Park Dental Partners, Inc.
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
The foundation holds (net cash, positive cash flow, genuine patient business), yet too much is still open to speak of a proven winner: a thin and recently shrinking margin, extreme concentration on Minnesota and on a single owner, the structural risk of the administrative agreements, and a trading history of less than twelve months. We see no acute danger, but no solid basis yet for treating the fresh micro cap as a sure thing — the decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Park Dental Partners is a solid but still unproven newcomer to the stock market: a dental practice management business (DSO) running since 1972, with $244.5 million of revenue, a clean net-cash balance sheet and a likeable, dentist-dominated ownership model — but with a thin and recently falling margin, extreme concentration on a single state and a single owner of the specialty practices, a legal structural risk (the company does not own its practices at all) and a stock that has already doubled from the $13 IPO. Statistically cheap, but not proven. Not investment advice.
Business model & substance
A real business running since 1972: 86 practice locations, $244.5 million of revenue (up 6.4 percent), 5.8 percent growth per existing practice, 89.9 percent patient retention, a leading market position in Minnesota. A DSO roll-up with genuine, recurring patient business — not a story stock.
Balance sheet & financing
Conservatively financed: $25.2 million in cash against just $9.8 million of bank debt (net cash), positive operating cash flow of $17.6 million, equity positive again after the IPO. Unlike many debt-financed roll-ups there is no mountain of debt here — the leverage one might expect in this business model is deliberately absent.
Earning power & margin
GAAP earnings flipped into a small loss in 2025 (minus $0.4 million, after plus $4.4 million), and the first quarter of 2026 was negative too. Many of the costs are one-off IPO items ($8.8 million of stock compensation), yet the adjusted margin is only around 9 percent and has been falling, because wages (up 10.3 percent) rise faster than revenue.
Concentration & structure
211 of 214 dentists in Minnesota, and a single owner (Dr. Alan Law) holds the specialty practices behind roughly 27 percent of revenue. On top of that comes the structural risk of the corporate practice of dentistry rules: Park Dental does not own the practices but consolidates them through administrative agreements whose legality, per the annual report, "may be challenged".
Market maturity & valuation
Optically cheap (price-to-sales ratio around 0.4), but that reflects the thin margin, not a bargain. The trading history is not yet twelve months old, the free float is tiny, the 180-day lock-up expired in early June 2026, and the stock has already roughly doubled from the $13 IPO. Analyst coverage is extremely thin.
Worth Noting
Materiality gate (as of July 10, 2026): the negative findings were quantified and typed. (1) Structural risk from the corporate practice of dentistry rules: in the extreme case it touches 100 percent of consolidated revenue, but it is an industry-standard, decades-old model explicitly regulated in Minnesota — a chronic structural finding, not an acute threat to existence. (2) Concentration: 211 of 214 dentists in Minnesota (virtually the entire operation) plus one owner with 27 percent of revenue — a material structural/cluster finding. (3) Earning power: a GAAP loss in 2025 (minus $0.4 million) and in the first quarter of 2026 (minus $0.4 million), an adjusted EBITDA margin of only about 9 percent and falling — a quality/earnings finding, largely amplified by one-off IPO costs but with genuine margin pressure from wages. No existential finding: the balance sheet is net-cash positive, operating cash flow is positive, debt is low — the debt-financed roll-up one might have suspected is explicitly NOT what this is. Result: no substance finding (no acute danger, solid balance sheet), but given the cluster of structural findings and the missing stock market history, quality is not proven but open, which is the "open questions" rating. The rating says nothing about the entry price — that is what the metric scanners are for.
Valuation metrics are orders of magnitude as of mid-2026 (market value roughly $90–95 million, price/sales about 0.4, enterprise value/sales about 0.5); annual figures refer to fiscal year 2025 (as of December 31, 2025), quarterly figures to the first quarter of 2026 (as of March 31, 2026). Analyses are evergreen, daily prices are not a buy argument; the reference to the doubling relates to the IPO offering price of $13.00.
Special situation: the 180-day lock-up for pre-IPO holders expired 180 days after the IPO closing of December 4, 2025 (early June 2026); several insider filings (Form 4) followed in June 2026. Eleven dentist shareholders (176,852 shares) extended their lock-up by 185 days in January 2026 in exchange for short-term promissory notes from the company to cover tax liabilities from IPO vesting. Roughly 698,056 affiliate shares remain subject to Rule 144 restrictions.
