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Side-by-side financial comparison of P10, Inc. (PX) and TELOS CORP (TLS). Click either name above to swap in a different company.
P10, Inc. is the larger business by last-quarter revenue ($81.0M vs $46.8M, roughly 1.7× TELOS CORP). P10, Inc. runs the higher net margin — 11.7% vs -34.9%, a 46.5% gap on every dollar of revenue. On growth, TELOS CORP posted the faster year-over-year revenue change (77.4% vs -4.7%). P10, Inc. produced more free cash flow last quarter ($18.1M vs $8.0M). Over the past eight quarters, TELOS CORP's revenue compounded faster (25.7% 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.
Telos Corporation is an information technology and cybersecurity company located in Ashburn, Virginia. Telos primarily serves government and enterprise clients, receiving a large number of its contracts from the United States Department of Defense. Customers are primarily military, intelligence and civilian agencies of the US government and NATO allies.
PX vs TLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $81.0M | $46.8M |
| Net Profit | $9.5M | $-16.3M |
| Gross Margin | — | 35.0% |
| Operating Margin | 31.9% | -39.6% |
| Net Margin | 11.7% | -34.9% |
| Revenue YoY | -4.7% | 77.4% |
| Net Profit YoY | 79.0% | -74.8% |
| EPS (diluted) | $0.08 | $-0.22 |
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 | $46.8M | ||
| Q3 25 | $75.9M | $51.4M | ||
| Q2 25 | $72.7M | $36.0M | ||
| Q1 25 | $67.7M | $30.6M | ||
| Q4 24 | $85.0M | $26.4M | ||
| Q3 24 | $74.2M | $23.8M | ||
| Q2 24 | $71.1M | $28.5M | ||
| Q1 24 | $66.1M | $29.6M |
| Q4 25 | $9.5M | $-16.3M | ||
| Q3 25 | $2.1M | $-2.1M | ||
| Q2 25 | $3.4M | $-9.5M | ||
| Q1 25 | $4.5M | $-8.6M | ||
| Q4 24 | $5.3M | $-9.3M | ||
| Q3 24 | $1.4M | $-28.1M | ||
| Q2 24 | $7.0M | $-7.8M | ||
| Q1 24 | $5.0M | $-7.4M |
| Q4 25 | — | 35.0% | ||
| Q3 25 | — | 39.9% | ||
| Q2 25 | — | 33.2% | ||
| Q1 25 | — | 39.8% | ||
| Q4 24 | — | 40.3% | ||
| Q3 24 | — | 13.2% | ||
| Q2 24 | — | 34.1% | ||
| Q1 24 | — | 37.0% |
| Q4 25 | 31.9% | -39.6% | ||
| Q3 25 | 14.1% | -4.8% | ||
| Q2 25 | 24.4% | -27.5% | ||
| Q1 25 | 16.6% | -29.5% | ||
| Q4 24 | 26.9% | -37.6% | ||
| Q3 24 | 11.9% | -121.4% | ||
| Q2 24 | 23.7% | -30.3% | ||
| Q1 24 | 18.3% | -28.5% |
| Q4 25 | 11.7% | -34.9% | ||
| Q3 25 | 2.8% | -4.1% | ||
| Q2 25 | 4.7% | -26.5% | ||
| Q1 25 | 6.7% | -28.1% | ||
| Q4 24 | 6.2% | -35.4% | ||
| Q3 24 | 1.9% | -118.0% | ||
| Q2 24 | 9.8% | -27.2% | ||
| Q1 24 | 7.6% | -24.9% |
| Q4 25 | $0.08 | $-0.22 | ||
| Q3 25 | $0.02 | $-0.03 | ||
| Q2 25 | $0.03 | $-0.13 | ||
| Q1 25 | $0.04 | $-0.12 | ||
| Q4 24 | $0.05 | $-0.13 | ||
| Q3 24 | $0.01 | $-0.39 | ||
| Q2 24 | $0.06 | $-0.11 | ||
| Q1 24 | $0.04 | $-0.10 |
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 | $53.2M |
