MeritValue

PAR TECHNOLOGY CORP

PARdata completeness 100%17 fiscal years on file
The thesis, from the filings

PAR TECHNOLOGY CORP earns about -7% on invested capital, but has diluted owners by 61% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$282.9M1$262.3M2$276.7M3$350M3$455.5M3
Net income−$75.8M4−$69.3M5−$69.8M6−$4.99M6−$84.5M6
Operating cash flow−$53.2M7−$43.1M8−$17.1M9−$25.2M9−$27.2M9
Capital expenditure$1.44M10$1.16M11$5.02M12$970,00012$3.32M12
Free cash flow (derived)−$54.6M7−$44.2M8−$22.1M9−$26.2M9−$30.5M9
Total debt$306.6M13$389.2M14$755.3M15$736.7M16$788M16
Cash & equivalents$188.4M17$70.3M17$37.2M18$108.1M19$79.6M19
Diluted shares25.1M27.2M27.6M34.2M40.5M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$203.88
your share of equity
Profit it earned you last year
−$20.87
Free cash flow it threw off
−$7.53
Debt you’d be carrying
$194.71

10 shares is a claim on $203.88 of net worth that earned you −$20.87 and generated −$7.53 of cash last year, against $194.71 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-7% avg · 5y
FY21 -13%FY22 -8%FY23 -5%FY24 -4%FY25 -4%

It earned an average -7% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+61% shares · 5y

Share count is up 61% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 157% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000708821-24-000014 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000708821-25-000015 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0000708821-26-000027 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000708821-24-000014 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000708821-25-000015 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0000708821-26-000027 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000708821-24-000014 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000708821-25-000015 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0000708821-26-000027 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000708821-24-000014 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000708821-25-000015 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0000708821-26-000027 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K/A · period ending 2021-12-31 · accession 0000708821-23-000038 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0000708821-24-000014 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0000708821-25-000015 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0000708821-26-000027 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0000708821-24-000014 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0000708821-25-000015 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-12-31 · accession 0000708821-26-000027 (CashAndCashEquivalentsAtCarryingValue)