TYL Technology

Tyler Technologies, Inc.

$404.24+0.07%

Price as of close on Nov 3, 2026 · Financials updated Sep 30, 2026

Basics

Sector: Technology
Industry: Software - Application
Country: United States
Market cap: 16.6B USD
Enterprise value: 15.2B USD
Full-time employees: 7,879

Overall health

About average: growth, valuation and risk (debt, liquidity and share-price swings)growth, valuation and risk

Ranks #813 of 1,612 technology companies (bottom 50%)

See how it ranks against its peers

Worth knowing

Stock pay outran buybacks. Stock-based pay expense $382M vs $175M spent repurchasing shares over the 3 fiscal years to 2025.
Over three fiscal years Tyler Technologies recorded $382M of stock-based pay expense and spent $175M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years Tyler Technologies recorded $382M of stock-based pay expense and spent $175M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.
Profits growing faster than sales. Since 2022: revenue +26%, operating profit +67%.
Since 2022, Tyler Technologies's revenue grew 26% while operating profit grew 67%: each extra dollar of sales is adding more profit.
Cash flow well above reported profit. Free cash flow is 2.2× reported profit.
Free cash flow is 2.2× reported profit. Large non-cash charges, such as depreciation, amortization or stock-based pay, reduce reported profit without using cash.
Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $1.1B in 2020 to $2.3B in 2025.
Tyler Technologies's fiscal-year revenue rose in each of the five years to 2025, from $1.1B to $2.3B.

StockQuotient Score

51/ 100▼ 1 since Oct 27 close

Oct 5 54 → Nov 4 51 (-3)

Valuation

Is the price right?

44/100

Moderate▼ 4 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

Share count down 2.9%

Valuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 48 → 44

Share price +6.8%-2
Peer companies moved-2

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Helped by:

▲ FCF yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield2.0%

SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score -0.13Sector median: 0.0225 · MAD: 0.0225

EBITDA yield3.0%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score -0.34Sector median: 0.0423 · MAD: 0.0361

Free cash flow yield4.3%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score 0.57Sector median: 0.0274 · MAD: 0.0274

Other data (not scored)

Book yield18.3%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3292 · MAD: 0.1754

Growth

Is it growing?

53/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 2.1%

Why

Helped by:

▲ 3-yr revenue

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth11.8%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.02Sector median: 0.1108 · MAD: 0.3050

3-year revenue growth8.5%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 0.46Sector median: 0.0483 · MAD: 0.0793

Revenue growth8.2%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.03Sector median: 0.0853 · MAD: 0.1017

Profitability

Does it earn well?

66/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ Operating margin
▲ ROA

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin15.1%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 1.24Sector median: 0.0631 · MAD: 0.0710

Return on assets5.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.73Sector median: 0.0293 · MAD: 0.0362

Return on invested capital8.2%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.17Sector median: 0.0676 · MAD: 0.0857

Other data (not scored)

Gross margin47.2%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.3343 · MAD: 0.1632

Return on equity10.7%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0753 · MAD: 0.0889

Risk

Debt, liquidity, price swings

Moderate

Moderate relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Held back by:

▼ Debt / equity
▼ Current ratio

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.83

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score 0.10Sector median: 0.8710 · MAD: 0.3700

Current ratio1.55×

SEC filings · latest balance sheetReported value33% base weight · Z-score -0.40Sector median: 1.8295 · MAD: 0.6848

Debt / equity0.46×

SEC filings · latest balance sheetReported value33% base weight · Z-score -0.94Sector median: 0.2495 · MAD: 0.2270

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Tyler Technologies

Is Tyler Technologies getting weaker?: Its latest SEC filing (Jul 29, 2026) got stronger: share count down 2.9%. Its overall score is 51/100, down 1 since Oct 28, 2026.
How is Tyler Technologies valued vs its peers?: Priced about in line with its peers. Valuation scores 44/100 against 1,711 technology peers. Free cash flow yield 4.3% vs a peer median of 2.7% (stronger than 61% of peers).Free cash flow yield 4.3% vs peers 2.7% (stronger than 61% of peers).
Is Tyler Technologies growing?: At about the same pace as its peers. Growth scores 53/100 against 1,711 technology peers. 3-year revenue growth 8.5% vs a peer median of 4.8% (stronger than 62% of peers).3-year revenue growth 8.5% vs peers 4.8% (stronger than 62% of peers).
How profitable is Tyler Technologies?: More profitable than most of its peers. Profitability scores 66/100 against 1,711 technology peers. Operating margin 15.1% vs a peer median of 6.3% (stronger than 77% of peers).Operating margin 15.1% vs peers 6.3% (stronger than 77% of peers).
How risky is Tyler Technologies?: Moderate risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Debt / equity 0.46× vs a peer median of 0.25× (weaker than 64% of peers).Debt / equity 0.46× vs peers 0.25× (weaker than 64% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Jul 29, 2026 · compared with the quarter ended Mar 31, 2026

Got stronger

Share count down 2.9%

	Previous quarter	Latest quarter	Change
Revenue (12 months)	2.4B USD	2.4B USD	+2.1%
Net income (12 months)	315.7M USD	324.6M USD	+2.8%
Operating margin	15.5%	15.1%	−0.3 pts
Free cash flow (12 months)	687.7M USD	714.3M USD	+3.9%
Debt	0 USD	1.4B USD	turned positive
Cash	316.0M USD	895.4M USD	+183.3%
Shares outstanding	42.2M	41.0M	−2.9%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Software - Application · 81 companies

Valuations in Software - Application are near the bottom of their range since 2016.

