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what it is
Asure sells cloud software that helps small businesses run payroll, track time, and avoid tax and HR mistakes.
how it gets paid
Last year Asure Software made $120M in revenue. Payroll & Tax solutions was the main engine at $120M company est., or 40% of sales.
what just happened
The latest quarter showed $39M in revenue, up 28% vs. prior year, turning net-income positive.
At a glance
B balance sheet — gets the job done, barely
50/100 earnings predictability — expect surprises
-$0.45 fy2024 eps est
$120M fy2024 rev est
10.7% operating margin
xvary composite: 48/100 — below average
What they do
Asure sells cloud software that helps small businesses run payroll, track time, and avoid tax and HR mistakes.
Payroll is sticky because your employees need to get paid correctly every cycle. Asure bundles payroll, taxes, HR, and time tracking into one system for small businesses, and 635 employees support that service. SaaS (software sold by subscription) → recurring software fees → so what: once your payroll is inside, switching gets painful.
How they make money
$120M
annual revenue
Payroll & Tax solutions
$120M company est.
HR compliance & services
$120M company est.
Time & Attendance
$120M company est.
Data integrations
$120M company est.
Value-added HCM solutions
$120M company est.
The products that matter
recurring payroll and HR software
Subscription & Support
$98.4M · about 70% of revenue
this $98.4M segment grew 18% and carries the investment case. if this piece keeps taking share inside the company, the revenue mix gets better.
core engine
implementation and related services
Professional Services & Other
$42.1M · about 30% of revenue
this $42.1M segment grew 15%. it helps land customers, but a services-heavy mix rarely gets a software stock a premium multiple.
supporting cast
Key numbers
$120M
2024 revenue est.
This is the expected 2024 sales base. Against a $254 million market cap, you are paying about 2.1 times sales for a company still expected to lose money.
$0.45
2024 EPS est.
EPS (earnings per share) → profit for each share → so what: the company is still expected to lose money in 2024.
10.7%
operating margin
Operating margin (profit after running the business) → 10.7% → so what: the core model can make money before other costs pull results below zero.
$69M
long-term debt
That debt equals 21% of capital and about 57.5% of expected 2024 revenue, which is a lot for a company this small.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 30 / 100
- long-term debt $69M (21% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for ASUR right now.
source: institutional data · return history unavailable
What just happened
missed estimates
The latest quarter showed $39M in revenue, up 28% vs. prior year, turning net-income positive.
Revenue looked strong in the quarterly filing data, but profitability did not follow. Gross margin was 66.8%, which says the product can earn, but not enough to offset the rest of the cost stack yet.
$39M
revenue
$0.51
eps
66.8%
gross margin
the number that mattered
Gross margin at 66.8% matters most because it shows the software engine is decent, while the income statement around it is still the problem.
source: company earnings report, 2026
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What could go wrong
the #1 risk is failing to turn recurring payroll growth into software-like margins. Asure already has $98.4M of recurring revenue, but the market is staring at 10.7% operating margin and asking why that number is not higher.
med
The 2026 guide is now the stock's measuring stick
Management guided to $159M–$162M of revenue after reporting $140.5M. Once you print that range, the market stops grading effort and starts grading delivery.
A miss would leave a $140.5M business still telling the same future-tense story.
med
Recurring revenue may rise without enough profit drop-through
Subscription & Support is $98.4M of revenue and growing 18%. Gross margin is 66.8%. Operating margin is 10.7%. Those numbers do not yet line up with a premium software narrative.
If revenue mix improves without a profit step-up, 1.8x sales can stay cheap for a reason.
med
Pipeline growth still has to turn into signed business
Management says the sales pipeline is at 120% of the prior year's level and wants it at 150%. Pipeline is an input. Revenue and margin are the output.
If extra selling expense builds pipeline faster than it builds revenue, the margin gap gets harder to defend.
med
Small-business payroll software gets competitive fast
Asure is a $254M company serving a crowded category where buyers compare features, service, and price. That is useful software, not protected territory.
If price competition picks up, the 66.8% gross margin has room to move the wrong way before the story gets better.
A miss on the $159M–$162M target, with operating margin stuck near 10.7%, would leave the company looking like a growing software vendor that still has not earned a software multiple.
source: institutional data · regulatory filings · risk analysis
Pay attention to
key insight
Whether recurring revenue keeps pulling away
Subscription & Support is $98.4M, or about 70% of revenue, and grew 18%. If that mix stalls, the cheap-software argument loses its best evidence.
risk
Operating margin above 10.7%
Growth matters. Margin conversion matters more. If revenue rises and operating margin stays parked here, the model is not scaling the way software investors want.
calendar
The first read on the $159M–$162M guide
The next earnings report is the first clean test of whether management can turn the 2026 target from a slide into a pattern.
trend
Pipeline expansion from 120% toward 150%
Bigger pipeline sounds good. Closed business sounds better. Watch whether the added selling effort shows up inside reported revenue and margin.
Analyst rankings
earnings predictability
50 / 100
Results are harder to model than average. in human-speak: do not expect a smooth, boring quarter every time.
street sentiment
2 analysts · buy · $15 target
The street target sits at $15 versus a $9.69 stock. in human-speak, the few analysts covering ASUR like it more than the market does.
source: institutional data
Institutional activity
institutional ownership data for ASUR is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$10
current price
n/a
target midpoint · n/a from current
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