Latest Ratios: P/E Ratio -7.0x · EV/EBITDA N/A · ROE -10.0%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $605M | $1.5B | $2.5B | $1.2B | $708M | $1.3B | $1.2B | $499M | $349M | $149M | $88M |
| Enterprise Value | $928M | $1.8B | $2.8B | $1.5B | $1.0B | $1.4B | $1.1B | $537M | $353M | $144M | $79M |
| P/E Ratio → | -7.02 | — | — | — | — | — | — | — | — | — | 50.73 |
| P/S Ratio | 1.33 | 3.22 | 7.09 | 4.34 | 2.70 | 4.68 | 5.58 | 2.66 | 1.73 | 0.64 | 0.38 |
| P/B Ratio | 0.72 | 1.78 | 2.85 | 3.60 | 1.89 | 2.62 | 6.34 | 6.85 | 7.59 | 2.16 | 1.26 |
| P/FCF | — | — | — | — | — | — | — | — | — | — | 18.00 |
| P/OCF | — | — | — | — | — | — | — | — | — | 474.91 | 7.99 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.93 | 7.86 | 5.58 | 3.93 | 5.11 | 5.25 | 2.87 | 1.76 | 0.62 | 0.35 |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | 36.77 | 11.60 |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | 35.85 |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | 16.26 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 43.5% | 43.5% | 41.8% | 32.3% | 31.1% | 22.0% | 18.4% | 20.0% | 19.1% | 21.9% | 20.1% |
| Operating Margin | -15.1% | -15.1% | -22.6% | -25.9% | -26.3% | -19.0% | -11.2% | -7.6% | -5.1% | -0.1% | 1.0% |
| Net Profit Margin | -18.5% | -18.5% | -1.4% | -25.2% | -26.4% | -26.8% | -17.1% | -8.3% | -12.0% | -1.5% | 0.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -10.0% | -10.0% | -0.8% | -19.7% | -15.8% | -21.9% | -28.0% | -26.2% | -42.0% | -4.9% | 2.6% |
| ROA | -6.1% | -6.1% | -0.5% | -8.4% | -8.0% | -12.3% | -13.7% | -11.0% | -23.0% | -2.8% | 1.5% |
| ROIC | -4.5% | -4.5% | -6.5% | -7.8% | -7.8% | -10.9% | -15.8% | -13.2% | -13.5% | -0.1% | 2.7% |
| ROCE | -5.5% | -5.5% | -7.9% | -9.5% | -8.6% | -9.5% | -10.6% | -14.1% | -15.5% | -0.2% | 2.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.49 | 0.49 | 0.43 | 1.14 | 1.05 | 0.62 | 0.58 | 0.91 | 0.17 | 0.02 | 0.01 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | 0.34 | 0.08 |
| Net Debt / Equity | — | 0.39 | 0.31 | 1.03 | 0.86 | 0.24 | -0.38 | 0.52 | 0.09 | -0.08 | -0.12 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | -1.35 | -1.24 |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | -1.74 |
| Interest Coverage | -12.50 | -12.50 | -8.31 | -10.51 | -7.96 | -3.70 | -3.77 | -3.20 | -24.79 | -6.64 | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.66 | 1.66 | 1.95 | 2.25 | 3.30 | 4.68 | 6.23 | 2.22 | 1.36 | 1.74 | 1.75 |
| Quick Ratio | 1.46 | 1.46 | 1.75 | 1.96 | 2.75 | 4.10 | 5.69 | 1.76 | 0.81 | 1.14 | 1.19 |
| Cash Ratio | 0.57 | 0.57 | 0.97 | 0.93 | 1.63 | 3.11 | 4.52 | 0.67 | 0.09 | 0.18 | 0.19 |
| Asset Turnover | — | 0.33 | 0.25 | 0.34 | 0.31 | 0.32 | 0.62 | 0.99 | 2.13 | 2.03 | 1.84 |
| Inventory Turnover | 9.39 | 9.39 | 9.33 | 7.95 | 4.80 | 6.29 | 8.06 | 7.75 | 7.16 | 8.35 | 6.99 |
| Days Sales Outstanding | — | 65.47 | 62.29 | 56.30 | 83.42 | 64.49 | 73.38 | 81.44 | 47.55 | 47.20 | 48.80 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — | 2.0% |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | 5.6% |
| Buyback Yield | 1.2% | 0.5% | 0.2% | 0.2% | 0.4% | 0.4% | 0.0% | 0.1% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 1.2% | 0.5% | 0.2% | 0.2% | 0.4% | 0.4% | 0.0% | 0.1% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $40M | $34M | $28M | $27M | $25M | $19M | $16M | $16M | $16M | $16M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying PAR stock.