6% of months since 2016 were valued lower than now.
8% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values −16% and earnings +31% (medians): earnings grew faster than prices.
Median price-to-sales is +85% vs the whole market, against a usual +235%.

2016Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	44.6%	42.4%	44.1%	43.8%	46.5%	▲ 2.7 pts
Operating margin	11.4%	11.6%	11.2%	14.0%	15.3%	▲ 1.3 pts
Net margin	10.1%	8.9%	8.5%	12.3%	13.5%	▲ 1.2 pts
Return on assets (ROA)	3.4%	3.5%	3.5%	5.1%	5.6%	▲ 0.5 pts
Return on equity (ROE)	6.9%	6.3%	5.6%	7.8%	8.5%	▲ 0.8 pts
Free cash flow margin	21.2%	19.4%	18.4%	28.3%	27.3%	▼ 0.9 pts
Current ratio	1.16×	0.95×	0.86×	1.35×	1.05×	▼ 22%
Debt to equity	0.58×	0.38×	0.22×	0.18×	0.16×	▼ 8.2%
Interest coverage	—	7.55×	9.25×	50.50×	71.61×	▲ 42%

TYL price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Worth knowing

Stock pay outran buybacks. Stock-based pay expense $382M vs $175M spent repurchasing shares over the 3 fiscal years to 2025.

Over three fiscal years Tyler Technologies recorded $382M of stock-based pay expense and spent $175M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years Tyler Technologies recorded $382M of stock-based pay expense and spent $175M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.

Profits growing faster than sales. Since 2022: revenue +26%, operating profit +67%.

Since 2022, Tyler Technologies's revenue grew 26% while operating profit grew 67%: each extra dollar of sales is adding more profit.

Cash flow well above reported profit. Free cash flow is 2.2× reported profit.

Free cash flow is 2.2× reported profit. Large non-cash charges, such as depreciation, amortization or stock-based pay, reduce reported profit without using cash.

Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $1.1B in 2020 to $2.3B in 2025.

Tyler Technologies's fiscal-year revenue rose in each of the five years to 2025, from $1.1B to $2.3B.

Questions investors ask about Tyler Technologies

Is Tyler Technologies getting weaker?

Its latest SEC filing (Jul 29, 2026) got stronger: share count down 2.9%. Its overall score is 51/100, down 1 since Oct 28, 2026.

How is Tyler Technologies valued vs its peers?

Priced about in line with its peers. Valuation scores 44/100 against 1,711 technology peers. Free cash flow yield 4.3% vs a peer median of 2.7% (stronger than 61% of peers).Free cash flow yield 4.3% vs peers 2.7% (stronger than 61% of peers).

Is Tyler Technologies growing?

At about the same pace as its peers. Growth scores 53/100 against 1,711 technology peers. 3-year revenue growth 8.5% vs a peer median of 4.8% (stronger than 62% of peers).3-year revenue growth 8.5% vs peers 4.8% (stronger than 62% of peers).

How profitable is Tyler Technologies?

More profitable than most of its peers. Profitability scores 66/100 against 1,711 technology peers. Operating margin 15.1% vs a peer median of 6.3% (stronger than 77% of peers).Operating margin 15.1% vs peers 6.3% (stronger than 77% of peers).

How risky is Tyler Technologies?

Moderate risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Debt / equity 0.46× vs a peer median of 0.25× (weaker than 64% of peers).Debt / equity 0.46× vs peers 0.25× (weaker than 64% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

2.4B USD

2.4B USD

+2.1%

Net income (12 months)

315.7M USD

324.6M USD

+2.8%

Operating margin

15.5%

15.1%

−0.3 pts

Free cash flow (12 months)

687.7M USD

714.3M USD

+3.9%

Debt

0 USD

1.4B USD

turned positive

Cash

316.0M USD

895.4M USD

+183.3%

Shares outstanding

42.2M

41.0M

−2.9%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

44.6%

42.4%

44.1%

43.8%

46.5%

▲ 2.7 pts

Operating margin

11.4%

11.6%

11.2%

14.0%

15.3%

▲ 1.3 pts

Net margin

10.1%

8.9%

8.5%

12.3%

13.5%

▲ 1.2 pts

Return on assets (ROA)

3.4%

3.5%

5.1%

5.6%

▲ 0.5 pts

Return on equity (ROE)

6.9%

6.3%

5.6%

7.8%

8.5%

▲ 0.8 pts

Free cash flow margin

21.2%

19.4%

18.4%

28.3%

27.3%

▼ 0.9 pts

Current ratio

1.16×

0.95×

0.86×

1.35×

1.05×

▼ 22%

Debt to equity

0.58×

0.38×

0.22×

0.18×

0.16×

▼ 8.2%

Interest coverage

—

7.55×

9.25×

50.50×

71.61×

▲ 42%