P10, Inc.

Finance
Investment Managers
www.p10alts.com

Earnings Score
Moat Score
Safety Score

Market Cap $1.47B
PE 126
Debt $319.41M
Cash $63.27M
EV $1.73B
FCF $71.54M

Earnings

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Sales & Net Margins

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Earnings	$11.70M
EBIT	$43.11M
ROE	3%
ROA	5%
FCF	$71.54M
Equity	$394.09M
Growth Stability	-38%
PE	126.08
PEG	-10.22
PB	3.74
P/FCF	20.61
P/S	5.37
Price/Cash	0.04
Debt/Equity	0.81
Debt/FCF	4.47
Net Margins	6%
Op. Margins	16%
Earnings CAGR	-12%
Sales Growth YoY	26%
Sales Growth QoQ	4%
Sales CAGR	31%
FCF CAGR	28%
Equity CAGR	90%
Earnings Stability	-0.6
Earnings Growth YoY	-117%
Earnings Growth QoQ	-80%

Earnings CAGR 5Y	-12%
Sales CAGR 5Y	31%
FCF CAGR 5Y	28%
Equity CAGR 5Y	90%
Earnings CAGR 3Y	24%
Sales CAGR 3Y	24%
FCF CAGR 3Y	5%
Equity CAGR 3Y	0%
Market Cap	$1.47B
Revenue	$274.50M
Dividend Yield	1%
Payout Ratio	132%
Assets	$857.03M
Total Debt	$319.41M
Cash	$63.27M
Shares Outstanding	111.37M
EV	1.73B
Earnings Score	6%
Moat Score	58%
Safety Score	55%
Final Score	40%
Shares Growth 3y	-2%
Equity Growth QoQ	-1%
Equity Growth YoY	-8%

Assets & ROA

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Stockholders Equity & ROE

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P10 Holdings Inc is an asset management company. Its existing portfolio of solutions across private equity, venture capital, private credit, and impact investing support its mission by offering a comprehensive set of investment vehicles to its investors, including primary fund of funds, secondary investment, direct investment, and co-investments, alongside separate accounts. The company generates the majority of its revenue from Management & advisory fees.

SEC Filings

Direct access to P10, Inc. (PX) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does P10, Inc. compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of P10, Inc. compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR -12%

Stability -60%

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P10, Inc. Discounted Cash Flow

Fully customizable DCF calculator online for P10, Inc..

Years

Calculation mode

= $5B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$72M	$91M	$117M	$149M	$191M	$244M	$312M	$398M	$509M	$650M	$831M	$8.3B
DCF		$83M	$97M	$112M	$130M	$151M	$176M	$204M	$237M	$276M	$320M	$3.2B
Value	$5B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Net Margins	27%	34%	6%	15%	-3%	6%
ROA	-	1%	6%	5%	3%	5%
ROE	-	39%	2%	7%	-2%	3%

Bad Net Margins (6.35%)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Debt over FCF	-	27.27	4.35	4.79	6.23	4.47
Debt over Equity	-	4.85	0.54	0.67	0.68	0.81
Growth Stability	-	-	-	100%	-38%	-38%

Bad Debt/FCF ratio (4.47)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Good Debt/Equity ratio (0.81)

The company is not overleveraged and has a good balance between equity and debt.

Bad Graham’s Stability (-38%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2019	12/2020	12/2021	12/2022	12/2023	CAGR 5Y
Revenue YoY growth	-	50%	123%	32%	22%	31%
Earnings YoY growth	-	93%	-60%	218%	-127%	-12%
Equity YoY growth	-	66%	560%	10%	-2%	90%
FCF YoY growth	-	-37%	360%	24%	-23%	28%