Asure Software (ASUR)
Market Price (11/6/2026): $9.6 | Market Cap: $289.6 MilSector: Information Technology | Industry: Application Software
Asure Software (ASUR)
Market Price (11/6/2026): $9.6Market Cap: $289.6 MilSector: Information TechnologyIndustry: Application Software
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 15% Megatrend and thematic driversMegatrends include Cloud Computing, Automation & Robotics, and Future of Work. Themes include Software as a Service (SaaS), Show more. | Weak multi-year price returns2Y Excs Rtn is -38%, 3Y Excs Rtn is -70% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 102x Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -6.8% Key risksASUR key risks include [1] the significant execution challenge of converting its debt-fueled acquisition strategy into sustained profitability and [2] intense pricing and retention pressure from larger competitors that could undermine its value-focused market position. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 15% |
| Megatrend and thematic driversMegatrends include Cloud Computing, Automation & Robotics, and Future of Work. Themes include Software as a Service (SaaS), Show more. |
| Weak multi-year price returns2Y Excs Rtn is -38%, 3Y Excs Rtn is -70% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 102x |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -6.8% |
| Key risksASUR key risks include [1] the significant execution challenge of converting its debt-fueled acquisition strategy into sustained profitability and [2] intense pricing and retention pressure from larger competitors that could undermine its value-focused market position. |
Qualitative Assessment
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Asure Software (ASUR) stock has gained about 20% since 7/31/2026 because of the following key factors:
1. Exceptional Fiscal Q3 2026 Financial Performance Exceeding Analyst Expectations.
Asure Software reported strong fiscal Q3 2026 results (quarter ended September 30, 2026), significantly beating consensus estimates across key metrics. Total revenue increased 10% year-over-year to $40.0 million, surpassing analyst projections of $38.94 million. Recurring revenue, a high-margin segment, grew 16% year-over-year to $36.9 million, now accounting for approximately 92% of total revenue. Adjusted EBITDA surged 29% to $10.5 million, well above the consensus estimate of $8.83 million, resulting in an expanded adjusted EBITDA margin of 26%. The company also significantly narrowed its GAAP net loss to $0.6 million, or $0.02 per share, from a $5.4 million loss in the prior-year quarter, considerably better than the -$0.09 per share analysts expected.
2. Robust Forward-Looking Guidance.
Management provided an optimistic outlook for future performance, boosting investor confidence. For fiscal Q4 2026, Asure guided revenue to a range of $42 million to $44 million, exceeding previous consensus expectations. The company also projected full-year 2026 revenue between $162 million and $164 million. Furthermore, Asure forecasted fiscal year 2027 revenue of approximately $183 million to $187 million, with an anticipated adjusted EBITDA margin framework of 26%–28%, indicating sustained growth and profitability.
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Asure Software (ASUR) stock has gained about 20% since 7/31/2026 because of the following key factors:
1. Exceptional Fiscal Q3 2026 Financial Performance Exceeding Analyst Expectations.
Asure Software reported strong fiscal Q3 2026 results (quarter ended September 30, 2026), significantly beating consensus estimates across key metrics. Total revenue increased 10% year-over-year to $40.0 million, surpassing analyst projections of $38.94 million. Recurring revenue, a high-margin segment, grew 16% year-over-year to $36.9 million, now accounting for approximately 92% of total revenue. Adjusted EBITDA surged 29% to $10.5 million, well above the consensus estimate of $8.83 million, resulting in an expanded adjusted EBITDA margin of 26%. The company also significantly narrowed its GAAP net loss to $0.6 million, or $0.02 per share, from a $5.4 million loss in the prior-year quarter, considerably better than the -$0.09 per share analysts expected.
2. Robust Forward-Looking Guidance.
Management provided an optimistic outlook for future performance, boosting investor confidence. For fiscal Q4 2026, Asure guided revenue to a range of $42 million to $44 million, exceeding previous consensus expectations. The company also projected full-year 2026 revenue between $162 million and $164 million. Furthermore, Asure forecasted fiscal year 2027 revenue of approximately $183 million to $187 million, with an anticipated adjusted EBITDA margin framework of 26%–28%, indicating sustained growth and profitability.
3. Strategic Acquisition and Enhanced Financial Flexibility.
Asure Software strengthened its market position and financial foundation through a strategic acquisition and new financing. In October 2026, the company completed the acquisition of a payroll processing business for $26.5 million, expanding its exposure to the mid-market segment. This was supported by securing a new senior credit facility of up to $115 million, from which Asure received $85 million in gross proceeds at the October 15, 2026 closing, repaying $62.6 million of its existing credit agreement and providing substantial liquidity for future growth initiatives.