AI rating: "threatened" (assessed July 10, 2026). Item 1A of the 10-K carries a dedicated risk factor stating that the growing spread of artificial intelligence in the dental market creates competitive pressure and regulatory uncertainty; competitors are integrating AI, the FDA is clearing more AI dental devices, and a failure to adopt could leave Park Dental behind. AI is not a revenue source for the company. Supporting quotes are in the AI dossier.
Stock Watch
This analysis is as of August 4, 2026. Stock Watch will tell you what's changed at PARK since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 10.30 $ to 23.10 $ · Last price: 20.30 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Medical Care Facilities
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Park Dental Partners, Inc. PARK | 0.1 | – | 56.6 | 14.2 | – | 6.4 | – |
| HCA Healthcare, Inc. HCA | 95.2 | 15.2 | 9.0 | 42.6 | 15.0 | 7.1 | 8.2 |
| Tenet Healthcare Corporation THC | 22.6 | 14.0 | 5.8 | 41.7 | 17.9 | 3.1 | 42.8 |
| Encompass Health Corp EHC | 12.2 | 21.3 | 9.8 | 43.9 | 19.0 | 10.5 | -0.2 |
| DaVita HealthCare Partners Inc DVA | 11.7 | 18.1 | 8.9 | 32.4 | 13.9 | 6.5 | 43.0 |
| Universal Health Services Inc UHS | 10.9 | 7.9 | 5.5 | 44.6 | 11.2 | 9.7 | -3.1 |
| The Ensign Group Inc ENSG | 10.2 | 29.2 | 19.3 | 16.6 | 9.0 | 18.7 | 5.6 |
| Chemed Corp CHE | 6.7 | 29.8 | 15.7 | 33.1 | 12.9 | 4.1 | 11.2 |
| PACS Group, Inc. PACS | 6.5 | – | 20.3 | 17.3 | 8.5 | 29.3 | 274.9 |
| Median of companies shown | 10.9 | 18.1 | 9.8 | 33.1 | 13.4 | 7.1 | 9.7 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2023 | 224 | 2 | 5 | 2.70 | 13 | -2 | 155 |
| 2024 | 230 | 9 | 4 | 1.07 | 16 | -4 | 155 |
| 2025 | 244 | 3 | 0 | -0.08 | 18 | 22 | 197 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -0.05 | – | 57 | – | -0.40 | 4 | 2 |
| 2025: Q1 | 0.46 | -5.70 | 59 | – | 2.70 | 6 | 3 |
| 2025: Q2 | 0.46 | -5.70 | 63 | – | 4.10 | 5 | 3 |
| 2025: Q3 | 0.28 | 468.60 | 61 | 10.70 | 2.00 | 8 | 6 |
| 2025: Q4 | -1.27 | – | 61 | 7.50 | -9.40 | 1 | -1 |
| 2026: Q1 | -0.09 | -118.90 | 63 | 6.30 | -0.60 | 5,026 | 2,721 |
| 2026: Q2 | 0.22 | -52.20 | 66 | 5.10 | 2.00 | 5 | 2 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 2 of our scanner strategies — each hit links to the scanner.
Momentum & Trend
Risk & Weakness
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 1.66 | 1.66 – 1.66 | 258 | -32.0% | 2 |
| 12/31/2027 | 1.58 | 1.23 – 1.93 | 299 | -4.8% | 2 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
With these assumptions (discount rate 10.0%, terminal growth 2.5%), no growth rate between -20.0% and 60.0% per year explains today’s market value — the reverse calculation yields no meaningful figure here.
| Free cash flow (last twelve months) | $4.97B |
|---|---|
| Market cap | $98.0M |
| Free cash flow in year ten | – |
| Terminal value as a share of market value | – |
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Der 10-K widmet künstlicher Intelligenz in Item 1A einen eigenen Risikofaktor: KI und verwandte Technologien werden im Dentalmarkt zunehmend eingesetzt (Bildgebungs-Diagnostik, Behandlungsplanung, Patientenkommunikation, Verwaltungsautomatisierung), die FDA lässt vermehrt KI-gestützte Dentalgeräte zu, und Wettbewerber integrieren diese Technologien in ihre Angebote. Der Bericht nennt das ausdrücklich als konkretes Wettbewerbsrisiko fürs eigene Modell — ein Versäumnis bei Bewertung und Einführung könne Park Dental ins Hintertreffen bringen und die Fähigkeit beeinträchtigen, Patienten und Fachkräfte zu gewinnen. KI ist bei Park Dental keine eigene Umsatzquelle und kein belegtes operatives Werkzeug; damit greift Kategorie »Bedroht« vor »Neutral«.
