Information Technology · Application Software · US stock · price as of 22 Oct 2026
Key indicators
Price
$392.45
52-week range
$270.71 – $524.43
Market cap
$16.4B
P/E (trailing)
52.2×
EV / EBITDA
30.2×
Free-cash-flow yield
4.3%
Dividend yield
–
Revenue (last 12 months)
$2.4B
Revenue growth (3y a year)
8.0%
Operating margin
15.1%
Return on invested capital
13.8%
Net debt / EBITDA
–
Fair value
Fair value (average of valid models)$427.01 middle half of models $411 – $451
Versus priceFair+9% to fair value
P/E multiple
$445.37
P/B multiple
$431.66
P/S multiple
$452.61
EV/EBITDA multiple
$409.89
EV/EBIT multiple
$513.63
EV/revenue multiple
$452.66
10-year DCF, EBITDA exit
$368.55
5-year DCF, EBITDA exit
$414.24
10-year DCF, revenue exit
$368.37
5-year DCF, revenue exit
$413.09
Model uncertainty
Low
X-Ray Score
57/ 100 · High confidence · ahead of 67% of sector peers
Valuation60
Growth57
Profitability47
Financial health66
Dividends–
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
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. 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.
StocksXray gives Tyler Technologies Inc an X-Ray Score of 57 out of 100 (high confidence), ahead of 67% of the S&P 500 stocks in its sector. Its strongest lens is financial health (66) and its weakest is profitability (47).
Our fair value (the average of the valid models) is $427.01 (range $410.69 to $450.80). At $392.45 the stock trades 8% below that value, so the label is "Fair" with low model uncertainty. Fair value is a range, not a price target.
XStocksXray
Tyler Technologies Inc (TYL)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$537.95
$322.41
$418.12
$576.64
$453.95
$392.45
Market cap
$22.7B
$13.7B
$17.9B
$25.1B
$19.9B
$16.4B
P/E
140.8×
83.3×
107.8×
95.3×
63.0×
52.2×
EV / revenue
14.9×
7.8×
9.4×
11.7×
8.3×
6.4×
EV / EBITDA
74.9×
38.7×
49.3×
56.2×
39.1×
30.2×
Price / free cash flow
67.3×
38.1×
49.7×
41.5×
31.2×
23.0×
Free-cash-flow yield
1.5%
2.6%
2.0%
2.4%
3.2%
4.3%
Price / book
9.8×
5.2×
6.1×
7.4×
5.4×
5.4×
Dividend yield
–
–
–
–
–
–
Fundamentals checklist ● 6 Good · ● 5 Average · ● 4 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−7.0%Good
Free-cash-flow yield4.3%Average
Risk models
Altman Z score3.6×Average
Piotroski F-Score7 of 9Good
Growth
EPS growth (3y)23.0%Good
Free-cash-flow growth (3y)21.1%Average
Revenue growth (3y)8.0%Average
Growth consistency100%Good
Balance sheet
Current ratio1.6×Average
Interest coverno interest costGood
Valuation
Fair value vs price1.1×Good
EBIT / EV yield2.4%Bad
Profitability
Return on invested capital13.8%Bad
Operating margin15.1%Bad
Gross profitability19.7%Bad
XStocksXray
Tyler Technologies Inc (TYL)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
1,592
1,850
1,952
2,138
2,332
2,430
Gross profit
710
784
861
936
1,084
1,147
Operating income
181
214
219
300
358
368
Net income
161
164
166
263
316
325
Diluted EPS ($)
3.82
3.87
3.88
6.05
7.20
7.52
Free cash flow
338
359
360
604
638
714
Gross margin
44.6%
42.4%
44.1%
43.8%
46.5%
47.2%
Operating margin
11.4%
11.6%
11.2%
14.0%
15.3%
15.1%
Net margin
10.1%
8.9%
8.5%
12.3%
13.5%
13.4%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
4,732
4,687
4,677
5,180
5,639
5,814
Cash
309
174
165
745
1,015
895
Total debt
1,341
987
646
598
600
–
Equity
2,324
2,624
2,938
3,388
3,703
3,037
Dividend per share ($)
–
–
–
–
–
–
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value is the average of up to 15 valuation models, most of them anchored to the company's own multiples, so it stays near the price and should be read as a range, not a point. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.
