vs
P10, Inc.（PX）与Repay Holdings Corp（RPAY）财务数据对比。点击上方公司名可切换其他公司
P10, Inc.的季度营收约是Repay Holdings Corp的1.0倍（$81.0M vs $78.6M），P10, Inc.净利率更高（11.7% vs -178.3%，领先190.0%），Repay Holdings Corp同比增速更快（0.4% vs -4.7%），Repay Holdings Corp自由现金流更多（$23.2M vs $18.1M），过去两年P10, Inc.的营收复合增速更高（10.7% vs -1.3%）
P10, Inc.是一家全球另类资产管理公司，提供涵盖私募股权、私募信贷、实物资产、风险投资的多元化投资解决方案，主要服务北美、欧洲、亚太市场的养老基金、捐赠基金、基金会及高净值个人等客户群体。
Repay Holdings Corp是一家聚焦北美市场的支付技术服务商，为零售、医疗、汽车服务、电商等领域的企业提供整合支付处理方案，涵盖银行卡收单、ACH转账、POS系统集成等数字化支付工具，助力客户简化交易流程、提升运营效率。
PX vs RPAY — 直观对比
营收规模更大
PX
是对方的1.0倍
$78.6M
营收增速更快
RPAY
高出5.1%
-4.7%
净利率更高
PX
高出190.0%
-178.3%
自由现金流更多
RPAY
多$5.1M
$18.1M
两年增速更快
PX
近两年复合增速
-1.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $81.0M | $78.6M |
| 净利润 | $9.5M | $-140.1M |
| 毛利率 | — | 74.2% |
| 营业利润率 | 31.9% | -182.2% |
| 净利率 | 11.7% | -178.3% |
| 营收同比 | -4.7% | 0.4% |
| 净利润同比 | 79.0% | -3304.1% |
| 每股收益（稀释后） | $0.08 | $-1.68 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收PXRPAY
| Q4 25 | $81.0M | $78.6M | ||
| Q3 25 | $75.9M | $77.7M | ||
| Q2 25 | $72.7M | $75.6M | ||
| Q1 25 | $67.7M | $77.3M | ||
| Q4 24 | $85.0M | $78.3M | ||
| Q3 24 | $74.2M | $79.1M | ||
| Q2 24 | $71.1M | $74.9M | ||
| Q1 24 | $66.1M | $80.7M |
净利润PXRPAY
| Q4 25 | $9.5M | $-140.1M | ||
| Q3 25 | $2.1M | $-6.4M | ||
| Q2 25 | $3.4M | $-102.3M | ||
| Q1 25 | $4.5M | $-7.9M | ||
| Q4 24 | $5.3M | $-4.1M | ||
| Q3 24 | $1.4M | $3.2M | ||
| Q2 24 | $7.0M | $-4.1M | ||
| Q1 24 | $5.0M | $-5.2M |
毛利率PXRPAY
| Q4 25 | — | 74.2% | ||
| Q3 25 | — | 74.4% | ||
| Q2 25 | — | 75.7% | ||
| Q1 25 | — | 75.9% | ||
| Q4 24 | — | 76.3% | ||
| Q3 24 | — | 77.8% | ||
| Q2 24 | — | 78.2% | ||
| Q1 24 | — | 76.2% |
营业利润率PXRPAY
| Q4 25 | 31.9% | -182.2% | ||
| Q3 25 | 14.1% | -3.9% | ||
| Q2 25 | 24.4% | -138.7% | ||
| Q1 25 | 16.6% | -4.7% | ||
| Q4 24 | 26.9% | -1.5% | ||
| Q3 24 | 11.9% | -0.9% | ||
| Q2 24 | 23.7% | -4.6% | ||
| Q1 24 | 18.3% | -3.1% |
净利率PXRPAY
| Q4 25 | 11.7% | -178.3% | ||
| Q3 25 | 2.8% | -8.3% | ||
| Q2 25 | 4.7% | -135.2% | ||
| Q1 25 | 6.7% | -10.3% | ||
| Q4 24 | 6.2% | -5.3% | ||
| Q3 24 | 1.9% | 4.1% | ||
| Q2 24 | 9.8% | -5.4% | ||
| Q1 24 | 7.6% | -6.5% |
每股收益（稀释后）PXRPAY
| Q4 25 | $0.08 | $-1.68 | ||
| Q3 25 | $0.02 | $-0.08 | ||
| Q2 25 | $0.03 | $-1.15 | ||
| Q1 25 | $0.04 | $-0.09 | ||
| Q4 24 | $0.05 | $-0.04 | ||
| Q3 24 | $0.01 | $0.03 | ||
| Q2 24 | $0.06 | $-0.04 | ||
| Q1 24 | $0.04 | $-0.06 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $28.2M | $115.7M |
| 总债务越低越好 | $373.2M | $280.1M |
| 股东权益账面价值 | $403.5M | $484.4M |
| 总资产 | $928.3M | $1.2B |
| 负债/权益比越低杠杆越低 | 0.93× | 0.58× |
8季度趋势，按日历期对齐
现金及短期投资PXRPAY
| Q4 25 | $28.2M | $115.7M | ||
| Q3 25 | $40.0M | $95.7M | ||
| Q2 25 | $33.4M | $162.6M | ||
| Q1 25 | $74.4M | $165.5M | ||
| Q4 24 | $67.5M | $189.5M | ||
| Q3 24 | $61.5M | $168.7M | ||
