ASURE SOFTWARE INC

ASUR

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

About the company

Country: United StatesPrice: $10.39Market Cap: $313.5M

Investment snapshot

18%positive consensus

Scored 1d ago

Positive

BUY / PASS

Neutral / negative

1 / 12

NEUTRAL / FAIL

Median fair value

$11.68

+12.4% vs price

Models with upside

2 / 17

Positive margin of safety

Strongest signal

7 of 10 pass — Dreman, Pabrai and Oshaughnessy object

Key risk

No clean pass — all 8 investors flag at least one growth criterion

Framework analysis

Verdict	Meaning
BUY	Positive purchase signal: the framework's buy requirements are met.
PASS	The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRAL	Neither a positive nor negative conclusion. It does not mean to hold an existing position.
FAIL	The company does not clear the framework's requirements.
Ranked	Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

Metric	Graham Defensive Value	Buffett Quality Compounder	Lynch GARP	Greenblatt Magic Formula	Piotroski F-Score	Dreman Contrarian Value	Munger Quality Focus	Pabrai Dhandho Framework	Akre Three-Legged Stool	Marks Risk-Aware Value	Ackman Activist Value	Templeton Global Bargain Hunter	Sleep Scale Economies Shared	Asness Systematic Factors	Neff Low-P/E Total Return	Schloss Asset-Value Discipline	O'Shaughnessy Systematic Factor Composite
Verdict	FAIL	FAIL	FAIL	FAIL · Rank #1731 (Top 55.9%)	PASS	FAIL	FAIL	FAIL	FAIL	FAIL	PASS	FAIL	PASS	FAIL	FAIL	FAIL	NEUTRAL
Score
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Intrinsic Value (annual)	N/A		N/A	N/A	N/A	N/A			N/A	N/A		N/A	N/A	N/A	N/A	N/A	N/A
Margin of Safety	N/A	-98.3%	N/A	N/A	N/A	N/A	+42.6%	-263.3%	N/A	N/A	+61.8%	N/A	N/A	N/A	N/A	N/A	N/A
Financial Basis	Annual history · FY 2025 · Balance sheet at 2026-09-30 Latest source filing: 2026-10-29 Score computed: 2026-11-14	Annual history · FY 2025 · TTM ended 2026-09-30 Latest source filing: 2026-10-29 Score computed: 2026-11-14	Annual history · FY 2025 · Balance sheet at 2026-09-30 · TTM ended 2026-09-30 vs 2025-09-30 · TTM ended 2026-09-30 Latest source filing: 2026-10-29 Score computed: 2026-11-14	TTM ended 2026-09-30 Latest source filing: 2026-10-29 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-02-26 Score computed: 2026-11-14	Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01 Latest source filing: 2026-10-29 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 Latest source filing: 2026-10-29 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-02-26 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment · Balance sheet at 2026-09-30 Latest source filing: 2026-10-29 Score computed: 2026-11-14	Annual history · FY 2025 · TTM ended 2026-09-30 · Qualitative assessment Latest source filing: 2026-10-29 Score computed: 2026-11-14	Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01 Latest source filing: 2026-10-29 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 · Balance sheet at 2026-09-30 Latest source filing: 2026-10-29 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-02-26 Score computed: 2026-11-14	TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Price history 2025-01-01–2026-11-01 · Annual history · FY 2025 Latest source filing: 2026-10-29 Score computed: 2026-11-14	Annual history · FY 2025 · TTM ended 2026-09-30 Latest source filing: 2026-10-29 Score computed: 2026-11-14	Annual history · FY 2025 · Balance sheet at 2026-09-30 Latest source filing: 2026-10-29 Score computed: 2026-11-14	Annual history · FY 2025 · TTM ended 2026-09-30 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-10-29 Score computed: 2026-11-14

