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Software provider for US state and local government agencies — courts, tax, land records and public safety.
Software provider for US state and local government agencies — courts, tax, land records and public safety.
Governments pay annual fees for cloud-hosted software, licences and maintenance, with installation work billed on top, so revenue renews year after year. The 2021 purchase of NIC added a business that is paid small fees on the payments citizens make to agencies online.
Moat: narrow (switching costs, installed base, regulatory licence). Deeply embedded, mission-critical government systems are costly and risky to replace.
Headquarters: Plano, Texas, US · Founded: 1966 · Employees: 7,800
Size Tyler Technologies (TYL) is a United States Information Technology company (Data Processing Services) with a market value of $16.7B, the 558th largest of 3,117 United States companies the cockpit tracks. Shares closed at $420.56 on 6 Nov 2026.
Performance Over six months the shares gained 29.6%, against +0.1% for the median peer and -1.1% for the United States market (cap-weighted) — 4th highest of 16 in its peer set.
Growth Revenue grew 8.0% over the last twelve months (peer median +14.7%); the operating margin is 15.6% (peer median 11.9%).
Valuation It trades at 28.1× forward earnings against a peer median of 20.3× (4th most expensive of 11).
Price implies For today's price to make sense, revenue must grow about 23% a year for seven years (Req g). Recent delivered growth is +16%, so the hurdle is +7 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 0.8 points above its cost of capital (8.3% WACC).
Backlog Backlog (remaining performance obligations) was $2.13B at 30 Sep 2024, up 9% on a year earlier — 1.0 years of trailing revenue. Backlog detail →
Credit Tyler Technologies has 1 bond outstanding ($1.44B).
Short interest Short interest is 8.1% of the free float (15 Oct 2026).
Next results Next results expected around 17 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $2.48B | $2.33B | $2.14B | $1.95B | $1.85B |
| Revenue growth | — | +9% | +10% | +5% | — |
| Gross profit | $1.12B | $1.03B | $876M | $786M | $722M |
| EBITDA | $543M | $506M | $452M | $389M | $388M |
| Net income | $335M | $316M | $263M | $166M | $164M |
| Free cash flow | $741M | $638M | $604M | $360M | $359M |
| Capital expenditure | $22.8M | $32.8M | $49.9M | $53.0M | $50.2M |
| Total debt | $1.46B | $643M | $638M | $697M | $1.05B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Tyler Technologies TYL | $16.7B | +30% | +8% | 16% | 28.1× | 22.9% |
| Oracle ORCL | $351B | -41% | +22% | 34% | 13.6× | n/a |
| Motorola Solutions MSI | $85.1B | +34% | +10% | 25% | 27.0× | 16.4% |
| Axon Enterprise AXON | $25.4B | -22% | +35% | 1% | 36.5× | n/a |
| Workday WDAY | $46.5B | +51% | +14% | 13% | 16.0× | 19.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | TYL | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +27.0% | -7.0% | 2nd highest of 16 |
| 6-month return | +29.6% | +0.1% | 4th highest of 16 |
| Distance from 52-week high | -12.7% | -33.6% | 4th highest of 16 |
| Revenue growth (TTM) | +8.0% | +14.7% | 6th lowest of 16 |
| Operating margin | 15.6% | 11.9% | 5th highest of 16 |
| Forward P/E | 28.1× | 20.3× | 4th most expensive of 11 |
| Growth the price implies (Req g, 7 yrs) | 22.9% | 17.0% | 4th most demanding of 8 |
| Growth delivered (Del g) | +15.9% | +8.4% | 3rd highest of 8 |
| Hurdle (Req g minus delivered) | +7.0 pp | +5.0 pp | 4th most demanding of 8 |
| ROIC minus cost of capital | +0.8 pp | -3.0 pp | 7th highest of 15 |
| EV / EBITDA | 31.8× | 14.4× | 3rd most expensive of 10 |
| Net debt / EBITDA | 1.1× | 1.9× | 5th least indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Tyler Technologies TYL | United States | $16.7B | +30% | +8% | 16% | 28.1× | 22.9% | +15.9% |
| NTNX NTNX | United States | $15.9B | +27% | +12% | 11% | 25.0× | 23.0% | +15.4% |
| Range Intelligent Computing Technology 300442.SZ | China | $14.1B | -35% | +51% | 36% | 34.4× | n/a | n/a |
| GoDaddy GDDY | United States | $13.9B | +26% | +7% | 26% | 12.9× | -2.2% | +8.4% |
| LTM LTM.NS | India | $13.6B | +2% | +15% | 16% | 21.6× | 23.8% | +27.9% |
| Akamai Technologies AKAM | United States | $11.9B | -44% | +6% | 12% | 12.8× | 17.0% | +5.6% |
| Wiwynn 6669.TW | Taiwan | $26.3B | +101% | +84% | 7% | 9.6× | n/a | n/a |
| SWI Capital SWICH.AS | Netherlands | $6.61B | +88% | -33% | -54% | n/a | n/a | n/a |
| ExlService EXLS | United States | $6.51B | +39% | +16% | 14% | 17.0× | 9.4% | +16.8% |
| Hut 8 HUT | United States | $6.49B | -47% | +71% | -89% | n/a | n/a | n/a |
| Wangsu Science & Technology 300017.SZ | China | $5.90B | 0% | 0% | 15% | 49.1× | 27.3% | -3.9% |
| TeraWulf WULF | United States | $5.67B | -51% | +15% | -227% | n/a | n/a | n/a |
| IONOS IOS.DE | Germany | $5.49B | +23% | -34% | 23% | 19.1× | 11.0% | +5.9% |
| Nextdc NXT.AX | Australia | $5.47B | -30% | +16% | -7% | n/a | n/a | n/a |
| Applied Digital APLD | United States | $4.70B | -62% | +290% | -24% | n/a | n/a | n/a |
| GDS 9698.HK | Hong Kong | $4.22B | -52% | +13% | 17% | 36.8× | n/a | n/a |
Tyler Technologies has 1 bond outstanding with $1.44B face value.
Tyler Technologies reported $2.13B of remaining performance obligations at 30 Sep 2024, up 9% from a year earlier and up 2% from the previous quarter. That is 1.0 years of trailing revenue already under contract. Book-to-bill last quarter: 1.07.