Liquidity is under pressure from persistent cash burn and aggressive capital deployment, highlighted by a $33.1 million share repurchase in 2026Q1 despite negative free cash flow of $17.0 million.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | -26.63M | -27.16M | -25.25M | -17.07M | -43.07M | -53.16M | -20.24M | -16.13M | -3.85M | 314K | 11M | 594K | 6.26M | -3.23M | 13.36M | 11M | 12.39M | 7.07M | -2.34M | 8.66M | -3.55M | 11.49M | 19.49M | 3.4M | 3.6M | -309K | -8.03M | 10M | -3.6M | -1.6M | -2.9M |
| Operating CF Margin % | - | -5.96% | -7.21% | -6.17% | -16.42% | -18.79% | -9.47% | -8.61% | -1.91% | 0.14% | 4.79% | 0.26% | 2.68% | -1.34% | 5.45% | 4.8% | 5.27% | 3.17% | -1.01% | 4.14% | -1.7% | 5.59% | 11.14% | 2.43% | 2.69% | -0.26% | -7.95% | 6.91% | -2.94% | -1.6% | -2.46% |
| Operating CF Growth % | -397.65% | -7.57% | -47.85% | 60.36% | 18.97% | -162.59% | -25.51% | -319.04% | -1325.8% | -97.14% | 1751.18% | -90.51% | 293.84% | -124.18% | 21.43% | -11.23% | 75.34% | 401.79% | -127.03% | 344.03% | -130.9% | -41.06% | 474.02% | -5.67% | 1264.72% | 96.15% | -180.25% | 377.78% | -125% | 44.83% | -262.5% |
| Net Income | -76.28M | -84.46M | -89.91M | -69.75M | -69.32M | -75.8M | -36.56M | -15.57M | -24.12M | -3.61M | 2.5M | 4.02M | -3.65M | 569K | -1.76M | -13.36M | 1.84M | -5.19M | 2.22M | -2.71M | 5.72M | 9.43M | 5.63M | 2.43M | 741K | 520K | -13.45M | 2M | 1.3M | -8.7M | 5.9M |
| Depreciation & Amortization | 49.15M | 49.02M | 37.91M | 27.01M | 26.09M | 21.42M | 14.45M | 4.73M | 4.73M | 4.03M | 4.62M | 3.07M | 2.01M | 2.83M | 8.72M | 2.65M | 3.33M | 3.85M | 4.03M | 4.08M | 3.88M | 3.75M | 2.81M | 2.81M | 2.89M | 3.49M | 3.4M | 2.9M | 2.4M | 2.3M | 2.3M |
| Stock-Based Compensation | 30.67M | 30.64M | 24.49M | 14.29M | 13.43M | 14.62M | 4.25M | 2.71M | 1.04M | 651K | 469K | 487K | 1.19M | 187K | 649K | 595K | 336K | 666K | 395K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -1.51M | -535K | -10.79M | 197K | -373K | -10.42M | -3.23M | -4M | 13.81M | 4.16M | 708K | -1.91M | 516K | -1.88M | -1.95M | -7.83M | 1.69M | -1.38M | 546K | -2.21M | 916K | 1.21M | 3.01M | 809K | 544K | -81K | -7.59M | -400K | 2.6M | -5.1M | 400K |
| Other Non-Cash Items | 12.22M | 17.09M | 7.61M | -2.67M | 171K | 22.03M | 7.58M | 3.96M | 2.79M | 1.31M | -607K | 911K | 2.97M | 2.88M | 1.91M | 29.22M | 2.5M | 9.18M | 3.68M | 6.48M | 3.1M | 8.38M | 4.83M | 4.36M | 5.18M | 1.65M | 6.18M | 3.4M | 3.4M | 4M | 2.3M |
| Working Capital Changes | -41.07M | -38.92M | 5.45M | 13.85M | -13.07M | -25.01M | -6.73M | -7.94M | -2.09M | -6.23M | 3.3M | -5.99M | 3.23M | -7.82M | 5.79M | -271K | 2.69M | -66K | -13.21M | 3.02M | -17.18M | -11.29M | 3.2M | -7.02M | -5.76M | -5.89M | 3.43M | 2.1M | -13.3M | 5.9M | -13.8M |
| Change in Receivables | -22.17M | -25.89M | -10.5M | -772K | -5.59M | 1.83M | -1.53M | -15.64M | 3.05M | 325K | -1.58M | -628K | -700K | -1.51M | 581K | 5.02M | 1.56M | 6.34M | -11.03M | 731K | -6.85M | -9.1M | 246K | -7M | 6.04M | -7.83M | 4.9M | 9.7M | -17.2M | 12.4M | -5.9M |
| Change in Inventory | -9.8M | -6.52M | 1.77M | 15.98M | -2.77M | -13.55M | -4.48M | 1.86M | -1.84M | 2.95M | -5.99M | 3.14M | -3.83M | -857K | -4.06M | 509K | -6.84M | 654K | -3.44M | -7.37M | -8.31M | -6.42M | 1.05M | -577K | -10.45M | 894K | -3.1M | -4.7M | 700K | -13.8M | -6.3M |
| Change in Payables | 3.89M | 3.98M | 4.28M | 4.41M | 696K | 4.91M | -4.18M | 3.74M | -1.69M | -2.35M | 4.96M | -7.53M | 3.02M | -3.93M | 5.45M | -3.6M | 6.75M | -2.4M | -1.69M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -10.4M | -13.11M | -180.11M | -7.78M | -66.71M | -382.99M | -9.04M | -23.88M | -6.71M | -8.86M | -7.09M | 6.42M | -10M | -5.79M | -247K | -8.36M | -5.97M | -2.21M | -424K | -3.45M | -7.84M | -9.52M | -15.77M | -1.22M | -1.71M | -1.26M | -1.5M | -5.5M | -4.3M | -3M | -2.5M |