4. Positive Analyst Revisions and Price Target Increases.
Following the company's strong performance and outlook, several Wall Street analysts maintained or initiated positive ratings and increased their price targets for ASUR. In September and October 2026, analysts from Stephens and Barrington, among others, reiterated or initiated "Buy" ratings with price targets up to $15.00. The average 12-month price target from analysts in the past three months was $16.77, representing a significant upside from the stock's trading price during the period. This positive analyst sentiment, coupled with the stock crossing above its 50-day and 200-day moving averages in late October 2026, signaled a strong upward trend.
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Stock Movement Drivers
Fundamental Drivers
The 19.6% change in ASUR stock from 7/31/2026 to 11/5/2026 was primarily driven by a 17.3% change in the company's P/S Multiple.| (LTM values as of) | 7312026 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.03 | 9.60 | 19.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 155 | 159 | 2.4% |
| P/S Multiple | 1.5 | 1.7 | 17.3% |
| Shares Outstanding (Mil) | 29 | 29 | -0.5% |
| Cumulative Contribution | 19.6% |
Market Drivers
7/31/2026 to 11/5/2026| Return | Correlation | |
|---|---|---|
| ASUR | 19.6% | |
| Market (SPY) | -1.9% | -7.0% |
| Sector (XLK) | -7.4% | -23.2% |
Fundamental Drivers
The 6.1% change in ASUR stock from 4/30/2026 to 11/5/2026 was primarily driven by a 7.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302026 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 9.05 | 9.60 | 6.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 148 | 159 | 7.2% |
| P/S Multiple | 1.7 | 1.7 | 0.5% |
| Shares Outstanding (Mil) | 28 | 29 | -1.6% |
| Cumulative Contribution | 6.1% |
Market Drivers
4/30/2026 to 11/5/2026| Return | Correlation | |
|---|---|---|
| ASUR | 6.1% | |
| Market (SPY) | 2.3% | -2.6% |
| Sector (XLK) | 1.9% | -14.4% |
Fundamental Drivers
The 8.5% change in ASUR stock from 10/31/2025 to 11/5/2026 was primarily driven by a 20.6% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 10312025 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.85 | 9.60 | 8.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 132 | 159 | 20.6% |
| P/S Multiple | 1.8 | 1.7 | -5.7% |
| Shares Outstanding (Mil) | 28 | 29 | -4.6% |
| Cumulative Contribution | 8.5% |
Market Drivers
10/31/2025 to 11/5/2026| Return | Correlation | |
|---|---|---|
| ASUR | 8.5% | |
| Market (SPY) | 8.4% | 9.2% |
| Sector (XLK) | 8.4% | -3.1% |
Fundamental Drivers
The 13.5% change in ASUR stock from 10/31/2023 to 11/5/2026 was primarily driven by a 38.8% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 10312023 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.46 | 9.60 | 13.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 115 | 159 | 38.8% |
| P/S Multiple | 1.5 | 1.7 | 14.4% |
| Shares Outstanding (Mil) | 21 | 29 | -28.5% |
| Cumulative Contribution | 13.5% |
Market Drivers
10/31/2023 to 11/5/2026| Return | Correlation | |
|---|---|---|
| ASUR | 13.5% | |
| Market (SPY) | 81.3% | 21.7% |
| Sector (XLK) | 101.5% | 12.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ASUR Return | 10% | 19% | 2% | -1% | 0% | 2% | 35% |
| Peers Return | 23% | -19% | 5% | 13% | -18% | 19% | 14% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 105% |
Monthly Win Rates [3] | |||||||
| ASUR Win Rate | 50% | 42% | 50% | 50% | 42% | 64% | |
| Peers Win Rate | 57% | 43% | 50% | 62% | 43% | 53% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 45% | |
Max Drawdowns [4] | |||||||
| ASUR Max Drawdown | -23% | -36% | -59% | -34% | -39% | -32% | |
| Peers Max Drawdown | -20% | -33% | -30% | -21% | -31% | -33% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: ADP, PAYX, PAYC, PCTY, WDAY.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/5/2026 (YTD)
How Low Can It Go
| Event | ASUR | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -35.8% | -24.5% |
| % Gain to Breakeven | 55.8% | 32.4% |
| Time to Breakeven | 39 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -43.4% | -33.7% |
| % Gain to Breakeven | 76.5% | 50.9% |
| Time to Breakeven | 305 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -62.3% | -19.2% |
| % Gain to Breakeven | 164.9% | 23.8% |
| Time to Breakeven | 1527 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -25.1% | -12.2% |
| % Gain to Breakeven | 33.5% | 13.9% |
| Time to Breakeven | 253 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -15.5% | -6.8% |
| % Gain to Breakeven | 18.3% | 7.3% |
| Time to Breakeven | 15 days | 15 days |
| 2013 Taper Tantrum | ||
| % Loss | -20.3% | -0.2% |
| % Gain to Breakeven | 25.5% | 0.2% |
| Time to Breakeven | 14 days | 1 days |
In The Past
Asure Software's stock fell -4.5% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 4.7% gain to breakeven.
