Cash flow efficiency is inconsistent, highlighted by a free cash flow margin that swung from a peak of 47.5% in 2024Q2 to negative territory in 2025Q3, alongside aggressive capital returns including a $1.4 billion share repurchase in 2025Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 |
|---|
| Cash from Operations | 3.05B | 10.35B | 100.97M | 47.69M | 61.67M | 49.02M | 10.67M | 16.81M | 16.02M | 1.03M | -7.17M | -1.58M | -7.23M | -1.31M | -5.99M | 2.46B | 1.91B | 2.17B | 2.04B | 1.96B | 1.75B | 1.48B | 0 | 332M |
| Operating CF Margin % | - | 30.45% | 34.06% | 19.73% | 31.09% | 32.56% | 15.84% | 37.44% | 48.46% | 23.99% | -0.07% | -0.01% | -14.71% | -2.12% | -7.85% | 21.82% | 18.83% | - | - | - | - | - | - | - |
| Operating CF Growth % | 11102.23% | 10150.57% | 111.74% | -22.68% | 25.82% | 359.45% | -36.54% | 4.95% | 1449.32% | 114.42% | -354.02% | 78.15% | -453.02% | 78.18% | -100.24% | 28.87% | -12.13% | 6.38% | 4.09% | 11.76% | 18.78% | - | -100% | - |
| Net Income | 1.55B | 6.9B | 19.67M | -7.13M | 29.4M | 10.77M | 23.81M | 11.94M | 5.99M | 481K | -1.45M | -1.32M | -12.83M | -8.35M | -1.92M | 1.67B | 1.2B | 1.44B | 1.21B | 1.18B | 988M | 726M | 697M | 585M |
| Depreciation & Amortization | 969.14M | 3.76B | 26.56M | 29.96M | 27.35M | 30.7M | 15.57M | 10.58M | 10.89M | 1.89M | 1K | 1K | 1.22M | 1.08M | 1.28M | 1B | 925M | 846M | 850M | 774M | 696M | 665M | 3.99B | 3.33B |
| Stock-Based Compensation | 31.17M | 0 | 30.45M | 34.65M | 18.62M | 4.92M | 714K | 417K | 359K | 302K | 39M | 30M | 1.14M | 1.7M | 1.41M | 62M | 47M | 39M | 45M | 42M | 0 | 0 | 0 | 0 |
| Deferred Taxes | 3.69M | 0 | 3.97M | 3.76M | 3.69M | -8.14M | -30.27M | -10.91M | 0 | -3M | 13M | -99M | -55M | -101M | -258M | 3M | -133M | -221M | -23M | 37M | 90M | 200M | 0 | 0 |
| Other Non-Cash Items | 560.33M | -229.1M | 12.48M | 2.72M | 1.99M | 17.63M | 2.04M | 2.68M | 18.01M | 1.82M | -5.65M | 656K | 1.03M | -2.94M | -5.35M | -89M | 13M | -1.03B | 391M | 471M | 940M | -1.51B | -4.22B | -4.25B |
| Working Capital Changes | -59.39M | -81.9M | 7.84M | -16.27M | -19.37M | -6.87M | -1.19M | 2.1M | 3.36M | 325K | -27K | 384M | 2.21M | 7.2M | -8.49M | -196M | -142M | 1.09B | -436M | -543M | -962M | 1.39B | -463M | 332M |
| Change in Receivables | -14.71M | -11.33M | -35.91M | -25.23M | -1.07M | -9.38M | 1.51M | -319K | -331K | 130K | -41K | 1M | -2.05M | 8.96M | -6.85M | -108M | -114M | 39M | 119M | -223M | -90M | -165M | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 809K | 0 | -22M | -13M | 283K | 5.26M | -1.8M | -1.64M | -31M | -26M | 58M | 21M | -71M | -15M | -41M | 0 | 0 |
| Change in Payables | -4.24M | -6.11M | 15.64M | -1.08M | -10.89M | -702K | 619K | 23K | -111K | 162K | 92M | -1.19M | 13M | 107M | -34M | 44M | 163M | 581M | 102M | -7M | -1.16B | 337M | 0 | 0 |
| Cash from Investing | -1.5B | -5.72B | -5.8M | -2.25M | -98.59M | -47.4M | -214.19M | -655K | -12.79M | -2.23M | -3.17M | -779K | -324K | -925K | -1.06M | -2B | -1.48B | -1.45B | -1.69B | -1.81B | -988M | -887M | 0 | 0 |
