ASURE SOFTWARE INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ASURE SOFTWARE INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2021	FY2023	FY2024	FY2025
Revenue	35.5	54.4	89	73.2	65.5	76.1	95.8	119
Cost of revenue	8.12	12.6	24.1	29.8	27.4	29.5	33.3	33.5	37.7	45.7
Gross profit	27.4	41.8	39.5	43.3	38.1	46.6	62.5	85.5	82.1	94.9
Research and development	2.9	4.46	6	5.35	5.96	5.41	6.15	6.85	7.81	5.6
Selling, general and administrative	21	33.9	36.8	41.5	36.3
Selling and marketing					13.5	15.4	20.3	28.7	28.3	33.6
General and administrative					23.9	27.7	33.9	39.3	40.5	45.8
Operating expenses			64.4
Operating income	1.23	-1	-10.7	-50.4	-14.9	-13	-11.3	-3	-10.7	-8.41
Interest expense	2.01	4.63	8.62	16	2.22			5.64	1.02	5.06
Other non-operating income	-2.01	-4.63	-8.51			0.15	1.39	-0.29	0.01	0.12
Pre-tax income	-0.78	-5.63	-19.4	-66.4	-16	4	-14.4	-9.11	-10.8	-12.5
Income tax	0.19	0.1	-7.98	-24.1	0.34	0.8	0.11	0.11	0.93	0.65
Net income	-0.97	-5.72	-7.55	30	-16.3	3.19	-14.5	-9.21	-11.8	-13.1
EBITDA	4.84	5.06	2.19	-32.2	-0.23	3.28	7.4	16.1	11.4	18
EPS, basic	-0.15	-0.53	-0.54	1.93	-1.03	0.17	-0.72	-0.42	-0.45	-0.48
EPS, diluted	-0.15	-0.53	-0.54	1.93	-1.03	0.16	-0.72	-0.42	-0.45	-0.48
Shares, basic (weighted)	6.53	10.9	14	15.5	15.9	19.3	20.1	22.1	26.1	27.4
Shares, diluted (weighted)	6.53	10.9	14	15.5	15.9	19.5	20.1	22.1	26.1	27.4

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2021	FY2023	FY2024	FY2025
Cash and equivalents	12.8	27.8	15.4	28.8	28.6	13.4	17	30.3	21.4	25.2
Short-term investments					4.25	5.56	9.17	10	5.27	12.8
Receivables	8.11	13.4	5.1	4.81	3.85	5.31	12.1	14.2	18.2	15.9
Inventory	0.49	0.51	1.17	0.66	0.45	0.25	0.25	0.16	0.2	2.83
Other current assets	1.26	2.59	0.67	1.29	1.47	13.5	10.3	3.47	4.89	6.33
Total current assets	45.6	86.6	160	169	357	250	243	267	237	278
Property, plant and equipment	1.88	5.22	6.43	7.87	8.28	8.95	11.4	14.5	19.7	27.8
Lease right-of-use assets				6.96	6.45	5.75	7.07	4.99	4.04	6.03
Goodwill	26.3	67.3	99.1	68.7	74	86	86	86	94.7	116
Intangible assets	12	33.6	72.2	63.9	64.6	78.6	66.6	62.1	69.1	87.9
Long-term investments					20.4	26.5	47.4	61.7	63.1	75.9
Other non-current assets	0.04	0.61	2.34	3.22	3.95	4.14	5.52	9.05	11.8	15.5
Total assets	85.8	203	361	320	514	433	420	444	437	531
Accounts payable	1.58	1.91	2.95	1.74	1.29	0.57	2.19	2.57	1.36	2.17
Accrued liabilities	1.19	2.48	2.28	3.42	2.92	3.57	5.79	6.52	4.49	4.72
Deferred revenue	9.25	42.3	2.89	5.5	4.42	3.75	8.46	6.85	8.36	11.6
Short-term debt	5.46	8.9	4.73	2.57	12.3	1.91	4.11	0.03	7.01	4.34
Total current liabilities	41.4	69.6	148	152	349	233	235	241	224	260
Long-term debt	24.6	67	107	24.1	12.2	33.1	30.8	4.28	5.71	63.3
Lease liabilities				5.94	5.37	4.75	6.46	4.64	3.58	5.22
Other non-current liabilities	0.84	0.82	0.44	0.14	1.16	0.26	0.11	0.21	0.36	0.22
Total liabilities	67.6	140	259	182	368	275	275	252	239	334
Total debt	30	75.9	111	26.7	24.5	35	34.9	4.31	12.7	67.6
Paid-in capital	295	346	392	396	420	430	434	488	505	517
Retained earnings	-272	-278	-284	-254	-270	-267	-281	-290	-307	-320
Treasury stock	-5.02	-5.02	-5.02	-5.02	-5.02	-5.02	-5.02	-5.02	0	0
Other comprehensive income	0.01	-0.06	-0.91	-0.03	0.6	-0.1	-2.48	-1.12	-0.58	0.44
Shareholders' equity	18.2	63.8	103	138	146	158	145	192	197	198
Total equity	18.2	63.8	103	138	146	158	145	192	197	198
Total liabilities and equity	85.8	203	361	320	514	433	420	444	437	531
Shares outstanding	8.52	12.5	15.3	15.7	19	20	20.2	25	26.7	28.1