| Q2 24 | $31.2M | $147.1M | ||
| Q1 24 | $29.0M | $128.3M |
总债务PXRPAY
| Q4 25 | $373.2M | $280.1M | ||
| Q3 25 | $393.4M | $279.5M | ||
| Q2 25 | $373.0M | $279.0M | ||
| Q1 25 | $357.2M | $497.6M | ||
| Q4 24 | $319.8M | $496.8M | ||
| Q3 24 | $319.4M | $496.2M | ||
| Q2 24 | $300.6M | $435.6M | ||
| Q1 24 | $314.0M | $434.9M |
股东权益PXRPAY
| Q4 25 | $403.5M | $484.4M | ||
| Q3 25 | $396.8M | $616.9M | ||
| Q2 25 | $388.9M | $633.7M | ||
| Q1 25 | $374.3M | $755.7M | ||
| Q4 24 | $386.9M | $761.3M | ||
| Q3 24 | $394.1M | $754.7M | ||
| Q2 24 | $396.9M | $815.4M | ||
| Q1 24 | $400.1M | $813.8M |
总资产PXRPAY
| Q4 25 | $928.3M | $1.2B | ||
| Q3 25 | $936.0M | $1.3B | ||
| Q2 25 | $932.2M | $1.4B | ||
| Q1 25 | $877.4M | $1.5B | ||
| Q4 24 | $869.3M | $1.6B | ||
| Q3 24 | $857.0M | $1.6B | ||
| Q2 24 | $823.2M | $1.5B | ||
| Q1 24 | $832.8M | $1.5B |
负债/权益比PXRPAY
| Q4 25 | 0.93× | 0.58× | ||
| Q3 25 | 0.99× | 0.45× | ||
| Q2 25 | 0.96× | 0.44× | ||
| Q1 25 | 0.95× | 0.66× | ||
| Q4 24 | 0.83× | 0.65× | ||
| Q3 24 | 0.81× | 0.66× | ||
| Q2 24 | 0.76× | 0.53× | ||
| Q1 24 | 0.78× | 0.53× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $23.0M | $23.3M |
| 自由现金流经营现金流 - 资本支出 | $18.1M | $23.2M |
| 自由现金流率自由现金流/营收 | 22.3% | 29.6% |
| 资本支出强度资本支出/营收 | 6.0% | 0.1% |
| 现金转化率经营现金流/净利润 | 2.43× | — |
| 过去12个月自由现金流最近4个季度 | $14.1M | $90.7M |
8季度趋势，按日历期对齐
经营现金流PXRPAY
| Q4 25 | $23.0M | $23.3M | ||
| Q3 25 | $-8.6M | $32.2M | ||
| Q2 25 | $13.4M | $33.1M | ||
| Q1 25 | $-4.7M | $2.5M | ||
| Q4 24 | $101.0M | $34.3M | ||
| Q3 24 | $27.5M | $60.1M | ||
| Q2 24 | $34.8M | $31.0M | ||
| Q1 24 | $11.0M | $24.8M |
自由现金流PXRPAY
| Q4 25 | $18.1M | $23.2M | ||
| Q3 25 | $-9.5M | $32.1M | ||
| Q2 25 | $11.6M | $33.0M | ||
| Q1 25 | $-6.0M | $2.4M | ||
| Q4 24 | $96.6M | $34.0M | ||
| Q3 24 | $25.2M | $59.8M | ||
| Q2 24 | $33.9M | $30.5M | ||
| Q1 24 | $10.7M | $24.7M |
自由现金流率PXRPAY
| Q4 25 | 22.3% | 29.6% | ||
| Q3 25 | -12.6% | 41.3% | ||
| Q2 25 | 15.9% | 43.6% | ||
| Q1 25 | -8.9% | 3.0% | ||
| Q4 24 | 113.6% | 43.5% | ||
| Q3 24 | 34.0% | 75.6% | ||
| Q2 24 | 47.7% | 40.7% | ||
| Q1 24 | 16.2% | 30.6% |
资本支出强度PXRPAY
| Q4 25 | 6.0% | 0.1% | ||
| Q3 25 | 1.2% | 0.2% | ||
| Q2 25 | 2.5% | 0.1% | ||
| Q1 25 | 1.9% | 0.2% | ||
| Q4 24 | 5.2% | 0.3% | ||
| Q3 24 | 3.0% | 0.3% | ||
| Q2 24 | 1.3% | 0.6% | ||
| Q1 24 | 0.4% | 0.1% |
现金转化率PXRPAY
| Q4 25 | 2.43× | — | ||
| Q3 25 | -4.01× | — | ||
| Q2 25 | 3.96× | — | ||
| Q1 25 | -1.05× | — | ||
| Q4 24 | 19.12× | — | ||
| Q3 24 | 19.54× | 18.52× | ||
| Q2 24 | 4.98× | — | ||
| Q1 24 | 2.18× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
PX
| Management Fees | $78.1M | 96% |
| Advisory Fees | $1.8M | 2% |
RPAY
| Sales Channel Directly To Consumer | $69.4M | 88% |
| Other | $6.8M | 9% |
| Sales Channel Through Intermediary | $2.3M | 3% |