Where It Passes

Cash Flow70% pass✓ 9✗ 3▾
7 of 10 pass — Dreman, Pabrai and Oshaughnessy object
Free Cash Flow Proxy$12.5M
✓BuffettPositive and growing
FCF Positive and Growing$23.3M
✓LynchPositive and growing
Operating Cash Flow$22.2M
✓PiotroskiCFO > 0
(CFO / Total Assets) vs ROACFO/Assets=4.18%, ROA=-2.47%
✓PiotroskiCFO/Assets > ROA
Price / (CFO / Shares)13.2x
✗Dreman< 8x
P/E or FCF YieldFCF Yield=6.8%
✗PabraiP/E < 15 or FCF Yield > 10%
FCF Positive11/16 years FCF positive
✓MarksPositive FCF in majority of recent years
(OCF - CapEx) / Market Cap7.9%
✓Ackman>= 4%
Price / FCF per Share13.7x
✓Ackman<= 25
Positive Operating Cash Flow frequency12/17 years positive
✓SleepPositive OCF in >= 70% of available years
Operating Cash Flow - Capital Expenditures$23.3M
✓Neff> $0 (app proxy for a strong fundamental case)
(Operating cash flow - capex) / market capitalization+7.42%; #1098/4519 (top 24.3%)
✗OshaughnessyTop 10% of eligible cross-section

