Tyler Technologies, Inc. (TYL)

NYSE: TYL · USD

$362

-16.32 (-4.3%)· Recorded snapshot

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StockMarketAgent Research · Analyzed 2026-10-12

Our latest published analysis: TYL rated Hold

Tyler Technologies, Inc.'s published Hold conclusion compares the analysis-date price with fair value and potential value. Read the full report for assumptions, evidence, and material risks.

Fair value

$324 / share

Potential value

$412 / share

Upside to FV

-4.7%

from $362

Moat

9/10

Wide

Read full analysis →View archive · 24mo

9-phase methodology · same model in each published edition

Market cap	$13.9B
Revenue (ttm)	2.4B
Net income (ttm)	324.6M
EPS (ttm)	$7.59
Shares out	41M
P/E (trailing)	47.7x
P/E (forward)	23.7x
Volume	1,098,522
Beta	0.85

Market data

Price

Recent price action with selectable time range.

Financial snapshot

Revenue (ttm): 2.4B
Net income (ttm): 324.6M
EPS (ttm): $7.59
P/E (trailing): 47.7x
P/E (forward): 23.7x
Market cap: $13.9B

Item	P1	P2	P3	P4	P5	Trend
Period	2021-12-31	2022-12-31	2023-12-31	2024-12-31	2025-12-31	Trend
Revenue	$1.59B	$1.85B	$1.95B	$2.14B	$2.33B	+10.0%
Gross profit	$709.6M	$783.9M	$861.1M	$935.8M	$1.08B	+11.2%
Operating income	$180.7M	$214.2M	$218.5M	$299.5M	$357.7M	+18.6%
Net income	$161.5M	$164.2M	$165.9M	$263.0M	$315.6M	+18.2%
EPS (diluted)	$3.82	$3.87	$3.88	$6.05	$7.20	+17.2%
EBITDA	$328.1M	$388.0M	$392.6M	$466.5M	$543.2M	+13.4%
R&D	$93.5M	$105.2M	$109.6M	$117.9M	$204.6M	+21.6%
SG&A	$390.6M	$267.3M	$308.6M	$300.9M	$316.4M	-5.1%

Ticker	Name	Market cap	P/E	P/S	ROIC	5Y rev CAGR	1Y total return	Rating
AAPL	Apple Inc.	5T	39.4x	10.8x	101.6%	+6.1%	+28.5%	卖出
ABNB	Airbnb, Inc.	97.8B	37.5x	7.4x	16.8%	+24.4%	+28.5%	卖出
ADBE	Adobe Inc.	97.1B	13.9x	3.7x	57.2%	+11.5%	-30.7%	强力买入
ACN	Accenture plc	144.3B	18.0x	2.0x	27.9%	+8.0%	+0.4%	持有
ADI	Analog Devices, Inc.	207.6B	50.9x	14.8x	11.0%	+16.4%	+76.9%	卖出
AI	C3.ai, Inc.	2B	—	8.4x	-35.6%	+3.6%	-33.6%	卖出

Base and Bull scenarios

Base60%

Price target

$323.81

-4.7% from spot

In the Base case, which carries an assigned probability of 60.0%, Tyler delivers on consensus expectations with steady recurring revenue growth and guided operating margin expansion. Under these operating conditions, the shares project a target of $323.81, delivering an implied return of -4.7% compared to $339.87. This path is supported by steady cloud migration of the installed municipal base and cross-selling between enterprise software and platform technologies.

Consensus top-line expansion supported by public sector modernization schedules
Guided operating margin leverage as dual-hosting cloud migration costs stabilize
Stable municipal client retention and contract renewal rates

Bull20%

Price target

$411.90

+21.2% from spot

In the Bull case, carrying an assigned probability of 20.0%, Tyler accelerates migration of its on-premise installed base to cloud SaaS well ahead of schedule, eliminating duplicate data center hosting expenses sooner and expanding operating leverage. Faster adoption of state digital government mandates and enterprise cross-selling drive outsized bookings, yielding a target of $411.90 with an implied return of 21.2% from $339.87.

Accelerated SaaS conversion outpacing the long-term target
Operating margin expanding faster as legacy hosting expenses roll off
Significant ARR expansion from statewide digital government mandates

Sensitivity: Ke × terminal growth

The highlighted cell is Fair value when every assumption sits at its base level ($323.81). Each row and column shows what Fair value becomes when one assumption moves.

