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Tyler Technologies

TYL NYSE Application Software Financials FY2016–FY2025

Tyler Technologies' revenue rose 9.1% to $2.3 billion in fiscal 2025. Its operating margin was 15.3%, up from 14.0% a year earlier. Free cash flow was $638 million, up 5.5%. It paid out $175 million in dividends and buybacks, 27% of free cash flow. The diluted share count rose 0.7%.

Last close · Oct 23, 2026

$390.14

0.6%
Value it Compare
Revenue Total sales reported in the income statement.
$2.3B
9.1% vs prior year
Operating margin Operating income as a share of revenue.
15.3%
1.3 pts
Net income Profit after all expenses, interest and tax.
$316M
20.0%
Free cash flow Cash from operations minus capital spending.
$638M
5.5%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
9.0%
1.3 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$16.3B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
51.7x
On $7.54 EPS (TTM)

What Tyler Technologies does

No business description yet.

Legal name
TYLER TECHNOLOGIES, INC.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0000860731-26-000016
0000860731

Revenue and margins

Tyler Technologies had $2.3B of revenue in fiscal 2025, up 9.1% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 10.5% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $638M in fiscal 2025, 27.3% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Tyler Technologies returned $175M to shareholders in fiscal 2025, 27% of free cash flow. The diluted share count rose 0.7%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Tyler Technologies yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $498M and divides by 43.8M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 51.7x · peers 22.3x · sector 33.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably Tyler Technologies can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $408M$211M$176M$768M$1.1B
Debt incl. finance leases $1.3B$987M$646M$598M$600M
Net debt / EBITDA 3.0x2.1x1.3x−0.4x−1.0x
Debt / equity 0.6x0.4x0.2x0.2x0.2x
Interest coverage 7.8x7.6x9.3x50.5x71.6x
Current ratio 1.2x1.0x0.9x1.4x1.1x
Quick ratio 1.2x1.0x0.9x1.4x1.1x
Total assets $4.7B$4.7B$4.7B$5.2B$5.6B
Total liabilities $2.4B$2.1B$1.7B$1.8B$1.9B
Shareholders' equity $2.3B$2.6B$2.9B$3.4B$3.7B
Net debt (− = net cash) $934M$777M$470M−$170M−$498M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.7M

2 insiders

Sold, 12 months

$10.7M

5 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Aug 28, 2026 Moore H Lynn JrPresident and CEO, Director Sold 9,250 $372.79 $3.4M Form 4
Aug 24, 2026 Jeffrey David PuckettChief Operating Officer Sold 8,500 $356.44 $3.0M Form 4
Mar 12, 2026 Glenn A CarterDirector Sold 1,624 $349.14 $0.6M Form 4
Mar 5, 2026 Jeffrey David PuckettChief Operating Officer Sold 5,174 $369.93 $1.9M Form 4
Mar 2, 2026 Daniel M PopeDirector Sold 500 $355.40 $0.2M Form 4
Feb 23, 2026 Andrew D. TeedDirector Bought 1,600 $309.91 $0.5M Form 4
Feb 20, 2026 Abigail Marshall Diaz-PedrosaChief Administrative Officer Bought 610 $325.08 $0.2M Form 4
Dec 15, 2025 Brian K MillerExecutive VP and CFO Sold 1,000 $448.51 $0.4M Form 4
Dec 12, 2025 Brian K MillerExecutive VP and CFO Sold 1,000 $458.65 $0.5M Form 4
Dec 12, 2025 Glenn A CarterDirector Sold 500 $458.73 $0.2M Form 4
Nov 25, 2025 Brian K MillerExecutive VP and CFO Sold 1,000 $469.08 $0.5M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✓
Current ratio rose ✕ ✓ ✕
Share count didn't rise ✕ ✕ ✕
Gross margin rose ✓ ✕ ✓
Revenue rose relative to assets ✓ ✓ ✕
F-score 7 / 97 / 96 / 9
Accruals ratio −4.6%−7.3%−6.3%
Altman Z'' 3.014.023.80

