Tyler Technologies, Inc.

TYL · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988
Valuation
Market cap	$19,532	$24,679	$17,613	$13,425	$22,043	$17,887	$12,294	$7,614	$7,255	$5,850	$7,143	$3,613	$3,257	$1,469	$941	$707	$702	$452	$499	$546	$346	$345	$415	$198	$215	$76	$220	$210	$113	$37	$57	$65	$93	$92	$58	$66	$58	$40
Enterprise value	$19,078	$24,550	$18,134	$14,260	$23,070	$17,233	$12,045	$7,436	$7,026	$5,804	$7,162	$3,407	$3,178	$1,481	$1,001	$732	$692	$457	$448	$509	$314	$319	$393	$186	$212	$75	$289	$247	$105	$21	$54	$126	$75	$80	$47	$49	$90	$226
P/E (TTM) at period end	61.89×	93.83×	106.15×	81.74×	136.53×	91.81×	83.90×	51.64×	42.78×	51.45×	110.11×	61.29×	83.30×	44.52×	34.16×	28.23×	25.98×	30.40×	28.53×	38.00×	42.26×	34.08×	15.71×	24.74×	798.04×	–	–	–	–	–	–	–	–	28.91×	47.92×	18.38×	41.67×	1.91×
P/S (TTM) at period end	8.37×	11.54×	9.02×	7.26×	13.84×	16.02×	11.32×	8.14×	8.63×	7.74×	12.09×	7.33×	7.82×	4.04×	3.04×	2.45×	2.42×	1.70×	2.27×	2.79×	2.03×	2.00×	2.85×	1.48×	1.82×	0.81×	2.03×	4.16×	1.48×	0.29×	0.41×	0.18×	0.33×	0.32×	0.22×	0.30×	0.31×	0.22×
P/B at period end	5.28×	7.28×	5.99×	5.12×	9.48×	9.01×	7.60×	5.75×	6.09×	6.26×	8.17×	10.72×	13.22×	10.11×	12.05×	6.61×	5.22×	3.95×	3.64×	4.34×	3.09×	2.92×	3.52×	1.67×	2.13×	0.79×	1.58×	2.75×	3.61×	1.16×	0.61×	0.59×	0.79×	0.76×	0.48×	0.56×	0.50×	0.78×
EV / EBITDA (TTM)	38.46×	55.42×	48.67×	38.20×	72.92×	67.69×	51.69×	34.71×	32.50×	30.97×	56.12×	31.13×	39.28×	21.37×	17.50×	13.96×	12.75×	9.19×	11.79×	15.90×	12.85×	11.18×	15.77×	9.68×	16.09×	17.64×	14.42×	23.57×	38.72×	–	7.60×	11.40×	5.35×	4.54×	3.42×	3.59×	–	–
EV / Sales (TTM)	8.18×	11.48×	9.29×	7.71×	14.49×	15.43×	11.09×	7.95×	8.36×	7.68×	12.12×	6.91×	7.63×	4.08×	3.23×	2.54×	2.38×	1.72×	2.04×	2.61×	1.84×	1.85×	2.70×	1.39×	1.80×	0.81×	2.66×	4.90×	1.37×	0.17×	0.38×	0.35×	0.27×	0.28×	0.18×	0.22×	0.48×	1.26×
Returns
Return on equity	8.5%	7.8%	5.6%	6.3%	6.9%	9.8%	9.1%	11.1%	14.2%	12.2%	7.4%	17.5%	15.9%	22.7%	35.3%	23.4%	20.1%	13.0%	12.8%	11.4%	7.3%	8.6%	22.4%	6.7%	0.3%	(25.6%)	(2.0%)	(11.0%)	(10.5%)	(191.6%)	(18.2%)	(4.3%)	(1.9%)	2.6%	1.0%	3.1%	1.2%	40.7%
Return on invested capital	8.7%	7.8%	5.3%	5.4%	5.3%	12.3%	10.2%	12.1%	16.2%	12.7%	7.1%	45.2%	23.8%	22.1%	21.1%	19.9%	21.7%	15.6%	12.9%	12.7%	9.2%	9.4%	9.6%	6.1%	0.3%	(4.1%)	–	1.6%	2.3%	(72.0%)	2.8%	(0.8%)	1.5%	3.2%	1.4%	3.2%	(1.4%)	(0.4%)
Dividend yield	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.6%	–	–
Financial health
Current ratio	1.05×	1.35×	0.86×	0.95×	1.16×	1.97×	1.34×	1.22×	1.40×	0.78×	0.79×	1.45×	1.13×	0.72×	0.71×	0.79×	0.85×	0.75×	1.36×	1.31×	1.36×	1.33×	1.29×	1.30×	1.14×	1.15×	1.09×	1.77×	3.08×	2.56×	2.57×	1.99×	2.10×	2.09×	1.95×	2.87×	1.67×	1.65×
Debt / equity	0.32×	0.18×	0.22×	0.38×	0.58×	–	–	–	–	0.01×	0.08×	–	–	0.12×	0.78×	0.25×	–	0.07×	–	–	–	–	–	0.02×	0.03×	0.08×	0.49×	0.51×	–	–	–	0.58×	–	–	–	–	0.28×	3.66×
Effective tax rate	19.1%	14.6%	16.3%	12.4%	(1.6%)	(11.3%)	8.3%	5.4%	(3.7%)	16.2%	40.2%	37.6%	40.6%	38.8%	37.5%	37.2%	39.5%	49.2%	38.8%	37.2%	39.9%	41.9%	33.5%	38.5%	85.0%	27.2%	102.7%	64.5%	14.3%	6.7%	(600.0%)	16.1%	55.2%	47.5%	53.8%	35.2%	28.1%	18.8%
Share count
Diluted shares outstanding	44	43	43	42	42	42	40	40	39	39	37	35	35	33	33	36	37	39	41	42	42	45	45	49	48	45	40	34	21	20	20	20	18	20	20	21	20	19