Where It Falls Short

Growth0% pass✓ 2✗ 11▾
No clean pass — all 8 investors flag at least one growth criterion
EPS Growth (3-yr avg, 10-yr window)
✗Graham>= 33% growth
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR
✗Lynch15-30% (Fast Grower); > 0% to pass
Inventory Growth vs Revenue GrowthInv: 1349.2% vs Rev: 15.5%
✗LynchInventory growth < Revenue growth
EPS Growth Direction
✗DremanPositive over recent years
EPS CAGR
✗Dreman> 5% annualized
Positive Net Income Frequency4/18 years positive
✗MarksPositive net income in >= 7 of last 10 years
3yr Median Revenue Growth15.5%
✓Ackman>= 5%
Positive EPS Growth Frequency2/5 years with positive EPS growth
✗AckmanPositive EPS growth in >= 3 of last 5 years
5-Year EPS CAGR
✗Templeton> 0% (5-year EPS CAGR)
Revenue growth vs. gross and operating margin trendgross margin 71.8% -> 100.0%, operating margin -2.5% -> -8.9%
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
5-year Revenue CAGR7.7%
✓SleepCAGR > 7%
3-5 Year Diluted EPS CAGR
✗Neff7%-20% annualized
Efficiency0% pass✓ 1✗ 10▾
No clean pass — all 8 investors flag at least one efficiency criterion
Current Ratio1.05
✗Graham>= 2.0
ROIC (3-5 yr avg)-4.0%
✗Buffett> 10%
ROIC - WACC-14.0%
✗BuffettPositive (WACC = 10%)
EBIT / (NWC + Net Fixed Assets)6.7%
✗Greenblatt> 25%
Current Ratio Change YoY1.06 -> 1.07
✓PiotroskiIncreased YoY
Revenue / Total Assets Change YoY0.19x -> 0.18x
✗PiotroskiImproved YoY
Current Assets / Current Liabilities1.05
✗Dreman> 1.5
Return on Invested Capital0.7%
✗Munger> 15%
ROIC (high and growing)FY2023: ROIC=-1.2%; FY2024: ROIC=-4.0%; FY2025: ROIC=-2.5%
✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
Reinvestment Rate x ROICN/A (non-positive net income)
✗AkreReinvestment Rate * ROIC > 10%
ROIC (5-year)0/5 years above 12% (latest -2.5%)
✗SleepROIC > 12% in a majority of years
Profitability6% pass✓ 5✗ 30▾
15 of 16 flag ASUR's profitability — Graham, Buffett, Lynch +12 more
Positive EPS (10 years)7/24 years positive
✗GrahamPositive EPS every year for 10 years
EPS Growth (3-yr avg, 10-yr window)
✗Graham>= 33% growth
Net Income Positive (10+ years)4/24 years positive
✗BuffettPositive every year for 10+ years
ROE (up to 5-year arithmetic mean)-5.1%
✗Buffett> 15% arithmetic mean (app rule)
Operating Margin (10-yr trend)-8.9% (latest)
✗BuffettStable or rising over 10 years
Free Cash Flow Proxy$12.5M
✓BuffettPositive and growing
Earnings Variance (10-yr CoV)
✗BuffettCoV < 0.3
Retained Earnings Effectiveness
✗Buffett$1 retained -> > $1 market value created
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR
✗Lynch15-30% (Fast Grower); > 0% to pass
ROE-1.9%
✗Lynch> 15%
EBIT / Enterprise Value0.6%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=0.6%, ROC=6.7%
✗GreenblattBoth EY > 10% and ROC > 25%
Net Income / Total Assets-2.47%
✗PiotroskiROA > 0
ROA Change YoY-2.70% -> -2.47% (delta: +0.23%)
✓PiotroskiCurrent ROA > Prior ROA
(CFO / Total Assets) vs ROACFO/Assets=4.18%, ROA=-2.47%
✓PiotroskiCFO/Assets > ROA
Gross Margin Change YoY100.0% -> 100.0%
✗PiotroskiImproved YoY
Pre-Tax Income / Revenue-13.1%
✗Dreman>= 8%
Net Income / Shareholders' Equity-1.9%
✗Dreman> 12%
Margin of SafetyP/B=1.5x
✓PabraiP/B < 1.5 or P/E < 15
Return on Equity-5.8% (3-yr avg)
✗AkreROE > 20% (3-year avg)
Discount to Intrinsic ValueN/A (negative normalized EPS)
✗Marks>= 20% below intrinsic value
Positive Net Income Frequency4/18 years positive
✗MarksPositive net income in >= 7 of last 10 years
Operating Income / Revenue-8.9%
✗Ackman>= 15%
Net Income / Shareholders Equity-1.9%
✗Ackman>= 15%
5-Year EPS CAGR
✗Templeton> 0% (5-year EPS CAGR)
Operating Margin Trend-2.5% (2023) -> -8.9% (2025)
✗TempletonNon-negative operating-margin trend over 3 years
Revenue growth vs. gross and operating margin trendgross margin 71.8% -> 100.0%, operating margin -2.5% -> -8.9%
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
Net income / market capitalization-1.17%; #3438/6340 (top 54.2%)
✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Gross profit / total assets+22.53%; #1888/3702 (top 51.0%)
✗AsnessTop 30% of eligible cross-section