Ke ↓ / g →	2.0%	2.5%	3.0%	3.5%	4.0%
8.3%	$338	$350	$364	$381	$403
8.8%	$321	$331	$342	$356	$373
9.3%	$306	$314	$324	$335	$348
9.8%	$293	$300	$308	$317	$328
10.3%	$281	$287	$294	$302	$311

Scorecard

Published factor rows and weighted composite

Calendar

Next earnings

Upcoming earnings date and setup when available.

Upcoming

DateLoading

Window—

EPS estimate—

Revenue estimate—

Sector percentile context

Refreshed 2026-10-28 19:55 UTC

Forward P/E23.7

P25 n/aP50 n/aP75 n/a

Trailing P/E43.4

P25 n/aP50 n/aP75 n/a

ROE9.7

P25 n/aP50 n/aP75 n/a

ROIC8.6

P25 n/aP50 n/aP75 n/a

Benchmarks · 1M

All TYL indicators

Market & fundamental data

Available fields

282

Groups with data

Currency

USD

Showing 282 of 282 available metrics for this ticker.

Profile and market data

Ticker identity, listing, currency, market cap, and source dates.

Metric	Value
Amount currency	USD
CIK code	0000860731
Company name	Tyler Technologies, Inc.
Country	United States
Country code	US
CUSIP number	902252105
Earnings date	2026-10-28
Earnings time	amc
Employees	7,879
Employees change	337
Employees growth	4.47%
Enterprise value	$15.3B
Exchange	NYSE
Financial currency	USD
Financial report date	2026-06-30
First seen	2026-05-09
Fiscal year end	December
Founded	1966
In index	SP500
Industry	Software - Application
Is primary listing	Yes
Is SPAC	No
ISIN number	US9022521051
Last 10-K release date	2026-02-18
Last earnings date	2026-10-28
Last refreshed	2026-10-28
Last stock split date	1990-05-15
Last stock split type	Forward
Market cap	$14.8B
Market cap category	Large-Cap
Next earnings date	2027-02-10
Options	Yes
Price	$362.31
Price currency	USD
Sector	Technology
SIC code	7372
Stock price date	2026-10-28
Symbol	TYL
U.S. state	Texas
Website	https://www.tylertech.com

Valuation

Multiples, yields, enterprise-value ratios, and valuation checks.

Metric	Value
Adjusted P/E ratio	30.76x
Average P/E ratio (10Y)	77.22x
Average P/E ratio (3Y)	82.79x
Average P/E ratio (5Y)	89.82x
Earnings yield	2.1%
EV/Earnings	47.2x
EV/EBIT	40.8x
EV/EBITDA	33.42x
EV/FCF	21.45x
EV/Sales	6.31x
FCF / EV yield	4.66%
FCF yield	4.81%
Forward EV/Sales	5.72x
Forward P/E	26.33x
Forward P/S	5.54x
Graham number	112.59698
Graham upside	-68.92%
Industry forward P/E	19.55x
Industry P/E	72.09x
Lynch fair value	$119.99
Lynch upside	-66.88%
P/(FCF - SBC) ratio	26.58x
P/(OCF - SBC) ratio	25.82x
P/B ratio	5.1x
P/E ratio	47.71x
P/FCF ratio	20.77x
P/OCF ratio	20.3x
P/S ratio	6.11x
PEG ratio	1.7x
Price/EBITDA ratio	32.36x
Sector forward P/E	18.86x
Sector P/E	32.77x

Profitability

Margins, returns on capital, cash conversion, and quality metrics.

Metric	Value
EBIT margin	15.46%
EBITDA margin	18.87%
Effective tax rate	22.63%
FCF margin	29.4%
Gross margin	47.21%
Operating margin	15.46%
Pretax margin	17.27%
Profit margin	13.36%
Profit per employee	$41,200
Profitable quarters	101
Profitable years	25
Revenue per employee	$308,371
ROA	4.18%
ROA (5Y)	3.36%
ROCE	8.09%
ROE	9.73%
ROE (5Y)	7.46%
ROIC	8.57%
ROIC (5Y)	7.01%
SBC / revenue	6.43%
Tax / revenue	3.91%

Growth

Revenue, earnings, cash-flow, and forward growth indicators.

