Asure Software, Inc.
ASUR Technology Software Application
Asure Software, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $140.5 million, up 17.3% from fiscal 2024. In the quarter to June 2026, revenue grew 23.2%, EPS grew 31.8%, free cash flow grew 188.9% and total debt fell 3.29%, each against the same quarter a year earlier. Revenue growth for five consecutive years.
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Asure Software, Inc. (ASUR) Beneish M-score
Asure Software, Inc.'s Beneish M-score for fiscal 2025 is −2.89; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.89 | (0.54) |
| FY2024 | −2.35 | 0.29 |
| FY2023 | −2.64 | (0.78) |
| FY2022 | −1.86 | 0.11 |
| FY2021 | −1.97 | 1.06 |
| FY2020 | −3.03 | 0.03 |
| FY2019 | −3.06 | (0.15) |
| FY2018 | −2.92 | (1.00) |
| FY2017 | −1.91 | 0.11 |
| FY2016 | −2.03 | 1.26 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.74 | — | 0.69 | |
| Gross margin index | 1.02 | — | 0.54 | |
| Asset quality index | 1.03 | — | 0.42 | |
| Sales growth index | 1.17 | — | 1.05 | |
| Depreciation index | 1.08 | — | 0.12 | |
| SG&A index | 0.98 | — | −0.17 | |
| Total accruals to total assets | (0.07) | — | −0.31 | |
| Leverage index | 1.16 | — | −0.38 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.89 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| EXFY Expensify, Inc. compare | −3.7× |
| DHX DHI Group, Inc. compare | −3.5× |
| SMRT SmartRent, Inc. compare | −3.2× |
| KLTR Kaltura, Inc. compare | −3.2× |
| ASUR Asure Software, Inc. | −2.9× |
| BLND Blend Labs, Inc. compare | −2.8× |
| IMMR Immersion Corporation compare | −2.5× |
| SVCO Silvaco Group, Inc. compare | −2.2× |
| PERF Perfect Corp. compare | −0.6× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI