Dynatrace vs Tyler Technologies

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KIRA’s take AI analyst

I put Dynatrace and Tyler Technologies side by side, using each one’s latest annual report. Here is what stands out:

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%).
Tyler Technologies turned more of its sales into free cash flow (27.3% FCF margin, against 26.2%).
Investors pay more for each dollar of Dynatrace’s earnings: a P/E of 128.4x against 51.2x for Tyler Technologies.

Who comes out ahead

Of the 10 measures where higher (or lower) is clearly better, how many each company leads.

Dynatrace

5/10

Revenue growth5-year growthGross marginReturn on capitalShare count change

Tyler Technologies

TYL

5/10

Operating marginNet marginFCF marginReturn on equityPiotroski F-score

Side by side

Best in the row

Latest fiscal year	DT FY26	TYL FY25
Size
Market cap	$18.8B	$16.2B
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	128.4x	51.2x
Piotroski F-score	4	6

Ten years

Revenue

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 —

FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26

DT TYL

Operating margin

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 —

FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26

DT TYL

Free cash flow

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 —

FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26

DT TYL

Return on capital

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 —

FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26

DT TYL

Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.