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988
Revenue and gross profit
Revenue	$2,430	$2,332	$2,138	$1,952	$1,850	$1,592	$1,117	$1,086	$935	$841	$756	$591	$493	$417	$363	$309	$289	$290	$265	$220	$195	$170	$172	$145	$134	$118	$93	$108	$50	$76	$128	$141	$358	$282	$286	$266	$218	$189	$179
Cost of revenue	($1,283)	($1,249)	($1,202)	($1,091)	($1,066)	($883)	($574)	($570)	($496)	($442)	($401)	($314)	($260)	($223)	($196)	($167)	($160)	($162)	($158)	($137)	($122)	($110)	($110)	($89)	($86)	($78)	($56)	($50)	($26)	($42)	($57)	($60)	($243)	($210)	($213)	($205)	($177)	($155)	($146)
Gross profit	$1,147	$1,084	$936	$861	$784	$710	$543	$517	$440	$399	$359	$277	$233	$193	$168	$142	$128	$129	$107	$83	$73	$60	$63	$57	$48	$40	$37	$58	$25	$35	$72	$81	$114	$72	$73	$61	$40	$34	$33
Operating expenses
Research and development	($228)	($205)	($118)	($110)	($105)	($93)	($88)	($81)	($63)	($47)	($43)	($30)	($26)	($23)	($20)	($16)	($14)	($11)	($7)	($4)	($3)	($2)	($2)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($338)	($316)	($301)	($309)	($267)	($391)	($260)	($258)	($208)	($176)	($165)	($133)	($108)	($98)	($87)	($76)	($69)	($70)	($63)	($52)	($48)	($44)	($43)	($38)	($34)	($31)	($33)	($38)	($14)	($32)	($80)	($74)	($103)	($58)	($56)	($48)	($27)	($28)	($26)
Total operating expenses	($779)	($726)	($636)	($643)	($570)	($529)	($370)	($361)	($287)	($237)	($222)	($169)	($139)	($126)	($111)	($95)	($87)	($84)	($70)	($56)	($52)	($46)	($45)	($41)	($37)	($38)	($42)	($49)	($20)	($34)	($84)	($78)	($116)	($69)	($67)	($58)	($35)	($37)	($35)
Total costs and expenses	($2,062)	($1,975)	($1,838)	($1,733)	($1,636)	($1,412)	($944)	($930)	($783)	($678)	($618)	($483)	($398)	($350)	($307)	($263)	($247)	($246)	($228)	($193)	($173)	($156)	($155)	($130)	($123)	($116)	($99)	($100)	($46)	($76)	($141)	($138)	($360)	($279)	($280)	($263)	($213)	($192)	($180)
Operating income	$368	$358	$300	$219	$214	$181	$173	$156	$152	$163	$138	$108	$95	$67	$57	$47	$42	$45	$37	$27	$22	$14	$17	$16	$11	$2	($5)	$9	$5	$1	($12)	$2	($2)	$3	$7	$3	$5	($3)	($1)
Earnings
EBITDA	$512	$496	$443	$373	$373	$316	$255	$233	$214	$216	$187	$128	$109	$81	$69	$57	$52	$54	$50	$38	$32	$24	$29	$25	$19	$13	$4	$20	$10	$3	($8)	$7	$11	$14	$18	$14	$14	–	–
