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Side-by-side financial comparison of P10, Inc. (PX) and Latham Group, Inc. (SWIM). Click either name above to swap in a different company.
Latham Group, Inc. is the larger business by last-quarter revenue ($100.0M vs $81.0M, roughly 1.2× P10, Inc.). P10, Inc. runs the higher net margin — 11.7% vs -7.0%, a 18.7% gap on every dollar of revenue. On growth, Latham Group, Inc. posted the faster year-over-year revenue change (14.5% vs -4.7%). P10, Inc. produced more free cash flow last quarter ($18.1M vs $14.1M). Over the past eight quarters, P10, Inc.'s revenue compounded faster (10.7% CAGR vs -4.9%).
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.
Latham & Watkins LLP is an American multinational law firm. Founded in 1934 in Los Angeles, California, it is known for its litigation, corporate, and regulatory law practices.
PX vs SWIM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $81.0M | $100.0M |
| Net Profit | $9.5M | $-7.0M |
| Gross Margin | — | 28.0% |
| Operating Margin | 31.9% | -10.7% |
| Net Margin | 11.7% | -7.0% |
| Revenue YoY | -4.7% | 14.5% |
| Net Profit YoY | 79.0% | 76.0% |
| EPS (diluted) | $0.08 | $-0.06 |
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 | $100.0M | ||
| Q3 25 | $75.9M | $161.9M | ||
| Q2 25 | $72.7M | $172.6M | ||
| Q1 25 | $67.7M | $111.4M | ||
| Q4 24 | $85.0M | $87.3M | ||
| Q3 24 | $74.2M | $150.5M | ||
| Q2 24 | $71.1M | $160.1M | ||
| Q1 24 | $66.1M | $110.6M |
| Q4 25 | $9.5M | $-7.0M | ||
| Q3 25 | $2.1M | $8.1M | ||
| Q2 25 | $3.4M | $16.0M | ||
| Q1 25 | $4.5M | $-6.0M | ||
| Q4 24 | $5.3M | $-29.2M | ||
| Q3 24 | $1.4M | $5.9M | ||
| Q2 24 | $7.0M | $13.3M | ||
| Q1 24 | $5.0M | $-7.9M |
| Q4 25 | — | 28.0% | ||
| Q3 25 | — | 35.4% | ||
| Q2 25 | — | 37.1% | ||
| Q1 25 | — | 29.5% | ||
| Q4 24 | — | 24.6% | ||
| Q3 24 | — | 32.4% | ||
| Q2 24 | — | 33.1% | ||
| Q1 24 | — | 27.7% |
| Q4 25 | 31.9% | -10.7% | ||
| Q3 25 | 14.1% | 13.3% | ||
| Q2 25 | 24.4% | 14.3% | ||
| Q1 25 | 16.6% | -4.4% | ||
| Q4 24 | 26.9% | -14.9% | ||
| Q3 24 | 11.9% | 8.9% | ||
| Q2 24 | 23.7% | 12.5% | ||
| Q1 24 | 18.3% | -1.9% |
| Q4 25 | 11.7% | -7.0% | ||
| Q3 25 | 2.8% | 5.0% | ||
| Q2 25 | 4.7% | 9.3% | ||
| Q1 25 | 6.7% | -5.4% | ||
| Q4 24 | 6.2% | -33.4% | ||
| Q3 24 | 1.9% | 3.9% | ||
| Q2 24 | 9.8% | 8.3% | ||
| Q1 24 | 7.6% | -7.1% |
| Q4 25 | $0.08 | $-0.06 | ||
| Q3 25 | $0.02 | $0.07 | ||
| Q2 25 | $0.03 | $0.13 | ||
| Q1 25 | $0.04 | $-0.05 | ||
| Q4 24 | $0.05 | $-0.24 | ||
| Q3 24 | $0.01 | $0.05 | ||
| Q2 24 | $0.06 | $0.11 | ||
| Q1 24 | $0.04 | $-0.07 |
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 | — |
| Total DebtLower is stronger | $373.2M | $279.8M |
| Stockholders' EquityBook value | $403.5M | $405.9M |
| Total Assets | $928.3M | $823.2M |