Metric	Value
EPS growth	8.64%
EPS growth (Q)	15.54%
EPS growth (QoQ)	18.62%
EPS growth 10Y	14.91%
EPS growth 3Y	25.3%
EPS growth 5Y	15.31%
EPS growth quarters	11
EPS growth years	4
FCF growth	13.66%
FCF growth (Q)	28.59%
FCF growth (QoQ)	14.74%
FCF growth 3Y	34.95%
FCF growth 5Y	19.81%
Gross profit growth	13.05%
Gross profit growth (Q)	12.4%
Gross profit growth 3Y	11.79%
Gross profit growth 5Y	13.52%
Net income growth	5.81%
Net income growth (Q)	10.5%
Net income growth (QoQ)	15.19%
Net income growth 3Y	25.48%
Net income growth 5Y	15.8%
Net income growth quarters	11
Net income growth years	4
OCF growth	13.65%
OCF growth (Q)	26.55%
OCF growth (QoQ)	15.99%
OCF growth 10Y	15.02%
OCF growth 3Y	33.55%
OCF growth 5Y	18.71%
Operating income growth	10.68%
Operating income growth (Q)	-0.52%
Operating income growth 3Y	21.67%
Operating income growth 5Y	16.61%
Revenue growth	8.19%
Revenue growth (Q)	8.22%
Revenue growth (QoQ)	5.15%
Revenue growth 10Y	13.61%
Revenue growth 3Y	8.51%
Revenue growth 5Y	13.89%
Revenue growth quarters	22
Revenue growth years	15

Financial statements

Income-statement and cash-flow amounts, totals and per share.

Metric	Value
Capital expenditures	$-16.5M
Depreciation and amortization	$83M
EBIT	$375.5M
EBITDA	$458.5M
EPS	$7.59
FCF per share	$17.44
Financing cash flow	$-306.9M
Free cash flow	$714.3M
Free cash flow minus SBC	$558.1M
Gross profit	$1.1B
Income taxes	$95M
Investing cash flow	$-316M
Net borrowing	$837.5M
Net cash flow	$107.9M
Net income	$324.6M
Operating cash flow minus SBC	$574.6M
Operating income	$375.5M
Revenue	$2.4B
Stock-based compensation	$156.1M

Financial strength

Debt, cash, solvency, accounting-quality, and balance-sheet signals.

Metric	Value
Altman Z-Score	5.35
Book value per share	$74.20
Debt / EBITDA	3.07
Debt / equity	0.48
Debt / FCF	2.04
Goodwill	$2.8B
Interest coverage	57.53
Long-term assets	$4B
Long-term liabilities	$1.6B
Net cash (debt)	$-485M
Net cash / market cap	-3.27%
Net debt / EBITDA	1.06
Net debt / equity	0.16
Net debt / FCF	0.68
Piotroski F-Score	6
Property, plant and equipment	$197.8M
Shareholders' equity	$3B
Tangible book value	$-617.4M
Tangible book value per share	$-15.08
Total assets	$5.8B
Total cash	$970M
Total debt	$1.5B
Total liabilities	$2.8B
WACC	8.15%

Liquidity

Current-asset coverage and working-capital efficiency metrics.

Metric	Value
Asset turnover	0.43
Current assets	$1.8B
Current liabilities	$1.2B
Current ratio	1.55
Net working capital	$-311.3M
Quick ratio	1.47
Working capital	$647.5M
Working capital turnover	6.95

Dividends and buybacks

Dividend yield, payout, buybacks, and shareholder-yield indicators.

Metric	Value
Buyback yield / dilution	2.58%
Dividend growth (10Y)	-23.2%
Dividend growth (3Y)	-18.3%
Dividend growth (5Y)	-11.42%
Dividend per share	$0.00
Dividend yield	0%
Last dividend	$0.01
Shareholder yield	2.58%

Performance and technicals

Returns, volatility, beta, momentum, RSI, and moving-average context.