Interest income	–	–	$15	$3	$2	$2	$2	$3	$3	$1	–	$0	–	–	–	–	–	$1	$1	$2	$1	–	$1	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($7)	($5)	($6)	($24)	($28)	($23)	($1)	($2)	–	–	($2)	–	–	–	($3)	($2)	($2)	–	–	–	–	–	($0)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$420	$390	$308	$198	$188	$159	$175	$160	$156	$163	$136	$108	$94	$66	$54	$44	$40	$45	$29	$29	$23	$14	$17	$39	$10	$2	($10)	$2	$3	($1)	($64)	($0)	($6)	$3	$6	$3	$5	($3)	($2)
Income tax expense	($95)	($75)	($45)	($32)	($23)	$2	$20	($13)	($8)	$6	($22)	($44)	($36)	($27)	($21)	($17)	($15)	($18)	($14)	($11)	($8)	($5)	($7)	($13)	($4)	($2)	$3	($2)	($2)	$0	$4	($1)	$1	($2)	($3)	($1)	($2)	$1	$0
Net income	$325	$316	$263	$166	$164	$161	$195	$147	$147	$170	$114	$65	$59	$39	$33	$28	$25	$27	$15	$18	$14	$8	$10	$26	$8	$0	($25)	($3)	($8)	($3)	($61)	($17)	($5)	($2)	$3	$1	$4	$1	$21
Per share
Diluted EPS (GAAP)	$7.54	$7.20	$6.05	$3.88	$3.87	$3.82	$4.69	$3.65	$3.68	$4.32	$2.92	$1.77	$1.66	$1.13	$1.00	$0.83	$0.71	$0.74	$0.38	$0.42	$0.34	$0.19	$0.23	$0.58	$0.12	$0.01	($0.54)	($0.0706)	($0.25)	($0.16)	($3.09)	($0.86)	($0.23)	($0.13)	$0.16	$0.06	$0.17	$0.07	$1.11
Basic EPS (GAAP)	$7.63	$7.32	$6.17	$3.95	$3.95	$3.95	$4.87	$3.79	$3.84	$4.55	$3.12	$1.90	$1.79	$1.23	$1.09	$0.88	$0.74	$0.77	$0.39	$0.45	$0.37	$0.21	$0.25	$0.64	$0.17	$0.01	($0.55)	($0.0706)	($0.25)	($0.16)	($3.09)	($0.86)	($0.23)	($0.13)	$0.16	$0.06	$0.17	$0.07	$1.11
Basic shares outstanding	43	43	43	42	42	41	40	39	38	37	36	34	33	32	30	31	34	35	38	39	39	39	41	43	47	47	45	40	34	21	20	20	20	18	20	20	21	20	19
Margins
Gross margin	47.2%	46.5%	43.8%	44.1%	42.4%	44.6%	48.6%	47.6%	47.0%	47.5%	47.5%	46.9%	47.3%	46.4%	46.2%	45.9%	44.5%	44.4%	40.5%	37.7%	37.6%	35.3%	36.3%	39.1%	35.8%	33.9%	39.8%	53.4%	49.5%	45.3%	55.7%	57.3%	32.0%	25.5%	25.6%	23.0%	18.5%	18.1%	18.6%
Operating margin	15.1%	15.3%	14.0%	11.2%	11.6%	11.4%	15.5%	14.4%	16.3%	19.4%	18.2%	18.3%	19.2%	16.1%	15.6%	15.0%	14.4%	15.4%	14.0%	12.2%	11.2%	8.2%	9.9%	10.7%	8.0%	1.9%	(5.8%)	8.1%	9.9%	0.8%	(9.7%)	1.8%	(0.5%)	1.2%	2.3%	1.3%	2.3%	(1.5%)	(0.7%)
Net margin	13.4%	13.5%	12.3%	8.5%	8.9%	10.1%	17.4%	13.5%	15.8%	20.2%	15.0%	11.0%	12.0%	9.4%	9.1%	8.9%	8.7%	9.3%	5.6%	8.0%	7.4%	4.8%	5.9%	18.2%	6.0%	0.2%	(26.4%)	(2.6%)	(16.6%)	(4.3%)	(47.7%)	(12.1%)	(1.3%)	(0.8%)	1.1%	0.5%	1.7%	0.7%	11.7%