Net income / positive book equity-1.86%; #3042/5226 (top 58.2%)
✗AsnessTop 30% of eligible cross-section
Negative 5-year standard deviation of ROA-0.0143; #1101/5884 (top 18.7%)
✓AsnessTop 30% of eligible cross-section
3-5 Year Diluted EPS CAGR
✗Neff7%-20% annualized
Positive Diluted-EPS Years2/10 years positive
✗Schloss>= 70% positive over 5-10 observed years (app rule)
Valuation8% pass✓ 4✗ 24▾
12 of 13 flag ASUR's valuation — Graham, Lynch, Greenblatt +9 more
Price / Book Value per Share1.5x
✗Dreman< 1.2x✓Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
Price / 3-yr avg EPS
✗Graham<= 15x
Price-to-Book Ratio1.5x
✓Graham<= 1.5x
P/E x P/B
✗Graham<= 22.5
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
EBIT / Enterprise Value0.6%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=0.6%, ROC=6.7%
✗GreenblattBoth EY > 10% and ROC > 25%
Price / EPS
✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
Price / (CFO / Shares)13.2x
✗Dreman< 8x
Valuation ReasonablenessOE Yield=4.3%
✗MungerP/E < 25 or Owner Earnings Yield > 5%
P/E or FCF YieldFCF Yield=6.8%
✗PabraiP/E < 15 or FCF Yield > 10%
P/B or P/E vs. Historical AverageP/B=1.5x
✓MarksP/E < 15 or P/B < 2.0
Discount to Intrinsic ValueN/A (negative normalized EPS)
✗Marks>= 20% below intrinsic value
Price / FCF per Share13.7x
✓Ackman<= 25
Price vs. Trailing Low144% of trailing low ($7.23)
✗Templeton<= 120% of trailing low (certified split-adjusted live window)
Net income / market capitalization-1.17%; #3438/6340 (top 54.2%)
✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Positive book equity / market capitalization+0.6296; #2428/6449 (top 37.6%)
✗AsnessTop 30% of eligible cross-section
Price / Diluted EPS
✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
(EPS CAGR % + Dividend Yield %) / P/E
✗Neff> 0.7 (Neff's published traditional edge)
Price / Tangible Book Value per ShareN/A (non-positive TBVPS)
✗SchlossP/TBV <= 1.00x (app cutoff)
Book Value per Share Change-8.7%
✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
Revenue / market capitalization+0.3027; #3315/5247 (top 63.2%)
✗OshaughnessyTop 10% of eligible cross-section
(Operating cash flow - capex) / market capitalization+7.42%; #1098/4519 (top 24.3%)
✗OshaughnessyTop 10% of eligible cross-section
Trailing six-month price return through the evaluation date+20.53%; #1320/6202 (top 21.3%)
✗OshaughnessyTop 10% of eligible cross-section
Verdicts19% pass✓ 3✗ 13▾
Split decision: 12 FAIL · 3 PASS · 1 NEUTRAL
Overall verdict
✗GrahamFAIL (1/9)✗BuffettFAIL (1/9)✗LynchFAIL (2/7)✗GreenblattRank #1731✓PiotroskiPASS (F-Score 4)✗DremanFAIL (1/11)✗MungerFAIL (1/4)✗PabraiFAIL (1/3)✗AkreFAIL (1/6)✗MarksFAIL (2/5)✓AckmanPASS (5/9)✗TempletonFAIL (3/8)✓SleepPASS (3/6)✗AsnessFAIL (Rank #1278/2370 (Top 53.9%))✗NeffFAIL (2/6)✗SchlossFAIL (1/7)•OshaughnessyNEUTRAL (Not ranked)
Debt & Leverage25% pass✓ 6✗ 9▾
9 of 12 flag ASUR's debt & leverage — Graham, Buffett, Lynch +6 more
Debt Levels0.33
✓MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3
LT Debt vs Net Current AssetsLT Debt $59.4M vs NCA $11.4M
✗GrahamLT Debt <= Net Current Assets
Debt/Equity & Interest CoverageD/E: 0.33, IC: 0.3x
✗BuffettD/E < 0.5 AND Interest Coverage > 5x
Total Debt / Equity0.33
✓Lynch< 0.33
Cash - Long-term Debt$-42.6M
✗LynchPositive preferred
LT Debt / Total Assets Change1.31% -> 11.91%
✗PiotroskiDecreased YoY
Current Assets / Current Liabilities1.05
✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)
Total Debt / Shareholders' Equity0.33
✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
Interest Coverage & Debt/EBITDAIC=0.3x, D/EBITDA=2.1x
✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
Total Debt / Shareholders Equity0.33
✓Ackman<= 1.0
Negative debt-to-equity (higher means less debt)-0.3276; #2080/4210 (top 49.4%)
✗AsnessTop 30% of eligible cross-section
Valuation models50% pass✓ 2✗ 2▾
Models split on ASUR at $10.39 — fair values range $2.86–$27.20
Buffett fair value$5.24
✗Buffett-98.3% margin vs $10.39
Munger fair value$18.11
✓Munger+42.6% margin vs $10.39
Pabrai fair value$2.86
✗Pabrai-263.3% margin vs $10.39
Ackman fair value$27.20
✓Ackman+61.8% margin vs $10.39

