Recent News
On March 13, 2026 PAR priced a $250.0 million private offering of 4.00% convertible senior notes due 2031, with concurrent share repurchases tied to the offering. On March 4, 2026 activist holder Voss Capital issued an open letter urging the board to explore strategic alternatives. On April 15, 2026 PAR and Voss Capital executed a Board Observer Agreement appointing Jon Hook as a non‑voting observer to the board.
Technical Analysis
ADX at 30.53 — strong trend strength present and therefore technical signals carry conviction beyond noise; this strength amplifies near-term directional moves relative to recent volatility.
DI+ at 19.72 and increasing — bullish; DI‑ at 29.50 and decreasing — bullish; the combined picture favors directional bias toward buyers while trend strength supports follow-through.
MACD at -1.03 with an increasing trend and a cross above the signal line (-1.52) — bullish momentum has begun to build from negative territory, suggesting momentum has shifted from contraction toward expansion.
MRO at -26.34 and increasing — the price sits below the regression target, implying upside potential as momentum converges toward the target while the increasing MRO indicates that gap is narrowing.
RSI at 37.28 and increasing — momentum remains on the lower side of neutral but shows improvement, consistent with a tactical recovery rather than an overbought condition.
Price structure: last close $14.58 sits above the 20-day average ($13.34) and the 12-day EMA ($13.63) but below the 50-day ($16.59) and the 200-day ($36.58); short-term moving averages trending higher signals constructive short-term bias while longer-term averages keep valuation anchored lower.
Bollinger band width narrowness (20‑day stdev $0.87; lower band ~$12.47, upper band ~$14.20) and volume below the 10‑ and 50‑day averages indicate the current move lacks broad participation, leaving follow‑through dependent on catalyst-driven volume (convertible note close, activist steps).
Fundamental Analysis
Revenue and top‑line: total revenue $120,101,000. Reported revenue growth shows mixed period signals: reported revenue growth (latest) 0.77%, quarter‑over‑quarter change -87.23%, and year‑over‑year change -90.97% — QoQ and YoY measures signal significant recent variability in reported top‑line trends. The company announced full‑year and Q4 results in late February 2026.
Profitability: operating income and net income remain negative — EBIT $(18,371,000) producing an EBIT margin of -15.30% (EBIT margin QoQ +7.30%, YoY -20.21%). The EBIT margin sits below the industry peer mean (27.79%) and the industry peer median (22.52%), indicating the company trails peers on operating profitability.
Cash flow and leverage: operating cash flow $(11,752,000) and free cash flow $(13,926,000) with free cash flow yield about -1.14%. Cash and short‑term investments $80,144,000 versus total debt $402,358,000 and net debt $314,459,000 — liquidity exists but leverage remains meaningful relative to near‑term cash burn.
Capital allocation and equity metrics: EPS reported $0.06 versus estimate $0.03 (EPS surprise +100%), forward EPS $0.280625, forward PE ~120.24x, trailing PE ~499.79x, and P/B ~1.48. The P/B ratio sits below the industry peer mean (7.42) and median (8.54); the trailing and forward P/E figures remain elevated versus the industry peer mean and median, reflecting earnings shortfalls and substantial implied expectation dispersion.
Operational efficiency: asset turnover 0.0875 with modest QoQ and YoY improvements; gross margin 41.20% with slight YoY contraction. Interest expense remains low ($1,548,000) but interest coverage is negative (-11.87) given operating losses.