Analyst consensus

Buy37 analysts

Bearish · 0 · Hold · 12 · Bullish · 25

Earnings history

	EPS	Estimate
Q3 2024	$2.52	$2.46	Beat
Q4 2024	$2.43	$2.44	Miss
Q1 2025	$2.78	$2.56	Beat
Q2 2025	$2.91	$2.77	Beat
Q3 2025	$2.97	$2.86	Beat
Q4 2025	$2.64	$2.71	Miss
Q1 2026	$3.09	$3.00	Beat
Q2 2026	$3.08	$3.05	Beat

Peers

Company overview

IPO dateMar 17, 1980

CEOH. Lynn Moore Jr.

Employees7,879

SectorTechnology

IndustrySoftware - Application

CountryUS

ExchangeNew York Stock Exchange

Websitewww.tylertech.com

Tyler Technologies, Inc. specializes in delivering comprehensive information management solutions and services tailored for the public sector. Its operations are organized into three primary divisions: Enterprise Software, Appraisal and Tax, and NIC. The company's extensive product portfolio encompasses financial management tools, such as modular fund accounting systems designed for government bodies and non-profit organizations, as well as utility billing platforms for managing both metered and unmetered services. Additionally, Tyler offers solutions that automate a wide array of municipal and county operations, ranging from municipal court and parking ticket administration to animal and business licensing, permits and inspections, code enforcement, citizen complaint resolution, ambulance billing, fleet maintenance, and cemetery records management. Educational institutions, particularly K-12 schools, benefit from their specialized student information and transportation management systems. Furthermore, the company delivers a comprehensive suite of judicial technologies, including systems for court case management, integrated court and law enforcement functions, prosecutor support, and supervision. These solutions are scalable for diverse needs, from single-county deployments to multi-jurisdictional or statewide implementations. Their offerings extend to public safety software, alongside systems designed for the automated appraisal and assessment of both real and personal property, complemented by tax billing and collection applications for relevant agencies. Public sector agencies also leverage Tyler's software for planning, regulatory compliance, and maintenance operations. Dedicated applications enhance and automate records and document management, while their data and insights solutions provide valuable analytical capabilities. Beyond core software, Tyler Technologies facilitates Software-as-a-Service (SaaS) deployments and provides electronic document filing solutions for legal and judicial entities. Their service portfolio is robust, encompassing software and hardware installation, data conversion, user training, product customization, and ongoing maintenance and support. They also offer outsourced property appraisal services to taxing authorities. A strategic collaboration agreement with Amazon Web Services (AWS) underscores the company's commitment to cloud-based hosting solutions. Established in 1966, Tyler Technologies, Inc. maintains its headquarters in Plano, Texas.

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