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2021	FY2023	FY2024	FY2025
Net income	-0.97	-5.72	-7.55	30	-16.3	3.19	-14.5	-9.21	-11.8	-13.1
Depreciation and amortization	3.61	6.06	12.9	18.2	14.7	16.2	18.7	19.1	22.1	26.4
Stock-based compensation	0.23	0.59	1.69	2.27	2.37	2.99	3.18	5.43	6.44	7.74
Deferred income tax	0.17	0.25	-7.26	-0.56	0.55	0.71	-0.09	0.23	0.88	0.65
Change in inventory	0.3	-0.02	-2.95	-1.58	0.15	0.14	-0.01	0.1	-0.04	0.75
Change in payables	-1.1	-0.25	1.6	-3.17	-0.68	-0.73	1.61	0.38	-1.21	0.34
Cash from operations	-2.01	-0.04	-7.13	-4.12	2.24	1.38	13.7	18.9	9.39	22.2
Capital expenditures	-0.44	-1.4	-1.9	-1.02	-0.86	-0.13	-2.32	-1.59	-0.69	-0.79
Acquisitions	-12	-45.4	-67	-7.44	-0.44	-0.76	0		-7.9	-37.5
Purchases of investments					-13.2	-29.1	-37.2	-27.6	-15.6	-44.6
Cash from investing	-18.8	-58.5	-107	85.6	-19.4	-37	-36	-29.5	-19.3	-86.7
Debt repaid	0
Stock issued	15.2	28	39.4	0.82	21.4	0.68	0.5	46.8	1.37	1.34
Share buybacks	-5	-5		-5
Cash from financing	32.3	73.5	102	-68	208	-90.7	-12.4	24.2	-22	83.5
Exchange rate effect	0.1	0.01	0.22	-0.12	0
Net change in cash	11.6	15	-12.3	13.4	191	-126	-34.7	13.6	-31.9	19
Free cash flow	-2.45	-1.44	-9.03	-5.13	1.38	1.25	11.4	17.3	8.7	21.4
Interest paid	1.42	3.47	7.82	8.9	1.03	1.41	3.4	3.14	0	3.29
Income taxes paid	0	0.02	0.09	0.13	3.66	0.37	0.23	0.43	0.02	0

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $7.89 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Return on equity (ROE)	-4.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-1.8%	Net income / average total assets.
Return on invested capital (ROIC)	-0.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.

Growth

Metric	Value	How it is calculated
Gross profit growth, 1y	15.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	14.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	20.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	58.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	34.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	136.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	17.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	58.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	146.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	23.6%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	73.1%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	0.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	10.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	6.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	21.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	8.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	0.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	5.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	10.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	11.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.06x	Current assets / current liabilities.
Quick ratio	0.26x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.19x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.35x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	14.4%	Total debt / total assets.
Liabilities / assets	58.6%	Total liabilities / total assets.
Net debt	$28.4M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.07x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	-0.25x	Operating income / interest expense.
Working capital	$13.4M	Current assets - current liabilities.
Goodwill and intangibles / assets	41.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$1.5M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Inventory turnover	24.2x	Cost of revenue / average inventory.
Days inventory	15 days	365 x average inventory / cost of revenue.
Days payables	15 days	365 x average accounts payable / cost of revenue.
Capex / operating cash flow	3.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.29	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
FCF per share	$0.81	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.84	Cash from operations / diluted weighted shares.
Book value per share	$6.86	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$0.05	Tangible book value / shares outstanding.
Cash per share	$1.41	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$227.9M	Share price x shares outstanding.
Enterprise value	$256.2M	Market cap + total debt - cash - short-term investments.
P/B	1.15x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	9.75x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	9.40x	Market cap / cash from operations, when positive.
EV/EBITDA	9.65x	Enterprise value / EBITDA, when both are positive.
EV/FCF	11.0x	Enterprise value / free cash flow, when both are positive.
FCF yield	10.3%	Free cash flow / market cap.
Earnings yield	-3.7%	Net income / market cap (the inverse of P/E).

Was ASURE SOFTWARE INC profitable in fiscal 2025?

No. It reported a net loss of $13.1M.

How much free cash flow did ASURE SOFTWARE INC generate in fiscal 2025?

Cash from operations of $22.2M minus capital expenditures of $787.0K left free cash flow of $21.4M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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