PAR Technology Corporation

PAR

TechnologySoftware - ApplicationNYSE

$15.53

Market Cap: $640.55M

PAR Technology Corporation (PAR) Valuation Summary

Updated Apr 6, 2026 22:28

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	—	N/A	—
Revenue DCF 10Y	$0.02 – $71.47	$4.37	-68.7%
▸ Trading Multiples
EV/Revenue	$2.08 – $72.30	$15.83	+13.4%

Valuation History

DCF Analysis

PAR Technology Corporation (PAR) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$4.37

Market Price

$15.53

Upside / Downside

-71.9%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -14.1% to a target of 10.0% over 5 years, discounted at a WACC of 6.8%, PAR Technology Corporation (PAR) has an intrinsic value of $4.37 per share (range: $0.02 – $71.47).

Key Assumptions

Current Operating Margin

-14.1%

Target Operating Margin

10.0%

WACC

6.8%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

2.4%

Target CapEx/Rev

14.7%

D&A/Revenue

9.8%

Tax Rate

21.0%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	495	8.6%	-9.2%	-46	-46	48	(18)	24	-39	-38
2027	550	11.2%	-4.4%	-24	-24	54	(27)	10	-8	-7
2028	600	9.1%	0.4%	2	2	59	(37)	9	14	12
2029	676	12.7%	5.2%	35	28	66	(50)	14	30	24
2030	762	12.7%	10.0%	76	60	74	(65)	16	53	40
2031	846	11.0%	10.0%	84	67	83	(83)	16	51	35
2032	926	9.4%	10.0%	92	73	90	(102)	15	47	30
2033	998	7.8%	10.0%	100	79	98	(122)	14	41	25
2034	1,060	6.2%	10.0%	106	84	104	(142)	12	33	19
2035	1,109	4.6%	10.0%	111	87	108	(163)	9	24	13

Enterprise Value Bridge

Sum of PV(FCFF)153

Terminal Value (Gordon Growth at 3.0%)649

PV of Terminal Value347

Enterprise Value500

(–) Net Debt323

Equity Value177

(÷) Shares Outstanding40

Fair Value per Share$4.37

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.0%	7.0%	10.0%	13.0%	16.0%
4.8%	$-10	$-7	$18	$45	$71
5.8%	$-10	$-7	$9	$26	$42
6.8%	$-10	$-7	$4	$17	$29
7.8%	$-10	$-7	$2	$11	$21
8.8%	$-10	$-7	$0	$8	$15

Current price: $15.53. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 18.9% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$15.83

Market Price

$15.53

Upside / Downside

+1.9%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), PAR Technology Corporation (PAR) has a fair value of $15.83 based on 7 comparable companies in the Software - Application industry.

EV/Revenue Valuation — Software - Application

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
PAR Technology CorporationPAR	629	2.1x	2.5x
Fastly, Inc.FSLY	4,788	8.1x	8.2x
Adeia Inc.ADEA	2,799	7.1x	8.8x
Lightspeed Commerce Inc.LSPD	1,225	0.6x	0.6x
Amplitude, Inc.AMPL	912	2.4x	2.1x
Porch Group, Inc.PRCH	774	2.3x	2.5x
PagerDuty, Inc.PD	605	1.6x	1.7x
Alight, Inc.ALIT	288	0.9x	0.9x
Industry Median		2.3x	2.1x
(*) Revenue		456	380
= Enterprise Value		1,051	875
(-) Net Debt		323	323
Equity Value		729	552
(/) Outstanding shares		40	40
Fair Price		$18	$14

Selected Fair Value (avg of trailing + forward)

$15.83

+1.9%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

—

N/A

—

Revenue DCF 10Y

$0.02 – $71.47

$4.37

-68.7%

▸ Trading Multiples

EV/Revenue

$2.08 – $72.30

$15.83

+13.4%

DCF Analysis

PAR Technology Corporation (PAR) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$4.37

Market Price

$15.53

Upside / Downside

-71.9%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-14.1%

Target Operating Margin

10.0%

WACC

6.8%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

2.4%

Target CapEx/Rev

14.7%

D&A/Revenue

9.8%

Tax Rate

21.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	495	8.6%	-9.2%	-46	-46	48	(18)	24	-39	-38
2027	550	11.2%	-4.4%	-24	-24	54	(27)	10	-8	-7
2028	600	9.1%	0.4%	2	2	59	(37)	9	14	12
2029	676	12.7%	5.2%	35	28	66	(50)	14	30	24
2030	762	12.7%	10.0%	76	60	74	(65)	16	53	40
2031	846	11.0%	10.0%	84	67	83	(83)	16	51	35
2032	926	9.4%	10.0%	92	73	90	(102)	15	47	30
2033	998	7.8%	10.0%	100	79	98	(122)	14	41	25
2034	1,060	6.2%	10.0%	106	84	104	(142)	12	33	19
2035	1,109	4.6%	10.0%	111	87	108	(163)	9	24	13

Enterprise Value Bridge

Sum of PV(FCFF)153

Terminal Value (Gordon Growth at 3.0%)649

PV of Terminal Value347

Enterprise Value500

(–) Net Debt323

Equity Value177

(÷) Shares Outstanding40

Fair Value per Share$4.37

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.0%	7.0%	10.0%	13.0%	16.0%
4.8%	$-10	$-7	$18	$45	$71
5.8%	$-10	$-7	$9	$26	$42
6.8%	$-10	$-7	$4	$17	$29
7.8%	$-10	$-7	$2	$11	$21
8.8%	$-10	$-7	$0	$8	$15

Current price: $15.53. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 18.9% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$15.83

Market Price

$15.53

Upside / Downside

+1.9%

Verdict

Undervalued

EV/Revenue Valuation — Software - Application

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
PAR Technology CorporationPAR	629	2.1x	2.5x
Fastly, Inc.FSLY	4,788	8.1x	8.2x
Adeia Inc.ADEA	2,799	7.1x	8.8x
Lightspeed Commerce Inc.LSPD	1,225	0.6x	0.6x
Amplitude, Inc.AMPL	912	2.4x	2.1x
Porch Group, Inc.PRCH	774	2.3x	2.5x
PagerDuty, Inc.PD	605	1.6x	1.7x
Alight, Inc.ALIT	288	0.9x	0.9x
Industry Median		2.3x	2.1x
(*) Revenue		456	380
= Enterprise Value		1,051	875
(-) Net Debt		323	323
Equity Value		729	552
(/) Outstanding shares		40	40
Fair Price		$18	$14

Selected Fair Value (avg of trailing + forward)

$15.83

+1.9%