Tyler Technologies, Inc.
- Open
- 381.98
- Day high
- 389.43
- Day low
- 381.70
- Prev close
- 374.88
- Volume
- 71K
- Mkt cap
- $15.4B
- P/E (TTM)
- 49.1
- EPS (TTM)
- $7.92
- P/B
- 5.1
- P/S
- 6.3
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$3.0M over the last 3 months (0 open-market buys, 1 sale)
- 🏛Institutions mixed (13F)
Tyler Technologies, Inc. (TYL) is a Technology company listed on NYSE. The stock is down 32% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 1 sale (SEC Form 4). Drillr has 1 published research article covering TYL.
Tyler Technologies, Inc. (TYL) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 7 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
TYL earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 30, 2026 | $3.06 | $3.08 | +0.8% | $560M | -13.6% |
| Apr 30, 2026 | $3.01 | $3.09 | +2.7% | $614M | +0.8% |
| Feb 11, 2026 | $2.71 | $2.64 | -2.6% | $575M | -6.3% |
| Oct 29, 2025 | $2.86 | $2.97 | +3.8% | $596M | +0.3% |
| Jul 30, 2025 | $2.77 | $2.91 | +5.1% | $596M | +1.5% |
| Apr 23, 2025 | $2.56 | $2.78 | +8.6% | $565M | +1.5% |
| Feb 12, 2025 | $2.44 | $2.43 | -0.4% | $541M | +0.1% |
| Oct 23, 2024 | $2.46 | $2.52 | +2.4% | $543M | -0.5% |
| Jul 24, 2024 | $2.30 | $2.40 | +4.3% | $541M | -0.0% |
| Feb 14, 2024 | $1.86 | $1.89 | +1.6% | $481M | -0.8% |
| Nov 1, 2023 | $1.97 | $2.14 | +8.6% | $495M | -0.2% |
| Jul 26, 2023 | $1.86 | $2.01 | +8.1% | $504M | +0.0% |
TYL insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 26, 2026 | Puckett Jeffrey Davidofficer: Chief Operating Officer | Sell | 8,500 | $356.44 |
| Aug 26, 2026 | Puckett Jeffrey Davidofficer: Chief Operating Officer | Option | 8,500 | $143.42 |
| Jul 2, 2026 | Puckett Jeffrey Davidofficer: Chief Operating Officer | Grant | 15 | $248.59 |
| May 6, 2026 | Teed Andrew D.director | Grant | 762 | — |
| May 6, 2026 | Teed Andrew D.director | Option | 452 | — |
| May 6, 2026 | Carter Margot Lebenbergdirector | Grant | 762 | — |
| May 6, 2026 | Carter Glenn Adirector | Option | 452 | — |
| May 6, 2026 | Pope Daniel Mdirector | Option | 452 | — |
| May 6, 2026 | Pope Daniel Mdirector | Grant | 762 | — |
| May 6, 2026 | Hawkins Ronnie D. Jr.director | Option | 452 | — |
| May 6, 2026 | Carter Glenn Adirector | Grant | 762 | — |
| May 6, 2026 | Cline Brenda Adirector | Grant | 762 | — |
| May 6, 2026 | Carter Margot Lebenbergdirector | Option | 452 | — |
| May 6, 2026 | Cline Brenda Adirector | Option | 452 | — |
| May 6, 2026 | Hawkins Ronnie D. Jr.director | Grant | 762 | — |
Source: TYL SEC Form 4 filings, latest Aug 26, 2026. For informational purposes only — not investment advice.
See the full TYL insider & 13F page →Tyler Technologies, Inc. company profile
Overview
Tyler Technologies, Inc. (NYSE:TYL) is a leading provider of integrated information management solutions and services specifically designed for the public sector. Founded in 1966 and headquartered in Plano, Texas, the company has grown from a small software developer into the dominant technology partner for local governments across the United States. Tyler went public in 1980 and has since established itself as the go-to provider for municipal, county, state, and federal agencies seeking to modernize their operations through comprehensive software solutions. The company serves over 40,000 local government offices and has been undergoing a significant strategic transformation from traditional on-premises software to cloud-based Software-as-a-Service (SaaS) offerings.
Business
Tyler Technologies operates in the specialized niche of government technology solutions, providing software and services exclusively to public sector entities. The company's products are designed to handle the unique operational needs of government agencies, from small town clerks' offices to large state-wide implementations. The company operates through three main business segments. The Enterprise Software segment represents the core business, generating approximately 75-80% of total revenue. This segment provides comprehensive software solutions including financial management systems for government accounting, utility billing systems for water and electric services, court case management systems for judicial operations, public safety software for police and fire departments, and student information systems for K-12 schools. These solutions help government agencies automate everything from property tax collection to parking ticket management to emergency dispatch operations. The Appraisal and Tax segment comprises roughly 15-20% of revenue and focuses on property assessment and tax collection software. This segment provides the specialized tools that county assessors use to determine property values for taxation purposes, as well as the systems that tax collectors use to bill and collect property taxes from citizens. The NIC segment accounts for approximately 5-10% of revenue and offers payment processing services and online citizen engagement platforms. This segment enables government agencies to accept online payments and provides web portals where citizens can interact with government services digitally, such as renewing licenses or paying fines online. Tyler's software solutions address the complex regulatory and operational requirements unique to government entities, including compliance with government accounting standards, public records laws, and specialized reporting requirements that differ significantly from private sector needs.
