Tyler Technologies, Inc. (TYL) 10-Year Financial Performance & Capital Metrics

TYL • • Industrial / General

TechnologyApplication SoftwareArtificial Intelligence & AnalyticsAI Analytics Platforms

AboutTyler Technologies, Inc. provides integrated information management solutions and services for the public sector. The company operates in three segments: Enterprise Software; Appraisal and Tax; and NIC. It offers financial management solutions, including modular fund accounting systems for government agencies or not-for-profit entities; utility billing systems for the billing and collection of metered and non-metered services; products to automate city and county functions, such as municipal courts, parking tickets, equipment and project costing, animal and business licenses, permits and inspections, code enforcement, citizen complaint tracking, ambulance billing, fleet maintenance, and cemetery records management; and student information and transportation solutions for K-12 schools. The company also provides a suite of judicial solutions comprising court case management, court and law enforcement, prosecutor, and supervision systems to handle multi-jurisdictional county or statewide implementations, and single county systems; public safety software solutions; systems and software to automate the appraisal and assessment of real and personal property, as well as tax applications for agencies that bill and collect taxes; planning, regulatory, and maintenance software solutions for public sector agencies; software applications to enhance and automate operations involving records and document management; and data and insights solutions. In addition, it offers software as a service arrangements and electronic document filing solutions for courts and law offices; software and hardware installation, data conversion, training, product modification, and maintenance and support services; and property appraisal outsourcing services for taxing jurisdictions. The company has a strategic collaboration agreement with Amazon Web Services for cloud hosting services. Tyler Technologies, Inc. was founded in 1966 and is headquartered in Plano, Texas.Show more

Revenue $2.14B +9.5%
EBITDA $452M +16.1%
Net Income $263M +58.5%
EPS (Diluted) 6.05 +55.9%
Gross Margin 40.98% +1.7%
EBITDA Margin 21.14% +6.0%
Operating Margin 14.01% +25.1%
Net Margin 12.3% +44.7%
ROE 8.32% +39.4%
ROIC 6.65% +41.4%
Debt/Equity 0.19 -20.6%
Interest Coverage 50.50 +446.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓FCF machine: 28.3% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 14.5%
✓Healthy 5Y average net margin of 11.5%

✗Weaknesses

✗Weak momentum: RS Rating 19 (bottom 19%)
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y15.8%

5Y14.5%

3Y10.32%

TTM10.62%

Profit (Net Income) CAGR

10Y16.13%

5Y12.41%

3Y17.66%

TTM33.2%

EPS CAGR

10Y13.81%

5Y10.63%

3Y16.56%

TTM31.2%

ROCE

10Y Avg10.2%

5Y Avg7.07%

3Y Avg6.39%

Latest7.69%

Peer Comparison

AI Analytics Platforms

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
LYFTLyft, Inc.	7.69B	19.25	349.36	31.39%	2.4%	26.3%	9.97%	1.64
DDOGDatadog, Inc.	40.84B	125.50	246.08	26.12%	3.32%	3.1%	2.05%	0.68
MNDYmonday.com Ltd.	7.18B	139.22	224.55	33.21%	5.58%	5.13%	4.12%	0.10
PEGAPegasystems Inc.	9.77B	57.54	104.62	4.51%	16.05%	46.57%	3.46%	0.94
SAPSAP SE	287.77B	247.10	93.25	9.51%	19.41%	13.94%	1.54%	0.23
TYLTyler Technologies, Inc.	19.07B	443.14	73.25	9.53%	13.72%	8.75%	3.17%	0.19
FICOFair Isaac Corporation	38.48B	1623.18	61.16	15.91%	32.75%		2%
DSGXThe Descartes Systems Group Inc.	7.56B	87.93	53.62	13.63%	22.1%	10%	2.81%	0.01

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	591.02M	756.04M	840.66M	935.28M	1.09B	1.12B	1.59B	1.85B	1.95B	2.14B
Revenue Growth %	0.2%	0.28%	0.11%	0.11%	0.16%	0.03%	0.43%	0.16%	0.05%	0.1%
Cost of Goods Sold+	319.74M	414.42M	454.9M	511.92M	590.97M	595.81M	927.49M	1.13B	1.17B	1.26B
COGS % of Revenue	0.54%	0.55%	0.54%	0.55%	0.54%	0.53%	0.58%	0.61%	0.6%	0.59%
Gross Profit+	271.28M	341.62M	386M	423.36M	495.45M	520.85M	664.79M	722.5M	786.47M	876.13M
Gross Margin %	0.46%	0.45%	0.46%	0.45%	0.46%	0.47%	0.42%	0.39%	0.4%	0.41%
Gross Profit Growth %	0.19%	0.26%	0.13%	0.1%	0.17%	0.05%	0.28%	0.09%	0.09%	0.11%
Operating Expenses+	157.34M	210.31M	223.24M	270.87M	339.09M	347.92M	458.96M	506.25M	567.93M	576.61M
OpEx % of Revenue	0.27%	0.28%	0.27%	0.29%	0.31%	0.31%	0.29%	0.27%	0.29%	0.27%
Selling, General & Admin	127.42M	167.16M	175.91M	207.6M	257.75M	259.56M	365.48M	401.07M	458.35M	458.67M
SG&A % of Revenue	0.22%	0.22%	0.21%	0.22%	0.24%	0.23%	0.23%	0.22%	0.23%	0.21%
Research & Development	29.92M	43.15M	47.32M	63.26M	81.34M	88.36M	93.48M	105.18M	109.58M	117.94M
R&D % of Revenue	0.05%	0.06%	0.06%	0.07%	0.07%	0.08%	0.06%	0.06%	0.06%	0.06%
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	113.94M	131.31M	162.76M	152.49M	156.37M	172.93M	205.84M	216.25M	218.54M	299.53M
Operating Margin %	0.19%	0.17%	0.19%	0.16%	0.14%	0.15%	0.13%	0.12%	0.11%	0.14%
Operating Income Growth %	0.2%	0.15%	0.24%	-0.06%	0.03%	0.11%	0.19%	0.05%	0.01%	0.37%
EBITDA+	133.52M	181.61M	216.06M	213.29M	233.04M	254.58M	351.68M	388.29M	389.3M	451.89M
EBITDA Margin %	0.23%	0.24%	0.26%	0.23%	0.21%	0.23%	0.22%	0.21%	0.2%	0.21%
EBITDA Growth %	0.22%	0.36%	0.19%	-0.01%	0.09%	0.09%	0.38%	0.1%	0%	0.16%
D&A (Non-Cash Add-back)	19.57M	50.3M	53.3M	60.8M	76.67M	81.66M	145.84M	172.04M	170.77M	152.37M
EBIT	108.42M	131.31M	163.46M	155.87M	159.84M	175.04M	182.28M	215.97M	221.87M	314.1M
Net Interest Income+	381K	-2M	698K	3.38M	3.47M	2.12M	-21.75M	-26.66M	-20.3M	8.64M
Interest Income	381K	0	698K	3.38M	3.47M	2.12M	1.54M	1.72M	3.33M	14.57M
Interest Expense	0	2M	0	0	0	0	23.3M	28.38M	23.63M	5.93M
Other Income/Expense	-5.52M	-2M	698K	3.38M	3.47M	2.12M	-46.85M	-28.66M	-20.3M	8.64M
Pretax Income+	108.42M	129.31M	161.63M	155.87M	159.84M	175.04M	158.98M	187.59M	198.24M	308.17M
Pretax Margin %	0.18%	0.17%	0.19%	0.17%	0.15%	0.16%	0.1%	0.1%	0.1%	0.14%
Income Tax+	43.55M	19.45M	-2.32M	8.41M	13.31M	-19.78M	-2.48M	23.35M	32.32M	45.14M
Effective Tax Rate %	0.6%	0.85%	1.01%	0.95%	0.92%	1.11%	1.02%	0.88%	0.84%	0.85%
