P10, Inc. (PX) | Investment Case

1. Company Snapshot

1.a. Company Description

P10, Inc., together with its subsidiaries, operates as a multi-asset class private market solutions provider in the alternative asset management industry in the United States.The company offers private equity, venture capital, private credit, impact investing, and private credit services, as well as primary fund of funds, secondary investment, and direct and co-investments services.It also provides tax credit transaction and consulting services.

The company was founded in 1992 and is headquartered in Dallas, Texas.

Show Full description

1.b. Last Insights on PX

P10, Inc.'s recent performance was negatively impacted by a decrease in earnings per share (EPS) to $0.24, down from $0.26 a year ago. Although the company reported a 2% year-over-year revenue growth to $75.9 million, its organic fundraising and deployments were $915 million. The company's fee-paying AUM increased 17% year-over-year. P10's management participated in a conference, discussing the company's performance and outlook. There were no recent announcements on share buybacks. According to Zacks, Wall Street analysts expect a 46.5% upside potential for P10.

1.c. Company Highlights

Last Price	9.84
Change Percentage	-0.10%
Open	9.78
Previous Close	9.85
Market Cap ( Millions)	1081
Volume	342017
Year High	13.93
Year Low	8.68
M A 50	10.27
M A 200	11.15

FCF Yield	5.31%
Dividend Yield	1.50%
ROE	4.25%
Debt / Equity	119.47%
Net Debt / EBIDTA	409.16%
Price To Book	3.23
Price Earnings Ratio	74.85
Price To FCF	18.82
Price To sales	3.61
EV / EBITDA	16.05

2. P10 Delivers Strong Q4 Performance with Robust Growth and Strategic Expansion

P10 reported a stellar fourth quarter, exceeding financial and operating guidance with revenue up 23% year-over-year to $296.4 million. Adjusted EBITDA rose 17% to $144.5 million, while fee-paying assets under management (AUM) grew 10% to $25.7 billion. The company's fee-related revenue, excluding catch-up fees, increased by 14%, underscoring the strength of its core business. The financial performance was complemented by significant fundraising efforts, with $3.8 billion in gross fundraising during the quarter and $905 million in Q4 alone.

Publication Date: Mar -01

                                    📋 Highlights
                                    Strong Q4 Performance::
                                                The company exceeded its financial and operating guidance in Q4, with fee-paying AUM up 10%, revenues up 23%, adjusted EBITDA up 17%, and $3.8 billion in gross fundraising.
Qualitas Acquisition::
                                                The acquisition of Qualitas Funds, expected to close in Q1, aligns with the company's five-year target to more than double fee-paying AUM to $50 billion by 2029, enhancing European distribution and data capabilities.
2025 Fundraising Outlook::
                                                The company expects gross fundraising of at least $4 billion in 2025, excluding $1 billion from Qualitas, with 19 commingled funds in the market and step-downs/expirations expected to be 5-7% of fee-paying AUM.
FRE Margins and Profitability::
                                                FRE margins are expected to remain in the mid-40s% in 2025, with some downward pressure from the Qualitas integration, while average fee rates are expected to stabilize at 103 basis points.
Share Buybacks and Dividends::
                                                The company repurchased $59.1 million in shares in 2024 and authorized an additional $40 million for buybacks, while also declaring a quarterly dividend of $0.035 per share.

                                

Strategic Initiatives and Expansion

P10's strategy to expand its global presence was highlighted by the announcement of the Qualitas Funds acquisition, a European private equity fund of funds manager. This acquisition, expected to close in Q1 2025, aligns with the company's ambitious target to more than double fee-paying AUM to $50 billion by 2029. As noted by Luke Sarsfield, Chairman and CEO, "We are well-positioned for future growth," a sentiment echoed by the company's plans to launch 19 commingled funds in 2025, including four from Qualitas.

Financial Outlook and Valuation

In summary, P10's strong Q4 performance, coupled with its strategic expansion and robust fundraising pipeline, positions the company for continued growth in 2025. The acquisition of Qualitas and the diversification of its fund offerings are key catalysts that are expected to drive shareholder value in the coming year.

3. NewsRoom

P10, Inc. (PX) Q3 2025 Earnings Call Transcript

Nov -06

Source: seekingalpha.com

How Much Upside is Left in P10 (PX)? Wall Street Analysts Think 46.5%

Nov -06

Source: zacks.com

Compared to Estimates, P10 (PX) Q3 Earnings: A Look at Key Metrics

Nov -06

Source: zacks.com

P10, Inc. (PX) Surpasses Q3 Earnings Estimates

Nov -06

Source: zacks.com

P10 Reports Third Quarter 2025 Earnings Results

Nov -06

Source: globenewswire.com

Pelangio Exploration (CVE:PX) Shares Up 2.5% – Still a Buy?