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Business Services

Size: Small Cap($313.5M)

Revenue: $94.9M+15.5% YoY

Net Income: $13.1M-11.5% YoY

Financial Snapshot

Operating Margin-8.9%

Return on Equity-6.6%

Debt / Equity0.34

Current Ratio1.07

EPS (Diluted)$-0.48

Shares Retired−5.2% / −12.9% 2y

Similar Companies

No peer companies found in this industry.

Shareholder Return

Fiscal 2025

Issued 5.2% of shares last year, 12.9% issued over two.

Buybacks: —
Dividends: —

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

The latest annual period end is unavailable. Showing the latest fiscal cycle’s quarters; quarter and annual columns may overlap. Quarterly shows the full quarter history.

Metric	TTM · 2026-09-30 2025-10-01 – 2026-09-30 Sources · derived quarter values 10-K · 2026-02-26 10-Q · 2026-04-30 10-Q · 2026-07-30 10-Q · 2026-10-29 Derived from cumulative filings: net income, operating income, gross profit, ebit, pre tax income, interest expense, operating cash flow, depreciation amortization, capex.	Q3 FY 2026 2026-07-01 – 2026-09-30 Sources · derived quarter values 10-Q · 2026-10-29 Derived from cumulative filings: operating cash flow, depreciation amortization, capex.	Q2 FY 2026 2026-04-01 – 2026-06-30 Sources · derived quarter values 10-Q · 2026-07-30 Derived from cumulative filings: operating cash flow, depreciation amortization, capex.	Q1 FY 2026 2026-01-01 – 2026-03-31 Sources 10-Q · 2026-04-30	FY 2025 Sources 10-K · 2026-02-26	FY 2024 Sources 10-K · 2025-03-06	FY 2023 Sources 10-K · 2024-02-26	FY 2022 Sources 10-K · 2023-02-27	FY 2021 Sources 10-K · 2022-03-14
Market Cap	$313.5Mcurrent	--	--	--	$271.5Mest.	$317.1Mest.	$221.0Mest.	$215.2Mest.	$145.2Mest.
Revenue	--	$40.0M↑10%	$37.1M↑23%	$42.8M↑23%	$94.9M↑16%	$82.1M↓31%	$119.1M↑24%	$95.8M↑26%	$76.1M
Operating Income	$2.2M↑117%	$515.0K↑115%	-$2.4M↑48%	$2.3M↑216%	-$8.4M↑22%	-$10.7M↓258%	-$3.0M↑73%	-$11.3M↑13%	-$13.0M
Net Income	-$3.7M↑79%	-$604.0K↑89%	-$4.4M↑27%	$625.0K↑126%	-$13.1M↓11%	-$11.8M↓28%	-$9.2M↑36%	-$14.5M↓553%	$3.2M
EPS (Diluted)	--	$-0.02↑89%	$-0.15↑32%	$0.02↑122%	$-0.48↓7%	$-0.45↓7%	$-0.42↑42%	$-0.72↓550%	$0.16
Gross Margin	—	69.6%↑9%	67.5%↑2%	71.3%↑1%	100.0%	100.0%↑39%	71.8%↑10%	65.2%↑7%	61.2%
Operating Margin	—	1.3%↑113%	-6.5%↑58%	5.4%↑194%	-8.9%↑32%	-13.1%↓419%	-2.5%↑79%	-11.8%↑31%	-17.0%
ROE	-1.9%↑79%	—	—	—	-6.6%↓11%	-6.0%↓24%	-4.8%↑52%	-10.0%↓594%	2.0%
Total Debt	$64.7M↓8%	$64.7M↓8%	$68.9M↑2%	$68.8M↑387%	$67.6M↑432%	$12.7M↑195%	$4.3M↓88%	$34.9M	$35.0M
Shareholders' Equity	$197.4M↑2%	$197.4M↑2%	$197.8M↑2%	$200.1M↑1%	$197.8M	$197.3M↑3%	$191.7M↑32%	$145.1M↓8%	$158.2M
Current Ratio	1.05↓3%	1.05↓3%	1.06↓16%	1.05↑2%	1.07↑1%	1.06↓4%	1.11↑7%	1.03↓4%	1.07
Debt / Equity	0.33↓10%	0.33↓10%	0.35	0.34↑381%	0.34↑430%	0.06↑187%	0.02↓91%	0.24↑9%	0.22
Operating Cash Flow	$24.1M↑16%	$5.6M↓2%	$4.5M↑42%	$2.7M↑36%	$22.2M↑137%	$9.4M↓50%	$18.9M↑38%	$13.7M↑892%	$1.4M
Free Cash Flow	$23.3M↑16%	$5.5M↓2%	$4.2M↑43%	$2.5M↑38%	$21.4M↑146%	$8.7M↓50%	$17.3M↑52%	$11.4M↑812%	$1.2M