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Tyler Technologies Inc (TYL) stock

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NYSE: TYL NYSE Application Software Next results ~February 10, 2027

C+ Fundamentals grade

Tyler Technologies supplies integrated software and technology-management systems to the public sector, serving local, state and federal government. Its products run mission-critical functions such as public safety, courts and justice, taxation and budgeting, land use, utilities, K-12 education, and health and human services. Alongside these back-office systems, Tyler offers platform technologies including an integrated payments service, a data and insights platform, a low-code development tool and digital services for residents.

Customers are government bodies — counties, municipalities, school districts, states and federal agencies. Revenue comes chiefly from subscriptions, covering cloud-hosted software and transaction fees on digital payments, plus annual maintenance and support contracts and professional services such as installation, training and data conversion; software licences and hardware contribute a small share.

The business is grouped into five areas: platform and transformative technology, public administration, courts and public safety, K-12 education, and health and human services. It sells mainly across the United States, with clients also in Canada, the Caribbean, the United Kingdom and Australia. Tyler employs roughly 7,800 people, holds enterprise contracts with dedicated offices in 30 states, and acquired NIC Inc. in 2021.

Based on Tyler Technologies Inc's 10-K filed February 18, 2026.

Stock price today

Loading chart…

Third-party market data · may be delayed

Fair value per share

~$260

Cash-flow model

Base case. Range ~$190–$350 across our lower- and higher-growth cases (3.4%–13.4% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 35% below it.

Price used: $403.94, November 2, 2026

Tyler Technologies Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Tyler Technologies files

10-Q filed October 28: Tyler Technologies

Rating: Sell to Hold Model value +9.5%

Revenue for the twelve months to September 2026 was $2.48bn, up 8.0% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin rose to 29.9% from 26.9% a year earlier. The diluted share count is down 3.6% on a year earlier, which lifts each remaining share. Our model value rises from $282 to $309 a share, against a share price of $379. The rating changes from Sell to Hold. At that price, our model says the market is pricing in about 12.1% a year of cash-flow growth for five years, faster than the 9.3% a year revenue growth it has delivered.

Source: 10-Q filed October 28, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-Q filed July 29: Tyler Technologies

Tyler Technologies lifted revenue to $2.48bn in the twelve months to June 2026, an 8.0% rise on a year earlier and a similar pace to the prior quarter. Cash generation improved too, with the free-cash-flow margin climbing to 29.9% from 26.9%. Buybacks have trimmed the diluted share count by 3.6% over the same period, boosting the value attributable to each remaining share. These gains nudge the fundamentals grade from C to C+. Our model value, however, is barely changed at $282 a share, well below the current price of $379, so the Sell rating holds. At that price, the market appears to be pricing in cash-flow growth of about 13.1% a year over five years, noticeably ahead of the 9.3% a year revenue growth Tyler has actually delivered.

10-Q on SEC EDGAR

Where Tyler Technologies stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $2.43bn, up 8.2% on a year earlier, about the same pace as a quarter earlier. That puts it 25 of 27 for growth among the application software companies we cover. Free-cash-flow margin rose to 29.4% from 28.0% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 3 of our 3 financial-health checks. Our cash-flow model value is $289 a share, against a share price of $373. At that price, our model says the market is pricing in about 13.2% a year of cash-flow growth for five years, faster than the 8.8% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 10, 2027 (estimated)

Tyler Technologies Inc's trailing-twelve-month revenue grew 8.0% year on year, with a free-cash-flow margin of 29.9%. Where it stands out: free-cash-flow margin of 29.9% ranks 28 of 180 application software companies we cover. Where it lags: days sales outstanding of 101 days ranks 139 of 162 application software companies we cover.

Our discounted-cash-flow model values the business at ~$260 per share in the base case (~$190–$350 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth decelerating: TTM revenue growth slowed to 8.0% (-0.2pp vs the prior quarter), the 5th consecutive quarterly slowdown.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Strong cash generation. 29.9% of revenue turned into free cash flow, against a median of 15.2% for application software companies we cover.
  • Shrinking share count. Diluted shares fell 3.6% in a year, so each share owns more of the business.
  • Net cash. Cash exceeds long-term debt by $0.8bn.

