Forensic Analysis · Software & SaaS · as of Nov 8, 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
-1.2
Distress distance
3
Forensic signals
-6.6%
ROE
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 (auditor quality, say on pay, board independence, going concern). 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 -1.2, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-3.0%
FY2025
Return on invested capital.Return on invested capital is -3.0% in the latest fiscal year, against -1.4% in FY2023, having run between -4.6% and -1.4% across FY2023–FY2025 with no direction held. After-tax operating profit was ($2M) in FY2023 and ($7M) in FY2025, with operating income at -2.5% of revenue in FY2023. The capital base behind it grew +30% across FY2023–FY2025, from $172M to $225M, while the return fell 1.6 points, so the dollars added over that window earned less than the -1.4% the older base was already earning. $78M of the $225M base at FY2025 is short-term investments and long-term marketable securities (34.9%) — securities held beside cash, which the base keeps because only cash is subtracted from it; they earn the balance sheet's yield, which is not in the operating profit above, so the loss on the operating capital is larger than this rate shows.
+11.3%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +24% over the last 2 years to FY2025 (+11.3%/yr). The count is growing — 22.1M shares in FY2023, 27.4M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~11.3% 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 FY2023 has been diluted ~19%.
5% of rev
FY2023
Stock-based comp load.Stock-based compensation ran 5% of revenue and 53% 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 11.3% a year across FY2023–FY2025, 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.
Key fundamentals
Latest Revenue$119.1M
Net Margin-7.7%
Free Cash Flow$7.7M
Return on Equity-6.6%
Debt / Equity0.02x
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