Valuation note: the current valuation as determined by WMDST classifies the stock as over‑valued given elevated earnings multiples, negative operating income, and net leverage levels, even while some balance sheet liquidity and improving short‑term technical momentum exist.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-02-26 |
| NEXT REPORT DATE: | 2026-05-28 |
| CASH FLOW | Begin Period Cash Flow | $ 106.9 M |
| Operating Cash Flow | $ -11.75 M | |
| Capital Expenditures | $ -2.17 M | |
| Change In Working Capital | $ -16.55 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -13.21 M | |
| End Period Cash Flow | $ 93.7 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 120.1 M | |
| Forward Revenue | $ -16.39 M | |
| COSTS | ||
| Cost Of Revenue | $ 70.6 M | |
| Depreciation | $ 8.9 M | |
| Depreciation and Amortization | $ 12.2 M | |
| Research and Development | $ 21.8 M | |
| Total Operating Expenses | $ 138.2 M | |
| PROFITABILITY | ||
| Gross Profit | $ 49.5 M | |
| EBITDA | $ -6.12 M | |
| EBIT | $ -18.37 M | |
| Operating Income | $ -18.06 M | |
| Interest Income | — | |
| Interest Expense | $ 1.5 M | |
| Net Interest Income | $ -1.55 M | |
| Income Before Tax | $ -19.92 M | |
| Tax Provision | $ 975.0 K | |
| Tax Rate | 21.0 % | |
| Net Income | $ -20.89 M | |
| Net Income From Continuing Operations | $ -20.89 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.03 | |
| EPS Actual | $ 0.06 | |
| EPS Difference | $ 0.03 | |
| EPS Surprise | 100.0 % | |
| Forward EPS | $ 0.28 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 1.4 B | |
| Intangible Assets | $ 1.1 B | |
| Net Tangible Assets | $ -276.25 M | |
| Total Current Assets | $ 232.9 M | |
| Cash and Short-Term Investments | $ 80.1 M | |
| Cash | $ 79.6 M | |
| Net Receivables | $ 81.7 M | |
| Inventory | $ 27.4 M | |
| Long-Term Investments | $ 13.3 M | |
| LIABILITIES | ||
| Accounts Payable | $ 39.3 M | |
| Short-Term Debt | $ 20.0 M | |
| Total Current Liabilities | $ 140.7 M | |
| Net Debt | $ 314.5 M | |
| Total Debt | $ 402.4 M | |
| Total Liabilities | $ 544.0 M | |
| EQUITY | ||
| Total Equity | $ 825.1 M | |
| Retained Earnings | $ -364.40 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 20.30 | |
| Shares Outstanding | 40.654 M | |
| Revenue Per-Share | $ 2.95 | |
| VALUATION | Market Capitalization | $ 1.2 B |
| Enterprise Value | $ 1.5 B | |
| Enterprise Multiple | -251.81 | |
| Enterprise Multiple QoQ | -44.483 % | |
| Enterprise Multiple YoY | -23.573 % | |
| Enterprise Multiple IPRWA | high: 209.332 median: 94.5 mean: 88.633 low: -108.867 PAR: -251.81 |
|
| EV/R | 12.834 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.659 | |
| Asset To Liability | 2.517 | |
| Debt To Capital | 0.328 | |
| Debt To Assets | 0.294 | |
| Debt To Assets QoQ | 0.606 % | |
| Debt To Assets YoY | 7.727 % | |
| Debt To Assets IPRWA | high: 1.053 median: 0.342 mean: 0.304 PAR: 0.294 low: 0.001 |
|
| Debt To Equity | 0.488 | |
| Debt To Equity QoQ | 1.566 % | |
| Debt To Equity YoY | 12.849 % | |
| Debt To Equity IPRWA | high: 4.69 median: 1.608 mean: 1.533 PAR: 0.488 low: -1.825 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.477 | |
| Price To Book QoQ | -28.836 % | |
| Price To Book YoY | -51.805 % | |
| Price To Book IPRWA | high: 12.539 median: 8.536 mean: 7.423 PAR: 1.477 low: -10.653 |
|
| Price To Earnings (P/E) | 499.793 | |
| Price To Earnings QoQ | -30.04 % | |
| Price To Earnings YoY | -108.155 % | |
| Price To Earnings IPRWA | PAR: 499.793 high: 209.621 median: 110.437 mean: 94.046 low: -116.283 |
|
| PE/G Ratio | — | |
| Price To Sales (P/S) | 10.151 | |
| Price To Sales QoQ | -30.467 % | |
| Price To Sales YoY | -60.113 % | |
| Price To Sales IPRWA | high: 67.666 median: 45.559 mean: 35.165 PAR: 10.151 low: -18.094 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 120.243 | |
| Forward PE/G | — | |
| Forward P/S | -65.725 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 10.561 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.087 | |
| Asset Turnover Ratio QoQ | 1.603 % | |
| Asset Turnover Ratio YoY | 11.613 % | |
| Asset Turnover Ratio IPRWA | high: 0.563 mean: 0.155 median: 0.149 PAR: 0.087 low: -0.115 |
|
| Receivables Turnover | 1.578 | |
| Receivables Turnover Ratio QoQ | -5.434 % | |
| Receivables Turnover Ratio YoY | -9.834 % | |