Things to watch

  • Priced above our value. The share price of $402.22 is 35% above our value per share of $260.
  • High earnings multiple. The shares trade at 52 times the last 12 months' earnings, so expectations are demanding.
  • Below peers: days sales outstanding. Days sales outstanding of 101 days ranks 139 of 162 application software companies we cover (median 57 days).
  • Below peers: gross margin. Gross margin of 47.7% ranks 124 of 160 application software companies we cover (median 69.8%).

Latest results: FY2026 Q3

Filed October 28, 2026
Earnings per share
$3.52 against an average estimate of $3.49: beat by 0.9%
Revenue
$648m, up 8.7% on a year earlier
Share reaction
-1.2% in the first session after the results on October 28, 2026, against 0.0% for the S&P 500
Guidance given
total revenues $2.54bn to $2.58bn (full year 2026); non-GAAP diluted earnings per share $12.95 to $13.2 (full year 2026)
Next report
October 28, 2026; average EPS estimate $3.41

Tyler Technologies' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.4%
  • 1 week+4.5%
  • 1 month+25.1%
  • This year-11.0%
  • 1 year-15.2%
  • 5 years-25.9%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$2.5B
Operating margin
15.6%
Net margin
13.5%
EPS (TTM, diluted)
$7.92

Growth

Revenue growth
+8.0%
Change in growth rate
−0.2 pts
Share count change
−3.6%

Cash

Free cash flow (TTM)
$741M
FCF margin
29.9%
Stock pay % of revenue
6.4%

Earnings

Last results
October 28, 2026
Next results (est.)
February 10, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Announcement
  3. Our research
  4. Announcement
  5. Partnership
  6. Announcement
  7. Announcement
  8. Product
  9. Insider trade
  10. Product
  11. Insider trade
  12. Announcement
  13. Deal
  14. Results
  15. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Tyler Technologies Inc valuation models and calculator

What the price is pricing in

The share price implies about 16.0% a year of cash-flow growth for five years.That is faster than the 9.3% a year revenue growth Tyler Technologies has delivered.

  • Priced in16.0%
  • Last 12 months8.0%
  • 3 years a year8.9%
  • 5 years a year9.3%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($394.70, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$260
Price used
$394.70close November 3, 2026
Implied change
▼ 34%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Tyler Technologies Inc's free cash flow after stock-based pay with after-tax interest added back ($535M, FY2026 Q3 TTM), growing 10% and 9% in the next two years (forecasts, guidance and its record), then back to 8.4% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$190–~$350 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Tyler Technologies Inc's free cash flow after stock-based pay ( $535M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Tyler Technologies Inc as an operating company, with every model that fits that kind of business. Cost of equity 8.7%: the 10-year Treasury yield (4.9%) plus a beta of 0.83 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$260 ~$190–$350 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$210 ~$180–$360 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$54 ~$35–$85 Left out: out of range vs price (0.13x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$53 ~$45–$65 Left out: out of range vs price (0.13x)
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$250 ~$210–$260 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Tyler Technologies Inc with Application Software in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −26%
  • Revenue growth 5 points higher ▲ +33%
  • Free-cash-flow margin 1 point lower ▼ −3%
  • Last year's free-cash-flow margin change, if it persists ▲ +11%
  • Discount rate 1 point higher ▼ −15%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $149$206$282$382$513$682
8.5% $111$153$208$279$372$492
10% $88$121$163$218$288$379

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$174.32$142.77$177.05$185.82$300.02$436.52$537.95$322.41$418.12$576.64$453.95$403.94
Market value$6.4bn$5.6bn$6.9bn$7.5bn$12.0bn$18.1bn$22.7bn$13.7bn$17.9bn$25.1bn$19.9bn$17.1bn
+ Net debt (− = net cash)$33m−$26m−$186m−$134m−$233m−$604m$1.0bn$821m$485m−$145m−$415m$649m
Enterprise value$6.4bn$5.5bn$6.8bn$7.3bn$11.8bn$17.5bn$23.8bn$14.5bn$18.4bn$24.9bn$19.5bn$17.7bn
Multiples
Price / sales 10.8x7.3x8.3x8.0x11.1x16.2x14.3x7.4x9.2x11.7x8.5x6.9x
Price / earnings 98.2x48.9x41.0x50.6x82.1x93.0x140.7x83.2x107.8x95.4x63.0x51.0x
Price / free cash flow 52.3x36.1x45.5x33.5x55.3x54.5x67.3x38.1x49.7x41.5x31.2x23.1x
EV / EBITDA 50.2x29.5x31.3x34.2x50.6x68.8x75.1x38.8x49.3x56.3x39.3x33.3x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

64 /100

Moderate moat

How hard Tyler Technologies's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 17 / 20

    Cash operating profit has been a median 13.3% of total assets over 10 years.

