TYLER TECHNOLOGIES INC
$424.06
+0.47 (+0.11%) · delayed · Nov 13, 2026
Five-year price
52w $270.71 to $481.57
- Market cap
- $16.9B
- Enterprise value
- $16.4B
- P/E
- 58.9×
- 74.3× on 3y avg EPS
- EV / EBIT
- 46.0×
- FCF yield
- 3.8%
- ROIC
- 8.8%
- Debt / equity
- 0.16
- Piotroski F
- 7/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
50
- ○ROIC > 12% (5y avg)5y avg ROIC 6.6%
- ○ROE > 15% (5y avg)5y avg ROE 7.0%
- ●Stable operating marginsMargin volatility 1.7% (σ, 5y)
- ●Earnings convert to cashFCF / net income 215% (5y avg)
- ●Growing revenueRevenue CAGR 5y 15.9%
- ○Shrinking share countDiluted shares 5.5% over 5y
Value
0
- ○P/E below 15P/E 58.9
- ○EV/EBIT below 12EV/EBIT 46.0
- ○FCF yield above 6%FCF yield 3.8%
- ○Price below Graham NumberGraham Number $122.83
- ○P/B below 3P/B 4.6
Safety
80
- ●Debt / equity below 0.5D/E 0.16
- ●Debt payable in < 4 yrs of earningsNet debt $-0.4B
- ●Interest coverage > 8xCoverage 71.6x
- ○Current ratio > 1.5Current ratio 1.05
- ●Piotroski F-score ≥ 6F-score 7/9
Graham Defensive
43
- ●Adequate size (revenue > $2B)Revenue $2.3B
- ○Strong condition (current ratio ≥ 2)Current ratio 1.05
- ●Earnings stability (no loss, 10y)10 years of data
- ○Uninterrupted dividendsDividends paid every year on record
- ●Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 57%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 74.3
- ○P/E × P/B ≤ 22.5Product 338.2
Valuation lab
What do you have to believe?
At $424.06, the market is pricing in about 9.0% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt −$416M · 40M shares · 5y revenue CAGR 15.9%
Intrinsic value
$711.06
Price
$424.06
Margin of safety
40%
What the price implies
The market is paying for 9.0% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
67% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 760 | 841 | 935 | 1,086 | 1,117 | 1,592 | 1,850 | 1,952 | 2,138 | 2,332 |
| Gross profit | 359 | 399 | 440 | 517 | 543 | 710 | 784 | 861 | 936 | 1,084 |
| Operating income | 138 | 163 | 152 | 156 | 173 | 181 | 214 | 219 | 300 | 358 |
| Operating margin | 18.1% | 19.4% | 16.3% | 14.4% | 15.5% | 11.4% | 11.6% | 11.2% | 14.0% | 15.3% |
| Pre-tax income | 136 | 163 | 156 | 160 | 175 | 159 | 188 | 198 | 308 | 390 |
| Income tax | 22 | (6) | 8 | 13 | (20) | (2) | 23 | 32 | 45 | 75 |
| Net income | 114 | 170 | 147 | 147 | 195 | 161 | 164 | 166 | 263 | 316 |
| EPS (diluted) | 2.92 | 4.32 | 3.68 | 3.65 | 4.69 | 3.82 | 3.87 | 3.88 | 6.05 | 7.20 |
| Diluted shares | 39 | 39 | 40 | 40 | 42 | 42 | 42 | 43 | 43 | 44 |
Who owns it