Par Technology (PAR) AI Stock Analysis

• Market Cap: $580.25M
• Dividend Yield: N/A
• Average Volume (3M): 2.14M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.48
• Revenue Growth: 13.49%
• EPS Growth: -772.30%
• Country: US
• Employees: 1,581
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Application
• EPS (TTM): 0.06
• Shares Outstanding: 41,152,634
• 10 Day Avg. Volume: 3,299,843
• 30 Day Avg. Volume: 2,142,015
• PEG Ratio: -0.01
• Price to Book (P/B): 1.78
• Price to Sales (P/S): 3.22
• P/FCF Ratio: -48.17
• Enterprise Value/Market Cap: 1.56
• Enterprise Value/Revenue: 1.98
• Enterprise Value/Gross Profit: 4.89
• Enterprise Value/Ebitda: -33.87
• 1Y Price Target: $34.50
• Price Target Upside: 138.75% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 10
• EPS Forecast (FY): 0.55
• Revenue Forecast (FY): $494.81M

• Rating: 49 Neutral
• Price Target: $14.50 ▲(0.35% Upside)
• Action: Reiterated Date: 03/18/26
• Date: Action: Reiterated 03/18/26

The score is held back primarily by weak financial quality (ongoing losses and persistent cash burn) and bearish technicals with the stock far below major moving averages. Offsetting these are constructive earnings-call signals (ARR momentum, cost reduction plans, improving non-GAAP profitability) and supportive capital actions (refinancing and buybacks), while valuation remains limited by negative earnings and no dividend support.

Positive Factors

ARR momentum / recurring revenue

Sustained ARR growth gives multi-quarter revenue visibility and predictable cash flows, supporting investment planning and valuation of subscription economics. A growing ARR base reduces revenue volatility, improves renewal visibility, and underpins long-term upsell and retention strategies across restaurant customers.

High subscription mix & improving subscription margins

A majority recurring revenue mix and rising subscription margins create durable operating leverage: subscription margins are materially higher than hardware, so as subscriptions grow, gross-profit stability and operating leverage should improve, enabling sustainable margin expansion assuming churn stays controlled.

Multi-product attach and commercial traction

High multiproduct attach rates increase customer stickiness and ARPU, lowering churn risk and enabling cross-sell-driven long-term revenue growth. Enterprise wins (Papa Johns, Shake Shack) validate platform value and support scalable expansion across large operator footprints over multiple years.

Negative Factors

Persistent negative operating cash flow

Recurring negative operating cash flow forces reliance on external financing or asset sales, creating dilution or higher leverage risk over time. Despite margin improvements, the business has not yet demonstrated consistent self-funding, leaving capital allocation and growth plans contingent on continued access to capital.

Hardware margin pressure and supply constraints

Hardware remains a meaningful revenue component; sustained component shortages, higher SSD/memory/processor prices and tariffs compress gross margins. Prolonged hardware margin weakness limits overall company margin upside and complicates the path to consistent GAAP profitability while hardware demand and costs remain out of management control.

Continued GAAP losses and rising operating expenses

Ongoing GAAP losses and increasing operating spend (notably R&D for AI) mean profitability remains distant on a GAAP basis. Higher fixed costs raise breakeven requirements and increase execution risk: revenue must scale materially to absorb these expenses and convert non-GAAP gains into sustainable GAAP profitability.

Par Technology Business Overview & Revenue Model

Company Description

PAR Technology Corporation, together with its subsidiaries, provides technology solutions to the restaurant and retail industries worldwide. The company operates in two segments, Restaurant/Retail and Government. The Restaurant/Retail segment offers point-of-sale (POS) technology solutions, including Brink POS, an open cloud solution that integrates with third party products and in-house systems; Punchh, an enterprise-grade customer loyalty and engagement solution for restaurant and convenience store brands; Data Central, a cloud software solution for back-office applications; PAR Payment Services, a merchant services offering; POS integrated solutions for wireless headsets for drive-thru order-taking; and the PAR Infinity, PAR Phase, PAR Helix, and the EverServ 8000 series platform. This segment also offers training, installation, technical support, and repair services. The Government segment provides intelligence, surveillance, and reconnaissance solutions; systems engineering support and software-based solutions; satellite and teleport facility operations and maintenance, engineering, and installation services; satellite control center; and information technology infrastructure library services to the Unites States Department of Defense and other federal agencies, as well as offers licensed software products. It offers products and services through its sales teams, channel partners, and resellers. The company was founded in 1968 and is headquartered in New Hartford, New York.

