Recent News
On February 26, 2026 PAR released fourth-quarter and full-year 2025 results and the board authorized a $100 million share repurchase program. On March 4, 2026 activist investor Voss Capital (≈13.2% ownership) issued an open letter urging the board to explore strategic alternatives. On March 13, 2026 PAR priced a private offering of convertible senior notes (aggregate ~$250M) to refinance existing notes and provide additional capital. On May 7, 2026 the company reported first-quarter 2026 results in a formal release and related SEC filing.
Technical Analysis
Directional indicators show a DI+ peak-and-reversal at 26.44 while DI- sits at 22.19 and is decreasing; the DI+ peak-and-reversal reads as a bearish shift, but the falling DI- reduces downward pressure. ADX at 14.18 indicates no established trend, which leaves price sensitivity high to the company’s recent financing and governance catalysts.
MACD displays a peak-and-reversal characteristic, signaling bearish momentum, yet the MACD value (-0.04) sits above its signal line (-0.18), constituting a bullish MACD crossover; the pair implies short-term momentum conflict that favors catalyst-driven swings rather than a sustained trend.
MRO at 1.41 (peak & reversal) registers as a small positive number, indicating the price sits modestly above the internal target and therefore carries a slight downside bias relative to valuation models, consistent with an over-valued assessment.
RSI at 42.9 and trending higher signals improving relative strength from an undersold band but stops short of bullish conviction; momentum has room to extend without reaching overbought conditions.
Price trades near short-term averages: close $14.00 vs 20-day average $14.34 and 50-day average $14.11, while remaining far below the 200-day average $31.18; the 12-day EMA and price both show peak-and-reversal behavior, indicating short-term weakness inside a longer-term underperformance trend.
Bollinger band placement (lower ~ $13.61, upper ~ $15.07) places current price inside the lower half of the band and near the daily intraday lows, implying limited immediate upside without fresh buying interest. Volume at 1.44M trails the 10-day (1.80M) and 50-day (1.96M) averages, suggesting muted conviction behind recent moves.
Fundamental Analysis
Profitability: gross margin reached 43.96%, but operating margin registered -11.20% and EBIT margin -10.23%; EBIT totaled -$12.7M and net income equaled -$16.2M for the period. EBIT margin declined QoQ by -33.14% and fell YoY by -50.90%, reflecting material margin compression quarter-to-quarter and year-over-year.
Earnings: reported EPS $0.10 versus estimate $0.06, an EPS beat of $0.04 representing a 66.67% surprise. EBITDA remained negative at -$667,000, and operating cash flow stood at -$16.3M, producing free cash flow of -$19.3M and a free cash flow yield of -2.68%.
Liquidity and leverage: cash on hand approximates $77.2M with cash and short-term investments near $77.8M; current ratio 2.10 and quick ratio 1.83 exceed the industry peer mean current ratio (≈1.12) and quick ratio (≈0.81), indicating above-average short-term coverage. Net debt measures ~$347.3M and debt-to-assets 31.19% sits slightly below the industry peer mean of 32.31%, while debt-to-equity at 0.52 remains materially below the industry peer mean of 1.83.
Operational efficiency: asset turnover remains low at 0.0898, though it improved QoQ by 2.71% and YoY by 19.46%; receivables and inventory turnover remain modest. Cash conversion cycle near 50.9 days sits toward the longer end of working-capital conversion but within the provided industry peer range.
Valuation: market multiples show disparities—trailing P/E at 175.09 and forward P/E ~74.44 signal elevated multiples relative to expected earnings; P/B at 0.87 sits well below the industry peer mean (~6.61) and median (~7.34), while P/S at 5.83 lies below the industry peer mean (~34.69). WMDST values the stock as over-valued, a determination that aligns with the combination of negative operating margins, negative free cash flow, elevated trailing P/E, and recent convertible issuance that could dilute per-share metrics.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-05-07 |
