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Side-by-side financial comparison of P10, Inc. (PX) and System1, Inc. (SST). Click either name above to swap in a different company.
P10, Inc. is the larger business by last-quarter revenue ($81.0M vs $51.9M, roughly 1.6× System1, Inc.). P10, Inc. runs the higher net margin — 11.7% vs -26.0%, a 37.6% gap on every dollar of revenue. On growth, P10, Inc. posted the faster year-over-year revenue change (-4.7% vs -31.3%). Over the past eight quarters, P10, Inc.'s revenue compounded faster (10.7% CAGR vs -21.8%).
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.
System1 is an American Internet advertising company. Formerly known as OpenMail, it was founded in 2013. It describes itself as operating a "Responsive Acquisition Marketing Platform", and cites privacy as one of its principal foci, although it has been criticized for its influence on privacy-focused properties, including search engine Startpage.com. It is headquartered in Marina del Rey, California.
PX vs SST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $81.0M | $51.9M |
| Net Profit | $9.5M | $-13.5M |
| Gross Margin | — | 41.0% |
| Operating Margin | 31.9% | -33.6% |
| Net Margin | 11.7% | -26.0% |
| Revenue YoY | -4.7% | -31.3% |
| Net Profit YoY | 79.0% | 4.8% |
| EPS (diluted) | $0.08 | $-3.58 |
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 | $51.9M | ||
| Q3 25 | $75.9M | $61.6M | ||
| Q2 25 | $72.7M | $78.1M | ||
| Q1 25 | $67.7M | $74.5M | ||
| Q4 24 | $85.0M | $75.6M | ||
| Q3 24 | $74.2M | $88.8M | ||
| Q2 24 | $71.1M | $94.6M | ||
| Q1 24 | $66.1M | $84.9M |
| Q4 25 | $9.5M | $-13.5M | ||
| Q3 25 | $2.1M | $-18.5M | ||
| Q2 25 | $3.4M | $-17.5M | ||
| Q1 25 | $4.5M | $-15.9M | ||
| Q4 24 | $5.3M | $-14.2M | ||
| Q3 24 | $1.4M | $-23.6M | ||
| Q2 24 | $7.0M | $-26.4M | ||
| Q1 24 | $5.0M | $-10.5M |
| Q4 25 | — | 41.0% | ||
| Q3 25 | — | 36.9% | ||
| Q2 25 | — | 35.7% | ||
| Q1 25 | — | 38.2% | ||
| Q4 24 | — | 42.1% | ||
| Q3 24 | — | 28.0% | ||
| Q2 24 | — | 27.6% | ||
| Q1 24 | — | 21.9% |
| Q4 25 | 31.9% | -33.6% | ||
| Q3 25 | 14.1% | -25.3% | ||
| Q2 25 | 24.4% | -20.4% | ||
| Q1 25 | 16.6% | -17.6% | ||
| Q4 24 | 26.9% | -15.7% | ||
| Q3 24 | 11.9% | -24.6% | ||
| Q2 24 | 23.7% | -30.8% | ||
| Q1 24 | 18.3% | -30.4% |
| Q4 25 | 11.7% | -26.0% | ||
| Q3 25 | 2.8% | -30.1% | ||
| Q2 25 | 4.7% | -22.4% | ||
| Q1 25 | 6.7% | -21.3% | ||
| Q4 24 | 6.2% | -18.7% | ||
| Q3 24 | 1.9% | -26.6% | ||
| Q2 24 | 9.8% | -27.9% | ||
| Q1 24 | 7.6% | -12.4% |
| Q4 25 | $0.08 | $-3.58 | ||
| Q3 25 | $0.02 | $-2.30 | ||
| Q2 25 | $0.03 | $-2.23 | ||
| Q1 25 | $0.04 | $-0.21 | ||
| Q4 24 | $0.05 | $-3.41 | ||
| Q3 24 | $0.01 | $-3.37 | ||
| Q2 24 | $0.06 | $-3.80 | ||
| Q1 24 | $0.04 | $-0.16 |
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 | $86.9M |