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Asset Allocation
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| Event | ASUR | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -35.8% | -24.5% |
| % Gain to Breakeven | 55.8% | 32.4% |
| Time to Breakeven | 39 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -43.4% | -33.7% |
| % Gain to Breakeven | 76.5% | 50.9% |
| Time to Breakeven | 305 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -62.3% | -19.2% |
| % Gain to Breakeven | 164.9% | 23.8% |
| Time to Breakeven | 1527 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -25.1% | -12.2% |
| % Gain to Breakeven | 33.5% | 13.9% |
| Time to Breakeven | 253 days | 62 days |
| 2013 Taper Tantrum | ||
| % Loss | -20.3% | -0.2% |
| % Gain to Breakeven | 25.5% | 0.2% |
| Time to Breakeven | 14 days | 1 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -84.2% | -53.4% |
| % Gain to Breakeven | 533.3% | 114.4% |
| Time to Breakeven | 1033 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -31.3% | -8.6% |
| % Gain to Breakeven | 45.6% | 9.5% |
| Time to Breakeven | 55 days | 47 days |
In The Past
Asure Software's stock fell -4.5% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 4.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Asure Software (ASUR)
Asure Software (ASUR) provides cloud-based human capital management (HCM) solutions specifically tailored for small and mid-sized businesses across the United States. The company's fundamental purpose is to equip these organizations with the tools necessary to foster productive teams, navigate complex regulatory landscapes, and optimize resource allocation for sustained business growth.
The company's core product offerings include Asure Payroll & Tax, an integrated cloud solution that automates payroll processes, tax compliance, and manages various wage and benefit elements such as direct deposits, garnishments, and Fair Labor Standard Act adherence. Alongside this, Asure HR offers cloud-based functionalities to handle HR complexities, including employee self-service for information access. Furthermore, Asure Time & Attendance aims to deliver cost savings through strategic labor management and the elimination of time theft.
Beyond its primary software platforms, Asure Software also offers a range of valuable HR services. These include access to an on-demand HR resource library, dedicated phone and email support for HR queries, regular compliance and policy updates, and guidance for strategic HR decision-making. The company also provides HR outsourcing solutions and ensures seamless data integration with related third-party systems, such as 401(k), benefits, and insurance providers, establishing a comprehensive support system for its clients.
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Here are 1-2 brief analogies for Asure Software (ASUR):
- Asure Software is like a cloud-based ADP or Paychex, specifically tailored for small and mid-sized businesses.
- Think of it as the 'Intuit for HR, payroll, and time management' for small to mid-sized companies, simplifying complex tasks online.
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- Asure Payroll & Tax: An integrated cloud-based solution that automates payroll and tax regulations, including wages, benefits, and federal/state/local taxes.
- Asure HR: A cloud-based functionality that manages HR complexities and offers features like employee self-service.
- Asure Time & Attendance: A solution designed to achieve cost savings and return on investment by optimizing labor use and preventing time theft.
- HR Services: Provides a range of support, including an on-demand HR resource library, phone/email support for HR issues, compliance/policy updates, and HR outsourcing.
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Asure Software (ASUR) sells primarily to other companies.
Based on the provided information, Asure Software's major customers are not individually named companies but rather the broad category of small and mid-sized businesses across various industries in the United States. The company provides cloud-based human capital management solutions to help these businesses with payroll, HR, and time & attendance.
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Pat Goepel
Chairman & Chief Executive Officer
Pat Goepel has served as the Chairman and CEO of Asure Software since September 2009. He has over 30 years of experience in the human resources industry. Prior to joining Asure Software, he was president and CEO of Fidelity Investment's HR Services Division, President and CEO of Advantec, and Executive Vice President at Ceridian. Under his leadership, Asure's annual revenue has significantly increased, growing from $10.03 million to $119 million. Goepel also serves on the boards of SafeGuard World International and Clearfield, and as the CEO of APPD Investments. He is recognized for his strategic vision and contributions to Asure and the Austin business community. He has a background in operational excellence initiatives and M&A. Goepel became CEO in January 2010 and was elected to the board in August 2009. There is no information to suggest a pattern of managing companies backed by private equity firms or selling companies he previously founded/managed to an acquirer, though he directed a successful exit for a previous company's investors prior to Asure.
