NYSE: TYL
Tyler Technologies
Technology · Services-Prepackaged Software
52-week range
$270.71$489.92
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$12.7B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $5.26B |
| FY2017, ended Dec 31, 2017 | $6.71B |
| FY2018, ended Dec 31, 2018 | $7.12B |
| FY2019, ended Dec 31, 2019 | $11.8B |
| FY2020, ended Dec 31, 2020 | $17.7B |
| FY2021, ended Dec 31, 2021 | $22.2B |
| FY2022, ended Dec 31, 2022 | $13.5B |
| FY2023, ended Dec 31, 2023 | $17.7B |
| FY2024, ended Dec 31, 2024 | $24.8B |
| FY2025, ended Dec 31, 2025 | $19.5B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $12.7B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$2.48B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $760M |
| FY2017, ended Dec 31, 2017 | $841M |
| FY2018, ended Dec 31, 2018 | $935M |
| FY2019, ended Dec 31, 2019 | $1.09B |
| FY2020, ended Dec 31, 2020 | $1.12B |
| FY2021, ended Dec 31, 2021 | $1.59B |
| FY2022, ended Dec 31, 2022 | $1.85B |
| FY2023, ended Dec 31, 2023 | $1.95B |
| FY2024, ended Dec 31, 2024 | $2.14B |
| FY2025, ended Dec 31, 2025 | $2.33B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $2.48B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $114M | $154M |
| FY2017, ended Dec 31, 2017 | $170M | $153M |
| FY2018, ended Dec 31, 2018 | $147M | $223M |
| FY2019, ended Dec 31, 2019 | $147M | $217M |
| FY2020, ended Dec 31, 2020 | $195M | $332M |
| FY2021, ended Dec 31, 2021 | $161M | $338M |
| FY2022, ended Dec 31, 2022 | $164M | $359M |
| FY2023, ended Dec 31, 2023 | $166M | $360M |
| FY2024, ended Dec 31, 2024 | $263M | $604M |
| FY2025, ended Dec 31, 2025 | $316M | $638M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $335M | $741M |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$788M
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $36.2M |
| FY2017, ended Dec 31, 2017 | $186M |
| FY2018, ended Dec 31, 2018 | $134M |
| FY2019, ended Dec 31, 2019 | $233M |
| FY2020, ended Dec 31, 2020 | $604M |
| FY2021, ended Dec 31, 2021 | $309M |
| FY2022, ended Dec 31, 2022 | $174M |
| FY2023, ended Dec 31, 2023 | $165M |
| FY2024, ended Dec 31, 2024 | $745M |
| FY2025, ended Dec 31, 2025 | $1.02B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $788M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$1.41B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | — |
| FY2017, ended Dec 31, 2017 | — |
| FY2018, ended Dec 31, 2018 | — |
| FY2019, ended Dec 31, 2019 | — |
| FY2020, ended Dec 31, 2020 | $0 |
| FY2021, ended Dec 31, 2021 | $1.34B |
| FY2022, ended Dec 31, 2022 | $987M |
| FY2023, ended Dec 31, 2023 | $646M |
| FY2024, ended Dec 31, 2024 | $598M |
| FY2025, ended Dec 31, 2025 | $600M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $1.41B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 8.0% since 2016.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.39.8M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 36.8M |
| FY2017, ended Dec 31, 2017 | 37.9M |
| FY2018, ended Dec 31, 2018 | 38.3M |
| FY2019, ended Dec 31, 2019 | 39.4M |
| FY2020, ended Dec 31, 2020 | 40.6M |
| FY2021, ended Dec 31, 2021 | 41.3M |
| FY2022, ended Dec 31, 2022 | 41.8M |
| FY2023, ended Dec 31, 2023 | 42.3M |
| FY2024, ended Dec 31, 2024 | 43.0M |
| FY2025, ended Dec 31, 2025 | 43.0M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | 39.8M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Net: $965M more bought back than issued
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| Period | Bought back | Paid to employees | Used in acquisitions |
|---|---|---|---|
| FY2016, ended Dec 31, 2016 | $112M | $29.7M | $0 |
| FY2017, ended Dec 31, 2017 | $7.47M | $37.3M | — |
| FY2018, ended Dec 31, 2018 | $147M | $52.7M | — |
| FY2019, ended Dec 31, 2019 | $17.8M | $60.0M | — |
| FY2020, ended Dec 31, 2020 | $15.5M | $67.4M | $0 |
| FY2021, ended Dec 31, 2021 | $13.0M | $105M | $0 |
| FY2022, ended Dec 31, 2022 | $0 | $103M | $18.2M |
| FY2023, ended Dec 31, 2023 | $0 | $108M | $5.67M |
| FY2024, ended Dec 31, 2024 | $0 | $123M | $0 |
| FY2025, ended Dec 31, 2025 | $175M | $151M | $0 |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $1.12B | $159M | — |
Revenue (TTM)
$2.48B
+8.0% YoY
Net income (TTM)
$335M
+6.3% YoY
Cash
$788M
−5.5% YoY
Total debt
$1.41B
+135% YoY
Valuation
At current price- Market Cap
- $15.7B
- P/E
- 46.8×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 6.3×
- Price / Book
- 5.6×
- EV / EBITDA
- 30.6×
Growth
Trailing 12 months- Revenue (TTM)
- $2.48B
- Revenue Growth YoY
- 8.0%
- Revenue CAGR 3Y
- 8.0%
- Revenue CAGR 5Y
- 15.9%
- EPS Growth YoY
- 11.4%
- Net Income Growth YoY
- 6.3%
Profitability
Trailing 12 months- Gross Margin
- 47.7%
- Operating Margin
- 15.6%
- Net Margin
- 13.5%
- FCF Margin
- 29.9%
- Return on Equity
- 10.5%
Earnings
Trailing 12 months- Net Income
- $335M
- EPS (diluted)
- $8.01
- EBITDA
- $533M
- Operating Income
- $387M
Balance Sheet
As of Sep 30, 2026- Cash and cash equivalents
- $788M
- Total Debt
- $1.41B
- Net Debt
- $622M
- Total Assets
- $5.65B
- Total Liabilities
- $2.86B
- Shareholders' Equity
- $2.79B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $758M
- Capital Expenditure
- $17.0M
- Free Cash Flow
- $741M
Dividends and risk
Last 12 months- Dividend Yield
- 0.0%
- Dividend / Share
- $0.00
- Beta (5Y)
- 0.85
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 8.0% year over year, at $2.48B.