| Capital Expenditures | -2.09M | -3.32M | -6.78M | -10.36M | -7.62M | -8.29M | -9.23M | -6.53M | -7.84M | -8.86M | -6.12M | -3.85M | -3.19M | -5.79M | -5.33M | -8.29M | -5.92M | -2.15M | -797K | -3.17M | -2.01M | -1.68M | -1.6M | -415K | -916K | -517K | -586K | -4.5M | -3.2M | -1.5M | -1.3M |
| CapEx % of Revenue | 0.44% | 0.73% | 1.94% | 3.75% | 2.91% | 2.93% | 4.32% | 3.49% | 3.9% | 3.81% | 2.66% | 1.68% | 1.36% | 2.4% | 2.17% | 3.61% | 2.52% | 0.96% | 0.34% | 1.52% | 0.96% | 0.82% | 0.91% | 0.3% | 0.69% | 0.44% | 0.58% | 3.11% | 2.62% | 1.5% | 1.1% |
| Acquisitions | -275K | -4.32M | -309.37M | -1.9M | -18.8M | -374.7M | 191K | -17.35M | 1.13M | 0 | 0 | 12.1M | -5M | 0 | 4M | 0 | -33K | -54K | -156K | 0 | -5.83M | -7.22M | -13.36M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -7.99M | -5.42M | 99.33M | -499K | 0 | 0 | 0 | 0 | 0 | 0 | -977K | -1.05M | -1.82M | 0 | -828K | -76K | -14K | 0 | 529K | -278K | 0 | -617K | -804K | -809K | -790K | -742K | -914K | -1M | -1.1M | -1.5M | -1.2M |
| Cash from Financing | 19.34M | 12.27M | 278.51M | -1.62M | -2.57M | 443.61M | 180.69M | 65.56M | 7.35M | 6.06M | -2.15M | -7.7M | 4.84M | -107K | -1.48M | -1.58M | -3.18M | -7.33M | 6.06M | -5.25M | 10.48M | -4.99M | 3.76M | -1.97M | -2.91M | 1.25M | 9.77M | -4.8M | 5.2M | 200K | 13.3M |
| Debt Issued (Net) | 33.34M | 17.54M | 87.33M | 0 | -705K | 253.59M | 48.91M | 67.22M | 6.49M | 763K | -181K | -5.17M | 4.83M | -159K | -1.5M | -1.71M | -3.4M | -7.87M | 5.53M | -5.46M | 10.14M | -6.82M | 3.17M | -2.65M | -5.14M | 775K | 11.2M | -2.4M | 7.2M | 0 | -100K |
| Equity Issued (Net) | -26.06M | -5.27M | 189.42M | -2.69M | -3.15M | 209.69M | 131.11M | -544K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -323K | 0 | 488K | 203K | 179K | 1.83M | 585K | 678K | 2.23M | 473K | -1.42M | -2.5M | -2M | 100K | 13.5M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -26.11M | -7.04M | -5.07M | -2.69M | -3.15M | -5.32M | -297K | -544K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -323K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.42M | -2.5M | -2.2M | -200K | -2M |
| Other Financing | 12.05M | 0 | 1.75M | 1.07M | 1.29M | -19.67M | 675K | -1.12M | 860K | 5.29M | -1.97M | -2.53M | 2K | 52K | 24K | 133K | 551K | 547K | 41K | 0 | 173K | 0 | 0 | 0 | 0 | 0 | 0 | 100K | 0 | 100K | -100K |
| Net Change in Cash | -18.05M | -28.55M | 74.01M | -29.99M | -110.89M | 7.73M | 152.65M | 24.55M | -3.12M | -2.46M | 1.03M | -2.14M | 152K | -9.46M | 11.73M | 967K | 2.87M | -2.32M | 1.8M | 158K | -709K | -3.71M | 7.23M | 977K | -389K | -320K | 246K | -300K | -2.7M | -4.4M | -500K |
| Free Cash Flow | -28.72M | -30.48M | -32.03M | -27.44M | -50.47M | -61.44M | -21.54M | -22.66M | -11.69M | -8.54M | 4.88M | -3.26M | 3.08M | -9.02M | 8.03M | 2.72M | 6.47M | 4.92M | -4.18M | 5.49M | -5.56M | 9.8M | 17.89M | 2.98M | 2.68M | -826K | -8.61M | 5.5M | -6.8M | -3.1M | -4.2M |
| FCF Margin % | -6.04% | -6.69% | -9.15% | -9.92% | -19.24% | -21.72% | -10.08% | -12.1% | -5.81% | -3.67% | 2.12% | -1.42% | 1.32% | -3.74% | 3.27% | 1.18% | 2.75% | 2.2% | -1.8% | 2.62% | -2.67% | 4.77% | 10.23% | 2.13% | 2.01% | -0.7% | -8.53% | 3.8% | -5.56% | -3.1% | -3.57% |
| FCF Growth % | -19.37% | 4.84% | -16.73% | 45.63% | 17.86% | -185.22% | 4.93% | -93.85% | -36.83% | -275.13% | 249.68% | -205.98% | 134.1% | -212.35% | 195.54% | -58.05% | 31.67% | 217.6% | -176.18% | 198.69% | -156.72% | -45.19% | 500.34% | 11.07% | 424.82% | 90.41% | -256.56% | 180.88% | -119.35% | 26.19% | -100% |
| FCF per Share | -0.70 | -0.75 | -0.94 | -1.00 | -1.86 | -2.45 | -1.13 | -1.40 | -0.73 | -0.54 | 0.31 | -0.21 | 0.20 | -0.59 | 0.53 | 0.18 | 0.43 | 0.34 | -0.28 | 0.38 | -0.38 | 0.45 | 0.86 | 0.22 | 0.22 | -0.07 | -0.60 | 0.46 | -0.56 | -0.23 | -0.32 |
