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Side-by-side financial comparison of P10, Inc. (PX) and TSS, Inc. (TSSI). Click either name above to swap in a different company.
P10, Inc. is the larger business by last-quarter revenue ($81.0M vs $60.9M, roughly 1.3× TSS, Inc.). TSS, Inc. runs the higher net margin — 20.0% vs 11.7%, a 8.3% gap on every dollar of revenue. On growth, TSS, Inc. posted the faster year-over-year revenue change (21.8% vs -4.7%). P10, Inc. produced more free cash flow last quarter ($18.1M vs $15.8M). Over the past eight quarters, TSS, Inc.'s revenue compounded faster (95.8% 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.
PX vs TSSI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $81.0M | $60.9M |
| Net Profit | $9.5M | $12.2M |
| Gross Margin | — | 17.6% |
| Operating Margin | 31.9% | 1.5% |
| Net Margin | 11.7% | 20.0% |
| Revenue YoY | -4.7% | 21.8% |
| Net Profit YoY | 79.0% | 535.7% |
| EPS (diluted) | $0.08 | $0.44 |
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 | $60.9M | ||
| Q3 25 | $75.9M | $41.9M | ||
| Q2 25 | $72.7M | $44.0M | ||
| Q1 25 | $67.7M | $99.0M | ||
| Q4 24 | $85.0M | $50.0M | ||
| Q3 24 | $74.2M | $70.1M | ||
| Q2 24 | $71.1M | $12.2M | ||
| Q1 24 | $66.1M | $15.9M |
| Q4 25 | $9.5M | $12.2M | ||
| Q3 25 | $2.1M | $-1.5M | ||
| Q2 25 | $3.4M | $1.5M | ||
| Q1 25 | $4.5M | $3.0M | ||
| Q4 24 | $5.3M | $1.9M | ||
| Q3 24 | $1.4M | $2.6M | ||
| Q2 24 | $7.0M | $1.4M | ||
| Q1 24 | $5.0M | $15.0K |
| Q4 25 | — | 17.6% | ||
| Q3 25 | — | 11.1% | ||
| Q2 25 | — | 17.8% | ||
| Q1 25 | — | 9.3% | ||
| Q4 24 | — | 14.4% | ||
| Q3 24 | — | 11.3% | ||
| Q2 24 | — | 37.3% | ||
| Q1 24 | — | 17.1% |
| Q4 25 | 31.9% | 1.5% | ||
| Q3 25 | 14.1% | -2.2% | ||
| Q2 25 | 24.4% | 5.1% | ||
| Q1 25 | 16.6% | 4.2% | ||
| Q4 24 | 26.9% | 0.0% | ||
| Q3 24 | 11.9% | 5.4% | ||
| Q2 24 | 23.7% | 14.0% | ||
| Q1 24 | 18.3% | 1.6% |
| Q4 25 | 11.7% | 20.0% | ||
| Q3 25 | 2.8% | -3.6% | ||
| Q2 25 | 4.7% | 3.4% | ||
| Q1 25 | 6.7% | 3.0% | ||
| Q4 24 | 6.2% | 3.8% | ||
| Q3 24 | 1.9% | 3.8% | ||
| Q2 24 | 9.8% | 11.5% | ||
| Q1 24 | 7.6% | 0.1% |
| Q4 25 | $0.08 | $0.44 | ||
| Q3 25 | $0.02 | $-0.06 | ||
| Q2 25 | $0.03 | $0.06 | ||
| Q1 25 | $0.04 | $0.12 | ||
| Q4 24 | $0.05 | $0.08 | ||
| Q3 24 | $0.01 | $0.10 | ||
| Q2 24 | $0.06 | $0.06 | ||
| Q1 24 | $0.04 | $0.00 |
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 | $85.5M |
| Total DebtLower is stronger | $373.2M | — |
| Stockholders' EquityBook value | $403.5M | $76.6M |
| Total Assets | $928.3M | $184.9M |
