Latest Ratios: P/E Ratio -8.8x · 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 | $755M | $1.5B | $2.5B | $1.2B | $708M | $1.3B | $1.2B | $499M | $349M | $149M | $88M |
| Enterprise Value | $1.1B | $1.8B | $2.8B | $1.5B | $1.0B | $1.4B | $1.1B | $537M | $353M | $144M | $79M |
| P/E Ratio → | -8.76 | — | — | — | — | — | — | — | — | — | 50.73 |
| P/S Ratio | 1.66 | 3.22 | 7.09 | 4.34 | 2.70 | 4.68 | 5.58 | 2.66 | 1.73 | 0.64 | 0.38 |
| P/B Ratio | 0.90 | 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 | 0.9% | 0.5% | 0.2% | 0.2% | 0.4% | 0.4% | 0.0% | 0.1% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.9% | 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 |
Persistent negative operating margins
According to recent market data, PAR trades at a forward P/E of 29.13, suggesting that investors are pricing in significant future earnings expansion that remains disconnected from the company's current negative TTM P/E of -8.09 and its ongoing struggle to achieve consistent profitability in the enterprise software space.
The valuation appears to rely heavily on the assumption that the software-only segment will eventually dominate the consolidated financials, effectively ignoring the drag from legacy hardware. Investors should monitor whether the current P/S multiple of 1.53 can be sustained if the transition to a pure-play SaaS model faces further delays or competitive encroachment.
Based on reported financial statements, PAR's ROIC has remained consistently negative, hovering around -0.7% to -2.6% over the last ten quarters, which indicates that the company is currently destroying shareholder value rather than compounding it through its aggressive acquisition-led growth strategy and heavy R&D investment cycle.
The persistent negative ROIC suggests that the returns generated by the company's invested capital are insufficient to cover the cost of that capital. This trend warrants further investigation into whether the recent acquisitions, such as Punchh, will eventually reach a scale that allows for positive returns on invested capital.
As reported in quarterly filings, PAR's cash conversion cycle has fluctuated between 34 and 56 days, reflecting the inherent operational complexity of managing a hybrid business model that combines high-velocity software subscriptions with the longer, more capital-intensive procurement cycles required for enterprise-grade restaurant hardware and government services.
The variability in the CCC suggests that the company lacks a streamlined working capital engine, likely due to the disparate nature of its revenue streams. Investors should monitor whether the divestiture of the government segment leads to a more predictable and efficient cash conversion cycle in the coming quarters.
According to recent SEC filings, PAR's debt-to-equity ratio of 0.52 and negative interest coverage ratios suggest that the company's ability to service its debt obligations is currently reliant on external financing rather than internally generated cash flows, posing a risk to the balance sheet during periods of volatility.
The reliance on debt to fund operations and acquisitions in a negative-margin environment creates a precarious financial position. The lack of positive EBITDA to cover interest expenses implies that the company may face refinancing risks if capital markets tighten or if the growth trajectory fails to meet management's internal targets.
The most commonly misapplied metric for PAR is the consolidated P/S ratio, which obscures the underlying value of the high-margin SaaS business by blending it with low-margin, cyclical hardware and government revenue, thereby providing a distorted view of the company's true growth and profitability potential for investors.
Analysts should instead focus on a sum-of-the-parts valuation that separates the software ARR from the hardware and government segments. Using a blended P/S ratio fails to account for the different valuation multiples appropriate for a high-growth SaaS platform versus a low-growth, capital-intensive hardware and services business.
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 -8.8x. 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 -8.8x. Compare with industry peers and growth rates for a complete picture.
PAR Technology Corporation has 43.5% gross margin and -15.1% operating margin.