John Pence
CFO, Principal Accounting Officer & Corporate Secretary
John Pence joined Asure Software as Chief Financial Officer in January 2021. He brings nearly 30 years of leadership experience in accounting, finance, and operations across various publicly-traded and privately-held technology companies. In his current role, he is responsible for formulating and executing financial and operational strategies for Asure Software. Most recently, prior to Asure, he served as CFO of an HR benefits provider and helped direct a successful exit for that company's investors.
Eyal Goldstein
President & Chief Revenue Officer
Eyal Goldstein has been the President & Chief Revenue Officer at Asure Software since December 2016.
Yasmine Rodriguez Wakim
Chief Technology Officer and Senior Vice President, General Manager of Tax & Compliance
Yasmine Rodriguez Wakim has served as the Chief Technology Officer and Senior Vice President, General Manager of Tax & Compliance at Asure Software since January 2021. She has over 20 years of expertise in tax and compliance. Previously, she was the Vice President of Product Management and RPA at OneSource Virtual from June 2018 to January 2021, where she established the first team dedicated to Robotic Process Automation. She was also a co-founder and Vice President at Crystal Solutions Inc. from June 2011 to October 2015, where she developed the payroll tax system TaxEx. Her career also includes roles at ADP and MasterTax.
Todd Waletzki
Chief of Staff
Todd Waletzki joined Asure Software as Chief of Staff in January 2021. He has more than 30 years of industry and operations experience, focusing on leading technology-enabled service businesses. Prior to Asure, he served as President of the Payroll division at BenefitMall, Inc., and Chief Operating Officer for CompuPay, Inc.. He also held senior operating positions at Capital One, AOL, and Sprint.
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Here are the key risks to Asure Software (ASUR) in order from most significant to less significant:
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Intense Competition in the Human Capital Management (HCM) and Payroll Market: Asure Software operates in a highly competitive market for cloud-based human capital management and payroll solutions, serving small and mid-sized businesses (SMBs). The presence of numerous established players, including larger competitors like Paychex and ADP, along with various mid-market specialists and new entrants, creates significant pressure on pricing and the ability to acquire and retain customers. This competitive landscape necessitates continuous investment in product innovation and marketing to maintain market share and growth.
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Data Security and Privacy Risks: Asure Software handles a substantial amount of sensitive employee and company data, including payroll information, personal details, and financial records, through its cloud-based solutions. Consequently, the company faces considerable risks related to data breaches, cyberattacks, and the imperative to comply with evolving data privacy regulations. Any failure in data security or compliance could lead to severe financial penalties, significant legal liabilities, damage to its reputation, and a loss of customer trust.
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Regulatory Compliance and Changes in Labor/Tax Laws: A core component of Asure's offerings is to automate and ensure compliance with complex federal, state, and local payroll, tax, and labor regulations. The regulatory landscape is dynamic, with frequent changes in laws and compliance requirements. Asure must continuously invest resources to accurately and timely update its software and services to reflect these changes. Failure to adapt quickly or accurately to new regulations could expose both Asure and its clients to legal and financial repercussions, thereby undermining a key value proposition of the company.
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Asure Software (ASUR) operates within several addressable markets related to human capital management (HCM) solutions for small and mid-sized businesses (SMBs) in the United States.
The key addressable markets for Asure Software's products and services in the U.S. include:
- Human Capital Management (HCM) Market for SMBs: The Human Capital Management (HCM) in the SMB market in the U.S. was valued at approximately USD 10 billion in 2023 and is projected to reach USD 18.51 billion by 2031.
- HR & Payroll Software and Services Market: The U.S. HR & payroll software market was valued at USD 20.9 billion in 2024 and is projected to reach USD 29.2 billion by 2032. More broadly, the U.S. Payroll and HR Solution and Services Market is expected to grow from USD 9.1 billion in 2024 to USD 45.9 billion by 2032. SMBs represent a significant portion of the demand in this market.
- HR Software Market: The U.S. human resource management market, which includes various HR software, generated a revenue of approximately USD 7.6 billion in 2024 and is expected to reach USD 15.7 billion by 2030. SMBs account for 61% of HR tech adoption in the USA.
- Time & Attendance Software Market: The North American time and attendance software market was valued at approximately USD 1.54 billion in 2024. Globally, the time and attendance software market was valued at USD 4.53 billion in 2024 and is projected to grow to USD 8.75 billion by 2032.
- HR Outsourcing Market: The U.S. Human Resource Outsourcing (HRO) market was valued at USD 10.8 billion in 2024.
