Tyler Technologies, Inc.

Rank #372Hypergrowth

TYL · NYSE · Technology

Tyler Technologies, Inc. (TYL) — Rank #372 by gross profitability (GP/assets 0.19) · ROE 10.4% · Piotroski F-Score N/A.

As-of 2026-09-15 · CIK 0000860731 · all metrics point-in-time as of the filing date.

About

Tyler Technologies, Inc. provides integrated software and technology management solutions for the public sector in the United States.

It operates in two segments, Enterprise Software and Platform Technologies. The company designs, develops, markets, and supports a range of software solutions to serve mission-critical back-office functions. It also offers platform and transformative technology solutions, such as cybersecurity, data and insights, digital solutions, payments, platform technologies, and outdoor recreation; public administration solutions, including civic services, ERP, property and recording, and regulatory; and corrections, courts and justice, and public safety solutions. In addition, the company provides school ERP and student transportation K-12 education solutions; and health and human services solutions comprising environmental health, and disability and benefits. It has a strategic collaboration agreement with Amazon Web Services for cloud hosting services. The company was formerly known as Tyler Corporation and changed its name to Tyler Technologies, Inc. in June 1999. Tyler Technologies, Inc.

was founded in 1966 and is based in Plano, Texas.

Industry: Software - Application
Sector: Technology
State: DE
Filer Category: Large accelerated filer
Fiscal Year End: December 31
Website: tylertech.com

Price History

TYL-31.0% · -7.2% CAGRSPY+80.5% · +12.5% CAGR

Company Snapshot

P/S is the primary valuation lens — earnings are reinvested, not available for P/E.

Market Cap

$14.53B

P/E (annual)

49.3

P/S (annual)

6.2

P/B

4.8

P/OCF (annual)

22.2

Shareholder Yield

-26.7%

Employees

7,879

Industry

Software - Application

Exchange

NYSE

Signal Flags

3 green2 yellow1 red

Revenue growth acceleratingGrowth rate increasing year over year

Deferred revenue growingRevenue and deferred revenue both growing — retention signal

Sequential beat (rev + EPS)Both revenue and EPS exceeded prior quarter — 2-quarter streak

Dilution above 2%Annual share count increase exceeds 2%. May be acceptable for high-growth companies funding talent via stock compensation

Disclosure regressionA previously-disclosed line item is no longer reported — worth checking the filing for why

Operating margin decliningOperating margin lower than prior year

Quality Profile

Profitability

1/1 pass

GP / assets

0.19

Return on equity

10.4%

Gross margin trend

PASS

Safety

1/1 pass

Balance-sheet safety

PASS

Debt / equity

0.91

Current ratio

1.55×

Net cash

$415.60M

Cash Flow

3/3 pass

Positive FCF

PASS

Cash-backed earnings

PASS

Accruals healthy

PASS

SBC / revenue

6.5%

Growth

1/2 pass

Revenue growth

459.8%

Piotroski F-Score

N/A

Share dilution

26.7%

Terry Smith quality gate

Passes 1/5 Terry Smith thresholds

1 of 5 threshold not computable from filed data.

What Growth Is Priced In

Implied revenue growth (10Y)

10.4%

incredible deal

The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).

Dilution drag: 26.7% — per-share value needs a total required return of 37.1% once share-count change is priced in.

vs. own 6-year median revenue growth: 10.9%

within its own history

Cost-of-equity sensitivity (implied growth at different discount rates)

r = 8%

5.9%

r = 10% (base)

10.4%

r = 12%

14.3%

Net debt / market cap: -2.7%

Base FCF: $637.5M3Y mean FCF: $67.6M

Valuation History

Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.

P / E

Price / diluted EPS

90.8xExpensive

47.0xmed 56.7x90.8x

P / S

Price / revenue per share

12.2xExpensive

4.2xmed 8.1x12.2x

P / B

Price / book value per share

8.2xCheap

6.5xmed 11.4x16.5x

P / GP

Price / gross profit per share

25.7xExpensive

9.1xmed 17.3x25.7x

P / FCF

Price / free cash flow per share

61.1xExpensive

29.3xmed 46.1x84.3x

Earnings bubble check

Current margins may be above sustainable levels — a P/E based on peak earnings can overstate cheapness.

Gross margin47.6% now vs 45.9%–47.6% 10yr range

1.5σ above average

Revenue growth160.8% now vs 7.2%–160.8% 10yr range

1.6σ above average

Disclosure regression check

A previously-disclosed line item is no longer reported. Worth checking the filing for why.

SG&A expenseCost structure

last seen FY2015

Revenue growth and the path to profitability (margin trend) are the primary reads at this stage.

Profitability

Gross profitability (GP / assets)

0.19

Primary signal (Novy-Marx).

11th pctl of 38 SIC 7372 peers

Return on equity

10.4%

Gross margin

46.5%

11th pctl of 38 SIC 7372 peers

Revenue growth (YoY)

459.8%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

	2011	2012	2013	2014
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

—

Revenue CAGR (5Y)

—

Earnings CAGR (3Y)

24.3%

FCF CAGR (3Y)

—

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

0.91

31st pctl of 33 SIC 7372 peers (best = lowest)

Current ratio

1.55×

30th pctl of 38 SIC 7372 peers

Quick ratio

1.45×

Net cash

$415.60M

Cash & equivalents minus total debt.

Cash-flow health

Free cash flow

$637.53M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

1.02

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

6.5%

Stock-based comp intensity.

Piotroski F-Score

F-Score

N/A

Only 8/9 components determinable.

Lifecycle Phase History

2009-2011

2012-2014

20092014

Capital Return

Op. Leverage

View full financial statements →