| Total DebtLower is stronger | $373.2M | $305.1M |
| Stockholders' EquityBook value | $403.5M | $30.5M |
| Total Assets | $928.3M | $405.0M |
| Debt / EquityLower = less leverage | 0.93× | 10.01× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.2M | $86.9M | ||
| Q3 25 | $40.0M | $54.6M | ||
| Q2 25 | $33.4M | $63.6M | ||
| Q1 25 | $74.4M | $43.9M | ||
| Q4 24 | $67.5M | $63.6M | ||
| Q3 24 | $61.5M | $69.1M | ||
| Q2 24 | $31.2M | $75.7M | ||
| Q1 24 | $29.0M | $69.9M |
| Q4 25 | $373.2M | $305.1M | ||
| Q3 25 | $393.4M | $259.2M | ||
| Q2 25 | $373.0M | $263.3M | ||
| Q1 25 | $357.2M | $267.4M | ||
| Q4 24 | $319.8M | $255.1M | ||
| Q3 24 | $319.4M | $259.2M | ||
| Q2 24 | $300.6M | $263.3M | ||
| Q1 24 | $314.0M | $268.6M |
| Q4 25 | $403.5M | $30.5M | ||
| Q3 25 | $396.8M | $42.7M | ||
| Q2 25 | $388.9M | $58.2M | ||
| Q1 25 | $374.3M | $67.2M | ||
| Q4 24 | $386.9M | $80.3M | ||
| Q3 24 | $394.1M | $90.3M | ||
| Q2 24 | $396.9M | $109.4M | ||
| Q1 24 | $400.1M | $131.7M |
| Q4 25 | $928.3M | $405.0M | ||
| Q3 25 | $936.0M | $385.2M | ||
| Q2 25 | $932.2M | $429.2M | ||
| Q1 25 | $877.4M | $419.2M | ||
| Q4 24 | $869.3M | $459.1M | ||
| Q3 24 | $857.0M | $479.3M | ||
| Q2 24 | $823.2M | $511.3M | ||
| Q1 24 | $832.8M | $521.1M |
| Q4 25 | 0.93× | 10.01× | ||
| Q3 25 | 0.99× | 6.07× | ||
| Q2 25 | 0.96× | 4.53× | ||
| Q1 25 | 0.95× | 3.98× | ||
| Q4 24 | 0.83× | 3.18× | ||
| Q3 24 | 0.81× | 2.87× | ||
| Q2 24 | 0.76× | 2.41× | ||
| Q1 24 | 0.78× | 2.04× |
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 | $-10.6M |
| Free Cash FlowOCF − Capex | $18.1M | — |
| FCF MarginFCF / Revenue | 22.3% | — |
| Capex IntensityCapex / Revenue | 6.0% | 0.0% |
| Cash ConversionOCF / Net Profit | 2.43× | — |
| TTM Free Cash FlowTrailing 4 quarters | $14.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.0M | $-10.6M | ||
| Q3 25 | $-8.6M | $-2.1M | ||
| Q2 25 | $13.4M | $24.5M | ||
| Q1 25 | $-4.7M | $-15.9M | ||
| Q4 24 | $101.0M | $772.0K | ||
| Q3 24 | $27.5M | $-5.0K | ||
| Q2 24 | $34.8M | $10.0M | ||
| Q1 24 | $11.0M | $-16.0M |
| Q4 25 | $18.1M | — | ||
| Q3 25 | $-9.5M | — | ||
| Q2 25 | $11.6M | — | ||
| Q1 25 | $-6.0M | $-16.0M | ||
| Q4 24 | $96.6M | — | ||
| Q3 24 | $25.2M | $-36.0K | ||
| Q2 24 | $33.9M | — | ||
| Q1 24 | $10.7M | — |
| Q4 25 | 22.3% | — | ||
| Q3 25 | -12.6% | — | ||
| Q2 25 | 15.9% | — | ||
| Q1 25 | -8.9% | -21.5% | ||
| Q4 24 | 113.6% | — | ||
| Q3 24 | 34.0% | -0.0% | ||
| Q2 24 | 47.7% | — | ||
| Q1 24 | 16.2% | — |
| Q4 25 | 6.0% | 0.0% | ||
| Q3 25 | 1.2% | 0.0% | ||
| Q2 25 | 2.5% | 0.0% | ||
| Q1 25 | 1.9% | 0.1% | ||
| Q4 24 | 5.2% | 0.0% | ||
| Q3 24 | 3.0% | 0.0% | ||
| Q2 24 | 1.3% | 0.0% | ||
| Q1 24 | 0.4% | 0.0% |
| 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
PX
| Management Fees | $78.1M | 96% |
| Advisory Fees | $1.8M | 2% |
SST
Segment breakdown not available.