Net Income+	64.87M	109.86M	163.94M	147.46M	146.53M	194.82M	161.46M	164.24M	165.92M	263.03M
Net Margin %	0.11%	0.15%	0.2%	0.16%	0.13%	0.17%	0.1%	0.09%	0.09%	0.12%
Net Income Growth %	0.1%	0.69%	0.49%	-0.1%	-0.01%	0.33%	-0.17%	0.02%	0.01%	0.59%
Net Income (Continuing)	64.87M	109.86M	169.57M	147.46M	146.53M	194.82M	161.46M	164.24M	165.92M	263.03M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	1.77	2.92	4.32	3.68	3.65	4.69	3.82	3.87	3.88	6.05
EPS Growth %	0.07%	0.65%	0.48%	-0.15%	-0.01%	0.28%	-0.19%	0.01%	0%	0.56%
EPS (Basic)	1.90	3.12	4.55	3.84	3.79	4.87	3.95	3.95	3.95	6.17
Diluted Shares Outstanding	36.55M	38.96M	39.25M	40.12M	40.1M	41.53M	42.24M	42.4M	42.77M	43.5M
Basic Shares Outstanding	34.14M	36.45M	37.27M	38.45M	38.64M	40.03M	40.85M	41.54M	42.02M	42.61M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	268.21M	282.96M	496.8M	518.86M	679.7M	1.11B	964.33M	847.24M	860.59M	1.44B
Cash & Short-Term Investments	46.51M	56.42M	229.09M	178.59M	272.08M	675.81M	361.47M	210.89M	175.88M	767.98M
Cash Only	33.09M	36.15M	185.93M	134.28M	232.68M	603.62M	309.17M	173.86M	165.49M	744.72M
Short-Term Investments	13.42M	20.27M	43.16M	44.31M	39.4M	72.19M	52.3M	37.03M	10.38M	23.26M
Accounts Receivable	197.44M	203.23M	257.53M	303.61M	380.57M	403.92M	539.2M	577.26M	619.7M	599.61M
Days Sales Outstanding	121.93	98.11	111.81	118.49	127.86	132.03	123.6	113.88	115.89	102.37
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	1.93M	2.27M	2M	3.41M	2.33M	2.48M	8.15M	8.24M	10.3M	8.06M
Total Non-Current Assets+	1.09B	1.07B	1.09B	1.27B	1.51B	1.49B	3.77B	3.84B	3.82B	3.74B
Property, Plant & Equipment	101.11M	124.27M	152.31M	155.18M	190.85M	186.74M	220.91M	223.78M	208.76M	195.21M
Fixed Asset Turnover	5.85x	6.08x	5.52x	6.03x	5.69x	5.98x	7.21x	8.27x	9.35x	10.95x
Goodwill	653.67M	650.24M	657.99M	753.72M	840.12M	838.43M	2.36B	2.49B	2.53B	2.53B
Intangible Assets	295.38M	267.26M	229.62M	276.85M	378.91M	331.19M	1.08B	1.05B	995.99M	908.08M
Long-Term Investments	35.42M	30.74M	38.51M	70.34M	42.23M	82.64M	46.35M	18.51M	7.05M	10.76M
Other Non-Current Assets	2.78M	2.48M	12.11M	16.02M	59.8M	55.21M	59.91M	58.23M	72.17M	93.53M
Total Assets+	1.36B	1.36B	1.59B	1.79B	2.19B	2.61B	4.73B	4.69B	4.68B	5.18B
Asset Turnover	0.44x	0.56x	0.53x	0.52x	0.50x	0.43x	0.34x	0.39x	0.42x	0.41x
Asset Growth %	1.36%	0%	0.17%	0.13%	0.22%	0.19%	0.81%	-0.01%	-0%	0.11%
Total Current Liabilities+	337.57M	361.5M	382.31M	423.9M	509.09M	564.28M	829.5M	889.7M	1B	1.07B
Accounts Payable	6.79M	7.29M	8.17M	6.91M	14.98M	14.01M	119.99M	104.81M	146.34M	156.82M