  • Pricing power 16 / 20

    Gross margin has been a median 46.6%, moving by 1.9 percentage points (standard deviation) across 10 years.

  • Durability 14 / 20

    Operating margin has been a median 14.8%; its worst year was 11.0%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 22.3% of revenue.

  • Discipline 12 / 20

    The diluted share count rose 0.5% over five years; stock-based pay has been a median 5.6% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (79 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $13.10 +16% $2.6bn +9%
Next $15.50 +18% $2.8bn +10%

Next year's EPS estimate has moved +1.0% in 90 days, across 22 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −0.0% on 90 days ago. In the last 30 days, 0 analysts raised Tyler Technologies Inc's forecast and 1 cut it.

Consensus EPS forecast Tyler Technologies Inc, last 90 days
$13.00 $14.00 $15.00 $16.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $13.10 Current fiscal year, 60 days ago: $13.10 Current fiscal year, 30 days ago: $13.10 Current fiscal year, 7 days ago: $13.10 Current fiscal year, Now: $13.10 $13.10 Next fiscal year, 90 days ago: $15.35 Next fiscal year, 60 days ago: $15.35 Next fiscal year, 30 days ago: $15.35 Next fiscal year, 7 days ago: $15.36 Next fiscal year, Now: $15.50 $15.50

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $13.10$15.35
60 days ago $13.10$15.35
30 days ago $13.10$15.35
7 days ago $13.10$15.36
Now $13.10$15.50

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $3.49 $3.52 +0.9%
Jun 2026 $3.07 $3.08 +0.4%
Mar 2026 $3.01 $3.09 +2.7%
Dec 2025 $2.73 $2.64 −3.3%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, July 29, 2026
  • Total revenues full year 2026 $2.535bn to $2.575bn
    “Total revenues $2.535 billion to $2.575 billion” source
  • Non-GAAP diluted earnings per share full year 2026 $12.95 to $13.20 Non-GAAP
    “Non-GAAP diluted earnings per share $12.95 to $13.20” source
  • Free cash flow margin full year 2026 26% to 28% Non-GAAP
    “Free cash flow margin 26% to 28%” source
  • Research and development expense full year 2026 $245m to $250m
    “Research and development expense $245 million to $250 million” source
  • Capital expenditures full year 2026 $18m to $20m
    “Capital expenditures $18 million to $20 million” source
  • Capitalized software development costs included in capex full year 2026 about $6m
    “Capitalized software development costs included in capex $6 million” source
Show 1 more item
  • Net interest income full year 2026 $19m to $21m
    “Net interest income $19 million to $21 million” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Tyler Technologies Inc's revenue by +10.0% next year and +9.0% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+10.5%, weight 57%) , management guidance (+10.6%, weight 19%) and the company's own record (+8.4%, weight 25%) . How the weights are set.

Analyst recommendations

23 analysts, Oct 2026
Buy1983%
Hold417%
Sell00%

Monthly trend

  1. Oct 2026613423
  2. Sep 2026613423
  3. Aug 2026613423
  4. Jul 2026613423

Counts of recommendations published by analysts covering Tyler Technologies Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
9.8%
of tradable shares
Days to cover
4.93
at average volume
Short interest, 1 month
−1%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
0.5%
of shares
Employees
7,972
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months −15.2%

$476.26 on October 31, 2025 to $403.94

ThenNowEffect
Revenue (last 12 months) $2.2bn $2.4bn +8.2%
Net margin 13.7% 13.4% −2.2%
P/E multiple 68.1x 53.6x −21.3%
Share count 44m 43m +1.8%

Biggest factor: p/e multiple.

