Quality Investor

Asure Software, Inc.

Rank #357

ASUR · Nasdaq · Technology

Asure Software, Inc. (ASUR) — Rank #357 by gross profitability (GP/assets 0.20) · ROE -6.6% · Piotroski F-Score N/A.

As-of 2026-09-15 · CIK 0000884144 · all metrics point-in-time as of the filing date.

About

Asure Software, Inc. engages in the provision of cloud-based Human Capital Management (HCM) software solutions in the United States.

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It provides its human resources (HR) tool as Software-as-a-Service that helps various small and medium-sized businesses to build a productive workforce to help them stay compliant and allocate resources to grow their business. The company offers a comprehensive suite of HCM tools through its Asure HCM platform, which includes payroll and tax filing, HR management tools, time and attendance software, recruiting, and benefits administration. It provides technology-enabled services such as AsureMarketplace, facilitating automated data exchange with third-party providers; HR compliance services; AsurePay, a payroll card solution; and insurance brokerage services for benefits management. The company also offers payroll processing and compliance; offers payroll calculation and processing services, including wage and overtime calculations, garnishments, direct deposit processing, and related payroll administration; HR compliance and workforce management; time and attendance solutions; applicant tracking and recruiting tools; insurance brokerage and benefits administration, retirement plan administration; tax management solutions; payroll tax processing platforms; outsourced payroll tax services; and treasury and funds management services. The company delivers its products directly and through a national network of reseller partners and referral partners. Asure Software, Inc. was formerly known as Forgent Networks Inc. and changed its name to Asure Software, Inc. in September 2007. Asure Software, Inc.

was incorporated in 1985 and is headquartered in Austin, Texas.

Industry
Software - Application
Sector
Technology
State
DE
Filer Category
Accelerated filer
Fiscal Year End
December 31

Price History

ASUR-5.7% · -1.2% CAGRSPY+80.5% · +12.5% CAGR

Company Snapshot

Market Cap

$242.88M

P/E (annual)

P/S (annual)

P/B

1.2

P/OCF (annual)

10.9

Shareholder Yield

Employees

627

Industry

Software - Application

Exchange

Nasdaq

Quality Profile

Profitability

GP / assets
0.20
Return on equity
-6.6%
Gross margin trend
N/A

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
1.42
Current ratio
1.06×
Net cash
-$28.38M

Cash Flow

2/2 pass
Positive FCF
PASS
Cash-backed earnings
PASS
Accruals healthy
N/A
SBC / revenue

Growth

Revenue growth
Piotroski F-Score
N/A
Share dilution

Terry Smith quality gate

N/A

5 of 5 thresholds not computable from filed data.

What Growth Is Priced In

Implied revenue growth (10Y)

-0.8%

incredible deal

The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).

vs. own 6-year median revenue growth: 29.8%

within its own history

Cost-of-equity sensitivity (implied growth at different discount rates)

r = 8%

-4.6%

r = 10% (base)

-0.8%

r = 12%

2.5%

Net debt / market cap: 12.3%

Base FCF: $21.4M3Y mean FCF: -$4.3M

Valuation History

Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.

P / S

Price / revenue per share

1.0xCheap
1.0xmed 1.5x3.0x

P / B

Price / book value per share

0.9xCheap
0.9xmed 7.4x15.3x

P / GP

Price / gross profit per share

1.6xCheap
1.6xmed 1.9x3.9x

P / FCF

Price / free cash flow per share

N/A
5.0xmed 17.3x22.3x

Profitability

Gross profitability (GP / assets)

0.20

Primary signal (Novy-Marx).

7th of 8 SIC 7373 peers

Return on equity

-6.6%

Gross margin

Revenue growth (YoY)

Gross margin improving

Margin trend vs prior year.

N/A

Operating Leverage

2015201620172018
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

1.42

7th of 8 SIC 7373 peers (best = lowest)

Current ratio

1.06×

8th of 8 SIC 7373 peers

Quick ratio

0.26×

Net cash

-$28.38M

Cash & equivalents minus total debt.

Cash-flow health

Free cash flow

$21.43M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

2.63

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

N/A

SBC / revenue

Stock-based comp intensity.

Piotroski F-Score

F-Score

N/A

Only 0/9 components determinable.

Lifecycle Phase History

20132018
Hypergrowth
Startup