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Friday 6 November 2026
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Tyler Technologies, Inc.
TYL Technology Software Application
Tyler Technologies, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.3 billion, up 9.10% from fiscal 2024.
- Revenue
- +8.67%
- EPS
- +19.8%
- Free cash flow
- +11.9%
- Total debt
- +135.5%
Quarter to September 2026, against a year earlier
413.54
16.83
−3.91%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 760 | 841 | 935 | 1,086 | 1,117 | 1,592 | 1,850 | 1,952 | 2,138 | 2,332 | 2,481 | +13.3% | 2,553 | 2,805 | 3,060 | +9.5% | |
| Gross margin, % | 47.27 | 47.49 | 47.00 | 47.58 | 48.58 | 44.57 | 42.37 | 44.12 | 43.77 | 46.46 | 47.70 | (0.8) pt | ||||||
| EBT | 136 | 163 | 156 | 160 | 175 | 159 | 188 | 198 | 308 | 390 | 433 | +12.5% | ||||||
| EBT margin, % | 17.85 | 19.44 | 16.67 | 14.71 | 15.68 | 9.98 | 10.14 | 10.16 | 14.42 | 16.74 | 17.46 | (1.1) pt | ||||||
| Net income | 114 | 170 | 147 | 147 | 195 | 161 | 164 | 166 | 263 | 316 | 335 | +12.0% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 20.85 | 22.56 | 24.33 | 28.12 | 27.89 | 38.98 | 44.54 | 46.44 | 50.17 | 54.12 | 61.28 | +11.2% | |||||
| Earnings | 3.01 | 4.40 | 3.84 | 3.79 | 4.87 | 3.95 | 3.95 | 3.95 | 6.17 | 7.32 | 8.02 | +10.4% | ||||||
| Cash flow | 5.26 | 5.25 | 6.51 | 6.59 | 8.87 | 9.10 | 9.18 | 9.05 | 14.66 | 15.17 | 18.72 | +12.5% | ||||||
| Capex | (1.04) | (1.16) | (0.71) | (1.09) | (0.71) | (1.36) | (1.21) | (1.26) | (1.17) | (0.76) | (0.56) | (3.4%) | ||||||
| Free cash flow | 4.23 | 4.10 | 5.79 | 5.50 | 8.16 | 7.74 | 7.97 | 7.79 | 13.49 | 14.40 | 18.16 | +14.6% | ||||||
| Book value | 25.12 | 31.97 | 34.46 | 41.85 | 49.61 | 56.89 | 63.17 | 69.91 | 79.52 | 85.92 | 68.91 | +14.6% | ||||||
| Shares, m | 36 | 37 | 38 | 39 | 40 | 41 | 42 | 42 | 43 | 43 | 42 | +1.9% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 51.47 | 40.70 | 48.39 | 79.37 | 89.63 | 136.19 | 80.64 | 103.34 | 93.46 | 62.02 | 53.65 | 78.5 | |||||
| P/S | 6.94 | 7.92 | 7.64 | 10.67 | 15.65 | 13.80 | 7.17 | 8.79 | 11.49 | 8.39 | 7.02 | 9.8 | ||||||
| P/B | 5.76 | 5.59 | 5.39 | 7.17 | 8.80 | 9.46 | 5.06 | 5.84 | 7.25 | 5.28 | 6.24 | 6.6 | ||||||
| EV/Sales | 6.88 | 7.66 | 7.46 | 10.44 | 15.06 | 14.42 | 7.59 | 9.03 | 11.44 | 8.43 | 7.47 | 9.8 | ||||||
| EV/FCF | 33.93 | 42.18 | 31.31 | 53.34 | 51.50 | 72.61 | 42.39 | 53.83 | 42.55 | 31.68 | 25.23 | 45.5 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 192 | 196 | 250 | 255 | 355 | 372 | 381 | 380 | 625 | 654 | 758 | +14.6% | |||||
| Capex | (38) | (43) | (27) | (42) | (28) | (56) | (50) | (53) | (50) | (33) | (23) | (1.5%) | ||||||
| Free cash flow | 154 | 153 | 223 | 213 | 327 | 316 | 331 | 327 | 575 | 621 | 735 | +16.7% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | (79) | 149 | 95 | 171 | 549 | 135 | (42) | (141) | 375 | 88 | 414 | n/m | |||||
| Net debt | (46) | (229) | (179) | (249) | (654) | 980 | 777 | 470 | (170) | (498) | 531 | +30.2% | ||||||
| Shareholders’ equity | 916 | 1,192 | 1,325 | 1,617 | 1,986 | 2,324 | 2,624 | 2,938 | 3,388 | 3,703 | 2,790 | +16.8% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | 8.38 | 11.42 | 8.67 | 7.36 | 8.12 | 4.40 | 3.49 | 3.54 | 5.34 | 5.83 | 6.04 | (2.6) pt | |||||
| ROIC | 9.90 | 10.57 | 8.31 | 7.14 | 8.11 | 3.42 | 3.94 | 4.01 | 5.82 | 6.97 | 7.28 | (2.9) pt | ||||||
| ROE | 12.82 | 16.09 | 11.72 | 9.96 | 10.81 | 7.49 | 6.64 | 5.97 | 8.32 | 8.90 | 10.49 | (3.9) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 3,831 | 4,069 | 4,525 | 5,368 | 5,536 | 6,778 | 7,200 | 7,300 | 7,400 | 7,800 | — | +8.2% | |||||
| Revenue/emp, $m | 0.20 | 0.21 | 0.21 | 0.20 | 0.20 | 0.23 | 0.26 | 0.27 | 0.29 | 0.30 | — | +4.7% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2025
| Enterprise Software | 1,694 | 72.65% |
|---|---|---|
| Platform Technologies | 629 | 26.95% |
| Gross margin | 46.46% | |
| Operating margin | 15.34% | |
| Pre-tax margin | 16.74% |
