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P10, Inc.（PX）与TELOS CORP（TLS）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TELOS CORP的1.7倍（$81.0M vs $46.8M），P10, Inc.净利率更高（11.7% vs -34.9%，领先46.5%），TELOS CORP同比增速更快（77.4% vs -4.7%），P10, Inc.自由现金流更多（$18.1M vs $8.0M），过去两年TELOS CORP的营收复合增速更高（25.7% vs 10.7%）
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。
泰洛斯公司（Telos Corporation）是一家信息技术与网络安全企业，总部位于美国弗吉尼亚州阿什本。公司主要服务对象为政府与企业客户，业务合同大部分来自美国国防部，核心客户涵盖美国军方、情报机构、民政部门以及北约盟友机构。
PX vs TLS — 直观对比
营收规模更大
PX
是对方的1.7倍
$46.8M
营收增速更快
TLS
高出82.0%
-4.7%
净利率更高
PX
高出46.5%
-34.9%
自由现金流更多
PX
多$10.2M
$8.0M
两年增速更快
TLS
近两年复合增速
10.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $81.0M | $46.8M |
| 净利润 | $9.5M | $-16.3M |
| 毛利率 | — | 35.0% |
| 营业利润率 | 31.9% | -39.6% |
| 净利率 | 11.7% | -34.9% |
| 营收同比 | -4.7% | 77.4% |
| 净利润同比 | 79.0% | -74.8% |
| 每股收益（稀释后） | $0.08 | $-0.22 |
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PXTLS
| 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 |
净利润PXTLS
| 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 |
毛利率PXTLS
| 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% |
营业利润率PXTLS
| 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% |
净利率PXTLS
| 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% |
每股收益（稀释后）PXTLS
| 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 |
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 | $53.2M |
| 总债务越低越好 | $373.2M | — |
| 股东权益账面价值 | $403.5M | $96.0M |
| 总资产 | $928.3M | $139.9M |
| 负债/权益比越低杠杆越低 | 0.93× | — |
8季度趋势，按日历期对齐
现金及短期投资PXTLS
| 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 |
总债务PXTLS
| 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 | — |
股东权益PXTLS
| 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 |
总资产PXTLS
| 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 |
负债/权益比PXTLS
| 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× | — |
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 | $8.0M |
| 自由现金流经营现金流 - 资本支出 | $18.1M | $8.0M |
| 自由现金流率自由现金流/营收 | 22.3% | 17.0% |
| 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 | $29.4M |
8季度趋势，按日历期对齐
经营现金流PXTLS
| 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 |
自由现金流PXTLS
| 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 |
自由现金流率PXTLS
| 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% |
资本支出强度PXTLS
| 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% |
现金转化率PXTLS
| 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× | — |
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% |
TLS
| Security Solutions Segment | $44.8M | 96% |
| Secure Networks Segment | $1.9M | 4% |