Last 3 years −3.0%

$416.25 on November 3, 2023 to $403.94

ThenNowEffect
Revenue (last 12 months) $1.9bn $2.4bn +27.8%
Net margin 8.6% 13.4% +54.6%
P/E multiple 107.7x 53.6x −50.2%
Share count 43m 43m −1.3%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
TYL+23%−40%+30%+38%−21%−11%
Industry peers (median)−8%−50%+19%+2%−20%−14%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
TYL50%25%67%75%33%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
TYL−20%−47%−14%−10%−31%−39%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 57% from February 13, 2025 to June 22, 2026. Getting back needed a 135% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$275.27 – $472.77
From 52-week high
−14.6%
vs 50-day average
+14.5%
vs 200-day average
+20.2%
Volatility (1 year)
42%
Beta vs S&P 500
-0.13

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±6.0%
After a week
6 up, 5 down
typical move ±6.9%
After a month
6 up, 5 down
typical move ±6.4%
Results releasedNext dayS&P 500 next day5 days21 days
October 28, 2026 −1.2% 0.0% — —
July 29, 2026 −3.0% +0.1% −8.0% +11.0%
April 29, 2026 +0.2% +1.0% −5.8% −8.0%
February 11, 2026 −20.4% −1.6% −11.4% −3.0%
October 29, 2025 −6.4% −1.1% −9.8% −8.0%
July 30, 2025 +5.8% −0.5% +10.7% +0.7%
April 23, 2025 −5.9% +3.7% −3.6% +0.6%
February 12, 2025 +6.1% +0.7% +3.4% −7.6%
October 23, 2024 +4.4% −0.7% +4.9% +1.9%
July 24, 2024 +7.2% −2.8% +7.9% +8.8%
April 24, 2024 +9.5% −0.4% +9.6% +17.4%
February 14, 2024 +2.2% +1.6% +1.1% −3.6%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Tyler Technologies Inc’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.11× the last 60 days’ realised volatility , richer than 34% of the 229 stocks we screen today.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

TYL Tyler Technologies Inc Grade C+ $402.22

Own 100 shares, sell the $430 call expiring December 18, 2026 (46 days) for $11.70 a share — $1,170 per contract.

Previous session · Bid $11.70, ask $14.20, quoted Mon 2 Nov, 17:38 New York time with TYL at $402.22. Option prices move with the shares: check the live chain at your broker before trading.

  • If TYL ends below $430: you keep your shares and the $1,170 — 2.9% extra on the position, 23.1% a year at that pace.
  • If it ends above $430: your shares are sold at $430, a total return of 9.8% including the premium — at or above our value of ~$260.
$3.9k $0 −$7.8k Break-even $390.52 Price $402.22 ← Our value ~$260
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$1,170
Annualised
23.1%
Break-even
$390.52
Max gain
$3,948
Chance of selling
~37%

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Tyler Technologies Inc in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Tyler Technologies Inc
$1.8B $2B $2.2B $2.4B $2.6B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $2B Revenue (TTM), FY24 Q1: $2B Revenue (TTM), FY24 Q2: $2B Revenue (TTM), FY24 Q3: $2.1B Revenue (TTM), FY24 Q4: $2.1B Revenue (TTM), FY25 Q1: $2.2B Revenue (TTM), FY25 Q2: $2.2B Revenue (TTM), FY25 Q3: $2.3B Revenue (TTM), FY25 Q4: $2.3B Revenue (TTM), FY26 Q1: $2.4B Revenue (TTM), FY26 Q2: $2.4B Revenue (TTM), FY26 Q3: $2.5B $2.5B

