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PAR Technology

PAR on NYSE. PAR Technology sells restaurant and retail software, hardware, and payment tools. Market value $605m.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Technology stocks that passed both tests

This is not advice. Check the numbers below.

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Cash yield
past 12 months to June 2026
-4.0%low

For every $100 of what the whole company costs, it produced $-4.03 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
-6.8%five-year median

Each dollar kept in the business earns -7 cents a year. Above 10 is good.

Quality score: 40 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.

$14.62 a share, 26% above its 1-year low

Over the past year the price has ranged from $11.59 to $40.54.

Pays no dividend

Prices from Monday’s close (5 October).

Five years of cash, in billions

-0.1
-0.1
-0.0
-0.0
-0.0
-0.0
2021202220232024202512 monthsto Jun '26

Spare cash swings from quarter to quarter here: a shortfall of $24 million in the past 12 months, a shortfall of $36 million in the year to December 2025.

Revenue
$283m$262m$277m$350m$456m
Operating margin
-19.0%-26.3%-25.9%-22.6%-15.1%
Debt to equity
0.611.041.130.420.48
Shares outstanding
0.03bn0.03bn0.04bn0.04bn0.04bn

Health checks

  • Free cash flow positive0 of 5 years
  • Accounting looks honest (Beneish)Nothing unusual
  • Financial strength (Piotroski)3 of 9
  • Profit backed by cash (accruals)Yes
  • Debt0.48× equity
  • Revenue growth, five yearsStrong, 16.3% a year
  • Buying back its own sharesNo, 52% more shares since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $133 million last quarter, up 19% on a year ago.
  • A loss of $17 million, compared with a loss of $21 million a year ago.
  • It loses 13 cents on each $1 of sales, compared with 15 cents a year earlier.
  • Over the past 12 months it spent $24 million more cash than it brought in, compared with $19 million a year earlier.
  • 2% more shares than a year ago. Each share owns a bit less of the company.
  • Debt is $345 million more than cash, up from $308 million a year ago.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$97m
December 2024Not reported
March 2025$104m
June 2025$112m
September 2025$119m
December 2025$120m
March 2026$124m
June 2026$133m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$20m
December 2024-$21m
March 2025-$24m
June 2025-$21m
September 2025-$18m
December 2025-$21m
March 2026-$16m
June 2026-$17m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
26 February 2026
Next quarterly (estimated, 10-Q)
5 November 2026

Who owns it

3 long-term investors we follow own it, down from 4 last quarter. 207 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

7 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 2 insiders bought $397,030 of shares on the open market. 6 sold $3m, $2m of it under preset trading plans.

  • Codner Elizabeth M
    Chief Human Resources Officer
    Sold
    under a preset trading plan
    Date
    8 September 2026
    Shares
    653
    Price
    $19.29
    Value
    $12,596
  • Ostertag Oliver
    President, Growth & AI
    Sold
    Date
    14 August 2026
    Shares
    11,829
    Price
    $18.75
    Value
    $221,794
  • Singh Narinder
    Director
    Bought
    Date
    12 August 2026
    Shares
    11,518
    Price
    $17.36
    Value
    $199,950
  • Pascal Keith
    Director
    Bought
    Date
    12 June 2026
    Shares
    13,000
    Price
    $15.16
    Value
    $197,080
  • STEENBERGE MICHAEL ANTHONY
    SVP Finance & Transformation
    Sold
    under a preset trading plan
    Date
    3 June 2026
    Shares
    498
    Price
    $14.20
    Value
    $7,072
  • KING CATHY A
    CLO & Corporate Secretary
    Sold
    under a preset trading plan
    Date
    2 June 2026
    Shares
    20,000
    Price
    $15.38
    Value
    $307,600
  • STEENBERGE MICHAEL ANTHONY
    Chief Accounting Officer
    Sold
    under a preset trading plan
    Date
    4 March 2026
    Shares
    582
    Price
    $18.27
    Value
    $10,633
  • KING CATHY A
    CLO & Corporate Secretary
    Sold
    under a preset trading plan
    Date
    4 March 2026
    Shares
    1,517
    Price
    $18.27
    Value
    $27,716
  • Singh Savneet
    CEO & President, Director
    Sold
    under a preset trading plan
    Date
    4 March 2026
    Shares
    14,310
    Price
    $18.27
    Value
    $261,444
  • MENAR BRYAN A
    Chief Financial Officer
    Sold
    under a preset trading plan
    Date
    4 March 2026
    Shares
    1,636
    Price
    $18.27
    Value
    $29,890

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 26 Feb 2026, plus the 10-Q filed 6 Aug 2026 and 5 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.