Recent News
Jan. 26, 2026 — PAR agreed to acquire the Bridg identity-resolution and shopper-intelligence platform from Cardlytics in a transaction valued at $27.5M, payable in PAR common stock with adjustments up to $30.0M. Jan. 14–15, 2026 — PAR executed privately negotiated exchange agreements to convert roughly $17.1M of its 2.875% convertible senior notes due 2026 into about 398,650 shares of common stock plus cash for accrued interest.
Technical Analysis
ADX at 39.79 indicates a strong trend environment; trend strength supports near-term directional moves without implying direction itself. Price sits at $19.22, well below the 50-day average ($28.13) and 200-day average ($44.34), which keeps the multi-week structural bias lower despite short-term signals.
Directional indicators show DI+ at 17.99 and increasing, a bullish development; DI- at 36.63 has peak-and-reversed, which also reads as bullish under the directional reversal rules. Together these suggest short-term buying pressure has re-emerged even while the broader price structure stayed depressed.
MACD sits at -2.61 with a dip-and-reversal and now above its signal line (-2.89); that cross constitutes a bullish momentum shift from very negative readings and supports the idea of a short-term recovery attempt rather than a sustained trend change.
MRO equals -39.27, which signals price sits below the computed target and implies potential upward pressure; the magnitude indicates material room to normalize if momentum sustains.
RSI at 36.66 has shown a dip-and-reversal, consistent with a rebound from near-oversold conditions; coupling RSI recovery with MACD crossing above its signal points to tactical mean-reversion potential over days to a few weeks.
Additional overlays: the 12-day EMA is decreasing and the price trades just under the 20-day average ($19.77), so short-term momentum must overcome nearby resistance (price20day and the superTrend upper at $20.91) before any sustained upside that challenges the 50-day band.
Fundamental Analysis
Revenue and cash-flow dynamics: total revenue reads $120,101,000 and free cash flow is negative $13,926,000. The cash position shows $79,565,000 in cash and $80,144,000 in cash and short-term investments, producing a cash ratio of 0.57 and a current ratio of 1.66—adequate near-term liquidity given current liabilities of $140,738,000.
Profitability: EBIT equals -$18,371,000 with an EBIT margin of -15.30%, which improved quarter-over-quarter by 7.30% but declined year-over-year by 20.21%. By comparison, the industry peer mean for EBIT margin stands at 34.806% and the industry peer median at 23.472%; PAR’s margin sits well below that industry peer mean and median while above the industry peer low. These margin deficits reflect ongoing investment and legacy hardware cost structure versus higher-margin subscription elements.
Earnings and guidance context: reported diluted EPS came in at $0.06 versus an estimate of $0.03, an EPS beat of $0.03, representing a 100% surprise ratio on the estimate provided. Operating cash flow is negative $11,752,000 and cash flow margin equals -12.02%, while cash flow to earnings sits at 69.10%, indicating a meaningful—but imperfect—conversion of accounting results to cash generation.
Leverage and capital structure: total debt equals $402,358,000 with debt-to-assets of 29.39% and debt-to-equity of 0.49. Recent exchange agreements to swap approximately $17.1M of 2.875% convertible notes for common stock reduce near-term debt obligations and dilution effects will adjust equity counts; the exchange transaction is disclosed in the company filings. Net tangible assets show a deficit (net tangible assets: -$276,255,000), reflecting significant intangible asset balances tied to software and acquired businesses.
Growth and operating metrics: YoY revenue growth and QoQ growth metrics in the provided data show weakness (revenue growth YoY at -90.97% and QoQ at -87.23%), while subscription-related signals in public releases indicate ARR momentum elsewhere; the Bridg asset acquisition adds deterministic shopper data to PAR’s loyalty and measurement stack and should enhance addressable-market capabilities and monetization pathways if integration executes. The Bridg purchase price structure uses equity consideration and may shift near-term share count and intangible balances.
Valuation: WMDST values the stock as over-valued. Market multiples show a P/E near 499.8x (reflecting the low absolute EPS base), EV/revenue and PS ratios elevated relative to growth expectations (EVR 12.83; PS 10.15). Forward PE sits near 120.24x using the forward EPS provided, indicating market expectations priced well above current cash profitability.
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 | $ -18.55 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 | $ 0.32 | |
| 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: 90.17 low: -72.728 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: 1.356 median: 0.351 mean: 0.33 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: 3.435 median: 1.979 mean: 1.602 PAR: 0.488 low: -0.835 |
|
| 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: 7.523 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: 95.406 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: 86.47 median: 45.559 mean: 36.088 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: 0.504 median: 0.159 mean: 0.156 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: 2.373 median: 1.989 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: 18.333 median: 5.929 mean: 5.819 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: 61.28 PAR: 45.824 mean: -0.287 median: -7.695 low: -147.2 |
|
| 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: 4.96 PAR: 1.655 mean: 1.235 median: 1.035 low: 0.489 |
|
| Quick Ratio | 1.46 | |
| Quick Ratio QoQ | -3.053 % | |
| Quick Ratio YoY | -16.764 % | |
| Quick Ratio IPRWA | high: 3.615 PAR: 1.46 mean: 0.999 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: 33.342 median: 31.667 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: 25.29 % mean: 6.465 % median: 2.372 % PAR: 0.77 % low: -23.139 % |
|
| Earnings Growth | 0.0 % | |
| Earnings Growth QoQ | -100.0 % | |
| Earnings Growth YoY | -100.0 % | |
| Earnings Growth IPRWA | high: 219.565 % mean: 54.182 % median: 6.4 % PAR: 0.0 % low: -308.108 % |
|
| MARGINS | ||
| Gross Margin | 41.196 % | |
| Gross Margin QoQ | -0.237 % | |
| Gross Margin YoY | -3.887 % | |
| Gross Margin IPRWA | high: 111.171 % median: 76.626 % mean: 66.715 % PAR: 41.196 % low: -27.146 % |
|
| EBIT Margin | -15.296 % | |
| EBIT Margin QoQ | 7.303 % | |
| EBIT Margin YoY | -20.209 % | |
| EBIT Margin IPRWA | high: 68.187 % mean: 34.806 % median: 23.472 % PAR: -15.296 % low: -70.619 % |
|
| Return On Sales (ROS) | -15.038 % | |
| Return On Sales QoQ | 1.526 % | |
| Return On Sales YoY | -21.555 % | |
| Return On Sales IPRWA | high: 66.964 % mean: 33.896 % median: 24.63 % PAR: -15.038 % low: -45.836 % |
|
| 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: 6.302 % median: 1.23 % mean: 1.05 % PAR: -1.142 % low: -13.099 % |
|
| Free Cash Growth | -368.22 % | |
| Free Cash Growth QoQ | 130.034 % | |
| Free Cash Growth YoY | 357.837 % | |
| Free Cash Growth IPRWA | high: 260.17 % mean: 34.39 % median: -11.161 % low: -226.266 % 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: 15.108 % mean: 4.408 % median: 3.756 % PAR: -1.521 % low: -20.795 % |
|
| 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: 0.172 mean: 0.077 median: 0.071 PAR: -0.025 low: -0.492 |
|
| 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: 15.68 % mean: 7.996 % median: 5.076 % PAR: -1.19 % low: -24.014 % |
|