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $2B
FY24 Q1 $2B
FY24 Q2 $2B
FY24 Q3 $2.1B
FY24 Q4 $2.1B
FY25 Q1 $2.2B
FY25 Q2 $2.2B
FY25 Q3 $2.3B
FY25 Q4 $2.3B
FY26 Q1 $2.4B
FY26 Q2 $2.4B
FY26 Q3 $2.5B
Revenue growth, TTM YoY Tyler Technologies Inc
4% 6% 8% 10% 12% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 5.5% Revenue growth, TTM YoY, FY24 Q1: 6.8% Revenue growth, TTM YoY, FY24 Q2: 6.7% Revenue growth, TTM YoY, FY24 Q3: 8.0% Revenue growth, TTM YoY, FY24 Q4: 9.5% Revenue growth, TTM YoY, FY25 Q1: 10.0% Revenue growth, TTM YoY, FY25 Q2: 10.7% Revenue growth, TTM YoY, FY25 Q3: 10.6% Revenue growth, TTM YoY, FY25 Q4: 9.1% Revenue growth, TTM YoY, FY26 Q1: 8.7% Revenue growth, TTM YoY, FY26 Q2: 8.2% Revenue growth, TTM YoY, FY26 Q3: 8.0% 8.0%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 5.5%
FY24 Q1 6.8%
FY24 Q2 6.7%
FY24 Q3 8.0%
FY24 Q4 9.5%
FY25 Q1 10.0%
FY25 Q2 10.7%
FY25 Q3 10.6%
FY25 Q4 9.1%
FY26 Q1 8.7%
FY26 Q2 8.2%
FY26 Q3 8.0%
Operating margin (TTM) Tyler Technologies Inc
10% 12% 14% 16% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 11.2% Operating margin (TTM), FY24 Q1: 12.1% Operating margin (TTM), FY24 Q2: 12.7% Operating margin (TTM), FY24 Q3: 13.3% Operating margin (TTM), FY24 Q4: 14.0% Operating margin (TTM), FY25 Q1: 14.7% Operating margin (TTM), FY25 Q2: 15.1% Operating margin (TTM), FY25 Q3: 15.4% Operating margin (TTM), FY25 Q4: 15.3% Operating margin (TTM), FY26 Q1: 15.5% Operating margin (TTM), FY26 Q2: 15.1% Operating margin (TTM), FY26 Q3: 15.6% 15.6%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 11.2%
FY24 Q1 12.1%
FY24 Q2 12.7%
FY24 Q3 13.3%
FY24 Q4 14.0%
FY25 Q1 14.7%
FY25 Q2 15.1%
FY25 Q3 15.4%
FY25 Q4 15.3%
FY26 Q1 15.5%
FY26 Q2 15.1%
FY26 Q3 15.6%
FCF margin (TTM) Tyler Technologies Inc
15% 20% 25% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 18.4% FCF margin (TTM), FY24 Q1: 17.7% FCF margin (TTM), FY24 Q2: 21.3% FCF margin (TTM), FY24 Q3: 25.2% FCF margin (TTM), FY24 Q4: 28.3% FCF margin (TTM), FY25 Q1: 27.1% FCF margin (TTM), FY25 Q2: 28.0% FCF margin (TTM), FY25 Q3: 26.9% FCF margin (TTM), FY25 Q4: 27.3% FCF margin (TTM), FY26 Q1: 28.9% FCF margin (TTM), FY26 Q2: 29.4% FCF margin (TTM), FY26 Q3: 29.9% 29.9%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 18.4%
FY24 Q1 17.7%
FY24 Q2 21.3%
FY24 Q3 25.2%
FY24 Q4 28.3%
FY25 Q1 27.1%
FY25 Q2 28.0%
FY25 Q3 26.9%
FY25 Q4 27.3%
FY26 Q1 28.9%
FY26 Q2 29.4%
FY26 Q3 29.9%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Tyler Technologies took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $2.3B
  2. Other income $32.6M · 1.4%
  3. Cost of revenue $1.2B · 53.5%
  4. Gross profit $1.1B · 46.5%
  5. Research and development $205M · 8.8%
  6. Selling, general and admin $465M · 19.9%
  7. Other operating costs $56.4M · 2.4%
  8. Operating income $358M · 15.3%
  9. Income tax $74.7M · 3.2%
  10. Net income $316M · 13.5%