PAR Technology Corporation's current P/E ratio is -7.0x. The historical average is 47.1x.
PAR Technology Corporation's return on equity (ROE) is -10.0%. The historical average is -6.1%.
Based on historical data, PAR Technology Corporation is trading at a P/E of -7.0x. Compare with industry peers and growth rates for a complete picture.
PAR Technology Corporation has 43.5% gross margin and -15.1% operating margin.
Key Metrics
Top Statement Risk
Persistent cash burn and goodwill impairment risk
Metrics are mathematically derived from official filings.
Valuation Disconnect from Negative Earnings
PAR's forward P/E of 24.98 appears to price in a significant earnings recovery that is not yet visible in its trailing results, which show a negative P/E of -9.16 due to persistent losses.
The forward multiple suggests the market is pricing a return to profitability, but this optimism is not supported by the company's recent operating trajectory. The P/B ratio of 0.94 indicates the market values the company below its book value, which may reflect skepticism about the quality of its asset base, particularly the large goodwill balance. This valuation gap highlights the risk that the anticipated earnings inflection may not materialize as expected.
Gross Margin Volatility Obscures Core Weakness
PAR's operating margin has remained deeply negative, averaging -15.4% over the last four quarters, while gross margin volatility swings from 30.0% to 45.4%, indicating an unstable cost structure.
The persistent negative operating margin, despite revenue growth, confirms that the company's overhead structure is consuming all gross profit. The wide swings in gross margin suggest inconsistent product mix or cost management, making it difficult to model a clear path to profitability. This volatility undermines the credibility of any forward earnings estimates.
Negative Returns Signal Value Destruction
PAR's ROIC has been negative for nine of the last ten quarters, averaging -1.1%, indicating the company is destroying value on the capital invested in its operations.
The consistently negative ROIC, coupled with a negative ROE, confirms that the business is not generating returns sufficient to cover its cost of capital. This trend is a critical red flag, as it suggests the company's growth is not translating into shareholder value creation. The slight improvement in recent quarters is negligible and does not change the fundamental picture of capital destruction.
Debt Burden Intensifies with Negative Coverage
PAR's interest coverage ratio has been negative for ten consecutive quarters, averaging -10.5, indicating operating losses are insufficient to service debt, while the D/E ratio has risen to 0.53.
The negative interest coverage is a severe warning sign, as it means the company is funding its interest payments from its cash balance or additional borrowing, not from operations. The rising debt-to-equity ratio, combined with a depleted cash position, suggests the balance sheet is under increasing strain. This dynamic raises significant concerns about long-term solvency if profitability is not achieved.
Cash Depletion Raises Near-Term Risk
Despite a current ratio of 2.21, PAR's cash reserves have collapsed to just $14.1M, representing only 3.3% of total assets, indicating a severe deterioration in liquidity quality.
The high current ratio is misleading, as it is inflated by receivables and inventory, while the cash position has been critically depleted. The quick ratio of 1.89 provides a slightly better view but still masks the underlying cash burn. This liquidity profile suggests the company has limited financial flexibility to absorb further operational losses or unexpected cash needs without seeking additional financing.
The Misleading Current Ratio
PAR's current ratio of 2.21 is the most commonly misapplied metric, as it obscures the critical depletion of cash and the company's reliance on working capital to fund operations.
Investors often use the current ratio as a simple liquidity gauge, but for PAR, it is highly misleading. The ratio is supported by a large receivables balance (DSO of 56 days) and inventory, while the actual cash cushion has evaporated. A more appropriate metric is the cash ratio or an analysis of the cash conversion cycle, which reveals that the company's working capital is not efficiently converting to cash, exacerbating its liquidity risk.