Revenue model
Tyler Technologies generates revenue through multiple complementary business models that create recurring and predictable income streams. The primary revenue model is software subscriptions, particularly SaaS arrangements where clients pay monthly or annual fees to access Tyler's cloud-hosted software. This subscription model now represents the fastest-growing portion of the business, with SaaS revenues growing over 20% annually. The company also generates substantial revenue from transaction fees, particularly through its payments processing services where Tyler earns a percentage of each transaction processed through government payment systems. This creates a variable revenue stream that grows with the volume of citizen interactions and payments. Professional services revenue comes from software implementation, training, data conversion, and ongoing support services that accompany software sales. Tyler's customers are exclusively government entities, ranging from small municipalities with populations under 5,000 to large state governments serving millions of citizens. These customers typically have stable, tax-funded budgets and long-term technology needs, making them relatively recession-resistant compared to private sector clients. Several factors influence Tyler's margins positively. The ongoing migration from on-premises to cloud-based solutions improves margins as Tyler consolidates data centers and achieves economies of scale. The company's dominance in the government software market allows for pricing power, while cross-selling opportunities across Tyler's broad product portfolio increase revenue per client. Government clients' tendency toward long-term contracts and high switching costs also support margin stability. Factors that could pressure margins include increased competition from larger technology companies entering the government market, rising cloud infrastructure costs, and the significant upfront investments required for product development and cloud migration. Additionally, government budget constraints during economic downturns could pressure pricing, though government spending tends to be more stable than private sector spending.
Competitive moat
Tyler Technologies possesses a strong competitive moat built on several reinforcing factors that create significant barriers to entry in the government technology market. The company's primary moat stems from the extremely high switching costs inherent in government software systems. Once a government agency implements Tyler's software, replacing it requires extensive data migration, staff retraining, and often multi-year implementation projects that can cost millions of dollars. Government entities are also highly risk-averse and prefer proven solutions with extensive references, giving Tyler's 50+ year track record substantial value. The company benefits from network effects and specialization that are difficult for competitors to replicate. Tyler's deep understanding of government-specific requirements, including complex regulatory compliance, specialized accounting standards, and unique workflow needs, creates intellectual property that takes years to develop. The company's scale allows it to spread development costs across thousands of clients, making it economically unfeasible for smaller competitors to match Tyler's breadth of functionality. Tyler's market position is further strengthened by the fragmented nature of government technology needs. Unlike private sector software that can be standardized, government software must accommodate thousands of different local laws, regulations, and procedures. Tyler's ability to handle this complexity through configurable solutions creates a significant competitive advantage. However, Tyler faces potential competitive threats from large technology companies like Microsoft, Oracle, and Salesforce that have the resources to invest heavily in government solutions. Cloud-native startups could also potentially disrupt specific product categories with more modern architectures. Additionally, government agencies' increasing comfort with cloud solutions could lower switching costs over time, potentially reducing Tyler's moat. The company's ability to maintain its competitive position will depend on continued innovation, particularly in areas like artificial intelligence and user experience design.
Risks & safety
Tyler Technologies demonstrates a solid margin of safety with strong financial fundamentals, though trading at premium valuations typical of high-quality SaaS companies. • **Liquidity and Solvency**: Strong cash position of $705.7 million with minimal debt (debt-to-equity ratio of 0.18). Current ratio of 0.94 indicates tight working capital management but no immediate liquidity concerns given strong cash flows. • **Cash Generation**: Excellent free cash flow generation of $604 million in 2024 (28% of revenue), providing substantial financial flexibility. Operating cash flow of $625 million demonstrates strong underlying business economics. • **Valuation Metrics**: Trading at premium multiples - P/E ratio of 76x and EV/EBITDA of 46x based on recent quarters. Price-to-book ratio of 7.1x reflects the asset-light nature of the software business. • **Other Considerations**: Recurring revenue model provides predictable cash flows with 85% of revenue being recurring. Strong return on equity of 7.8% and growing market share in a stable, government-funded end market. However, high valuation multiples leave little room for execution disappointments.
Recent development
Over the past few years, Tyler Technologies has executed a comprehensive cloud transformation strategy that represents the most significant strategic pivot in the company's history. The company has been systematically migrating its entire customer base from on-premises software installations to cloud-based SaaS solutions, with 97% of new software contracts now being SaaS-based. This transformation has involved substantial investments in cloud infrastructure, product reengineering, and data center consolidation, including the completion of the Dallas data center closure. Tyler has significantly expanded its payments processing capabilities through strategic acquisitions and organic development. The company completed the integration of NIC's payment processing teams and launched an aggressive go-to-market strategy, adding over 600 new payment clients in recent years. This expansion targets the substantial opportunity in government payment processing, where Tyler can leverage its existing software relationships to cross-sell payment services. The company has made strategic acquisitions to expand its product portfolio and market reach, including ARInspect, ResourceX, Quadrate, USC Direct, and Rapid Financial Solutions. Most recently, Tyler acquired MyGov in January 2025 to strengthen its public administration offerings. These acquisitions have been focused on adding complementary capabilities and expanding Tyler's total addressable market within the government sector. Tyler has begun investing heavily in artificial intelligence capabilities, forming an AI task committee and planning to integrate AI features across all flagship products. The company is taking a deliberate approach to AI, focusing on productivity improvements, enhanced decision-making capabilities, and improved service delivery for government clients. Early AI implementations include priority-based budgeting solutions that have won contracts in multiple cities.
TYL company profile · for informational purposes only — not investment advice.
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