How the Company Makes Money

PAR makes money primarily by selling restaurant technology software and related services. A key revenue stream is recurring software revenue from cloud-based subscriptions for its restaurant POS and operational software products (customers pay ongoing fees to use the software). PAR also generates revenue from professional services tied to deploying, implementing, integrating, and supporting its software for restaurant operators. In addition, the company earns revenue from hardware and other product-related sales associated with restaurant technology deployments (e.g., POS-related equipment sold alongside software), and from ongoing customer support and maintenance-type services where applicable. Specific partnership-driven revenue arrangements or partner names are null.

Par Technology Financial Statement Overview

Summary

Strong revenue acceleration and multi-year gross margin improvement are positives, and leverage has improved (debt-to-equity under 0.5 recently). However, profitability remains deeply negative and cash burn persists with negative operating cash flow and free cash flow, keeping overall financial quality constrained.

Income Statement

Revenue growth accelerated meaningfully in 2025 (annual revenue up strongly versus 2024), and gross margin improved steadily over the period (from ~18% in 2020 to ~43% in 2025), suggesting better pricing/mix and/or delivery efficiency. However, profitability remains the key weak point: operating results are deeply negative and net margin swung from a small loss in 2024 to a much larger loss in 2025, indicating the cost structure is still too high relative to the current revenue base.

Balance Sheet

Leverage looks manageable on recent numbers, with debt below equity in 2024–2025 (debt-to-equity under 0.5), providing a reasonable capital cushion versus the company’s earlier, more leveraged profile (debt-to-equity above 1.0 in 2022–2023). The main concern is that returns on shareholder capital remain negative across all years, reflecting continued losses and limiting balance-sheet compounding despite the improved leverage profile.

Cash Flow

Cash generation remains pressured: operating cash flow and free cash flow are negative every year shown, including 2025, which increases dependence on external funding over time. While free cash flow improved versus prior periods (notably in 2025 versus 2024), the business has not yet demonstrated consistent ability to self-fund operations, and negative operating cash flow continues to be a recurring risk.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	455.55M	349.98M	276.71M	262.35M	282.88M
Gross Profit	184.62M	146.12M	89.45M	81.72M	62.12M
EBITDA	-26.66M	-46.60M	-45.83M	-44.48M	-45.66M
Net Income	-84.46M	-4.99M	-69.75M	-69.32M	-75.80M
Balance Sheet
Total Assets	1.37B	1.38B	802.61M	854.86M	888.15M
Cash, Cash Equivalents and Short-Term Investments	80.14M	108.64M	74.38M	110.62M	188.42M
Total Debt	402.36M	376.66M	380.91M	393.37M	311.26M
Total Liabilities	543.99M	509.02M	469.54M	479.66M	383.80M
Stockholders Equity	825.15M	871.71M	333.06M	375.19M	504.35M
Cash Flow
Free Cash Flow	-30.48M	-32.03M	-27.44M	-50.47M	-61.44M
Operating Cash Flow	-27.16M	-25.25M	-17.07M	-43.07M	-53.16M
Investing Cash Flow	-13.11M	-180.11M	-7.78M	-66.71M	-382.99M
Financing Cash Flow	12.27M	278.51M	-1.62M	-2.57M	443.61M

Par Technology Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 14.45
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PAR, the sentiment is Negative. The current price of 14.45 is below the 20-day moving average (MA) of 18.03, below the 50-day MA of 24.78, and below the 200-day MA of 42.31, indicating a bearish trend. The MACD of -2.67 indicates Positive momentum. The RSI at 28.65 is Positive, neither overbought nor oversold. The STOCH value of 27.91 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for PAR.

Par Technology Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
AGYS	71 Outperform	$1.96B	83.96	10.50%	―	17.77%	-76.05%
CALX	68 Neutral	$3.32B	197.73	2.22%	―	4.89%	55.80%
GBTG	63 Neutral	$2.88B	36.75	7.99%	―	5.71%	―
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
ASAN	57 Neutral	$1.56B	-12.84	-94.12%	―	9.47%	16.97%
PAR	49 Neutral	$580.25M	-17.39	-10.01%	―	13.49%	-772.30%

Par Technology Corporate Events

PAR Technology Completes Convertible Notes Offering and Buyback

On March 17, 2026, PAR Technology Corporation completed a $265 million private offering of 4.00% Convertible Senior Notes due 2031, structured as unsecured senior obligations with detailed conversion and redemption terms tied to its common stock performance. The notes carry an initial conversion price of $19.02 per share, reflecting a 20% premium to PAR’s March 12, 2026 closing price, and may be settled in cash, stock, or a mix at the company’s discretion.

