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Side-by-side financial comparison of P10, Inc. (PX) and Repay Holdings Corp (RPAY). Click either name above to swap in a different company.
P10, Inc. is the larger business by last-quarter revenue ($81.0M vs $78.6M, roughly 1.0× Repay Holdings Corp). P10, Inc. runs the higher net margin — 11.7% vs -178.3%, a 190.0% gap on every dollar of revenue. On growth, Repay Holdings Corp posted the faster year-over-year revenue change (0.4% vs -4.7%). Repay Holdings Corp produced more free cash flow last quarter ($23.2M vs $18.1M). Over the past eight quarters, P10, Inc.'s revenue compounded faster (10.7% CAGR vs -1.3%).
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.
Repay Holdings Corp is a leading payment technology provider delivering integrated end-to-end payment processing solutions for businesses across North America. Its offerings include credit/debit card processing, ACH transfer services, POS system integrations and digital payment tools, serving retail, healthcare, automotive and e-commerce segments to help clients streamline transaction workflows and boost operational efficiency.
PX vs RPAY — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $81.0M | $78.6M |
| Net Profit | $9.5M | $-140.1M |
| Gross Margin | — | 74.2% |
| Operating Margin | 31.9% | -182.2% |
| Net Margin | 11.7% | -178.3% |
| Revenue YoY | -4.7% | 0.4% |
| Net Profit YoY | 79.0% | -3304.1% |
| EPS (diluted) | $0.08 | $-1.68 |
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 | $78.6M | ||
| Q3 25 | $75.9M | $77.7M | ||
| Q2 25 | $72.7M | $75.6M | ||
| Q1 25 | $67.7M | $77.3M | ||
| Q4 24 | $85.0M | $78.3M | ||
| Q3 24 | $74.2M | $79.1M | ||
| Q2 24 | $71.1M | $74.9M | ||
| Q1 24 | $66.1M | $80.7M |
| Q4 25 | $9.5M | $-140.1M | ||
| Q3 25 | $2.1M | $-6.4M | ||
| Q2 25 | $3.4M | $-102.3M | ||
| Q1 25 | $4.5M | $-7.9M | ||
| Q4 24 | $5.3M | $-4.1M | ||
| Q3 24 | $1.4M | $3.2M | ||
| Q2 24 | $7.0M | $-4.1M | ||
| Q1 24 | $5.0M | $-5.2M |
| Q4 25 | — | 74.2% | ||
| Q3 25 | — | 74.4% | ||
| Q2 25 | — | 75.7% | ||
| Q1 25 | — | 75.9% | ||
| Q4 24 | — | 76.3% | ||
| Q3 24 | — | 77.8% | ||
| Q2 24 | — | 78.2% | ||
| Q1 24 | — | 76.2% |
| Q4 25 | 31.9% | -182.2% | ||
| Q3 25 | 14.1% | -3.9% | ||
| Q2 25 | 24.4% | -138.7% | ||
| Q1 25 | 16.6% | -4.7% | ||
| Q4 24 | 26.9% | -1.5% | ||
| Q3 24 | 11.9% | -0.9% | ||
| Q2 24 | 23.7% | -4.6% | ||
| Q1 24 | 18.3% | -3.1% |
| Q4 25 | 11.7% | -178.3% | ||
| Q3 25 | 2.8% | -8.3% | ||
| Q2 25 | 4.7% | -135.2% | ||
| Q1 25 | 6.7% | -10.3% | ||
| Q4 24 | 6.2% | -5.3% | ||
| Q3 24 | 1.9% | 4.1% | ||
| Q2 24 | 9.8% | -5.4% | ||
| Q1 24 | 7.6% | -6.5% |
| Q4 25 | $0.08 | $-1.68 | ||
| Q3 25 | $0.02 | $-0.08 | ||
| Q2 25 | $0.03 | $-1.15 | ||
| Q1 25 | $0.04 | $-0.09 | ||
| Q4 24 | $0.05 | $-0.04 | ||
| Q3 24 | $0.01 | $0.03 | ||
| Q2 24 | $0.06 | $-0.04 | ||
| Q1 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 | $28.2M | $115.7M |
| Total DebtLower is stronger | $373.2M | $280.1M |
| Stockholders' EquityBook value | $403.5M | $484.4M |