Shares of revenue. Source: Tyler Technologies's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained. Other income is income outside operations, such as investment gains.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 290 289 309 363 417 493 591 760 841 935 1,086 1,117 1,592 1,850 1,952 2,138 2,332 2,481
Gross profit 129 128 142 168 193 233 277 359 399 440 517 543 710 784 861 936 1,084 1,184
EBITDA 54 52 57 69 81 109 128 187 216 214 233 255 316 373 373 443 496 533
Operating income 45 42 47 57 67 95 108 138 163 152 156 173 181 214 219 300 358 387
Net income 27 25 28 33 39 59 65 114 170 147 147 195 161 164 166 263 316 335
Diluted EPS $0.74 $0.71 $0.83 $1.00 $1.13 $1.66 $1.77 $2.92 $4.32 $3.68 $3.65 $4.69 $3.82 $3.87 $3.88 $6.05 $7.20 $7.92
Growth (year on year)
Revenue — −0.6% +7.2% +17.4% +14.7% +18.4% +19.9% +28.6% +10.7% +11.2% +16.2% +2.8% +42.6% +16.2% +5.5% +9.5% +9.1% +8.0%
EBITDA — −3.4% +9.1% +21.1% +16.8% +35.2% +16.6% +46.9% +15.3% −0.9% +8.8% +9.2% +24.3% +18.0% −0.2% +18.9% +12.0% +8.2%
Operating income — −7.0% +11.7% +21.6% +18.6% +41.3% +13.9% +27.4% +18.2% −6.3% +2.5% +10.6% +4.5% +18.5% +2.0% +37.1% +19.4% +9.2%
Net income — −7.2% +10.0% +19.7% +18.5% +50.7% +10.1% +75.3% +49.1% −13.0% −0.6% +33.0% −17.1% +1.7% +1.0% +58.5% +20.0% +6.3%
Diluted EPS — −4.1% +16.9% +20.5% +13.0% +46.9% +6.6% +65.0% +47.9% −14.8% −0.8% +28.5% −18.6% +1.3% +0.3% +55.9% +19.0% +10.3%
Margins
Gross margin 44.4% 44.5% 45.9% 46.2% 46.4% 47.3% 46.9% 47.3% 47.5% 47.0% 47.6% 48.6% 44.6% 42.4% 44.1% 43.8% 46.5% 47.7%
EBITDA margin 18.7% 18.2% 18.5% 19.1% 19.4% 22.2% 21.6% 24.7% 25.7% 22.9% 21.4% 22.8% 19.9% 20.2% 19.1% 20.7% 21.3% 21.5%
Operating margin 15.4% 14.4% 15.0% 15.6% 16.1% 19.2% 18.3% 18.1% 19.4% 16.3% 14.4% 15.5% 11.4% 11.6% 11.2% 14.0% 15.3% 15.6%
Net margin 9.3% 8.7% 8.9% 9.1% 9.4% 12.0% 11.0% 15.0% 20.2% 15.8% 13.5% 17.4% 10.1% 8.9% 8.5% 12.3% 13.5% 13.5%
Free-cash-flow margin 10.5% 10.5% 14.3% 13.6% 9.4% 27.1% 20.6% 20.3% 18.2% 23.8% 20.0% 29.8% 21.2% 19.4% 18.4% 28.3% 27.3% 29.9%
Cash flow
Cash from operations 43 35 56 59 66 143 134 192 196 250 255 355 372 381 380 625 654 758
Capital spending 12 5 12 9 27 9 13 38 43 27 37 23 34 23 21 21 16 17
Free cash flow 31 30 44 50 39 133 122 154 153 223 217 332 338 359 360 604 638 741
Stock-based pay 5 6 6 7 12 15 20 30 37 53 60 67 105 103 108 123 151 159
Free cash flow after stock pay 26 24 38 42 28 119 102 124 115 170 158 265 233 256 252 481 486 582
Balance sheet
Cash 10 2 1 6 79 206 33 36 186 134 233 604 309 174 165 745 1,015 788
Total debt 0 27 61 18 — 0 66 10 0 0 0 0 1,355 995 650 600 600 1,438
Net debt (negative = net cash) −10 24 59 12 −79 −206 33 −26 −186 −134 −233 −604 1,046 821 485 −145 −415 649
Diluted shares 37m 36m 33m 33m 35m 35m 37m 39m 39m 40m 40m 42m 42m 42m 43m 43m 44m 42m
Returned to shareholders
Buybacks 18 66 72 — — 23 1 112 7 147 18 15 13 0 0 0 175 1,124
Total returned 18 66 72 — — 23 1 112 7 147 18 15 13 0 0 0 175 1,124

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 3 checks passed · September 30, 2026
What it owns · $5.6bn
Short-term assets $1.7bnLonger-term assets $4.0bn
What it owes, and who funded it · $5.6bn
Short-term liabilities $1.2bnLonger-term liabilities $1.6bnShareholders' equity $2.8bn
  • Short-term assets cover short-term liabilities $1.7bn of assets due within a year against $1.2bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.7bn short-term assets against $1.6bn of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Operating income of $387m against $9m of interest.