| NEXT REPORT DATE: | 2026-08-06 |
| CASH FLOW | Begin Period Cash Flow | $ 93.7 M |
| Operating Cash Flow | $ -16.34 M | |
| Capital Expenditures | $ -2.69 M | |
| Change In Working Capital | $ -22.02 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -2.90 M | |
| End Period Cash Flow | $ 90.8 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 124.0 M | |
| Forward Revenue | $ -23.84 M | |
| COSTS | ||
| Cost Of Revenue | $ 69.5 M | |
| Depreciation | $ 8.6 M | |
| Depreciation and Amortization | $ 12.0 M | |
| Research and Development | $ 22.0 M | |
| Total Operating Expenses | $ 137.9 M | |
| PROFITABILITY | ||
| Gross Profit | $ 54.5 M | |
| EBITDA | $ -667.00 K | |
| EBIT | $ -12.68 M | |
| Operating Income | $ -13.89 M | |
| Interest Income | — | |
| Interest Expense | $ 1.9 M | |
| Net Interest Income | $ -1.93 M | |
| Income Before Tax | $ -14.61 M | |
| Tax Provision | $ 1.6 M | |
| Tax Rate | 40.0 % | |
| Net Income | $ -16.17 M | |
| Net Income From Continuing Operations | $ -16.17 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.06 | |
| EPS Actual | $ 0.10 | |
| EPS Difference | $ 0.04 | |
| EPS Surprise | 66.667 % | |
| Forward EPS | $ 0.30 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 1.4 B | |
| Intangible Assets | $ 1.1 B | |
| Net Tangible Assets | $ -290.39 M | |
| Total Current Assets | $ 240.0 M | |
| Cash and Short-Term Investments | $ 77.8 M | |
| Cash | $ 77.2 M | |
| Net Receivables | $ 87.9 M | |
| Inventory | $ 30.9 M | |
| Long-Term Investments | $ 2.5 M | |
| LIABILITIES | ||
| Accounts Payable | $ 36.8 M | |
| Short-Term Debt | $ 2.9 M | |
| Total Current Liabilities | $ 114.1 M | |
| Net Debt | $ 347.3 M | |
| Total Debt | $ 433.8 M | |
| Total Liabilities | $ 564.7 M | |
| EQUITY | ||
| Total Equity | $ 826.4 M | |
| Retained Earnings | $ -380.57 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 20.04 | |
| Shares Outstanding | 41.246 M | |
| Revenue Per-Share | $ 3.01 | |
| VALUATION | Market Capitalization | $ 722.2 M |
| Enterprise Value | $ 1.1 B | |
| Enterprise Multiple | -1616.474 | |
| Enterprise Multiple QoQ | 541.943 % | |
| Enterprise Multiple YoY | 464.937 % | |
| Enterprise Multiple IPRWA | high: 130.519 median: 88.411 mean: 83.744 low: -53.834 PAR: -1616.474 |
|
| EV/R | 8.697 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.683 | |
| Asset To Liability | 2.463 | |
| Debt To Capital | 0.344 | |
| Debt To Assets | 0.312 | |
| Debt To Assets QoQ | 6.115 % | |
| Debt To Assets YoY | 7.683 % | |
| Debt To Assets IPRWA | high: 0.759 median: 0.361 mean: 0.323 PAR: 0.312 low: 0.009 |
|
| Debt To Equity | 0.525 | |
| Debt To Equity QoQ | 7.654 % | |
| Debt To Equity YoY | 11.784 % | |
| Debt To Equity IPRWA | high: 2.822 median: 2.117 mean: 1.827 PAR: 0.525 low: -3.053 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 0.874 | |
| Price To Book QoQ | -40.854 % | |
| Price To Book YoY | -70.002 % | |
| Price To Book IPRWA | high: 10.546 median: 7.336 mean: 6.612 PAR: 0.874 low: -1.037 |
|
| Price To Earnings (P/E) | 175.088 | |
| Price To Earnings QoQ | -64.968 % | |
| Price To Earnings YoY | -102.857 % | |
| Price To Earnings IPRWA | high: 314.967 PAR: 175.088 median: 112.174 mean: 110.217 low: -45.235 |
|
| PE/G Ratio | 2.626 | |
| Price To Sales (P/S) | 5.825 | |
| Price To Sales QoQ | -42.613 % | |
| Price To Sales YoY | -75.623 % | |
| Price To Sales IPRWA | high: 105.555 mean: 34.691 median: 30.768 PAR: 5.825 low: 0.966 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 74.44 | |
| Forward PE/G | 1.117 | |
| Forward P/S | -30.296 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -9.61 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.09 | |
| Asset Turnover Ratio QoQ | 2.71 % | |
| Asset Turnover Ratio YoY | 19.455 % | |
| Asset Turnover Ratio IPRWA | high: 0.525 median: 0.158 mean: 0.15 PAR: 0.09 low: 0.013 |
|
| Receivables Turnover | 1.462 | |
| Receivables Turnover Ratio QoQ | -7.328 % | |
| Receivables Turnover Ratio YoY | -8.685 % | |
| Receivables Turnover Ratio IPRWA | high: 7.428 mean: 1.934 median: 1.8 PAR: 1.462 low: 0.21 |
|
| Inventory Turnover | 2.381 | |