| Total DebtLower is stronger | $373.2M | — |
| Stockholders' EquityBook value | $403.5M | $96.0M |
| Total Assets | $928.3M | $139.9M |
| Debt / EquityLower = less leverage | 0.93× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.2M | $53.2M | ||
| Q3 25 | $40.0M | $59.0M | ||
| Q2 25 | $33.4M | $57.0M | ||
| Q1 25 | $74.4M | $57.8M | ||
| Q4 24 | $67.5M | $54.6M | ||
| Q3 24 | $61.5M | $69.8M | ||
| Q2 24 | $31.2M | $80.1M | ||
| Q1 24 | $29.0M | $93.9M |
| Q4 25 | $373.2M | — | ||
| Q3 25 | $393.4M | — | ||
| Q2 25 | $373.0M | — | ||
| Q1 25 | $357.2M | — | ||
| Q4 24 | $319.8M | — | ||
| Q3 24 | $319.4M | — | ||
| Q2 24 | $300.6M | — | ||
| Q1 24 | $314.0M | — |
| Q4 25 | $403.5M | $96.0M | ||
| Q3 25 | $396.8M | $119.7M | ||
| Q2 25 | $388.9M | $118.4M | ||
| Q1 25 | $374.3M | $126.1M | ||
| Q4 24 | $386.9M | $127.1M | ||
| Q3 24 | $394.1M | $129.5M | ||
| Q2 24 | $396.9M | $149.1M | ||
| Q1 24 | $400.1M | $154.4M |
| Q4 25 | $928.3M | $139.9M | ||
| Q3 25 | $936.0M | $164.3M | ||
| Q2 25 | $932.2M | $165.0M | ||
| Q1 25 | $877.4M | $158.1M | ||
| Q4 24 | $869.3M | $158.2M | ||
| Q3 24 | $857.0M | $166.3M | ||
| Q2 24 | $823.2M | $182.4M | ||
| Q1 24 | $832.8M | $195.4M |
| Q4 25 | 0.93× | — | ||
| Q3 25 | 0.99× | — | ||
| Q2 25 | 0.96× | — | ||
| Q1 25 | 0.95× | — | ||
| Q4 24 | 0.83× | — | ||
| Q3 24 | 0.81× | — | ||
| Q2 24 | 0.76× | — | ||
| Q1 24 | 0.78× | — |
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 | $8.0M |
| Free Cash FlowOCF − Capex | $18.1M | $8.0M |
| FCF MarginFCF / Revenue | 22.3% | 17.0% |
| Capex IntensityCapex / Revenue | 6.0% | 0.1% |
| Cash ConversionOCF / Net Profit | 2.43× | — |
| TTM Free Cash FlowTrailing 4 quarters | $14.1M | $29.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.0M | $8.0M | ||
| Q3 25 | $-8.6M | $9.1M | ||
| Q2 25 | $13.4M | $7.0M | ||
| Q1 25 | $-4.7M | $6.1M | ||
| Q4 24 | $101.0M | $-10.5M | ||
| Q3 24 | $27.5M | $-7.1M | ||
| Q2 24 | $34.8M | $-8.0M | ||
| Q1 24 | $11.0M | $-350.0K |
| Q4 25 | $18.1M | $8.0M | ||
| Q3 25 | $-9.5M | $8.7M | ||
| Q2 25 | $11.6M | $6.8M | ||
| Q1 25 | $-6.0M | $6.0M | ||
| Q4 24 | $96.6M | $-12.4M | ||
| Q3 24 | $25.2M | $-7.1M | ||
| Q2 24 | $33.9M | $-8.2M | ||
| Q1 24 | $10.7M | $-447.0K |
| Q4 25 | 22.3% | 17.0% | ||
| Q3 25 | -12.6% | 16.9% | ||
| Q2 25 | 15.9% | 19.0% | ||
| Q1 25 | -8.9% | 19.5% | ||
| Q4 24 | 113.6% | -47.0% | ||
| Q3 24 | 34.0% | -30.0% | ||
| Q2 24 | 47.7% | -28.9% | ||
| Q1 24 | 16.2% | -1.5% |
| Q4 25 | 6.0% | 0.1% | ||
| Q3 25 | 1.2% | 0.9% | ||
| Q2 25 | 2.5% | 0.4% | ||
| Q1 25 | 1.9% | 0.4% | ||
| Q4 24 | 5.2% | 7.1% | ||
| Q3 24 | 3.0% | 0.2% | ||
| Q2 24 | 1.3% | 0.8% | ||
| Q1 24 | 0.4% | 0.3% |
| 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% |
TLS
| Security Solutions Segment | $44.8M | 96% |
| Secure Networks Segment | $1.9M | 4% |