Nov -01

Source: defenseworld.net

Pelangio Exploration Completes Final Tranche of Private Placement for Aggregate Gross Proceeds of $4,500,000

Oct -22

Source: newsfilecorp.com

P10 Schedules Third Quarter 2025 Earnings Release for Thursday, November 6, 2025

Oct -15

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (6.01%)

6. Segments

Management and Advisory Fees

Expected Growth: 6%

P10, Inc.'s 6% growth in Management and Advisory Fees is driven by increasing demand for strategic consulting services, expansion into new markets, and a growing client base. Additionally, the company's expertise in digital transformation and operational efficiency has led to higher revenue from existing clients, contributing to the segment's growth.

Subscriptions

Expected Growth: 8%

P10, Inc.'s subscription growth is driven by increasing demand for digital services, strategic partnerships, and effective pricing strategies. The company's ability to offer personalized experiences, expand into new markets, and invest in innovative technologies has also contributed to its 8% growth rate.

Other

Expected Growth: 5%

P10, Inc.'s 5% growth is driven by increasing demand for its niche products, successful marketing campaigns, and strategic partnerships. Additionally, the company's expansion into new markets, improved operational efficiency, and favorable industry trends also contribute to its growth.

Consulting Agreements and Referral Fees

Expected Growth: 7%

Strong demand for consulting services, strategic partnerships, and expansion into new markets drove 7% growth in Consulting Agreements and Referral Fees from P10, Inc. Additionally, increased adoption of digital transformation initiatives and a growing need for specialized expertise contributed to the segment's growth.

7. Detailed Products

Cybersecurity Solutions

Advanced threat detection and prevention systems to protect against cyber attacks

Cloud Infrastructure Services

Scalable and secure cloud infrastructure solutions for businesses of all sizes

Artificial Intelligence Platforms

AI-powered platforms for automation, analytics, and decision-making

Data Analytics Tools

Advanced data analytics and visualization tools for business insights

IT Consulting Services

Expert IT consulting services for digital transformation and strategy

Cybersecurity Training

Comprehensive cybersecurity training programs for employees and organizations

8. P10, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for P10, Inc. is moderate due to the availability of alternative products in the market.

Bargaining Power Of Customers

The bargaining power of customers is high due to the presence of a large number of customers and the availability of alternative products.

Bargaining Power Of Suppliers

The bargaining power of suppliers is low due to the presence of multiple suppliers and the company's ability to negotiate prices.

Threat Of New Entrants

The threat of new entrants is moderate due to the presence of barriers to entry and the company's established brand reputation.

Intensity Of Rivalry

The intensity of rivalry is high due to the presence of multiple competitors and the company's need to differentiate itself to gain market share.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	43.25%
Debt Cost	3.95%
Equity Weight	56.75%
Equity Cost	6.85%
WACC	5.59%
Leverage	76.21%

11. Quality Control: P10, Inc. passed 1 out of 9 key points

Strong Liquidity

Low Deb

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

180 Degree Capital

A-Score: 5.7/10

Value: 6.5

Growth: 2.6

Quality: 7.1

Yield: 0.0

Momentum: 9.5

Volatility: 8.7

1-Year Total Return ->

Ashford

A-Score: 4.6/10

Value: 10.0

Growth: 6.7

Quality: 5.6

Yield: 0.0

Momentum: 5.0

Volatility: 0.3

1-Year Total Return ->

P10

A-Score: 4.6/10

Value: 2.6

Growth: 7.9

Quality: 5.1

Yield: 2.0

Momentum: 4.0

Volatility: 6.0

1-Year Total Return ->

CaliberCos

A-Score: 3.9/10

Value: 10.0

Growth: 2.0

Quality: 6.4

Yield: 0.0

Momentum: 5.0

Volatility: 0.0

1-Year Total Return ->

Beneficient

A-Score: 3.5/10

Value: 9.8

Growth: 2.6

Quality: 8.0

Yield: 0.0

Momentum: 0.5

Volatility: 0.0

1-Year Total Return ->

Marygold

A-Score: 2.9/10

Value: 8.2

Growth: 1.4

Quality: 5.2

Yield: 0.0

Momentum: 2.0

Volatility: 0.7

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

-1.04%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

5.59%

P10, Inc. - US69376K1060

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on PX

1.c. Company Highlights

Weak Momentum

Lower Quality

Expensive

Earnings Beats

Revenues Beats

More Volatile

Higher Growth

Strong Momentum

Revenues Miss

Lower Yield

Average Yield

Earnings Miss

Stable Momentum

Average Growth

Average Quality

2. P10 Delivers Strong Q4 Performance with Robust Growth and Strategic Expansion

Strategic Initiatives and Expansion

Financial Outlook and Valuation

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (6.01%)

6. Segments

Management and Advisory Fees

Expected Growth: 6%

Subscriptions

Expected Growth: 8%

Other

Expected Growth: 5%

Consulting Agreements and Referral Fees

Expected Growth: 7%

7. Detailed Products

Cybersecurity Solutions

Cloud Infrastructure Services

Artificial Intelligence Platforms

Data Analytics Tools

IT Consulting Services

Cybersecurity Training

8. P10, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: P10, Inc. passed 1 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

9.84$

Current Price

9.84$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA