Forensic Analysis · Technology / Software · as of Aug 4, 2026
Asure Software Inc (ASUR)
A forensic read on Asure Software Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-1.1
Altman Z-score
Clean
Earnings quality
6
Forensic signals
-30.4
P / E (ttm)
-6.6%
ROE
$253M
Market cap
0.00%
Dividend yield
24.3%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Asure Software Inc earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is -1.1, placing it in the Distress zone. 6 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+24.1%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +24.1% relative to their own average in FY2025 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The build is led by inventory up +1349% on the year and PP&E up +41% on the year. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 16% of net operating assets, diverging from the balance-sheet accrual read.
-2.6%
FY2025
Return on invested capital.Return on invested capital is -2.6% in the latest fiscal year and rising from -5% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+10.9%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +36% over the last 3 years to FY2025 (+10.9%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~10.9% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~27%.
5% of rev
FY2023
Stock-based comp load.Stock-based compensation ran 5% of revenue and 31% of free cash flow in FY2023 — about $0.25 per diluted share. Heavy — a large slice of 'free cash flow' is really being paid out in stock, so the true owner cash per share is well below the headline.
Key fundamentals
Latest Revenue$119.1M
Revenue Growth YoY+24.3%
Revenue CAGR (3yr)+22.1%
Net Margin-7.7%
Free Cash Flow$21.4M
Return on Equity-6.6%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Asure Software Inc:
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🔒Calibrated 12-month price forecast, with the math shown
Shareholder returns.Returned $5M to shareholders (buybacks + dividends) in FY2019, but free cash flow was ($5M) after capex — there was no free cash flow to fund the payout from at all, and operating cash flow itself was negative or zero that year too. The entire return is coming from debt or cash reserves, not cash the business itself generated — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of.
40d DSO
FY2022→FY2023
Receivables vs revenue.Days sales outstanding moved from 33 to 40 days FY2022→FY2023 (receivables +17% vs revenue +24%). Receivables are creeping up relative to sales. Deferred revenue was roughly flat (-19%) over the same period, which doesn't corroborate a benign upfront-billing explanation for the receivables build.