From Tyler Technologies Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$1.1B
Returned to shareholders
152%
of free cash flow
Buybacks, last 3 fiscal years
$175M
Diluted share count
−3.6%
year over year
Total shareholder yield
5.8%
dividends 0.0% + buybacks 5.8% of market value
R&D spending
9.7%
of revenue
Days sales outstanding
101 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in application software
Last 12 months unless stated TYL DBX VYX FICO RNG MDB Median
Revenue, last 12 months $2.5bn $2.5bn $2.5bn $2.4bn $2.6bn $2.8bn $482m
Revenue growth, last 12 months 8.0% −0.0% −4.8% 24.1% 5.5% 25.5% 12.0%
Revenue growth, 3-year average 8.9% 1.5% −17.5% 17.6% 6.7% 23.2% 11.1%
Revenue growth, latest quarter 8.7% 0.9% −20.8% 25.7% 5.9% 30.5% 11.9%
Gross margin 47.7% 79.7% 20.5% 85.1% 72.2% 72.7% 69.2%
Operating margin 15.6% 26.6% 1.1% 51.7% 7.5% −0.5% 1.1%
Operating margin, 3-year average 14.8% 25.2% −1.6% 46.7% 2.9% −7.9% −0.8%
Net margin 13.5% 17.5% 3.0% 34.1% 25.3% 2.1% 2.1%
Cash from operations / revenue 30.5% 38.7% 5.3% 41.8% 26.7% 24.0% 18.2%
Free-cash-flow margin 29.9% 37.8% −1.1% 41.6% 25.5% 23.7% 15.0%
Free-cash-flow margin, 3-year average 27.3% 35.2% −5.9% 38.6% 22.4% 14.2% 16.2%
Stock pay / revenue 6.4% 12.0% 1.4% 7.3% 9.2% 20.3% 9.3%
Change in share count −3.6% −18.3% −0.8% −4.5% −4.0% 4.0% 2.2%

Median of all 185 companies we cover in application software. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

185 application software companies
Measure Company Peer median Rank
Revenue growth Growth 8.0% 12.0% 116 of 184
Change in growth rate Growth -0.2pp +0.2pp 106 of 184
Gross margin Profitability 47.7% 69.8% 124 of 160
Operating margin Profitability 15.6% 1.1% 40 of 181
Net margin Profitability 13.5% 2.1% 47 of 185
Free-cash-flow margin Cash generation 29.9% 15.2% 28 of 180
Stock pay as % of revenue Cash generation 6.4% 9.3% 55 of 177
Long-term debt as % of assets Balance sheet 10.6% 16.9% 35 of 98
Change in share count Balance sheet -3.6% 1.7% 26 of 163
Days sales outstanding Balance sheet 101 days 57 days 139 of 162

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Subscriptions $1.6B 68.0% ▲ 18.1%
Maintenance $446M 19.1% ▼ 3.8%
Professional Services $243M 10.4% ▼ 8.1%
Hardware and Other $45M 1.9% ▲ 8.7%
Software Licenses and Royalties $12.8M 0.5% ▼ 51.4%

From Tyler Technologies Inc's 10-K filed February 18, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$12.7B
Institutions reporting
758
Shares held vs prior quarter
▲ 7.6%
Positions opened / closed
91 / 113