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For Asure Software (ASUR), the following are identified as key drivers of future revenue growth over the next 2-3 years:
- Accelerating Organic Growth and Customer Expansion: Asure Software anticipates continued double-digit growth, driven by an expansion of its customer base and increasing its market footprint. This is supported by an planned increase in its salesforce to 150 representatives in 2026. The company reported an acceleration in organic growth to 10% in Q4 2025, up from 4% in Q3, indicating traction with both new and existing customers.
- Enhanced Cross-selling and Upselling of Integrated Solutions: The successful launch and adoption of Asure Central, a unified client platform, is enhancing client experience and creating significant cross-selling opportunities. The company aims to increase the number of products sold per client, targeting a move from two to four products per sale. Acquisitions, such as Lathem Time, are also intended to accelerate cross-selling.
- Launch of AI-driven Products and Administrative Services Outsourcing (ASO) via AsureWorks: Asure has introduced AI tools, such as the Luna AI agent, which improves operational efficiency and client interactions. Furthermore, the new AsureWorks administrative services outsourcing model is expected to be a significant revenue driver, as clients adopting these managed payroll and compliance services typically represent two to three times the revenue of a payroll-only client.
- Transition to a Hardware-as-a-Service (HaaS) Model: Asure plans to transition its Lathem hardware business to a higher-quality Hardware-as-a-Service (HaaS) model. This strategic shift is anticipated to increase the company's recurring revenue mix to approximately 95% by 2027, thereby enhancing the predictability and stability of its revenue streams.
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Share Issuance
- Asure Software completed a public offering on August 21, 2023, issuing 3,333,333 shares of common stock at $12.00 per share, raising approximately $40 million in gross proceeds.
- The net proceeds from this offering are intended for general corporate purposes, including potential acquisitions or investments and debt repayment.
- As of February 25, 2026, Asure Software had 28,373,354 common shares outstanding, reflecting an increase of 5.28% in one year.
Inbound Investments
- Asure Software completed a $1.7 million Post IPO funding round on October 30, 2025, to fuel its growth.
- The company filed a Form D on August 15, 2025, reporting a Regulation D equity offering with $2,305,750 sold to 4 investors out of a total offering size of $2,837,000, with securities potentially issued for acquisitions.
Outbound Investments
- Asure Software has completed 18 acquisitions to date, primarily focusing on HRTech and HR Services.
- The company's most recent acquisition was Hireclick, a provider of job posting and applicant tracking systems, in August 2024.
- Asure Software also acquired Lathem Time 2025, LLC, a provider of time and attendance products.
Capital Expenditures
- Asure Software's average capital expenditure over the past five years (leading up to the latest trailing twelve months) was $9.48 million, reaching a high of $13.21 million.
- In the last 12 months, capital expenditures were -$787,000, and in the most recent quarter, they totaled -$0.122 million.
Peer Outperformance in Application Software
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| ASUR | Asure Software | 9.8% | -75.7x | 16.5% | 14.0% | 0.5% | — |