| Inventory Turnover Ratio QoQ | -10.884 % | |
| Inventory Turnover Ratio YoY | -3.348 % | |
| Inventory Turnover Ratio IPRWA | high: 47.578 mean: 5.236 median: 5.169 PAR: 2.381 low: 0.531 |
|
| Days Sales Outstanding (DSO) | 62.412 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 50.92 | |
| Cash Conversion Cycle Days QoQ | 11.121 % | |
| Cash Conversion Cycle Days YoY | 26.299 % | |
| Cash Conversion Cycle Days IPRWA | high: 61.781 PAR: 50.92 mean: 7.382 median: 0.138 low: -71.296 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.985 | |
| CapEx To Revenue | -0.022 | |
| CapEx To Depreciation | -0.313 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.2 B | |
| Net Invested Capital | $ 1.3 B | |
| Invested Capital | $ 1.3 B | |
| Net Tangible Assets | $ -290.39 M | |
| Net Working Capital | $ 125.8 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.682 | |
| Current Ratio | 2.103 | |
| Current Ratio QoQ | 27.039 % | |
| Current Ratio YoY | 2.792 % | |
| Current Ratio IPRWA | high: 6.084 PAR: 2.103 mean: 1.118 median: 0.981 low: 0.462 |
|
| Quick Ratio | 1.832 | |
| Quick Ratio QoQ | 25.442 % | |
| Quick Ratio YoY | 0.114 % | |
| Quick Ratio IPRWA | high: 2.126 PAR: 1.832 mean: 0.809 median: 0.759 low: 0.705 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -650.411 | |
| Cost Of Debt | 0.277 % | |
| Interest Coverage Ratio | -6.563 | |
| Interest Coverage Ratio QoQ | -44.701 % | |
| Interest Coverage Ratio YoY | -50.428 % | |
| Interest Coverage Ratio IPRWA | high: 209.4 mean: 31.681 median: 27.011 PAR: -6.563 low: -93.286 |
|
| Operating Cash Flow Ratio | -0.143 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 49.197 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 1.607 % | |
| Revenue Growth | 3.224 % | |
| Revenue Growth QoQ | 318.701 % | |
| Revenue Growth YoY | -395.509 % | |
| Revenue Growth IPRWA | high: 26.136 % PAR: 3.224 % median: -4.633 % mean: -5.645 % low: -19.749 % |
|
| Earnings Growth | 66.667 % | |
| Earnings Growth QoQ | 0.0 % | |
| Earnings Growth YoY | — | |
| Earnings Growth IPRWA | high: 119.481 % PAR: 66.667 % median: -3.361 % mean: -12.78 % low: -116.216 % |
|
| MARGINS | ||
| Gross Margin | 43.962 % | |
| Gross Margin QoQ | 6.714 % | |
| Gross Margin YoY | -5.551 % | |
| Gross Margin IPRWA | high: 90.967 % median: 75.066 % mean: 64.22 % PAR: 43.962 % low: 18.863 % |
|
| EBIT Margin | -10.227 % | |
| EBIT Margin QoQ | -33.139 % | |
| EBIT Margin YoY | -50.898 % | |
| EBIT Margin IPRWA | high: 69.55 % mean: 34.857 % median: 23.413 % PAR: -10.227 % low: -20.466 % |
|
| Return On Sales (ROS) | -11.201 % | |
| Return On Sales QoQ | -25.515 % | |
| Return On Sales YoY | -46.221 % | |
| Return On Sales IPRWA | high: 68.454 % mean: 33.885 % median: 20.933 % PAR: -11.201 % low: -41.466 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -19.33 M | |
| Free Cash Flow Yield | -2.677 % | |
| Free Cash Flow Yield QoQ | 134.413 % | |
| Free Cash Flow Yield YoY | 255.04 % | |
| Free Cash Flow Yield IPRWA | high: 3.901 % mean: 1.118 % median: 1.105 % PAR: -2.677 % low: -6.898 % |
|
| Free Cash Growth | 38.834 % | |
| Free Cash Growth QoQ | -110.546 % | |
| Free Cash Growth YoY | -102.677 % | |
| Free Cash Growth IPRWA | high: 175.426 % PAR: 38.834 % mean: -15.374 % median: -43.463 % low: -224.305 % |
|
| Free Cash To Net Income | 1.196 | |
| Cash Flow Margin | -13.176 % | |
| Cash Flow To Earnings | 1.01 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | -1.172 % | |
| Return On Assets QoQ | -22.945 % | |
| Return On Assets YoY | -33.522 % | |
| Return On Assets IPRWA | high: 7.283 % mean: 3.946 % median: 2.651 % PAR: -1.172 % low: -8.198 % |
|
| Return On Capital Employed (ROCE) | -0.993 % | |
| Return On Equity (ROE) | -0.02 | |
| Return On Equity QoQ | -22.749 % | |
| Return On Equity YoY | -31.561 % | |
| Return On Equity IPRWA | high: 0.1 median: 0.037 mean: 0.031 PAR: -0.02 low: -0.209 |
|
| DuPont ROE | -1.958 % | |
| Return On Invested Capital (ROIC) | -0.608 % | |
| Return On Invested Capital QoQ | -48.908 % | |
| Return On Invested Capital YoY | -55.717 % | |
| Return On Invested Capital IPRWA | high: 9.498 % mean: 2.921 % median: 1.64 % PAR: -0.608 % low: -9.223 % |
|