Recent News
Jan. 26, 2026 — PAR announced an asset purchase agreement to acquire certain Bridg platform assets; the transaction includes share consideration. March 13, 2026 — the company priced a private offering of convertible senior notes, initially announced at $250.0 million. March 17, 2026 — PAR completed a private offering totaling $265.0 million of 4.00% Convertible Senior Notes due 2031. Earlier in the year PAR executed negotiated exchanges of $17.1 million of 2.875% convertible notes for common stock and cash consideration.
Technical Analysis
Directional indicators show strong trend strength: ADX at 42.4 signals a very strong trending environment, which increases the risk of continuation in the current directional bias and magnifies short-term volatility relative to valuation signals.
DI+ registers 14.05 and is decreasing, a bearish directional signal that suggests waning upside participation versus prior periods.
DI− sits at 37.14 and shows a peak & reversal, which indicates DI− has rolled over (DI− decreasing) and represents a bullish element in directional structure; the juxtaposition of DI+ decreasing and DI− peak & reversal suggests a contested directional balance with recent downside pressure losing momentum.
MACD stands at −2.39 and is increasing; MACD currently crosses above its signal line (MACD signal −2.53), a bullish momentum signal that points to recovering downside momentum but remains below zero, implying that momentum has room to improve before confirming sustained strength.
MRO reads −42.65 with a dip & reversal; the negative MRO indicates the price sits below the oscillator’s target and therefore implies potential upward pressure toward regression targets over the near term.
RSI at 31.93 and decreasing places the stock near oversold territory and signals continued selling pressure short-term unless RSI stabilizes; that condition raises the probability of short-term mean-reversion attempts but does not confirm one.
Price sits below short-, medium- and long-term averages: close $12.83 versus 12-day EMA $14.19 (decreasing), 20-day average $14.25, 50-day average $20.94 and 200-day average $40.23. The price trades near the lower Bollinger band (between $11.82 and $13.03), indicating current market action remains toward the lower bound of recent volatility and that any momentum improvement must overcome multiple moving-average resistances and the SuperTrend upper level at $15.77.
Fundamental Analysis
Profitability shows material weakness versus peers: EBIT margin at −15.30% compares with an industry peer mean of 30.413% and industry peer median of 23.472%, placing operating profitability well below the industry peer mean and median. QoQ, EBIT margin improved by 7.30%, while YoY it declined by 20.21%, reflecting a partial sequential recovery but significant year-over-year compression.
Operating metrics: total revenue $120,101,000 with gross margin 41.20% and gross profit $49,477,000. Operating income sits negative at −$18,061,000 and EBITDA negative at −$6,121,000, signaling continued operating losses despite healthy gross margins.
Cash flow and liquidity: cash and short-term investments $80,144,000, cash ratio 0.57 and current ratio 1.66 (above the industry peer mean of 1.24993). Operating cash flow negative at −$11,752,000 and free cash flow negative at −$13,926,000, producing a free cash flow yield of −1.14%.
Leverage and balance-sheet structure: total debt $402,358,000, net debt $314,459,000 and debt-to-assets 29.39% (slightly below the industry peer mean of 33.095%). Debt-to-equity equals 48.76%, reflecting moderate leverage relative to the balance sheet size while interest expense remains low at $1,548,000 and interest coverage negative.
Capital-market multiples show elevated valuation metrics: reported P/E about 499.79 on trailing reported EPS, with forward P/E around 120.24. Price-to-book at 1.48 falls below the industry peer mean of 7.45, while price-to-sales at 10.15 lies below the industry peer mean of 36.30. Enterprise value relative metrics: EV/Revenue multiple about 12.83. QoQ and YoY changes show contraction across several multiples—P/B QoQ down ~28.84% and YoY down ~51.81%; P/S QoQ down ~30.47% and YoY down ~60.11%—reflecting recent capital actions and EPS dynamics.
Earnings detail: reported EPS $0.06 versus estimate $0.03, an EPS beat of $0.03 or a 100% surprise. Forward EPS guidance implies improvement (forward EPS $0.2806), but forward multiples remain elevated and forward P/E contraction QoQ and YoY suggests model-driven volatility in expected earnings per share.
Operational efficiency: asset turnover at 8.75% trails the industry peer mean of 15.49%, indicating lower revenue generation per asset dollar. Return on equity stands negative at −2.53% with ROA −1.52%, consistent with current net losses and negative operating leverage effects.
Valuation summary: the current valuation as determined by WMDST classifies the stock as over-valued, reflecting stretched earnings multiples, negative operating profitability versus industry peer mean/median, and negative free cash flow yield despite a sizable cash balance and completed capital raises.
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: 88.939 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: 1.356 median: 0.351 mean: 0.331 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: 1.582 PAR: 0.488 low: -3.318 |
|
| 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: 7.448 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: 94.424 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: 110.409 median: 45.559 mean: 36.297 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: 0.155 mean: 0.155 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: 10.946 mean: 2.25 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: 18.885 median: 5.929 mean: 5.773 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: 178.012 PAR: 45.824 mean: 0.858 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: 5.032 PAR: 1.655 mean: 1.25 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: 1.017 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: 109.2 mean: 31.886 median: 31.667 PAR: -11.868 low: -146.386 |
|
| 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: 6.143 % median: 2.372 % PAR: 0.77 % low: -29.147 % |
|
| Earnings Growth | 0.0 % | |
| Earnings Growth QoQ | -100.0 % | |
| Earnings Growth YoY | -100.0 % | |
| Earnings Growth IPRWA | high: 442.857 % mean: 53.887 % median: 6.897 % 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: 66.336 % PAR: 41.196 % low: -27.146 % |
|
| EBIT Margin | -15.296 % | |
| EBIT Margin QoQ | 7.303 % | |
| EBIT Margin YoY | -20.209 % | |
| EBIT Margin IPRWA | high: 119.472 % mean: 30.413 % median: 23.472 % PAR: -15.296 % low: -224.324 % |
|
| 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: 32.861 % median: 24.63 % PAR: -15.038 % low: -91.311 % |
|
| 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: 0.97 % 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: 35.719 % 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: 4.23 % 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: 0.073 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: 7.748 % median: 5.076 % PAR: -1.19 % low: -24.014 % |
|