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Side-by-side financial comparison of P10, Inc. (PX) and SHENANDOAH TELECOMMUNICATIONS CO (SHEN). Click either name above to swap in a different company.
SHENANDOAH TELECOMMUNICATIONS CO is the larger business by last-quarter revenue ($91.6M vs $81.0M, roughly 1.1× P10, Inc.). P10, Inc. runs the higher net margin — 11.7% vs -5.9%, a 17.5% gap on every dollar of revenue. On growth, SHENANDOAH TELECOMMUNICATIONS CO posted the faster year-over-year revenue change (7.2% vs -4.7%). P10, Inc. produced more free cash flow last quarter ($18.1M vs $-78.6M). Over the past eight quarters, SHENANDOAH TELECOMMUNICATIONS CO's revenue compounded faster (15.0% CAGR vs 10.7%).
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.
Shenandoah Telecommunications Co is a U.S. regional telecom provider offering broadband internet, wireless voice/data services, digital cable TV, and fiber-optic solutions. It serves residential, small business and enterprise clients across Mid-Atlantic states, focusing on underserved rural and suburban markets in Virginia, West Virginia, Maryland and Pennsylvania.
PX vs SHEN — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $81.0M | $91.6M |
| Net Profit | $9.5M | $-5.4M |
| Gross Margin | — | — |
| Operating Margin | 31.9% | -1.0% |
| Net Margin | 11.7% | -5.9% |
| Revenue YoY | -4.7% | 7.2% |
| Net Profit YoY | 79.0% | -95.8% |
| EPS (diluted) | $0.08 | $-0.13 |
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 | $91.6M | ||
| Q3 25 | $75.9M | $89.8M | ||
| Q2 25 | $72.7M | $88.6M | ||
| Q1 25 | $67.7M | $87.9M | ||
| Q4 24 | $85.0M | $85.4M | ||
| Q3 24 | $74.2M | $87.6M | ||
| Q2 24 | $71.1M | $85.8M | ||
| Q1 24 | $66.1M | $69.2M |
| Q4 25 | $9.5M | $-5.4M | ||
| Q3 25 | $2.1M | $-9.4M | ||
| Q2 25 | $3.4M | $-9.0M | ||
| Q1 25 | $4.5M | $-9.1M | ||
| Q4 24 | $5.3M | $-2.7M | ||
| Q3 24 | $1.4M | $-5.3M | ||
| Q2 24 | $7.0M | $-12.9M | ||
| Q1 24 | $5.0M | $214.7M |
| Q4 25 | 31.9% | -1.0% | ||
| Q3 25 | 14.1% | -8.0% | ||
| Q2 25 | 24.4% | -10.3% | ||
| Q1 25 | 16.6% | -6.9% | ||
| Q4 24 | 26.9% | -6.7% | ||
| Q3 24 | 11.9% | -4.8% | ||
| Q2 24 | 23.7% | -18.5% | ||
| Q1 24 | 18.3% | -4.0% |
| Q4 25 | 11.7% | -5.9% | ||
| Q3 25 | 2.8% | -10.5% | ||
| Q2 25 | 4.7% | -10.2% | ||
| Q1 25 | 6.7% | -10.4% | ||
| Q4 24 | 6.2% | -3.2% | ||
| Q3 24 | 1.9% | -6.0% | ||
| Q2 24 | 9.8% | -15.0% | ||
| Q1 24 | 7.6% | 310.0% |
| Q4 25 | $0.08 | $-0.13 | ||
| Q3 25 | $0.02 | $-0.20 | ||
| Q2 25 | $0.03 | $-0.19 | ||
| Q1 25 | $0.04 | $-0.19 | ||
| Q4 24 | $0.05 | $-0.34 | ||
| Q3 24 | $0.01 | $-0.13 | ||
| Q2 24 | $0.06 | $-0.24 | ||
| Q1 24 | $0.04 | $4.25 |
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 | $27.3M |
| Total DebtLower is stronger | $373.2M | $642.4M |
| Stockholders' EquityBook value | $403.5M | $880.8M |
| Total Assets | $928.3M | $1.9B |