| Capital Expenditures | -1.46B | -5.26B | -4.38M | -1.19M | -1.47M | -129K | -34K | -30K | -33K | -1.31B | -3K | -2K | -343K | -996K | -1.27M | -1.8B | -1.39B | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | 16.26% | 15.48% | 1.48% | 0.49% | 0.74% | 0.09% | 0.05% | 0.07% | 0.1% | 30417.63% | 0% | 0% | 0.7% | 1.61% | 1.67% | 15.97% | 13.72% | - | - | - | - | - | - | - |
| Acquisitions | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 0 | 0 | 2.78M | 1.74M | 2.32M | 1.8M | 2.16M | 0 | -35.61M | 54M | 46M | 33M | 43M | 36M | 46M | 576M | 615M | 435M | 416M | 387M | 218M | 218M | 210M | 182M |
| Other Investing | 18.55M | -48M | -1.43M | -1.81M | -1.68M | -2.58M | 0 | 0 | 253K | 42M | -3.16M | -777K | 19K | 71K | 212K | 1.02B | 639M | -1.32B | -1.69B | -1.81B | -988M | -887M | 0 | 0 |
| Cash from Financing | -1.03B | -4.55B | -59.11M | -42.87M | 22.93M | 29.08M | 196.84M | -5.64M | 3.62M | 1.73M | -33K | -9K | 10.55M | 585K | 10.1M | -380M | -419M | -711M | -333M | -170M | -905M | -438M | 0 | 0 |
| Debt Issued (Net) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | -1.42B | -4.6B | -67.81M | -18.64M | -22.36M | 138M | 0 | 0 | 0 | 0 | -33K | -9K | -16K | -67K | 10.13M | 498K | 9.11M | 2.93M | -36K | 13.05M | 2.78M | 19.66M | 0 | 0 |
| Dividends Paid | -710.45M | -2.81B | -15.49M | -15.41M | -10.52M | -2.31M | 0 | 0 | 0 | -901M | -856M | -819M | -759M | -708M | -655M | -602M | -551M | -491M | -468M | -381M | -323M | -233M | 0 | 0 |
| Share Repurchases | -1.43B | -4.6B | -67.81M | -18.64M | -22.36M | 0 | 0 | 0 | 0 | -12M | -33K | -9K | -16K | -67K | -29K | -12K | -30K | -14K | -54K | 0 | 0 | -3K | 0 | 0 |
| Other Financing | 67.15M | -53M | -6.03M | -7.99M | -21.7M | -23.04M | 42.29M | 0 | -288K | 4.66M | 0 | 0 | 10.57M | 652K | -29K | 218.5M | 551M | 491M | 133.04M | 381M | -584.78M | 233M | 0 | 0 |
| Net Change in Cash | 513.46M | 206M | 36.06M | 2.56M | -13.99M | 30.7M | -6.68M | 10.52M | 6.84M | 540K | -10.69M | -2.56M | 2.56M | -144.74M | -76.48M | 51M | -6M | 13M | 15M | -19M | -137M | 148M | 0 | 332M |
| Free Cash Flow | 1.59B | 5.09B | 96.59M | 46.22M | 60.21M | 48.86M | 10.63M | 16.78M | 15.99M | -1.31B | -7.17M | -1.58M | -7.57M | -2.3M | -7.26M | 658M | 517M | 2.17B | 2.04B | 1.96B | 1.75B | 1.48B | 0 | 332M |
| FCF Margin % | 17.7% | 14.97% | 32.58% | 19.12% | 30.35% | 32.46% | 15.79% | 37.38% | 48.36% | -30393.64% | -0.07% | -0.01% | -15.41% | -3.73% | -9.52% | 5.85% | 5.11% | - | - | - | - | - | - | - |
| FCF Growth % | 1900.2% | 5168.61% | 109% | -23.24% | 23.22% | 359.43% | -36.63% | 4.98% | 101.22% | -18165% | -353.64% | 79.12% | -228.75% | 68.3% | -101.1% | 27.27% | -76.15% | 6.38% | 4.09% | 11.76% | 18.78% | - | -100% | - |
| FCF per Share | 13.56 | 10.78 | 0.80 | 0.40 | 0.49 | 0.43 | 0.09 | 0.14 | 0.25 | -37.96 | -0.44 | -0.10 | -0.48 | -0.17 | -0.56 | 53.63 | 41.51 | 6.94 | 6.40 | 6.03 | 5.32 | 4.47 | - | 1.00 |
| FCF Conversion (FCF/Net Income) | 1.02x | 1.50x | 5.40x | -6.69x | 2.11x | 4.55x | 0.45x | 1.41x | -5.44x | -0.72x | 0.45x | 0.24x | 0.56x | 0.16x | 3.12x | 1.47x | 1.59x | 1.50x | 1.68x | 1.66x | 1.77x | 2.03x | - | 0.57x |
| Interest Paid | 19.82M | 26.51M | 21.73M | 20.1M | 6.78M | 18.72M | 9.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 2.79M | 3.35M | 2.54M | 1.54M | 2.48M | 5.04M | 1.17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Accounting Consolidation Distorts Reality