| Debt / EquityLower = less leverage | 0.93× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.2M | $85.5M | ||
| Q3 25 | $40.0M | $70.7M | ||
| Q2 25 | $33.4M | — | ||
| Q1 25 | $74.4M | — | ||
| Q4 24 | $67.5M | $23.2M | ||
| Q3 24 | $61.5M | $46.4M | ||
| Q2 24 | $31.2M | $8.3M | ||
| Q1 24 | $29.0M | $14.4M |
| 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 | $76.6M | ||
| Q3 25 | $396.8M | $63.4M | ||
| Q2 25 | $388.9M | $9.5M | ||
| Q1 25 | $374.3M | $9.4M | ||
| Q4 24 | $386.9M | $7.1M | ||
| Q3 24 | $394.1M | $7.7M | ||
| Q2 24 | $396.9M | $5.2M | ||
| Q1 24 | $400.1M | $3.7M |
| Q4 25 | $928.3M | $184.9M | ||
| Q3 25 | $936.0M | $165.4M | ||
| Q2 25 | $932.2M | $139.5M | ||
| Q1 25 | $877.4M | $113.5M | ||
| Q4 24 | $869.3M | $96.6M | ||
| Q3 24 | $857.0M | $67.3M | ||
| Q2 24 | $823.2M | $28.9M | ||
| Q1 24 | $832.8M | $26.8M |
| 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 | $16.3M |
| Free Cash FlowOCF − Capex | $18.1M | $15.8M |
| FCF MarginFCF / Revenue | 22.3% | 25.9% |
| Capex IntensityCapex / Revenue | 6.0% | 0.9% |
| Cash ConversionOCF / Net Profit | 2.43× | 1.34× |
| TTM Free Cash FlowTrailing 4 quarters | $14.1M | $2.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.0M | $16.3M | ||
| Q3 25 | $-8.6M | $-18.4M | ||
| Q2 25 | $13.4M | $16.3M | ||
| Q1 25 | $-4.7M | $20.6M | ||
| Q4 24 | $101.0M | $-21.6M | ||
| Q3 24 | $27.5M | $38.6M | ||
| Q2 24 | $34.8M | $-4.3M | ||
| Q1 24 | $11.0M | $2.6M |
| Q4 25 | $18.1M | $15.8M | ||
| Q3 25 | $-9.5M | $-24.9M | ||
| Q2 25 | $11.6M | $5.4M | ||
| Q1 25 | $-6.0M | $5.8M | ||
| Q4 24 | $96.6M | $-28.4M | ||
| Q3 24 | $25.2M | $38.6M | ||
| Q2 24 | $33.9M | $-6.0M | ||
| Q1 24 | $10.7M | $2.6M |
| Q4 25 | 22.3% | 25.9% | ||
| Q3 25 | -12.6% | -59.3% | ||
| Q2 25 | 15.9% | 12.3% | ||
| Q1 25 | -8.9% | 5.8% | ||
| Q4 24 | 113.6% | -56.7% | ||
| Q3 24 | 34.0% | 55.1% | ||
| Q2 24 | 47.7% | -49.4% | ||
| Q1 24 | 16.2% | 16.4% |
| Q4 25 | 6.0% | 0.9% | ||
| Q3 25 | 1.2% | 15.3% | ||
| Q2 25 | 2.5% | 24.8% | ||
| Q1 25 | 1.9% | 15.0% | ||
| Q4 24 | 5.2% | 13.4% | ||
| Q3 24 | 3.0% | 0.1% | ||
| Q2 24 | 1.3% | 13.8% | ||
| Q1 24 | 0.4% | 0.2% |
| Q4 25 | 2.43× | 1.34× | ||
| Q3 25 | -4.01× | — | ||
| Q2 25 | 3.96× | 11.02× | ||
| Q1 25 | -1.05× | 6.93× | ||
| Q4 24 | 19.12× | -11.32× | ||
| Q3 24 | 19.54× | 14.60× | ||
| Q2 24 | 4.98× | -3.09× | ||
| Q1 24 | 2.18× | 176.40× |
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% |
TSSI
| Procurement Revenues Segment | $43.2M | 71% |
| System Integration Services Segment | $14.2M | 23% |
| Facilities Segment | $3.5M | 6% |
