Recent News
On March 13, 2026, PAR priced a private offering of $250.0 million aggregate principal amount of 4.00% Convertible Senior Notes due 2031, including a concurrent share repurchase arrangement tied to the offering. On March 24, 2026, Cardlytics completed the sale of its Bridg assets to PAR, concluding the previously announced Bridg transaction. On March 4, 2026, activist investor Voss Capital issued an open letter urging PAR’s board to explore strategic alternatives; the investor later secured a one‑year board observer agreement appointing Jon Hook as a non‑voting observer effective April 15, 2026.
Technical Analysis
ADX at 17.36 indicates no dominant trend; price action currently lacks trend strength, which raises the premium on momentum signals for short‑term direction.
DI+ stands at 26.50 and is increasing, which reads as a bullish directional signal relative to recent selling pressure and supports the possibility of near‑term upward movement.
DI‑ sits at 24.87 and shows a dip‑and‑reversal pattern, which corresponds to renewed downside pressure; the coexistence of rising DI+ and a DI‑ reversal suggests directional contention rather than a clear trending environment.
MACD equals -0.41, the MACD line has turned higher and sits above the signal line (-0.66); that cross above the signal line signals developing bullish momentum despite the negative absolute MACD value.
MRO at -13.12 implies price sits below the model target and therefore carries potential upward pressure as the gap closes; the negative MRO indicates the current price has scope to move higher toward the target level implied by regression momentum.
RSI at 39.86 and increasing points to improving relative strength from oversold levels while remaining below neutral, consistent with a recovery phase rather than confirmed breakout strength.
Price sits below short‑ and medium‑term averages (20‑day and 50‑day) and well below the 200‑day average; this alignment keeps the technical bias weighted toward mean reversion rather than trend continuation, so any gains will likely require persistence in momentum indicators to shift longer‑term averages.
Fundamental Analysis
Revenue totaled $120,101,000 while reported net income recorded a loss of $20,894,000; EBITDA shows a negative $6,121,000 and EBIT equals negative $18,371,000, producing an EBIT margin of -15.30% (EBIT margin QoQ +7.30%, YoY -20.21%).
Gross margin of 41.20% remains a material positive relative to operating losses, but operating margin equals -15.04% and return on equity equals -2.53%, both reflecting ongoing operating losses despite positive gross profitability.
EPS came in at $0.06 versus an estimate of $0.03, a $0.03 beat that represents a 100% upside to the estimate.
Liquidity metrics show a current ratio of 1.66 and a quick ratio of 1.46, with cash and short‑term investments of $80,144,000 and operating cash flow negative $11,752,000; the company holds cash but recent operating cash flow and free cash flow (-$13,926,000) trends indicate cash generation remains pressured.
Leverage: total debt equals $402,358,000 with net debt of $314,459,000 and debt‑to‑equity of 0.488; interest expense remains modest ($1,548,000) but interest coverage prints negative given operating losses.
Market multiples show a P/B of 1.48, below the industry peer mean of 7.29 and median of 8.54, while trailing PE sits at an elevated 499.79 and forward PE at 120.24; EV/Revenue (EVR) equals 12.83. These mixed multiple signals reflect depressed earnings against asset value and market capitalization.
Growth and efficiency: revenue growth prints QoQ -87.23% and YoY -90.97% (declines noted in the most recent periods), while asset turnover remains low at 0.087. R&D stands at $21,794,000, supporting product and platform development in restaurant and retail solutions.
Valuation assessment: The current valuation as determined by WMDST rates the stock as over‑valued, given negative operating profitability, elevated trailing multiples, and weakening near‑term revenue growth despite pockets of product strength and cash on the balance sheet.
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: 88.175 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: 0.348 mean: 0.307 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: 1.8 mean: 1.514 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: 7.289 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: 259.617 median: 115.189 mean: 87.763 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: 34.385 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: 0.574 mean: 0.152 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: 2.352 median: 1.947 PAR: 1.578 low: 0.088 |
|
| 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: 5.741 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: 1.354 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: 1.279 median: 1.003 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: 1.046 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: 30.259 median: 28.189 PAR: -11.868 low: -153.192 |
|
| 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: 6.6 % median: 2.5 % PAR: 0.77 % low: -75.469 % |
|
| Earnings Growth | 0.0 % | |
| Earnings Growth QoQ | -100.0 % | |
| Earnings Growth YoY | -100.0 % | |
| Earnings Growth IPRWA | high: 575.0 % mean: 35.909 % median: 8.676 % 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: 63.996 % PAR: 41.196 % low: -63.79 % |
|
| EBIT Margin | -15.296 % | |
| EBIT Margin QoQ | 7.303 % | |
| EBIT Margin YoY | -20.209 % | |
| EBIT Margin IPRWA | high: 122.712 % mean: 26.798 % 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: 30.065 % median: 22.517 % PAR: -15.038 % low: -241.751 % |
|
| 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: 9.914 % median: 1.23 % mean: 0.622 % 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: 25.25 % median: -11.161 % low: -315.52 % 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: 3.981 % 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: 0.235 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: 7.378 % median: 3.877 % PAR: -1.19 % low: -31.729 % |
|