| ACIW | ACI Worldwide | 9.9% | 26.8x | 23.4% | 147.0% | 84.0% | +83pp |
| BOX | Box | 6.6% | 45.8x | 38.8% | 74.9% | 63.0% | +62pp |
| PTC | PTC | 12.9% | 18.2x | 2.4% | 30.9% | 54.5% | +54pp |
| MANH | Manhattan Associates | 9.3% | 69.7x | 41.7% | 22.1% | 41.7% | +41pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services | 10 | -4.5% | 87.9% | 147.0% | FLEX 399% · TTMI 335% · JBL 268% |
| Technology Distributors | 9 | 41.5% | 40.5% | 44.9% | AVT 115% · SNX 101% · CNXN 68% |
| Semiconductor Materials & Equipment | 28 | 19.0% | 38.5% | 18.3% | AXTI 298% · KLAC 227% · LRCX 219% |
| Communications Equipment | 36 | -6.2% | 75.3% | 17.2% | AAOI 700% · LITE 446% · ANET 380% |
| Electronic Components | 24 | 3.9% | 54.9% | 16.5% | CLS 1768% · BELFA 923% · APH 268% |
| Electronic Equipment & Instruments | 27 | -7.8% | 26.6% | 4.8% | PI 107% · OSIS 100% · CXT 61% |
| Semiconductors | 55 | -6.9% | 28.4% | -15.7% | MU 822% · NVDA 513% · AVGO 470% |
| Technology Hardware, Storage & Peripherals | 21 | -9.8% | 50.3% | -27.4% | WDC 540% · DELL 520% · SMCI 481% |
| Internet Services & Infrastructure | 6 | -1.5% | 35.3% | -29.3% | GDDY 65% · VRSN 37% · AKAM -27% |
| IT Consulting & Other Services | 30 | -22.2% | -1.8% | -32.0% | APLD 222% · IBM 142% · GIB -9% |
| Application Software ← | 125 | -11.5% | -10.1% | -49.9% | PLTR 496% · AGYS 140% · FROG 91% |
| Systems Software | 70 | -11.3% | 19.3% | -56.2% | ZETA 220% · CRWD 218% · CVLT 132% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Asure Software Earnings Notes | 12/16/2025 | |
| Would You Still Hold Asure Software Stock If It Fell 30%? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 184.12 |
| Mkt Cap | 26.8 |
| Rev LTM | 4,372 |
| Op Inc LTM | 934 |
| FCF LTM | 1,294 |
| FCF 3Y Avg | 1,117 |
| CFO LTM | 1,527 |
| CFO 3Y Avg | 1,325 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 12.2% |
| Rev Chg 3Y Avg | 10.5% |
| Rev Chg Q | 10.1% |
| QoQ Delta Rev Chg LTM | 2.3% |
| Op Inc Chg LTM | 22.3% |
| Op Inc Chg 3Y Avg | 12.4% |
| Op Mgn LTM | 24.2% |
| Op Mgn 3Y Avg | 23.0% |
| QoQ Delta Op Mgn LTM | 0.6% |
| CFO/Rev LTM | 30.2% |
| CFO/Rev 3Y Avg | 28.9% |
| FCF/Rev LTM | 25.4% |
| FCF/Rev 3Y Avg | 21.6% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Single Segment | 141 | 120 | 119 | ||
| Professional services, hardware and other | 10 | 5 | |||
| Recurring | 86 | 71 | |||
| Total | 141 | 120 | 119 | 96 | 76 |
| $ Mil | 2007 | 2006 | 2005 | 2000 | 1999 |
|---|---|---|---|---|---|
| Intellectual Property Licensing & other | 13 | 1 | -3 | ||
| Software & Professional Services | -1 | -2 | -2 | ||
| Internet ventures | -16 | ||||
| Products | -27 | 50 | |||
| Services | 2 | ||||
| Corporate/other | -83 | ||||
| Services/Other | 17 | ||||
| Total | 12 | -0 | -5 | -41 | -16 |
| $ Mil | 2025 | 2024 | 2023 |
|---|---|---|---|
| Single Segment | -13 | -12 | -9 |
| Total | -13 | -12 | -9 |
| $ Mil | 2000 |
|---|---|
| Products | 78 |
| Services | 40 |
| Internet ventures | 5 |
| Total | 124 |
Price Behavior
| Market Price | $9.60 | |
| Market Cap ($ Bil) | 0.3 | |
| First Trading Date | 04/07/1992 | |
| Distance from 52W High | -5.1% | |
| 50 Days | 200 Days | |
| DMA Price | $8.10 | $8.46 |
| DMA Trend | down | down |
| Distance from DMA | 18.5% | 13.5% |
| 3M | 1YR | |
| Volatility | 69.5% | 54.9% |
| Downside Capture | -49.20 | 66.66 |
| Upside Capture | 19.86 | 77.34 |
| Correlation (S&P 500) | -23.0% | 8.8% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -4.83 | -2.01 | -0.75 | -0.19 | 0.42 | 0.72 |
| Up Beta | -3.14 | 0.27 | 1.38 | -0.50 | -0.17 | 0.40 |
| Down Beta | -11.15 | -9.15 | -8.21 | -2.19 | -0.06 | 0.59 |