Tyler Technologies, Inc. vs peers in Software Application (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| U Unity Software Inc. | $21.5B | — (loss-making) | — (loss-making) | +32.19% (above 0%: growing) | n/m | +45.22% (above 0%: growing) | 81.92% | 16.18% | Compare |
| SSNC SS&C Technologies Holdings, Inc. | $18.4B | 21.8× | 20.6× | +10.34% (above 0%: growing) | +33.78% (above 0%: growing) | +14.94% (above 0%: growing) | 48.26% | 24.60% | Compare |
| TYL Tyler Technologies, Inc. | $17.1B | 53.6× | 45.9× | +8.67% (above 0%: growing) | +19.80% (above 0%: growing) | +11.88% (above 0%: growing) | 49.14% | 18.07% | |
| FICO Fair Isaac Corporation | $15.3B | 20.4× | 19.2× | +25.68% (above 0%: growing) | +39.65% (above 0%: growing) | +34.07% (above 0%: growing) | 87.09% | 53.79% | Compare |
| MANH Manhattan Associates, Inc. | $14.8B | 71.0× | 68.4× | +11.02% (above 0%: growing) | +8.25% (above 0%: growing) | −22.46% (below 0%: shrinking) | 56.93% | 26.45% | Compare |
| DOCU Docusign Inc. | $14.8B | 47.3× | 45.2× | +9.38% (above 0%: growing) | +32.26% (above 0%: growing) | +35.89% (above 0%: growing) | 79.69% | 13.43% | Compare |
| GRAB Grab Holdings Limited | $14.2B | 25.9× | 19.3× | +27.38% (above 0%: growing) | −56.00% (below 0%: shrinking) | +108.44% (above 0%: growing) | 46.49% | 9.71% | Compare |
| GWRE Guidewire Software, Inc. | $13.8B | 101× | 74.0× | +15.29% (above 0%: growing) | −38.71% (below 0%: shrinking) | +16.42% (above 0%: growing) | 65.60% | 15.16% | Compare |
| DT Dynatrace, Inc. | $12.5B | 79.3× | 70.5× | +17.43% (above 0%: growing) | +23.84% (above 0%: growing) | +29.38% (above 0%: growing) | 80.56% | 16.49% | Compare |
| Median of peers | $14.8B | 47.3× | 45.2× | +16.36% | +23.84% | +31.73% | 72.65% | 16.34% |
From the latest earnings call
- Lynn Moore said later signing of some larger deals reduced the revenue Tyler could recognize this year, though its SaaS sales outlook was broadly unchanged.
- Moore said Tyler expects cloud migrations to accelerate in 2027, while Brian Miller said transaction-funded software deals are growing but do not appear in SaaS bookings.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
89.94%
Held by the ten largest
47.30%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Vanguard | 5.31m | 11.04% | −329.25k |
| BlackRock | 3.86m | 8.02% | −477.61k |
| Norges Bank | 2.67m | 5.55% | +2.67m |
| State Street | 2.04m | 4.24% | +104.55k |
| Principal Financial | 2.03m | 4.21% | +281.44k |
| T. Rowe Price | 1.97m | 4.09% | −224.02k |
| Morgan Stanley | 1.60m | 3.33% | −333.09k |
| Geode Capital Management | 1.21m | 2.51% | −63.29k |
| Invesco | 1.05m | 2.17% | +190.13k |
| UBS | 1.03m | 2.14% | +435.11k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 23 March 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 8.86m | 5.43m | 104.00 |
| 2024 | 8.86m | 19.48m | 132.00 |
| 2023 | 9.03m | 14.20m | 96.00 |
| 2022 | 6.20m | (3.37m) | 74.00 |
| 2021 | 5.59m | 14.94m | 123.00 |
Ownership
Directors and executive officers, together
1.10%
The Vanguard Group
13.10%
BlackRock, Inc.
9.60%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
Tyler Technologies, Inc. (TYL) Latest News
29 Oct
28 Oct
26 Oct
21 Oct
6 Aug
TYL metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
Tyler Technologies sells software and technology services primarily to government agencies. Its products help agencies run internal operations and provide services to the public. Founded in 1966 and headquartered in Plano, the company is led by President and Chief Executive Officer H. Lynn Moore, Jr.
Its software supports functions such as budgeting, tax collection, courts, public safety, permitting, schools and social services. For example, a local government can use Tyler software to manage finances and payroll, while a court can use it to manage cases and share information with prosecutors and defenders. School districts use its systems for business administration and student transportation.