Tyler Technologies Inc (TYL)
Information Technology · Application Software · US stock · S&P 500 component
$392.45
▲ +16.69 (4.44%)
Fair valueFair
$427 +8.8% to fair value
$214fair band $363–$518$641
Day's range
$380.01 – $394.91
52-week range
$270.71 – $524.43
About Tyler Technologies Inc
Tyler Technologies provides software and related services for local governments and other public sector bodies. Its products cover areas such as courts, public safety, property tax, finance, schools and permitting, and many are now delivered through cloud subscriptions. Revenue comes from software subscriptions, licences, maintenance, hosting and implementation services under multi-year contracts with cities, counties and state agencies.
The company reported revenue of $2.4 billion for the last twelve months. The three-year revenue growth rate is 8.0% a year. Profitability shows an operating margin of 15.1% and a return on invested capital of 14%. No dividend is paid. This gives an X-Ray Score of 57 out of 100. These figures describe past results as reported and are a factual snapshot, not a forecast. Some measures, such as margins for real estate trusts and banks, are defined differently from those of industrial firms, so comparisons should be made with care.
Price chart
52-wk range $270.71 – $524.43Volume 1,107,372Daily, split-adjusted
Vitals
Market cap$16.4B
52-week range$270.71 – $524.43
Volume (last day)1,107,372
P/E (TTM)52.2
EBIT / EV yield2.4%
Free-cash-flow yield4.3%
Dividend yieldNo dividend
Revenue (TTM)$2.4B
Net income (TTM)$325M
Operating margin15.1%
Return on capital13.8%
Debt incl. leasesData missing
Cash & securities$970M
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$427middle half of models $411 – $451
Fair
+8.8% to fair value
Average of the 10 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Low, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $392
Undervalued < $363Fair $363 – $518Overvalued > $518
P/E multiple
$445
P/B multiple
$432
P/S multiple
$453
EV/EBITDA multiple
$410
EV/EBIT multiple
$514
EV/revenue multiple
$453
10-year DCF, EBITDA exit
$369
5-year DCF, EBITDA exit
$414
10-year DCF, revenue exit
$368
5-year DCF, revenue exit
$413
10-year DCF, growth exit · not used
$153
5-year DCF, growth exit · not used
$137
Earnings power value · not used
$144
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Average business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Information Technology peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Fair
60/100
Priced about in line with its sector.
See the numbers →
EBIT / EV yield2.4%
Free-cash-flow yield4.3%
Fair value vs price1.1×
Growth
Fair
58/100
Growing at a typical pace for its sector.
See the numbers →
Revenue growth (3y)8.0%
EPS growth (3y)23.0%
Growth consistency100%
Profitability
Weak
47/100
Earns lower returns on its capital than most peers.
See the numbers →
Return on invested capital13.8%
Operating margin15.1%
Gross profitability19.7%
Financial health
Fair
66/100
Balance sheet is in typical shape for its sector.
See the numbers →
Piotroski F-Score7 / 9
Interest coverNo interest cost
Dividends
None
–/100
Pays no dividend.
See the numbers →
Quarterly results: last 6 quarters
+10.3%
Mar '25
+10.2%
Jun '25
+9.7%
Sep '25
+6.3%
Dec '25
+8.6%
Mar '26
+8.2%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $645M, diluted EPS $2.23.
Compare with peers
ADBE Adobe Inc.77 INTU Intuit Inc.71 FICO Fair Isaac Corp71 ADSK Autodesk, Inc.67Other Application Software companies by X-Ray Score.
SWOT analysis: Tyler Technologies Inc
Strengthsinside the company
- Earnings per share have compounded at 23.0% a year over three years.
- Operating profit covers interest 56x, so debt costs are a small drag.
- Passes 7 of the 9 Piotroski tests, which points to improving profitability, funding and efficiency.
Weaknessesinside the company
- Operating margin of 15.1% is thin against 27.4% for industry peers.
Opportunitiesvaluation and setting
- Our Market Compass rates the backdrop for Information Technology as favourable.
Threatsvaluation and setting
- Trades at 50.6x earnings, 82% above the 27.8x median of industry peers, so the price already assumes better results.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare TYL with peers and sector
Medians of 13 Application Software peers and of 74 Information Technology stocks in our universe.
Largest peers (X-Ray Score): PLTR 63, ORCL 56, CRM 52, ADBE 77, INTU 71, DDOG 50.