| Up Capture | -22% | 8% | 115% | 58% | 82% | 74% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 8 | 17 | 30 | 63 | 128 | 373 |
| Down Capture | -394% | -18% | 28% | 69% | 86% | 103% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 12 | 24 | 32 | 61 | 116 | 360 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ASUR | |
|---|---|---|---|---|
| ASUR | 17.7% | 54.9% | 0.47 | - |
| Sector ETF (XLK) | 11.0% | 28.3% | 0.35 | -3.7% |
| Equity (SPY) | 9.5% | 13.6% | 0.41 | 8.8% |
| Gold (GLD) | 3.6% | 28.7% | 0.11 | -5.8% |
| Commodities (DBC) | 37.7% | 21.2% | 1.40 | -10.7% |
| Real Estate (VNQ) | 12.0% | 14.2% | 0.55 | 11.1% |
| Bitcoin (BTCUSD) | -20.8% | 43.3% | -0.42 | 8.4% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ASUR | |
|---|---|---|---|---|
| ASUR | -0.3% | 50.0% | 0.17 | - |
| Sector ETF (XLK) | 15.9% | 26.4% | 0.55 | 15.9% |
| Equity (SPY) | 11.3% | 17.3% | 0.48 | 22.0% |
| Gold (GLD) | 17.5% | 19.1% | 0.74 | 0.2% |
| Commodities (DBC) | 8.0% | 19.6% | 0.29 | 1.2% |
| Real Estate (VNQ) | 1.2% | 18.9% | -0.05 | 19.0% |
| Bitcoin (BTCUSD) | 5.9% | 51.5% | 0.29 | 12.4% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ASUR | |
|---|---|---|---|---|
| ASUR | 3.6% | 54.4% | 0.28 | - |
| Sector ETF (XLK) | 22.4% | 25.3% | 0.81 | 26.7% |
| Equity (SPY) | 14.9% | 18.0% | 0.70 | 29.8% |
| Gold (GLD) | 12.0% | 16.5% | 0.59 | 2.1% |
| Commodities (DBC) | 7.6% | 18.1% | 0.33 | 9.4% |
| Real Estate (VNQ) | 5.7% | 20.7% | 0.23 | 22.9% |
| Bitcoin (BTCUSD) | 61.3% | 66.2% | 1.01 | 12.6% |
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Returns Analyses
Earnings Returns History
Updated 11/6/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/29/2026 | 30.2% | 32.8% | |
| 7/30/2026 | -4.1% | 4.1% | 8.4% |
| 4/30/2026 | 1.5% | 1.4% | 6.7% |
| 2/26/2026 | 17.8% | 20.5% | 1.9% |
| 10/30/2025 | 9.0% | 0.5% | -0.7% |
| 7/31/2025 | -13.7% | -14.8% | -13.4% |
| 5/1/2025 | 3.4% | 3.3% | -2.1% |
| 3/6/2025 | 12.9% | -5.5% | -6.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 9 | 9 | 7 |
| # Negative | 14 | 14 | 15 |
| Median Positive | 9.0% | 3.3% | 6.7% |
| Median Negative | -6.2% | -6.9% | -7.8% |
| Max Positive | 30.2% | 32.8% | 26.6% |
| Max Negative | -20.2% | -17.8% | -14.0% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/29/2026 | 30.2% | 32.8% | |
| 7/30/2026 | -4.1% | 4.1% | 8.4% |
| 4/30/2026 | 1.5% | 1.4% | 6.7% |
| 2/26/2026 | 17.8% | 20.5% | 1.9% |
| 10/30/2025 | 9.0% | 0.5% | -0.7% |
| 7/31/2025 | -13.7% | -14.8% | -13.4% |
| 5/1/2025 | 3.4% | 3.3% | -2.1% |
| 3/6/2025 | 12.9% | -5.5% | -6.7% |
| 10/31/2024 | -14.2% | -7.7% | -2.3% |
| 8/1/2024 | -9.9% | -17.8% | -14.0% |
| 5/2/2024 | -11.6% | -5.2% | -4.3% |
| 11/13/2023 | -20.2% | -9.5% | -8.2% |
| 9/15/2023 | -8.3% | -11.3% | -8.5% |
| 5/8/2023 | 8.0% | -6.2% | -5.2% |
| 2/27/2023 | 18.6% | 26.6% | 26.6% |
| 11/7/2022 | -0.3% | 1.2% | 25.5% |
| 8/8/2022 | 2.7% | 2.5% | 4.8% |
| 5/9/2022 | -1.2% | -2.1% | -2.0% |
| 3/14/2022 | -1.8% | -6.1% | -9.8% |
| 11/8/2021 | -2.0% | -9.4% | -10.5% |
| 8/9/2021 | -0.3% | -1.0% | -7.8% |
| 3/11/2021 | -8.5% | -13.1% | -12.9% |
| 11/9/2020 | -3.5% | -0.7% | 3.1% |
| SUMMARY STATS | |||
| # Positive | 9 | 9 | 7 |
| # Negative | 14 | 14 | 15 |
| Median Positive | 9.0% | 3.3% | 6.7% |
| Median Negative | -6.2% | -6.9% | -7.8% |
| Max Positive | 30.2% | 32.8% | 26.6% |
| Max Negative | -20.2% | -17.8% | -14.0% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/29/2026 | 10-Q |
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 03/06/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/26/2024 | 10-K |
