Park Dental Partners Inc
PARK
Park Dental Partners Inc AI Insights
Informational only. Not investment advice.Snapshot
- Debt/equity of 152x with total liabilities (156M) exceeding total assets (156M) - equity is just 384K, near technical insolvency.[Debt to Equity]
- FCF of 12.9M TTM on 61.5M market cap = 21% FCF yield despite razor-thin 2.1% net margin, driven by heavy depreciation add-backs.[Free Cash Flow TTM]
- Tangible book value is -27.3M; goodwill (17.1M) represents 44x total equity - any impairment wipes out equity entirely.[Tangible Book Value]
Watch Triggers
- Total Equity: Falls below zero or debt covenant breach announced — Triggers mandatory restructuring, dilutive equity raise, or bankruptcy filing
- Gross Margin TTM: Drops below 15% — Already 60% below industry median; further compression eliminates operating income
- Free Cash Flow TTM: Turns negative for any quarter — FCF is only lifeline given zero equity buffer - loss triggers liquidity crisis
Bull Case
Asset-heavy dental roll-up generating 12.9M FCF TTM on 72.2M PPE - 21% FCF yield at current market cap suggests deep value if execution continues.
P/E of 12.0x vs industry median 34.3x and P/S of 0.26x vs median 1.47x - trading at 65-82% discount to peers despite positive earnings.
Bear Case
Balance sheet is structurally impaired: 384K equity supporting 156M in assets creates existential dilution/restructuring risk.
Gross margin 16.2% vs industry median 41.2% - cost structure is unsustainable; any revenue decline triggers losses.
Bull vs Bear Balance
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Forward Thesis
Debt refinancing or equity raise likely within 12-18 months given near-zero equity cushion
- Total equity of 384K vs 58.5M total debt
- Working capital deficit of -17.7M
- Current debt of 1.9M coming due
Valuation Context
Caveats
Public Strategies Rankings
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PARK Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$70.62M | — | ||
$120.8M | — | ||
14 | — | ||
$240.21M | — | ||
$1.26 | — | ||
4.05% | — | ||
2.14% | — | ||
$12.87M | — | ||
13 | — | ||
Beta 5Y (Monthly) | unknown | — |
PARK Dividend History
PARK Stock Splits
PARK SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
12/03/25 | 09/30/25 | 424B4 | |
06/30/25 | 06/30/25 | S-1 | |
12/03/25 | 12/31/24 | 424B4 | |
09/30/24 | 09/30/24 | Unknown | -- |