| Receivables Turnover Ratio IPRWA | high: 13.277 mean: 2.388 median: 1.947 PAR: 1.578 low: 0.221 |
|
| Inventory Turnover | 2.671 | |
| Inventory Turnover Ratio QoQ | 0.934 % | |
| Inventory Turnover Ratio YoY | 1.911 % | |
| Inventory Turnover Ratio IPRWA | high: 43.459 median: 5.929 mean: 5.799 PAR: 2.671 low: 0.399 |
|
| Days Sales Outstanding (DSO) | 57.839 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 45.824 | |
| Cash Conversion Cycle Days QoQ | 10.322 % | |
| Cash Conversion Cycle Days YoY | 44.994 % | |
| Cash Conversion Cycle Days IPRWA | high: 270.496 PAR: 45.824 mean: 4.039 median: -7.695 low: -223.201 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 1.303 | |
| CapEx To Revenue | -0.018 | |
| CapEx To Depreciation | -0.245 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.2 B | |
| Net Invested Capital | $ 1.2 B | |
| Invested Capital | $ 1.2 B | |
| Net Tangible Assets | $ -276.25 M | |
| Net Working Capital | $ 92.2 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.569 | |
| Current Ratio | 1.655 | |
| Current Ratio QoQ | -2.42 % | |
| Current Ratio YoY | -15.111 % | |
| Current Ratio IPRWA | high: 10.542 PAR: 1.655 mean: 1.285 median: 1.035 low: 0.142 |
|
| Quick Ratio | 1.46 | |
| Quick Ratio QoQ | -3.053 % | |
| Quick Ratio YoY | -16.764 % | |
| Quick Ratio IPRWA | high: 5.741 PAR: 1.46 mean: 1.049 median: 0.924 low: 0.57 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -65.734 | |
| Cost Of Debt | 0.304 % | |
| Interest Coverage Ratio | -11.868 | |
| Interest Coverage Ratio QoQ | 2.337 % | |
| Interest Coverage Ratio YoY | 101.163 % | |
| Interest Coverage Ratio IPRWA | high: 144.777 mean: 32.111 median: 28.189 PAR: -11.868 low: -180.024 |
|
| Operating Cash Flow Ratio | -0.103 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 46.493 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -0.598 % | |
| Revenue Growth | 0.77 % | |
| Revenue Growth QoQ | -87.233 % | |
| Revenue Growth YoY | -90.971 % | |
| Revenue Growth IPRWA | high: 71.952 % mean: 6.338 % median: 2.215 % PAR: 0.77 % low: -62.099 % |
|
| Earnings Growth | 0.0 % | |
| Earnings Growth QoQ | -100.0 % | |
| Earnings Growth YoY | -100.0 % | |
| Earnings Growth IPRWA | high: 575.0 % mean: 56.046 % median: 6.897 % PAR: 0.0 % low: -410.0 % |
|
| MARGINS | ||
| Gross Margin | 41.196 % | |
| Gross Margin QoQ | -0.237 % | |
| Gross Margin YoY | -3.887 % | |
| Gross Margin IPRWA | high: 111.171 % median: 74.915 % mean: 66.189 % PAR: 41.196 % low: -63.79 % |
|
| EBIT Margin | -15.296 % | |
| EBIT Margin QoQ | 7.303 % | |
| EBIT Margin YoY | -20.209 % | |
| EBIT Margin IPRWA | high: 119.472 % mean: 27.786 % median: 22.517 % PAR: -15.296 % low: -462.252 % |
|
| Return On Sales (ROS) | -15.038 % | |
| Return On Sales QoQ | 1.526 % | |
| Return On Sales YoY | -21.555 % | |
| Return On Sales IPRWA | high: 138.448 % mean: 31.211 % median: 22.517 % PAR: -15.038 % low: -248.503 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -13.93 M | |
| Free Cash Flow Yield | -1.142 % | |
| Free Cash Flow Yield QoQ | -483.221 % | |
| Free Cash Flow Yield YoY | -2296.154 % | |
| Free Cash Flow Yield IPRWA | high: 6.558 % median: 1.23 % mean: 0.953 % PAR: -1.142 % low: -20.929 % |
|
| Free Cash Growth | -368.22 % | |
| Free Cash Growth QoQ | 130.034 % | |
| Free Cash Growth YoY | 357.837 % | |
| Free Cash Growth IPRWA | high: 453.461 % mean: 40.878 % median: -5.908 % low: -235.475 % PAR: -368.22 % |
|
| Free Cash To Net Income | 0.667 | |
| Cash Flow Margin | -12.022 % | |
| Cash Flow To Earnings | 0.691 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | -1.521 % | |
| Return On Assets QoQ | 15.842 % | |
| Return On Assets YoY | -3.183 % | |
| Return On Assets IPRWA | high: 27.44 % mean: 4.199 % median: 3.756 % PAR: -1.521 % low: -35.978 % |
|
| Return On Capital Employed (ROCE) | -1.496 % | |
| Return On Equity (ROE) | -0.025 | |
| Return On Equity QoQ | 16.736 % | |
| Return On Equity YoY | 4.801 % | |
| Return On Equity IPRWA | high: 0.525 mean: 0.248 median: 0.172 PAR: -0.025 low: -0.622 |
|
| DuPont ROE | -2.513 % | |
| Return On Invested Capital (ROIC) | -1.19 % | |
| Return On Invested Capital QoQ | -12.436 % | |
| Return On Invested Capital YoY | -79.943 % | |
| Return On Invested Capital IPRWA | high: 20.565 % mean: 7.714 % median: 4.757 % PAR: -1.19 % low: -31.729 % |
|