PAR Technology Corporation — Earnings Quality Grade F
PAR · Technology
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 65 days, change +3 days YoY
AR outpaced revenue for 2 consecutive years
Revenue grew 30.2% but CFFO declined -7.6%
Small-cap context: Small-cap revenue/CFFO ratio is sensitive to growth-stage working-capital draws.
Expense Quality
Inventory 25.5% vs COGS 26.3%. Normal
CapEx growth 31.8% vs revenue 30.2%. Normal
SG&A/Gross Profit = 86.7%, exceeds 70%
Gross margin 43.5%, change +1.7pp. Stable
Cash Flow Quality
CFFO/NI = 0.32. Below 1.0
FCF is negative ($-0.0B)
Accruals ratio = -4.2%. Low accruals
Cash $0.1B covers only 20% of debt $0.4B
Balance Sheet Health
Goodwill+Intangibles $1.1B = 133% of equity. Over 50%
Interest coverage = -11.4x (<2x). Financial stress
Other assets -14.2% vs revenue 30.2%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 3 years
Small-cap context: A single acquisition on a small balance sheet can trip serial-acquirer logic.
Goodwill+Intangibles change -2% YoY. Normal
Manipulation Score
M-Score = -2.40 (< -2.22). Unlikely manipulator
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25