| Total Assets | $928.3M | $1.2B |
| Debt / EquityLower = less leverage | 0.93× | 0.58× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.2M | $115.7M | ||
| Q3 25 | $40.0M | $95.7M | ||
| Q2 25 | $33.4M | $162.6M | ||
| Q1 25 | $74.4M | $165.5M | ||
| Q4 24 | $67.5M | $189.5M | ||
| Q3 24 | $61.5M | $168.7M | ||
| Q2 24 | $31.2M | $147.1M | ||
| Q1 24 | $29.0M | $128.3M |
| Q4 25 | $373.2M | $280.1M | ||
| Q3 25 | $393.4M | $279.5M | ||
| Q2 25 | $373.0M | $279.0M | ||
| Q1 25 | $357.2M | $497.6M | ||
| Q4 24 | $319.8M | $496.8M | ||
| Q3 24 | $319.4M | $496.2M | ||
| Q2 24 | $300.6M | $435.6M | ||
| Q1 24 | $314.0M | $434.9M |
| Q4 25 | $403.5M | $484.4M | ||
| Q3 25 | $396.8M | $616.9M | ||
| Q2 25 | $388.9M | $633.7M | ||
| Q1 25 | $374.3M | $755.7M | ||
| Q4 24 | $386.9M | $761.3M | ||
| Q3 24 | $394.1M | $754.7M | ||
| Q2 24 | $396.9M | $815.4M | ||
| Q1 24 | $400.1M | $813.8M |
| Q4 25 | $928.3M | $1.2B | ||
| Q3 25 | $936.0M | $1.3B | ||
| Q2 25 | $932.2M | $1.4B | ||
| Q1 25 | $877.4M | $1.5B | ||
| Q4 24 | $869.3M | $1.6B | ||
| Q3 24 | $857.0M | $1.6B | ||
| Q2 24 | $823.2M | $1.5B | ||
| Q1 24 | $832.8M | $1.5B |
| Q4 25 | 0.93× | 0.58× | ||
| Q3 25 | 0.99× | 0.45× | ||
| Q2 25 | 0.96× | 0.44× | ||
| Q1 25 | 0.95× | 0.66× | ||
| Q4 24 | 0.83× | 0.65× | ||
| Q3 24 | 0.81× | 0.66× | ||
| Q2 24 | 0.76× | 0.53× | ||
| Q1 24 | 0.78× | 0.53× |
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 | $23.3M |
| Free Cash FlowOCF − Capex | $18.1M | $23.2M |
| FCF MarginFCF / Revenue | 22.3% | 29.6% |
| Capex IntensityCapex / Revenue | 6.0% | 0.1% |
| Cash ConversionOCF / Net Profit | 2.43× | — |
| TTM Free Cash FlowTrailing 4 quarters | $14.1M | $90.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.0M | $23.3M | ||
| Q3 25 | $-8.6M | $32.2M | ||
| Q2 25 | $13.4M | $33.1M | ||
| Q1 25 | $-4.7M | $2.5M | ||
| Q4 24 | $101.0M | $34.3M | ||
| Q3 24 | $27.5M | $60.1M | ||
| Q2 24 | $34.8M | $31.0M | ||
| Q1 24 | $11.0M | $24.8M |
| Q4 25 | $18.1M | $23.2M | ||
| Q3 25 | $-9.5M | $32.1M | ||
| Q2 25 | $11.6M | $33.0M | ||
| Q1 25 | $-6.0M | $2.4M | ||
| Q4 24 | $96.6M | $34.0M | ||
| Q3 24 | $25.2M | $59.8M | ||
| Q2 24 | $33.9M | $30.5M | ||
| Q1 24 | $10.7M | $24.7M |
| Q4 25 | 22.3% | 29.6% | ||
| Q3 25 | -12.6% | 41.3% | ||
| Q2 25 | 15.9% | 43.6% | ||
| Q1 25 | -8.9% | 3.0% | ||
| Q4 24 | 113.6% | 43.5% | ||
| Q3 24 | 34.0% | 75.6% | ||
| Q2 24 | 47.7% | 40.7% | ||
| Q1 24 | 16.2% | 30.6% |
| Q4 25 | 6.0% | 0.1% | ||
| Q3 25 | 1.2% | 0.2% | ||
| Q2 25 | 2.5% | 0.1% | ||
| Q1 25 | 1.9% | 0.2% | ||
| Q4 24 | 5.2% | 0.3% | ||
| Q3 24 | 3.0% | 0.3% | ||
| Q2 24 | 1.3% | 0.6% | ||
| Q1 24 | 0.4% | 0.1% |
| Q4 25 | 2.43× | — | ||
| Q3 25 | -4.01× | — | ||
| Q2 25 | 3.96× | — | ||
| Q1 25 | -1.05× | — | ||
| Q4 24 | 19.12× | — | ||
| Q3 24 | 19.54× | 18.52× | ||
| 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
PX
| Management Fees | $78.1M | 96% |
| Advisory Fees | $1.8M | 2% |
RPAY
| Sales Channel Directly To Consumer | $69.4M | 88% |
| Other | $6.8M | 9% |
| Sales Channel Through Intermediary | $2.3M | 3% |