PAR realized about $256.8 million in net proceeds and used roughly $207.5 million to retire $212 million of its 1.50% Convertible Senior Notes due 2027, while allocating about $33.1 million to repurchase approximately 2.1 million shares at $15.85 each under its buyback program. The remaining funds are earmarked for general corporate purposes and potential acquisitions, and PAR also rescheduled its 2026 annual shareholders’ meeting to May 29, 2026, signaling an active balance-sheet and capital-management strategy that reshapes its debt maturity profile and modestly reduces share count.

The most recent analyst rating on (PAR) stock is a Buy with a $33.00 price target. To see the full list of analyst forecasts on Par Technology stock, see the PAR Stock Forecast page.

PAR Technology Reports Strong 2025 Growth, Launches Buyback Program

On February 26, 2026, PAR Technology reported fourth-quarter and full-year 2025 results, highlighting Annual Recurring Revenue of $315.4 million in Q4 2025, up 16% year on year, with revenue rising 14.4% in the quarter and 30.2% for the full year. While the company remained loss-making, it narrowed its GAAP net loss from continuing operations and delivered a sharp improvement in adjusted EBITDA, alongside growing subscription service margins and expanding its Engagement Cloud and Operator Cloud footprints, as management positioned PAR as an orchestration platform for AI-driven restaurant and retail operations.

The company’s board also authorized a share repurchase program of up to $100 million in common stock, effective February 26, 2026 and expiring February 26, 2028, giving PAR additional financial flexibility to return capital and potentially support its share price. PAR set its 2026 annual shareholder meeting for June 1, 2026, and scheduled a webcast conference call on February 26, 2026 to discuss the results for the quarter and year ended December 31, 2025, signaling active investor engagement as it builds on what management described as strong momentum heading into 2026.

The most recent analyst rating on (PAR) stock is a Buy with a $48.00 price target. To see the full list of analyst forecasts on Par Technology stock, see the PAR Stock Forecast page.

PAR Technology to Acquire Bridg Shopper Intelligence Platform

On January 23, 2026, PAR Technology Corporation agreed to acquire substantially all assets of Bridg, the identity resolution and shopper intelligence platform division of Cardlytics, in a transaction valued at $27.5 million with a maximum of $30 million, to be paid in PAR common stock, with closing expected in the first quarter of 2026 subject to customary conditions. The deal, announced publicly on January 26, 2026, will fold Bridg’s point-of-sale data analytics, loyalty marketing and retail media network capabilities into PAR’s platform, creating one of the industry’s first unified data sets that combines loyalty and non-loyalty in-store transactions; PAR expects this to deliver full-funnel customer visibility, identity-based personalization at scale and closed-loop attribution for retailers, restaurants and CPG brands, strengthening its competitive positioning in consumer data, loyalty and media and enhancing its value proposition to enterprise customers.

The most recent analyst rating on (PAR) stock is a Buy with a $60.00 price target. To see the full list of analyst forecasts on Par Technology stock, see the PAR Stock Forecast page.

PAR Technology reduces debt through note-for-share exchange

On January 14, 2026, PAR Technology Corporation entered into privately negotiated exchange agreements with certain holders of its 2.875% Convertible Senior Notes due 2026 to exchange approximately $17.1 million in aggregate principal amount of these notes for about 398,650 shares of its common stock plus roughly $134,000 in cash for accrued and unpaid interest, with closing expected on January 23, 2026, subject to customary conditions. The company will not receive any cash proceeds from the transaction and will cancel the exchanged notes, leaving about $2.9 million principal amount of the notes outstanding, effectively reducing its debt load and increasing its share count through an exempt, non-public offering under U.S. securities laws.

The most recent analyst rating on (PAR) stock is a Hold with a $39.00 price target. To see the full list of analyst forecasts on Par Technology stock, see the PAR Stock Forecast page.