Dynatrace
DT · Application Software
$64.05
1.1%Tyler Technologies
TYL · Application Software
$390.14
0.6%The short version
- Tyler Technologies is the larger business, with $2.3B of revenue in fiscal 2025 against $2.0B for Dynatrace.
- Dynatrace grew revenue faster (18.8%, against 9.1%).
- Tyler Technologies kept more of each dollar of sales as operating profit (15.3% operating margin, against 12.2% operating margin).
- Tyler Technologies turned more of its sales into free cash flow (27.3% FCF margin, against 26.2% FCF margin).
- Investors pay more for each dollar of Dynatrace’s earnings: a P/E of 128.1x against 51.7x for Tyler Technologies.
| Latest fiscal year | DT · FY26 | TYL · FY25 |
|---|---|---|
| Size | ||
| Market cap | $18.8B | $16.3B |
| Revenue | $2.0B | $2.3B |
| Free cash flow | $530M | $638M |
| Net income | $163M | $316M |
| Growth | ||
| Revenue growth | 18.8% | 9.1% |
| 5-year growth | 23.5% | 15.9% |
| Share count change | 0.0% | 0.7% |
| Profitability | ||
| Gross margin | 81.6% | 46.5% |
| Operating margin | 12.2% | 15.3% |
| Net margin | 8.1% | 13.5% |
| FCF margin | 26.2% | 27.3% |
| Return on capital | 9.0% | 9.0% |
| Return on equity | 6.2% | 8.9% |
| Balance sheet | ||
| Net debt | −$1.2B | −$498M |
| Net debt / EBITDA | — | −1.0x |
| Dividends and buybacks | $479M | $175M |
| Valuation & quality | ||
| P/E | 128.1x | 51.7x |
| Piotroski F-score | 4 | 6 |
FY17
DT —
TYL $841M
FY18
DT $398M
TYL $935M
FY19
DT $431M
TYL $1.1B
FY20
DT $546M
TYL $1.1B
FY21
DT $704M
TYL $1.6B
FY22
DT $929M
TYL $1.9B
FY23
DT $1.2B
TYL $2.0B
FY24
DT $1.4B
TYL $2.1B
FY25
DT $1.7B
TYL $2.3B
FY26
DT $2.0B
TYL —
DT
TYL
FY17
DT —
TYL 19.4%
FY18
DT −5.5%
TYL 16.3%
FY19
DT −16.9%
TYL 14.4%
FY20
DT −31.5%
TYL 15.5%
FY21
DT 13.1%
TYL 11.4%
FY22
DT 8.8%
TYL 11.6%
FY23
DT 8.0%
TYL 11.2%
FY24
DT 9.0%
TYL 14.0%
FY25
DT 10.6%
TYL 15.3%
FY26
DT 12.2%
TYL —
DT
TYL
FY17
DT —
TYL $153M
FY18
DT $107M
TYL $223M
FY19
DT $140M
TYL $217M
FY20
DT −$162M
TYL $332M
FY21
DT $206M
TYL $338M
FY22
DT $233M
TYL $359M
FY23
DT $333M
TYL $360M
FY24
DT $352M
TYL $604M
FY25
DT $433M
TYL $638M
FY26
DT $530M
TYL —
DT
TYL
FY17
DT —
TYL —
FY18
DT —
TYL —
FY19
DT —
TYL —
FY20
DT −14.8%
TYL —
FY21
DT 7.3%
TYL 8.1%
FY22
DT 5.2%
TYL 5.6%
FY23
DT 8.6%
TYL 5.4%
FY24
DT 11.5%
TYL 7.7%
FY25
DT 13.4%
TYL 9.0%
FY26
DT 9.0%
TYL —
DT
TYL
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