| 09/30/2023 | 11/13/2023 | 10-Q |
| 06/30/2023 | 08/07/2023 | 10-Q |
| 03/31/2023 | 05/08/2023 | 10-Q |
| 12/31/2022 | 02/27/2023 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/29/2026 | 10-Q |
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 03/06/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/26/2024 | 10-K |
| 09/30/2023 | 11/13/2023 | 10-Q |
| 06/30/2023 | 08/07/2023 | 10-Q |
| 03/31/2023 | 05/08/2023 | 10-Q |
| 12/31/2022 | 02/27/2023 | 10-K |
| 09/30/2022 | 11/07/2022 | 10-Q |
| 06/30/2022 | 08/08/2022 | 10-Q |
| 03/31/2022 | 05/09/2022 | 10-Q |
| 12/31/2021 | 03/14/2022 | 10-K |
| 09/30/2021 | 11/08/2021 | 10-Q |
| 06/30/2021 | 08/09/2021 | 10-Q |
| 03/31/2021 | 05/10/2021 | 10-Q |
| 12/31/2020 | 03/11/2021 | 10-K |
| 09/30/2020 | 11/09/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/11/2020 | 10-Q |
| 12/31/2019 | 03/16/2020 | 10-K |
Recent Forward Guidance
Updated 11/2/2026Latest: Q3 2026 Earnings Reported 10/29/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 Revenue | Reported | 42.00 Mil | 43.00 Mil | 44.00 Mil | 10.3% | Higher New | Guidance: 39.00 Mil for Q3 2026 | |
| Q4 2026 Adjusted EBITDA | Reported | 10.00 Mil | 11.00 Mil | 12.00 Mil | 22.2% | Higher New | Guidance: 9.00 Mil for Q3 2026 | |
| 2026 Revenue | Reported | 162.00 Mil | 163.00 Mil | 164.00 Mil | 1.2% | Raised | Guidance: 161.00 Mil for 2026 | |
| 2026 Adjusted EBITDA | Reported | 40.00 Mil | 41.00 Mil | 42.00 Mil | ||||
| 2027 Revenue | Reported | 183.00 Mil | 185.00 Mil | 187.00 Mil | 14.9% | Higher New | Guidance: 161.00 Mil for 2026 | |
| 2027 Adjusted EBITDA Margin | Reported | 26.0% | 27.0% | 28.0% | 2.5% | Higher New | Guidance: 24.5% for 2026 | |
Prior: Q2 2026 Earnings Reported 7/30/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Revenue | Reported | 38.00 Mil | 39.00 Mil | 40.00 Mil | 5.4% | Higher New | Guidance: 37.00 Mil for Q2 2026 | |
| Q3 2026 Adjusted EBITDA | Reported | 8.00 Mil | 9.00 Mil | 10.00 Mil | 28.6% | Higher New | Guidance: 7.00 Mil for Q2 2026 | |
| 2026 Revenue | Reported | 159.00 Mil | 161.00 Mil | 163.00 Mil | 0 | Affirmed | Guidance: 161.00 Mil for 2026 | |
| 2026 Adjusted EBITDA Margin | Reported | 24.0% | 24.5% | 25.0% | 0.5% | Raised | Guidance: 24.0% for 2026 | |
Q1 2026 Earnings Reported 4/30/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue | Reported | 36.00 Mil | 37.00 Mil | 38.00 Mil | -11.9% | Lower New | Actual: 42.00 Mil for Q1 2026 | |
| Q2 2026 Adjusted EBITDA | Reported | 6.00 Mil | 7.00 Mil | 8.00 Mil | -33.3% | Lower New | Actual: 10.50 Mil for Q1 2026 | |
| 2026 Revenue | Reported | 159.00 Mil | 161.00 Mil | 163.00 Mil | 0.3% | Raised | Guidance: 160.50 Mil for 2026 | |
| 2026 Adjusted EBITDA Margin | Reported | 23.0% | 24.0% | 25.0% | 0 | Affirmed | Guidance: 24.0% for 2026 | |
Q4 2025 Earnings Reported 2/26/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Revenue | Reported | 41.00 Mil | 42.00 Mil | 43.00 Mil | 7.7% | Higher New | Actual: 39.00 Mil for Q4 2025 | |
| Q1 2026 Adjusted EBITDA | Reported | 10.00 Mil | 10.50 Mil | 11.00 Mil | -4.5% | Lower New | Actual: 11.00 Mil for Q4 2025 | |
| 2026 Revenue | Reported | 159.00 Mil | 160.50 Mil | 162.00 Mil | 0.3% | Raised | Guidance: 160.00 Mil for 2026 | |
| 2026 Adjusted EBITDA Margin | Reported | 23.0% | 24.0% | 25.0% | 0.0% | Affirmed | Guidance: 24.0% for 2026 | |
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Application Software Resources |
| Capterra |
| Software Advice |
| InfoWorld |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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