Top buyers and sellers, Q2 2026: 323 institutions bought and 437 sold ; the biggest buyer was Massachusetts Financial Services Co (+430K shares) and the biggest seller APG Asset Management N.V (−519K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $1.1B 3.9M 8.9% ▼ 11.0%
Vanguard Capital Management LLC $806M 2.8M 6.4% ▼ 1.2%
Norges Bank $782M 2.7M 6.2% —
Vanguard Portfolio Management LLC $619M 2.1M 4.9% ▼ 12.1%
State Street Corp $597M 2.0M 4.7% ▲ 5.4%
Principal Financial Group Inc $593M 2.0M 4.7% ▲ 16.1%
T. Rowe Price Investment Management, Inc. $537M 1.8M 4.2% ▼ 10.8%
Morgan Stanley $469M 1.6M 3.7% ▼ 17.2%
Geode Capital Management, LLC $353M 1.2M 2.8% ▼ 5.0%
Invesco Ltd. $306M 1.0M 2.4% ▲ 22.2%
Van Eck Associates Corp $272M 930K 2.1% ▼ 31.7%
Artisan Partners Limited Partnership $206M 705K 1.6% ▲ 32.9%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Tyler Technologies Inc's complete shareholder register. Values are as reported by the filers ; 3 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $694,152 2 trades by 2 insiders, last 12 months Insider sales History → $10.7M 13 trades by 5 insiders · 0% under pre-set plans
Net ▼ $10M net selling
Insider Date Trade Shares Price Value
Moore H Lynn Jr President and CEO August 28, 2026 Sell 9,250 $372.79 $3.4M
Puckett Jeffrey David Chief Operating Officer August 24, 2026 Sell 8,500 $356.44 $3M
Carter Glenn A Director March 12, 2026 Sell 1,624 $349.14 $567,003
Puckett Jeffrey David Chief Operating Officer March 5, 2026 Sell 280 $371.93 $104,141
Puckett Jeffrey David Chief Operating Officer March 5, 2026 Sell 1,662 $371.17 $616,883
Puckett Jeffrey David Chief Operating Officer March 5, 2026 Sell 1,379 $370.16 $510,448
Puckett Jeffrey David Chief Operating Officer March 5, 2026 Sell 1,133 $368.82 $417,874
Puckett Jeffrey David Chief Operating Officer March 5, 2026 Sell 720 $367.60 $264,670
Pope Daniel M Director March 2, 2026 Sell 500 $355.40 $177,700
Teed Andrew D. Director February 23, 2026 Buy 1,600 $309.91 $495,856
Diaz-Pedrosa Abigail Marshall Chief Administrative Officer February 20, 2026 Buy 610 $325.08 $198,296
Miller Brian K Executive VP and CFO December 15, 2025 Sell 1,000 $448.51 $448,510

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 14 trades and filings

In the last 12 months, 1 member of Congress disclosed 2 purchases and 2 sales of Tyler Technologies Inc shares.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded August 18, 2026, filed September 10, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (full), $1,001 - $15,000, traded May 15, 2026, filed June 8, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (partial), $1,001 - $15,000, traded April 14, 2026, filed May 8, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 10, 2027 estimated from the company's past filing pattern, not announced

  • October 28, 2026
  • July 29, 2026
  • April 29, 2026
  • February 11, 2026
  • October 29, 2025
  • July 30, 2025

Recent SEC filings

Data status

When each part of this page on Tyler Technologies Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Tyler Technologies Inc in brief

What does Tyler Technologies Inc do?
Tyler Technologies Inc is a US-listed company in the application software industry. Its financial year ends in December.
What is Tyler Technologies Inc's stock ticker?
Tyler Technologies Inc trades under the ticker TYL on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Tyler Technologies Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Tyler Technologies Inc reported revenue of $2.5B, 8.0% higher than a year earlier, according to its SEC filings.
What is Tyler Technologies Inc's free cash flow?
Tyler Technologies Inc's free-cash-flow margin is 29.9% of revenue over the trailing twelve months, ranking 28 of the 180 application software companies we cover.
What is Tyler Technologies Inc's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Tyler Technologies Inc's free cash flow after stock-based pay gives ~$260 per share in the base case, and ~$190–$350 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Tyler Technologies Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and Norges Bank. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Tyler Technologies Inc buying back stock, and does it pay a dividend?
Tyler Technologies Inc spent $1.1B on share repurchases over the trailing twelve months, and its diluted share count fell 3.6% over the year.
What is Tyler Technologies Inc's market cap?
On November 2, 2026, Tyler Technologies Inc's market capitalisation was about $17.1B, with a price-to-earnings ratio of 51.0 and net debt of $649M. Market figures come from third-party market data and may be delayed.
Who are Tyler Technologies Inc's competitors?
In our Application Software peer group, the companies closest to Tyler Technologies Inc are Dropbox, Inc., NCR Voyix Corp, Fair Isaac, Ringcentral, Inc. and Mongodb, Inc. The side-by-side comparison below sets their revenue, margins and growth against Tyler Technologies Inc's.
Are insiders buying or selling Tyler Technologies Inc stock?
Over the last 12 months, Tyler Technologies Inc's directors and officers reported 2 open-market purchases and 13 sales on Form 4. The insider trading page charts every trade.
When is Tyler Technologies Inc's next earnings date?
Around February 10, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Tyler Technologies Inc announces its own schedule.