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Tyler Technologies TYL $16.3B 9.1% 15.3% 27.3% 9.0% 51.7x 6
Dropbox DBX $8.6B −1.1% 27.3% 36.9% — 21.0x 5 Compare →
Dynatrace DT $18.8B 18.8% 12.2% 26.2% 9.0% 128.1x 4 Compare →
Fair Isaac FICO $18.5B 15.9% 46.5% 38.7% 65.6% 23.6x 7 Compare →
PTC PTC $22.3B 19.2% 35.9% 31.3% 17.4% 18.9x 8 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $760M $841M $935M $1.1B $1.1B $1.6B $1.9B $2.0B $2.1B $2.3B
Gross profit $359M $399M $440M $517M $543M $710M $784M $861M $936M $1.1B
Operating income $138M $163M $153M $156M $173M $181M $214M $219M $300M $358M
Interest expense — — — — $1.0M $23.3M $28.4M $23.6M $5.9M $5.0M
Pretax income $136M $164M $156M $160M $175M $159M $188M $198M $308M $390M
Income tax $22.0M −$6.1M $8.4M $13.3M −$19.8M −$2.5M $23.4M $32.3M $45.1M $74.7M
Net income $114M $170M $148M $147M $195M $162M $164M $166M $263M $316M
Diluted EPS $2.92 $4.32 $3.68 $3.65 $4.69 $3.82 $3.87 $3.88 $6.05 $7.20
Diluted shares 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B
Cash flow
Cash from operations $192M $196M $250M $255M $355M $372M $382M $380M $625M $654M
Capital expenditure $37.7M $43.1M $27.4M $37.2M $22.7M $33.9M $22.5M $20.5M $20.5M $16.0M
Free cash flow $154M $153M $223M $217M $332M $338M $359M $360M $604M $638M
Depreciation and amortization $49.8M $53.4M $61.8M $76.7M $81.7M $136M $159M $154M $143M $138M
Stock-based compensation $29.7M $37.3M $52.7M $60.0M $67.4M $105M $103M $108M $123M $151M
Acquisitions $9.4M $11.3M $178M $219M $1.3M $2.1B $164M $62.8M $1.4M $83.7M
Share buybacks $112M $7.5M $147M $17.8M $15.5M $13.0M $0.0M $0.0M $0.0M $175M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $112M $7.5M $147M $17.8M $15.5M $13.0M $0.0M $0.0M $0.0M $175M
Balance sheet
Cash and short-term investments $56.4M $229M $179M $272M $759M $408M $211M $176M $768M $1.1B
Total debt — — — — $0.0M $1.3B $987M $646M $598M $600M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $283M $521M $519M $680M $1.1B $964M $847M $861M $1.4B $1.8B
Current liabilities $362M $372M $424M $509M $564M $830M $890M $1.0B $1.1B $1.8B
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $124M $152M $155M $172M $168M $181M $173M $170M $164M $160M
Total assets $1.4B $1.6B $1.8B $2.2B $2.6B $4.7B $4.7B $4.7B $5.2B $5.6B
Total liabilities $423M $420M $466M $575M $621M $2.4B $2.1B $1.7B $1.8B $1.9B
Shareholders' equity $935M $1.2B $1.3B $1.6B $2.0B $2.3B $2.6B $2.9B $3.4B $3.7B
Margins
Gross margin 47.3% 47.5% 47.0% 47.6% 48.6% 44.6% 42.4% 44.1% 43.8% 46.5%
Operating margin 18.1% 19.4% 16.3% 14.4% 15.5% 11.4% 11.6% 11.2% 14.0% 15.3%
EBITDA margin 24.7% 25.7% 22.9% 21.5% 22.8% 19.9% 20.2% 19.1% 20.7% 21.3%
Net margin 15.0% 20.2% 15.8% 13.5% 17.5% 10.1% 8.9% 8.5% 12.3% 13.5%
FCF margin 20.3% 18.2% 23.8% 20.0% 29.8% 21.2% 19.4% 18.4% 28.3% 27.3%
Returns
Return on capital — — — — — 8.1% 5.6% 5.4% 7.7% 9.0%
Return on capital employed 13.5% 14.4% 11.7% 10.3% 9.3% 6.1% 5.6% 5.9% 7.7% 8.9%
Return on equity 12.6% 16.0% 11.7% 10.0% 10.8% 7.5% 6.6% 6.0% 8.3% 8.9%
Return on assets 8.3% 11.3% 8.7% 7.4% 8.1% 4.4% 3.5% 3.5% 5.3% 5.8%
Growth
Revenue growth 28.6% 10.7% 11.2% 16.2% 2.8% 42.6% 16.2% 5.5% 9.5% 9.1%
Net income growth 75.3% 49.1% −13.0% −0.6% 33.0% −17.1% 1.7% 1.0% 58.5% 20.0%
EPS growth 65.0% 48.0% −14.8% −0.8% 28.5% −18.6% 1.3% 0.3% 55.9% 19.0%
FCF growth 26.5% −0.9% 45.9% −2.4% 52.8% 1.6% 6.2% 0.3% 67.8% 5.5%
Share count change 6.6% 0.7% 2.2% −0.0% 3.5% 1.7% 0.4% 0.9% 1.7% 0.7%
Financial health
Net debt / EBITDA — — — — −3.0x 3.0x 2.1x 1.3x −0.4x −1.0x
Debt / equity — — — — 0.0x 0.6x 0.4x 0.2x 0.2x 0.2x
Interest coverage — — — — 170.7x 7.8x 7.6x 9.3x 50.5x 71.6x
Current ratio 0.8x 1.4x 1.2x 1.3x 2.0x 1.2x 1.0x 0.9x 1.4x 1.1x
Quick ratio 0.8x 1.4x 1.2x 1.3x 2.0x 1.2x 1.0x 0.9x 1.4x 1.1x
Capital allocation
Capex / revenue 5.0% 5.1% 2.9% 3.4% 2.0% 2.1% 1.2% 1.1% 1.0% 0.7%
Stock comp / revenue 3.9% 4.4% 5.6% 5.5% 6.0% 6.6% 5.6% 5.6% 5.7% 6.5%
Payouts / FCF 72.6% 4.9% 65.8% 8.2% 4.7% 3.8% 0.0% 0.0% 0.0% 27.4%
Quality scores
Piotroski F-score — — — — — 4.0 4.0 7.0 7.0 6.0
Altman Z'' 3.7 5.5 5.3 5.3 6.6 2.3 2.6 3.0 4.0 3.8
Accruals ratio −5.7% −1.8% −6.0% −5.4% −6.7% −5.7% −4.6% −4.6% −7.3% −6.3%

Source: SEC EDGAR XBRL filings (CIK 0000860731). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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