Note
Net margin of 13.5% over the last 12 months.
Note
Net debt of $622M is 1.2× EBITDA, a manageable load.
Strength
Turns 29.9% of revenue into free cash flow.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 28, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K71Good news
71Good news
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 18, 2026 · Read the filing on EDGAR
- Revenue rose 9.1% to about $2.33 billion and net income rose about 20% to $315.6 million, helped by 18.1% subscription growth.
- Research and development spending jumped 73% as staff moved from support work to product development, including artificial intelligence projects.
- Tyler took about $20 million of loss reserves on state government contract disputes, which cut Platform Technologies segment profit by 9%.
- Cash reached $1.0 billion ahead of $600 million of notes due March 2026; the board also authorized a $1.0 billion buyback and a $212.5 million acquisition was signed.
Business momentum
Strong improvement
“For the twelve months ended December 31, 2025, total revenues increased 9.1% compared to the prior period, primarily due to an increase in subscription revenue.”
Outlook
Positive
“We expect to continue to achieve solid growth in revenues and earnings.”
Financial stress
Low
“We believe that our cash on hand, cash provided by operating activities, and available credit are sufficient to fund our working capital requirements and capital expenditures for at least the next twelve months.”
Tone against the previous report
About the same
Red flags
- Minor
Major lawsuit
“A December 2025 mediation did not result in a resolution of the dispute.”
- Minor
Other
“The decrease of 9% in the PT segment operating income in 2025 is primarily due to loss reserves of approximately $10.7 million for two state contracts”
Positives
Fast subscription growth from cloud shift
“Subscriptions revenue grew 18.1% for the twelve months ended December 31, 2025, primarily due to an ongoing shift toward SaaS arrangements for both new and existing clients, along with growth in certain transaction-based revenues.”
Recurring revenue is large and growing
“ARR increased approximately 11% compared to the prior period”
Strong cash position and rising cash generation
“As of December 31, 2025, we had cash and cash equivalents of $1.0 billion compared to $744.7 million as of December 31, 2024.”
Concerns
Platform Technologies segment profit fell
“The decrease of 9% in the PT segment operating income in 2025 is primarily due to loss reserves of approximately $10.7 million for two state contracts, primarily impacting lower revenue from professional services, as well as higher merchant fees.”
State contract lawsuit remains unresolved
“We can provide no assurances that we will not incur additional costs as we pursue our rights and remedies under the contract.”
Sharp rise in research spending could pressure margins
“Research and development expense increased 73% in 2025 compared to the prior period”
New risks since the previous report
Disputes and losses on state government contracts
“The decrease is primarily due to loss reserves related to agencies within two state governments.”
AI tools could be seen as replacing Tyler's products
“uncertainties surrounding new and evolving artificial intelligence tools that could be perceived automate functions that may reduce the demand for certain products and services”
Employees' AI use could leak company secrets
“Use of artificial intelligence by our team members, whether authorized or unauthorized, could increase the risk that our intellectual property and other proprietary information may be unintentionally disclosed.”
Changing legal standards for software patents
“There has also been a recent change in the legal standards and regulations that courts and the U.S. patent office may apply in favorably evaluating software patent rights”
Biggest risks named
- Cyber-attacks and exposure of sensitive client data
- Government budget pressure and an economic slowdown
- Reliance on third-party providers, including Amazon Web Services
- Keeping pace with new technology, including artificial intelligence
- Contract disputes and terminations with public sector clients
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +12 | |
| Outlook | +3 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | −2.1 | |
| New risks | −2 | |
| Score | 71 | |
Written by AI (Claude Opus 5.5) from the report’s text. 15 of 15 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 28, 2026 | Pro | |||
| 10-K | Feb 18, 2026 | 71 | Strong improvement | 2 minor | |
| 10-K | Feb 19, 2025 | 75 | Strong improvement | None | |
| 10-K | Feb 21, 2024 | 68 | Improving | None | |
| 10-K | Feb 22, 2023 | 66 | Improving | 1 minor | |
| 10-K | Feb 23, 2022 | 58 | Mixed | None | |
| 10-K | Feb 19, 2021 | 69 | Improving | 1 minor | |
| 10-K | Feb 19, 2020 | 71 | Improving | None | |
| 10-K | Feb 20, 2019 | 61 | Mixed | None | |
| 10-K | Feb 21, 2018 | 77 | Strong improvement | None |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Sep 30, 2026), filed Oct 28, 2026. View filings on SEC EDGAR