Forensic Analysis · Technology / Software · as of Sep 6, 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
-1.0
Distress distance
Clean
Earnings quality
6
Forensic signals
-32.2
P / E (ttm)
-6.6%
ROE
$258M
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 balance-sheet distress test reads -1.0, 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 by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. The build is led by inventory up +1349% on the year. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 16% of net operating assets, against an accruals ratio of 24.1%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
-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, and it has been across FY2011–FY2025, so reinvested dollars have not been earning their keep.
+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%.
FCF ($5M)
FY2019
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.
Key fundamentals
Net Margin-7.7%
Free Cash Flow$21.4M
Latest Revenue$119.1M
Return on Equity-6.6%
Revenue CAGR (3yr)+22.1%
Revenue Growth YoY+24.3%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Asure Software Inc's actual 10-K/10-Q/8-K filings?
Receivables vs revenue.Measured to FY2023 — 2 years behind FY2025, the most recent year this filer has reported, because its filings carry no revenue figure after FY2023. What follows is the last reading these filings support on this line, not a read on the business as it files today. Days sales outstanding moved from 33 to 40 days FY2022→FY2023 (receivables +17% vs revenue +24%). Receivables are creeping up relative to sales. Across FY2019–FY2023 the day count ran 25 → 24 → 22 → 33 → 40 days — the latest step continues a climb that was already under way, which is the persistence that separates a collection problem from a busy quarter. Deferred revenue was roughly flat (-19%) over the same period, which doesn't corroborate a benign upfront-billing explanation for the receivables build.
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. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 11.0% a year, and the rate is falling. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.