| FCF Conversion (FCF/Net Income) | 0.38x | 0.32x | 5.06x | 0.24x | 0.62x | 0.70x | 0.55x | 1.04x | 0.16x | -0.09x | 6.17x | -0.67x | -1.71x | -9.02x | -42.41x | -0.71x | 3.97x | -1.36x | -1.06x | -3.20x | -0.62x | 1.22x | 3.46x | 1.40x | 4.86x | -1.10x | 0.60x | 5.00x | -2.77x | 0.18x | -0.49x |
| Interest Paid | -349K | 0 | 10.3M | 0 | 22K | 8.38M | 4.02M | 1.29M | 308K | 152K | 94K | 206K | 129K | 60K | 69K | 330K | 477K | 555K | 873K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | -2.15M | 0 | 2.32M | 3.22M | 1.28M | 0 | 205K | -321K | 285K | 20K | 714K | 310K | 722K | 1.37M | 253K | 105K | 136K | 333K | 508K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent negative operating cash
Based on reported financial statements, PAR's operating cash flow frequently diverges from net income, with the OCF/NI ratio reaching 1.03 in 2026Q1, suggesting that non-cash charges and working capital fluctuations are masking the underlying difficulty in generating consistent cash from core software operations.
The persistent gap between net losses and operating cash flow suggests that the company relies heavily on non-cash adjustments to bridge its liquidity needs. Investors should monitor whether this conversion quality improves as the business shifts toward a pure-play SaaS model, as current figures indicate a reliance on accounting add-backs rather than organic cash generation.
As indicated by quarterly data, PAR's free cash flow trajectory remains highly erratic, swinging from a negative $25.0 million in 2024Q1 to a positive $7.1 million in 2024Q3, highlighting the significant instability in cash generation inherent in the current hybrid hardware and software business model.
The lack of a consistent positive FCF trend suggests that the company's growth investments are currently outpacing its ability to self-fund operations. This volatility warrants further investigation into whether the recent divestiture of the government segment will successfully smooth out these cash flow fluctuations in future periods.
According to recent SEC filings, working capital changes have frequently acted as a significant drag on liquidity, with a notable $22.0 million outflow in 2026Q1, indicating that the company's operational cycle is currently consuming rather than providing the necessary cash to support its enterprise expansion.
The recurring negative working capital swings suggest potential inefficiencies in inventory management or delayed collections from enterprise clients. This pattern may indicate that the company is forced to tie up significant capital in hardware inventory or extended payment terms to secure large-scale restaurant contracts.
Based on reported figures, PAR has prioritized aggressive capital deployment through share repurchases and acquisitions, including a $33.1 million buyback in 2026Q1, despite the company's ongoing struggle to achieve consistent positive free cash flow from its primary restaurant technology operations.
The decision to return capital to shareholders while simultaneously burning cash suggests a management strategy focused on supporting the stock price during its transition phase. Investors should monitor whether this capital allocation remains sustainable if the company fails to reach a definitive cash flow breakeven point in the near term.
Quick answers to the most common questions about buying PAR stock.
PAR Technology Corporation (PAR) generated $-27.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
PAR Technology Corporation (PAR) reported negative free cash flow of $30.5M in 2025, indicating capital requirements exceeded cash from operations.
PAR Technology Corporation (PAR) spent $3.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, PAR Technology Corporation (PAR) spent $7.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.