PAR Technology Moving to Neutral to Reflect Updated Valuation Methodology

研报英文原文证据摘录

PAR Technology Moving to Neutral to Reflect Updated Valuation Methodology

Ella Smith AC North America Equity Research

(1-212) 622-2451 08 June 2026 J P M O R G A N

ella.smith@jpmchase.com

Price Performance Summary Investment Thesis and Valuation

Investment Thesis

We rate PAR Neutral. PAR Technology is a pure-play restaurant

technology provider offering unified, cloud-native solutions

across front-of-house and back-of-house operations. The

company serves some of the largest restaurant brands in the

United States, including McDonald’s (25% of revenue in 1Q26),

Yum! Brands, and Dairy Queen, with solutions spanning point-

of-sale, payments, loyalty management, digital ordering, and

operational analytics. PAR has been gaining market share from

legacy players like NCR and Oracle as restaurants migrate

YTD 1m 3m 12m toward modern, platform-based solutions. However, much of

Abs -63.4% -7.8% -30.9% -80.1% this growth has been inorganic, with acquisitions accounting for

Rel -78.4% -7.6% -44.0% -113.2%

~90% of site additions from FY23 to FY24. Management

Company Data estimates a $47.7B global TAM with less than 2% penetration,

Shares O/S (mn) 41 but we see intense competition from well-capitalized

52-week range ($) 72.15-11.59 incumbents.

Market cap ($ mn) 538.93

Exchange rate 1.00 Valuation

Free float (%) 97.4%

3M ADV (mn) 1.85 Our $16/sh PT is derived using a 23x EV/EBITDA multiple on

3M ADV ($ mn) 26.3 our 2026 estimates. This multiple is at the higher-end of the

Volatility (90 Day) 93 range at which Vertical Software companies currently trade. We

Index RUSSELL 2000

BBG ANR (Buy | Hold | Sell) 8|1|1 believe this is justified due to PAR’s sticky, enterprise-grade

customer base with ample potential to expand cross-sell.

Key Metrics (FYE Dec)

$ in millions FY25A FY26E FY27E FY28E