| Debt / EquityLower = less leverage | 0.93× | 0.69× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.2M | — | ||
| Q3 25 | $40.0M | — | ||
| Q2 25 | $33.4M | — | ||
| Q1 25 | $74.4M | — | ||
| Q4 24 | $67.5M | — | ||
| Q3 24 | $61.5M | — | ||
| Q2 24 | $31.2M | — | ||
| Q1 24 | $29.0M | — |
| Q4 25 | $373.2M | $279.8M | ||
| Q3 25 | $393.4M | $281.1M | ||
| Q2 25 | $373.0M | $281.5M | ||
| Q1 25 | $357.2M | $306.9M | ||
| Q4 24 | $319.8M | $281.5M | ||
| Q3 24 | $319.4M | $282.8M | ||
| Q2 24 | $300.6M | $282.4M | ||
| Q1 24 | $314.0M | $282.8M |
| Q4 25 | $403.5M | $405.9M | ||
| Q3 25 | $396.8M | $408.4M | ||
| Q2 25 | $388.9M | $398.4M | ||
| Q1 25 | $374.3M | $381.1M | ||
| Q4 24 | $386.9M | $387.2M | ||
| Q3 24 | $394.1M | $416.6M | ||
| Q2 24 | $396.9M | $408.1M | ||
| Q1 24 | $400.1M | $391.8M |
| Q4 25 | $928.3M | $823.2M | ||
| Q3 25 | $936.0M | $844.4M | ||
| Q2 25 | $932.2M | $822.1M | ||
| Q1 25 | $877.4M | $824.6M | ||
| Q4 24 | $869.3M | $794.2M | ||
| Q3 24 | $857.0M | $853.4M | ||
| Q2 24 | $823.2M | $830.0M | ||
| Q1 24 | $832.8M | $808.6M |
| Q4 25 | 0.93× | 0.69× | ||
| Q3 25 | 0.99× | 0.69× | ||
| Q2 25 | 0.96× | 0.71× | ||
| Q1 25 | 0.95× | 0.81× | ||
| Q4 24 | 0.83× | 0.73× | ||
| Q3 24 | 0.81× | 0.68× | ||
| Q2 24 | 0.76× | 0.69× | ||
| Q1 24 | 0.78× | 0.72× |
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 | $14.1M |
| FCF MarginFCF / Revenue | 22.3% | 14.1% |
| Capex IntensityCapex / Revenue | 6.0% | 9.2% |
| Cash ConversionOCF / Net Profit | 2.43× | — |
| TTM Free Cash FlowTrailing 4 quarters | $14.1M | $38.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.0M | $23.3M | ||
| Q3 25 | $-8.6M | $51.0M | ||
| Q2 25 | $13.4M | $36.0M | ||
| Q1 25 | $-4.7M | $-46.9M | ||
| Q4 24 | $101.0M | $6.2M | ||
| Q3 24 | $27.5M | $37.2M | ||
| Q2 24 | $34.8M | $52.4M | ||
| Q1 24 | $11.0M | $-34.5M |
| Q4 25 | $18.1M | $14.1M | ||
| Q3 25 | $-9.5M | $45.2M | ||
| Q2 25 | $11.6M | $29.1M | ||
| Q1 25 | $-6.0M | $-50.3M | ||
| Q4 24 | $96.6M | $-98.0K | ||
| Q3 24 | $25.2M | $33.2M | ||
| Q2 24 | $33.9M | $47.9M | ||
| Q1 24 | $10.7M | $-39.9M |
| Q4 25 | 22.3% | 14.1% | ||
| Q3 25 | -12.6% | 27.9% | ||
| Q2 25 | 15.9% | 16.8% | ||
| Q1 25 | -8.9% | -45.2% | ||
| Q4 24 | 113.6% | -0.1% | ||
| Q3 24 | 34.0% | 22.1% | ||
| Q2 24 | 47.7% | 29.9% | ||
| Q1 24 | 16.2% | -36.0% |
| Q4 25 | 6.0% | 9.2% | ||
| Q3 25 | 1.2% | 3.6% | ||
| Q2 25 | 2.5% | 4.0% | ||
| Q1 25 | 1.9% | 3.1% | ||
| Q4 24 | 5.2% | 7.2% | ||
| Q3 24 | 3.0% | 2.7% | ||
| Q2 24 | 1.3% | 2.8% | ||
| Q1 24 | 0.4% | 4.8% |
| Q4 25 | 2.43× | — | ||
| Q3 25 | -4.01× | 6.29× | ||
| Q2 25 | 3.96× | 2.25× | ||
| Q1 25 | -1.05× | — | ||
| Q4 24 | 19.12× | — | ||
| Q3 24 | 19.54× | 6.32× | ||
| Q2 24 | 4.98× | 3.95× | ||
| 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% |
SWIM
| In Ground Swimming Pools | $50.2M | 50% |
| Covers | $37.0M | 37% |
| Liners | $12.7M | 13% |