View the full file — quotes, sources, reviewed filings
„Artificial intelligence and related technologies are being increasingly adopted across the dental industry for applications including diagnostic imaging analysis, treatment planning assistance, patient communication, and administrative automation. The U.S. Food and Drug Administration (FDA) has cleared a growing number of AI-enabled dental devices, and competitors are incorporating these technologies into their service offerings. Failure to effectively evaluate, adopt, and integrate appropriate AI and other emerging technologies could place us at a competitive disadvantage and impair our ability to attract patients and dental professionals."
Künstliche Intelligenz und verwandte Technologien werden in der Dentalbranche zunehmend eingesetzt — unter anderem für die Analyse bildgebender Diagnostik, die Unterstützung der Behandlungsplanung, die Patientenkommunikation und die Verwaltungsautomatisierung. Die US-Arzneimittelbehörde FDA hat eine wachsende Zahl KI-gestützter Dentalgeräte zugelassen, und Wettbewerber integrieren diese Technologien in ihre Angebote. Versäumten wir es, geeignete KI und andere neue Technologien wirksam zu bewerten, einzuführen und zu integrieren, könnte uns das ins Wettbewerbsnachteil bringen und unsere Fähigkeit beeinträchtigen, Patienten und Zahnfachkräfte zu gewinnen.
10-K · 2026-03-25 · View SEC filing
„The increasing use of artificial intelligence and emerging technologies in dental care creates both competitive pressures and regulatory uncertainties that could affect our business. [...] Conversely, if we do not adopt AI technologies that become standard in the industry, we may lose competitive position."
Die zunehmende Nutzung künstlicher Intelligenz und neuer Technologien in der Zahnmedizin erzeugt sowohl Wettbewerbsdruck als auch regulatorische Unsicherheiten, die unser Geschäft beeinträchtigen könnten. [...] Umgekehrt könnten wir an Wettbewerbsposition verlieren, wenn wir KI-Technologien nicht übernehmen, die zum Branchenstandard werden.
10-K · 2026-03-25 · View SEC filing
Filings Reviewed: 10-Q 2026-05-14 · 10-K 2026-03-25 · 424B4 2025-12-03
Rated on July 10, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years no data
- More than 10% revenue growth is expected for the coming year 6.2%
- Share count grows by less than 3% a year no data
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 10.6%
- Gross margin at 40% or higher and without meaningful erosion 13.2%
- Goodwill from acquisitions does not grow faster than revenue no data
- Net debt below twice EBITDA 25,125 m net cash
- Operating cash flow covers the profits of the last three years 38 m
- Return on capital at 15% or higher, or up versus two years ago 1.8%
- Insiders hold at least 10% or are net buyers 22.0%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
4/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% –
- Exp. sales growth 3Y > 5% 10.5%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 10.5%
- Net debt < 4x EBIT -8,488.1x
- EBIT positive, 10Y straight –
- Max. EBIT decline < 50% –
- Return on equity > 15% –
- ROCE > 15% 1.8%
- Expected return > 10% 22.1%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Aug 25, 2026 | Law Alan Siems | See Remarks | Other | 40 | – | – |
The company
About the Company
Park Dental Partners, Inc. ist eine zahnmedizinische Ressourcenorganisation, die administrative Geschäftsunterstützungsdienste für Zahnärzte in Minnesota, Wisconsin und Arizona anbietet.
- Employees
- 1,212
- Headquarters
- Roseville, MN
- Address
- 2200 County Road C West, 55113 Roseville, United States
- Phone
- 651 633 0500
- Website
- parkdentalpartners.com
- IPO Date
- 12/03/2025
- ISIN
- US7004021009
Management
| Name | Title | Birth Year |
|---|---|---|
| Peter G. Swenson | President, CEO & Chairman of the Board | 1972 |
| Christopher James Bernander | CFO & Treasurer | 1983 |
| Alan Siems Law D.D.S., Ph.D. | Chief Clinical Officer of Specialty Practices & Director | 1966 |
| Christopher Eugene Steele D.D.S. | Chief Clinical Officer of General Practices & Director | 1964 |
| Brian Zard | Vice President of Operations | – |
| Jean Lind | Chief Administrative Officer & Secretary | – |
| Brian Delgado | Senior Director of Marketing | – |
| David Johnson CPA | Controller | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 09/01/2026 Park Dental Partners, Inc. (PARK): <ITEMS>1.05; Financial Statements and Exhibits SEC ↗
- 08/12/2026 Park Dental Partners, Inc. (PARK): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
- 08/10/2026 Park Dental Partners, Inc. (PARK): Entry into a Material Definitive Agreement; Unregistered Sales of Equity Securities; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.