| Debt / EquityLower = less leverage | 0.93× | 0.73× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.2M | $27.3M | ||
| Q3 25 | $40.0M | $22.6M | ||
| Q2 25 | $33.4M | $29.1M | ||
| Q1 25 | $74.4M | $87.5M | ||
| Q4 24 | $67.5M | $46.3M | ||
| Q3 24 | $61.5M | $43.1M | ||
| Q2 24 | $31.2M | $43.8M | ||
| Q1 24 | $29.0M | $389.7M |
| Q4 25 | $373.2M | $642.4M | ||
| Q3 25 | $393.4M | $535.4M | ||
| Q2 25 | $373.0M | $513.1M | ||
| Q1 25 | $357.2M | $515.8M | ||
| Q4 24 | $319.8M | $418.0M | ||
| Q3 24 | $319.4M | $345.2M | ||
| Q2 24 | $300.6M | $297.4M | ||
| Q1 24 | $314.0M | $298.7M |
| Q4 25 | $403.5M | $880.8M | ||
| Q3 25 | $396.8M | $892.7M | ||
| Q2 25 | $388.9M | $902.0M | ||
| Q1 25 | $374.3M | $910.5M | ||
| Q4 24 | $386.9M | $918.6M | ||
| Q3 24 | $394.1M | $925.4M | ||
| Q2 24 | $396.9M | $933.1M | ||
| Q1 24 | $400.1M | $871.6M |
| Q4 25 | $928.3M | $1.9B | ||
| Q3 25 | $936.0M | $1.9B | ||
| Q2 25 | $932.2M | $1.8B | ||
| Q1 25 | $877.4M | $1.8B | ||
| Q4 24 | $869.3M | $1.7B | ||
| Q3 24 | $857.0M | $1.7B | ||
| Q2 24 | $823.2M | $1.7B | ||
| Q1 24 | $832.8M | $1.4B |
| Q4 25 | 0.93× | 0.73× | ||
| Q3 25 | 0.99× | 0.60× | ||
| Q2 25 | 0.96× | 0.57× | ||
| Q1 25 | 0.95× | 0.57× | ||
| Q4 24 | 0.83× | 0.46× | ||
| Q3 24 | 0.81× | 0.37× | ||
| Q2 24 | 0.76× | 0.32× | ||
| Q1 24 | 0.78× | 0.34× |
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 | $28.8M |
| Free Cash FlowOCF − Capex | $18.1M | $-78.6M |
| FCF MarginFCF / Revenue | 22.3% | -85.8% |
| Capex IntensityCapex / Revenue | 6.0% | 117.2% |
| Cash ConversionOCF / Net Profit | 2.43× | — |
| TTM Free Cash FlowTrailing 4 quarters | $14.1M | $-257.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.0M | $28.8M | ||
| Q3 25 | $-8.6M | $30.7M | ||
| Q2 25 | $13.4M | $20.9M | ||
| Q1 25 | $-4.7M | $20.5M | ||
| Q4 24 | $101.0M | $20.6M | ||
| Q3 24 | $27.5M | $24.3M | ||
| Q2 24 | $34.8M | $2.5M | ||
| Q1 24 | $11.0M | $15.2M |
| Q4 25 | $18.1M | $-78.6M | ||
| Q3 25 | $-9.5M | $-51.4M | ||
| Q2 25 | $11.6M | $-65.3M | ||
| Q1 25 | $-6.0M | $-62.7M | ||
| Q4 24 | $96.6M | $-72.0M | ||
| Q3 24 | $25.2M | $-51.3M | ||
| Q2 24 | $33.9M | $-78.3M | ||
| Q1 24 | $10.7M | $-54.9M |
| Q4 25 | 22.3% | -85.8% | ||
| Q3 25 | -12.6% | -57.2% | ||
| Q2 25 | 15.9% | -73.7% | ||
| Q1 25 | -8.9% | -71.3% | ||
| Q4 24 | 113.6% | -84.3% | ||
| Q3 24 | 34.0% | -58.5% | ||
| Q2 24 | 47.7% | -91.3% | ||
| Q1 24 | 16.2% | -79.3% |
| Q4 25 | 6.0% | 117.2% | ||
| Q3 25 | 1.2% | 91.4% | ||
| Q2 25 | 2.5% | 97.3% | ||
| Q1 25 | 1.9% | 94.7% | ||
| Q4 24 | 5.2% | 108.4% | ||
| Q3 24 | 3.0% | 86.2% | ||
| Q2 24 | 1.3% | 94.2% | ||
| Q1 24 | 0.4% | 101.2% |
| 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× | 0.07× |
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% |
SHEN
| Residential And SMB Incumbent Broadband | $41.5M | 45% |
| Residential And SMB Glo Fiber Expansion Markets | $23.0M | 25% |
| Commercial Fiber | $20.3M | 22% |
| RLEC Other | $6.8M | 7% |