Metric	Value
10Y price change	124.63%
10Y return CAGR	8.43%
10Y total return	124.63%
150-day SMA	$327.63
15Y price change	1,028.4%
15Y return CAGR	17.53%
15Y total return	1,028.4%
1D price change	-4.31%
1M price change	11.12%
1M total return	11.12%
1W price change	-4.08%
1W total return	-4.08%
1Y price change	-28.93%
1Y return CAGR	-28.95%
1Y total return	-28.93%
20-day SMA	$354.45
200-day SMA	$336.89
20Y price change	2,449.44%
20Y return CAGR	17.58%
20Y total return	2,449.44%
3M price change	14.53%
3M total return	14.53%
3Y price change	-0.5%
3Y return CAGR	-0.17%
3Y total return	-0.5%
50-day SMA	$350.32
50-day SMA vs 200-day SMA	50over200
52-week high	$513.32
52-week high date	2025-10-28
52-week low	$270.71
52-week low date	2026-06-22
5Y price change	-31.14%
5Y return CAGR	-7.19%
5Y total return	-31.14%
6M price change	7.16%
6M total return	7.16%
All-time high	$661.31
All-time high date	2025-02-13
All-time low	$0.26
All-time low date	1970-08-13
Average true range (ATR)	$12.08
Average volume	618.6K
Beta (1Y)	0.15
Beta (2Y)	0.44
Beta (5Y)	0.85
Change from 52-week high	-29.42%
Change from 52-week low	33.84%
Change from all-time high	-45.3%
Change from all-time low	141,657.45%
Change from open	-3.46%
Day's gap	-0.88%
Dollar volume	$398M
High price	$378.71
Low price	$358.97
Monthly RSI	42.43
Open price	$375.30
Position in 52-week range	16.92%
Premarket change	-2.46%
Premarket close	$378.62
Premarket price	$369.31
Premarket volume	1.4K
Previous close	$378.62
Price vs 150-day SMA	10.42%
Price vs 20-day SMA	2.06%
Price vs 200-day SMA	7.38%
Price vs 50-day SMA	3.27%
Relative volume	1.78
RSI	52.76
Sharpe ratio	-0.69
Sharpe ratio (3Y)	0.02
Sharpe ratio (5Y)	-0.16
Sortino ratio	-0.78
Sortino ratio (3Y)	0.21
Sortino ratio (5Y)	-0.06
Volume	1.1M
Weekly RSI	53.24
YTD price change	-20.31%
YTD total return	-20.31%

Ownership and float

Institutional, insider, float, short-interest, and share-count fields.

Metric	Value
Float	38M
Float percentage	92.83%
Shares change (QoQ)	-3%
Shares change (YoY)	-2.58%
Shares held by insiders	0.52%
Shares held by institutions	100.55%
Shares outstanding	41M
Short % of float	8.19%
Short % of shares	7.6%
Short ratio	3.3 days

Deeper analysis on TYL

14 sections in the full report · jump straight to what you need

Forecast

Base and Bull forecast paths with report-date return framing.

→

Valuation

Fair-value bridge, DCF, owner earnings, and peer multiples.

→

Sensitivity

Cost-of-equity and terminal-growth stress table.

→

Risks

Kill scenarios, soft-pass flags, and downside catalysts.

→

Earnings

Next earnings setup and beat / inline / miss thresholds.

→

Position sizing

Entry, exit, conviction, and quarterly monitoring rules.

→

Financials

Revenue, margins, cash flow, and balance-sheet context.

→

Peers

Relative valuation and profitability against the cohort.

→

Moat

Economic-profit evidence and competitive advantage risk.

→

Industry cycle

Sector phase, capital cycle, and secular tailwinds.

→

Quote this valuation with its source: Fair value, Potential value and the price at analysis.

Frequently asked questions

About this TYL report

What is the latest published TYL stock rating?

Tyler Technologies, Inc. is shown with Hold in the latest published report, analyzed 2026-10-12. The hub links directly to the full analysis surface where the dated rating, fair-value bridge, risks, and scorecard are documented together.

Where can I read the full TYL analysis?

The full latest published report, analyzed 2026-10-12, lives at /stocks/TYL/analysis. The bare ticker page summarizes that read and links to each analysis tab; earlier editions remain under /analysis/archive.

What fair value is used for TYL?

The latest published report analyzed 2026-10-12 gives TYL a fair value of USD 324 and a potential value of USD 412. These are dated research outputs, not live market prices; review the valuation assumptions, sensitivity analysis, and material risks before making a decision.

How often is the TYL page updated?

The hub selects the latest published stock report regardless of age and displays its analysis date (2026-10-12). Separately sourced market data is labeled with its own recorded timestamp and is never inferred from the report.

HoldTYL · Fair value $324-4.7%

Read full analysis →

Tyler Technologies, Inc. (TYL)

Our latest published analysis: TYL rated Hold

Price

Financial snapshot

Fair-value bridge

Latest news · TYL

Valuation

Profitability

Balance sheet

Trading

Base and Bull scenarios

Sensitivity: Ke × terminal growth

Scorecard

Next earnings

Sector percentile context

All TYL indicators

Profile and market data

Valuation

Profitability

Growth

Financial statements

Financial strength

Liquidity

Dividends and buybacks

Performance and technicals

Ownership and float

Deeper analysis on TYL

Frequently asked questions

评级历史

Category	Score	Reading
Valuation	4.5
Management	8.5
Balance Sheet	7.0
Profitability	5.5
Revenue Growth	6.0
Risk Assessment	6.5
Competitive Moat	9.0
Earnings Quality	8.0
Capital Efficiency	3.5