As reported in financial statements, PX's operating cash flow to net income ratio has fluctuated wildly, ranging from a negative 4.01 in 2025Q3 to a high of 19.54 in 2024Q3, suggesting that net income is a poor proxy for the firm's actual cash-generating capacity.
The extreme variance in the OCF/NI ratio indicates that non-cash items and working capital swings are significantly decoupling accounting profits from liquidity. Investors should monitor whether this instability is a byproduct of the firm's acquisition-heavy strategy or inherent volatility in its tax-credit consulting business.
Based on quarterly data, PX's free cash flow margins have shown significant inconsistency, swinging from a peak of 47.5% in 2024Q2 to negative territory in 2025Q1 and 2025Q3, which suggests that the firm's cash flow trajectory is highly sensitive to operational timing and investment cycles.
The inability to maintain consistent positive FCF margins implies that the firm's recurring fee base may be insufficient to cover its operating and capital requirements during periods of lower transaction activity. This volatility warrants further investigation into the sustainability of the firm's core fee-related earnings.
According to recent SEC filings, PX's capital expenditure spiked to $1.5 billion in 2025Q4, a dramatic departure from the typical sub-$2 million quarterly run rate, which suggests a major structural change in the firm's asset base or a significant consolidation of fund-level capital requirements.
This massive increase in capital intensity appears to be an outlier that likely distorts the firm's historical capital efficiency metrics. Analysts should determine if this represents a permanent shift toward a more capital-intensive business model or a one-time accounting event related to the firm's recent growth strategy.
As reported in financial statements, PX has consistently returned capital to shareholders through dividends and buybacks, including a $1.4 billion share repurchase in 2025Q4, even as operating cash flows have demonstrated significant quarter-to-quarter volatility and occasional negative outcomes.
The decision to prioritize large-scale share repurchases during periods of cash flow instability may indicate management's confidence in long-term earnings power, though it also raises questions about the optimal use of capital. Investors should monitor whether these distributions are funded by sustainable cash flow or by drawing down on the firm's existing liquidity.
Quick answers to the most common questions about buying PX stock.
P10, Inc. (PX) generated $10.35B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
P10, Inc. (PX) generated $5.09B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
P10, Inc. (PX) spent $5.26B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, P10, Inc. (PX) returned $2.81B to shareholders via cash dividends and spent $4.60B on share repurchases. This shows the company's commitment to returning capital to its equity investors.