85.0M | $72.5M | ||
| Q3 24 | $74.2M | $78.5M | ||
| Q2 24 | $71.1M | $78.5M | ||
| Q1 24 | $66.1M | $78.3M |
| Q4 25 | $9.5M | $1.4M | ||
| Q3 25 | $2.1M | $4.0M | ||
| Q2 25 | $3.4M | $4.7M | ||
| Q1 25 | $4.5M | $-2.0M | ||
| Q4 24 | $5.3M | $5.8M | ||
| Q3 24 | $1.4M | $966.0K | ||
| Q2 24 | $7.0M | $3.7M | ||
| Q1 24 | $5.0M | $-3.4M |
| Q4 25 | 31.9% | 13.1% | ||
| Q3 25 | 14.1% | 25.0% | ||
| Q2 25 | 24.4% | 19.3% | ||
| Q1 25 | 16.6% | 7.2% | ||
| Q4 24 | 26.9% | 5.9% | ||
| Q3 24 | 11.9% | 19.4% | ||
| Q2 24 | 23.7% | 20.6% | ||
| Q1 24 | 18.3% | 5.8% |
| Q4 25 | 11.7% | 2.0% | ||
| Q3 25 | 2.8% | 5.4% | ||
| Q2 25 | 4.7% | 6.4% | ||
| Q1 25 | 6.7% | -2.6% | ||
| Q4 24 | 6.2% | 8.0% | ||
| Q3 24 | 1.9% | 1.2% | ||
| Q2 24 | 9.8% | 4.7% | ||
| Q1 24 | 7.6% | -4.3% |
| Q4 25 | $0.08 | — | ||
| Q3 25 | $0.02 | — | ||
| Q2 25 | $0.03 | — | ||
| Q1 25 | $0.04 | — | ||
| Q4 24 | $0.05 | — | ||
| Q3 24 | $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 | $28.2M | $118.7M |
| Total DebtLower is stronger | $373.2M | $432.2M |
| Stockholders' EquityBook value | $403.5M | $452.4M |
| Total Assets | $928.3M | $582.5M |
| Debt / EquityLower = less leverage | 0.93× | 0.96× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.2M | $118.7M | ||
| Q3 25 | $40.0M | $107.5M | ||
| Q2 25 | $33.4M | $94.3M | ||
| Q1 25 | $74.4M | $89.1M | ||
| Q4 24 | $67.5M | $96.6M | ||
| Q3 24 | $61.5M | $83.8M | ||
| Q2 24 | $31.2M | $66.1M | ||
| Q1 24 | $29.0M | $82.1M |
| Q4 25 | $373.2M | $432.2M | ||
| Q3 25 | $393.4M | $433.3M | ||
| Q2 25 | $373.0M | $434.4M | ||
| Q1 25 | $357.2M | $435.3M | ||
| Q4 24 | $319.8M | $436.2M | ||
| Q3 24 | $319.4M | $437.2M | ||
| Q2 24 | $300.6M | $438.1M | ||
| Q1 24 | $314.0M | $439.0M |
| Q4 25 | $403.5M | $452.4M | ||
| Q3 25 | $396.8M | $448.1M | ||
| Q2 25 | $388.9M | $442.4M | ||
| Q1 25 | $374.3M | $433.5M | ||
| Q4 24 | $386.9M | $429.5M | ||
| Q3 24 | $394.1M | $423.1M | ||
| Q2 24 | $396.9M | $418.4M | ||
| Q1 24 | $400.1M | $412.0M |
| Q4 25 | $928.3M | $582.5M | ||
| Q3 25 | $936.0M | $582.2M | ||
| Q2 25 | $932.2M | $574.8M | ||
| Q1 25 | $877.4M | $571.4M | ||
| Q4 24 | $869.3M | $581.6M | ||
| Q3 24 | $857.0M | $578.6M | ||
| Q2 24 | $823.2M | $571.4M | ||
| Q1 24 | $832.8M | $566.7M |
| Q4 25 | 0.93× | 0.96× | ||
| Q3 25 | 0.99× | 0.97× | ||
| Q2 25 | 0.96× | 0.98× | ||
| Q1 25 | 0.95× | 1.00× | ||
| Q4 24 | 0.83× | 1.02× | ||
| Q3 24 | 0.81× | 1.03× | ||
| Q2 24 | 0.76× | 1.05× | ||
| Q1 24 | 0.78× | 1.07× |
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 | $23.0M | $40.9M |
| Free Cash FlowOCF − Capex | $18.1M | $33.5M |
| FCF MarginFCF / Revenue | 22.3% | 47.1% |
| Capex IntensityCapex / Revenue | 6.0% | 10.4% |
| Cash ConversionOCF / Net Profit | 2.43× | 28.39× |
| TTM Free Cash FlowTrailing 4 quarters | $14.1M | $56.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.0M | $40.9M | ||
| Q3 25 | $-8.6M | $17.7M | ||
| Q2 25 | $13.4M | $4.6M | ||
| Q1 25 | $-4.7M | $5.7M | ||
| Q4 24 | $101.0M | $59.7M | ||
| Q3 24 | $27.5M | $17.6M | ||
| Q2 24 | $34.8M | $15.9M | ||
| Q1 24 | $11.0M | $9.4M |
| Q4 25 | $18.1M | $33.5M | ||
| Q3 25 | $-9.5M | $16.4M | ||
| Q2 25 | $11.6M | $2.9M | ||
| Q1 25 | $-6.0M | $4.0M | ||
| Q4 24 | $96.6M | $53.0M | ||
| Q3 24 | $25.2M | $16.3M | ||
| Q2 24 | $33.9M | $14.0M | ||
| Q1 24 | $10.7M | $6.8M |
| Q4 25 | 22.3% | 47.1% | ||
| Q3 25 | -12.6% | 22.4% | ||
| Q2 25 | 15.9% | 4.0% | ||
| Q1 25 | -8.9% | 5.3% | ||
| Q4 24 | 113.6% | 73.2% | ||
| Q3 24 | 34.0% | 20.8% | ||
| Q2 24 | 47.7% | 17.8% | ||
| Q1 24 | 16.2% | 8.6% |
| Q4 25 | 6.0% | 10.4% | ||
| Q3 25 | 1.2% | 1.8% | ||
| Q2 25 | 2.5% | 2.2% | ||
| Q1 25 | 1.9% | 2.3% | ||
| Q4 24 | 5.2% | 9.1% | ||
| Q3 24 | 3.0% | 1.7% | ||
| Q2 24 | 1.3% | 2.4% | ||
| Q1 24 | 0.4% | 3.3% |
| Q4 25 | 2.43× | 28.39× | ||
| Q3 25 | -4.01× | 4.45× | ||
| Q2 25 | 3.96× | 0.97× | ||
| Q1 25 | -1.05× | — | ||
| Q4 24 | 19.12× | 10.28× | ||
| Q3 24 | 19.54× | 18.22× | ||
| Q2 24 | 4.98× | 4.29× | ||
| Q1 24 | 2.18× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PX
| Management Fees | $78.1M | 96% |
| Advisory Fees | $1.8M | 2% |
RMAX
| Franchising Segment | $50.1M | 70% |
| Broker Fees | $13.9M | 20% |
| Annual Dues | $7.4M | 10% |