| Metric | TYL | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 57 | 58 | 50 |
| Valuation | 60 | 67 | 50 |
| Growth | 57 | 65 | 54 |
| Profitability | 47 | 62 | 50 |
| Financial health | 66 | 47 | 49 |
| Dividends | – | 72 | 50 |
Sector leaders: highest X-Ray Score in Information Technology
TYL ranks #25 of 75 in Information Technology and #8 of 14 in Application Software by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for TYL
Each factor is rated by where TYL stands among the 75 Information Technology stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 7 Good · 8 Average · 6 Bad of 21
Growth: 1 · 2 · 0
Profitability: 0 · 1 · 4
Financial strength: 2 · 1 · 0
Valuation: 1 · 3 · 1
Cash flow: 3 · 1 · 0
Efficiency: 0 · 0 · 1
| Factor | TYL | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +8.0% | Average beats 45% | +9.7% | – | – |
| Revenue growth, last year | +9.1% | Average beats 34% | +13.7% | +9.5% | ≈ In line |
| EPS growth, 3 years a year | +23.0% | Good beats 73% | +5.9% | – | – |
| Profitability | |||||
| Gross margin | 47.2% | Bad beats 30% | 57.8% | 44.1% | ≈ In line |
| Operating margin | 15.1% | Bad beats 30% | 20.3% | 11.6% | ▲ Better |
| Net margin | 13.4% | Average beats 41% | 17.8% | 10.1% | ▲ Better |
| Return on invested capital | 13.8% | Bad beats 33% | 19.4% | – | – |
| Return on equity | 10.7% | Bad beats 25% | 21.0% | 6.9% | ▲ Better |
| Financial strength | |||||
| Interest cover | 56.4x | Good beats 90% | 23.0x | 29.6x | ▲ Better |
| Current ratio | 1.55 | Average beats 49% | 1.57 | 1.05 | ▲ Better |
| Piotroski F-score | 7 / 9 | Good beats 68% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 50.6x | Bad beats 24% | 33.6x | 95.4x | ▲ Better |
| Price / book | 5.4x | Good beats 69% | 8.3x | 6.1x | ▲ Better |
| Price / sales | 6.8x | Average beats 51% | 6.9x | 9.2x | ▲ Better |
| EV / EBITDA | 30.2x | Average beats 42% | 24.7x | 49.3x | ▲ Better |
| Free cash flow yield | 4.3% | Average beats 64% | 3.4% | 2.4% | ▲ Better |
| Cash flow | |||||
| Free cash flow margin | 29.4% | Good beats 70% | 22.3% | 21.2% | ▲ Better |
| Cash from operations / net income | 2.25 | Good beats 81% | 1.39 | 2.30 | ≈ In line |
| Free cash flow growth, 3 years a year | +21.1% | Average beats 58% | +15.4% | – | – |
| Accruals (lower is better) | −7.0% | Good beats 73% | −4.4% | – | – |
| Efficiency | |||||
| Days sales outstanding | 109 days | Bad beats 3% | 63 days | 114 days | ≈ In line |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 6 Good · ● 5 Average · ● 4 BadCash quality
Earnings backed by cashGood
Free-cash-flow yieldAverage
Risk models
Altman Z''Average
Piotroski F-ScoreGood
Growth
EPS growth (3y)Good
Free-cash-flow growth (3y)Average
Revenue growth (3y)Average
Growth consistencyGood
Balance sheet
Current ratioAverage
Interest coverGood
Valuation
Fair value vs priceGood
EBIT / EV yieldBad
Profitability
Return on invested capitalBad
Operating marginBad
Gross profitabilityBad
Each check is graded against the company's sector, not a fixed number. Checklist score 56/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $1.6B | $1.9B | $2.0B | $2.1B | $2.3B |
| Operating income | $181M | $214M | $219M | $300M | $358M |
| Net income | $161M | $164M | $166M | $263M | $316M |
| Operating cash flow | $372M | $381M | $380M | $625M | $654M |
| Operating margin | 11.4% | 11.6% | 11.2% | 14.0% | 15.3% |
| Free cash flow | $338M | $359M | $360M | $604M | $638M |
| Diluted EPS | $3.82 | $3.87 | $3.88 | $6.05 | $7.20 |
Fiscal years, from SEC filings.
Technical summary
Daily
Bullish
12 bullish · 0 neutral · 4 bearish
Weekly
Bullish
8 bullish · 1 neutral · 3 bearish
Monthly
Bearish
2 bullish · 1 neutral · 5 bearish
Moving averages (daily)
| SMA 10 | 359.6 | Bullish |
| EMA 10 | 363.8 | Bullish |
| SMA 20 | 342.8 | Bullish |
| EMA 20 | 352.8 | Bullish |
| SMA 50 | 346.2 | Bullish |
| EMA 50 | 342.5 | Bullish |
| SMA 100 | 325.7 | Bullish |
| EMA 100 | 338.8 | Bullish |
| SMA 200 | 338.3 | Bullish |
| EMA 200 | 359.2 | Bullish |
Oscillators (daily)
| RSI (14) | 75.15 | Bearish |
| MACD (12, 26) | 10.87 | Bullish |
| Momentum (12) | 18.60 | Bullish |
| Stochastic %K (14) | 96.56 | Bearish |
| Williams %R (14) | -3.44 | Bearish |
| CCI (20) | 176.0 | Bearish |
Pivot points (classic, last session)
S3 368.4 | S2 374.2 | S1 383.3 | Pivot 389.1 | R1 398.2 | R2 404.0 | R3 413.1 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
ETFs that hold TYL
| ETF | Share of the fund |
|---|---|
| MOAT VanEck Morningstar Wide Moat | 2.15% |
| RSPT Invesco S&P 500 Equal Weight Technolog... | 1.40% |
| XSW SPDR S&P Software & Services | 0.71% |
| IGV iShares Expanded Tech-Software Sector | 0.47% |
| COWG Pacer US Large Cap Cash Cows Growth Le... | 0.42% |
| USMV iShares MSCI USA Min Vol Factor | 0.40% |
| VBK Vanguard Small-Cap Growth | 0.35% |
| GUSE Goldman Sachs Enhanced U.S. Equity | 0.29% |
The eight funds with the largest weight in TYL among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
TYL stock splits
TYL has split its stock once since 1990. The latest was a 3-for-1 split on 15 May 1990.
Full TYL stock split history →TYL SEC filings
8-KSEC EDGAR
Other events
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations; Other events
8-KSEC EDGAR
Other events
8-KSEC EDGAR
Entered a material agreement
8-KSEC EDGAR
Entered a material agreement; Other events
8-KSEC EDGAR
Other events
8-KSEC EDGAR
Other events
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.