Days Payables Outstanding	7.75	6.42	6.56	4.93	9.25	8.58	47.22	33.92	45.84	45.37
Short-Term Debt	0	0	0	0	0	0	30M	30M	49.8M	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	0	0	0	0	0	0	0	0	0	0
Current Ratio	0.79x	0.78x	1.30x	1.22x	1.34x	1.97x	1.16x	0.95x	0.86x	1.35x
Quick Ratio	0.79x	0.78x	1.30x	1.22x	1.34x	1.97x	1.16x	0.95x	0.86x	1.35x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	160.14M	80.92M	40.19M	42.22M	65.46M	56.89M	1.58B	1.17B	737.53M	725.99M
Long-Term Debt	66M	10M	0	0	0	0	1.31B	957.39M	596.21M	597.93M
Capital Lease Obligations	0	0	0	0	16.82M	16.28M	36.34M	48.05M	39.82M	30.79M
Deferred Tax Liabilities	91.03M	68.78M	38.91M	41.79M	48.44M	40.51M	228.09M	148.89M	78.59M	47.5M
Other Non-Current Liabilities	0	0	0	0	0	0	2.89M	16.97M	22.62M	27.38M
Total Liabilities	497.71M	442.42M	422.5M	466.12M	574.56M	621.16M	2.41B	2.06B	1.74B	1.79B
Total Debt+	66M	10M	0	0	23.21M	22.18M	1.39B	1.05B	696.89M	638.37M
Net Debt	32.91M	-26.15M	-185.93M	-134.28M	-209.47M	-581.44M	1.08B	872.32M	531.4M	-106.35M
Debt / Equity	0.08x	0.01x	-	-	0.01x	0.01x	0.60x	0.40x	0.24x	0.19x
Debt / EBITDA	0.49x	0.06x	-	-	0.10x	0.09x	3.95x	2.69x	1.79x	1.41x
Net Debt / EBITDA	0.25x	-0.14x	-0.86x	-0.63x	-0.90x	-2.28x	3.07x	2.25x	1.36x	-0.24x
Interest Coverage	-	65.72x	-	-	-	-	8.83x	7.62x	9.25x	50.50x
Total Equity+	858.86M	915.52M	1.17B	1.32B	1.62B	1.99B	2.32B	2.62B	2.94B	3.39B
Equity Growth %	1.55%	0.07%	0.27%	0.14%	0.22%	0.23%	0.17%	0.13%	0.12%	0.15%
Book Value per Share	23.50	23.50	29.74	33.02	40.32	47.83	55.01	61.90	68.69	77.90
Total Shareholders' Equity	858.86M	915.52M	1.17B	1.32B	1.62B	1.99B	2.32B	2.62B	2.94B	3.39B
Common Stock	481K	481K	481K	481K	481K	481K	481K	481K	481K	481K
Retained Earnings	326.02M	435.88M	624.46M	771.92M	917.34M	1.11B	1.27B	1.44B	1.6B	1.87B
Treasury Stock	-75.35M	-77.45M	-60.03M	-178.95M	-40.19M	-31.81M	-25.67M	-22.83M	-20.72M	-18M
Accumulated OCI	-46K	-46K	-46K	-46K	-46K	-46K	-46K	-844K	-326K	-157K
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	89.01M	191.86M	195.75M	250.2M	254.72M	355.09M	371.75M	381.45M	380.44M	624.63M
Operating CF Margin %	0.15%	0.25%	0.23%	0.27%	0.23%	0.32%	0.23%	0.21%	0.19%	0.29%
Operating CF Growth %	-0.28%	1.16%	0.02%	0.28%	0.02%	0.39%	0.05%	0.03%	-0%	0.64%
Net Income	64.87M	109.86M	163.94M	147.46M	146.53M	194.82M	161.46M	164.24M	165.92M	263.03M
Depreciation & Amortization	19.57M	50.3M	53.92M	61.76M	76.67M	81.66M	135.62M	159.07M	170.77M	152.37M
Stock-Based Compensation	20.18M	29.75M	37.35M	52.74M	59.97M	67.36M	104.73M	102.98M	108.34M	122.81M
Deferred Taxes	-7.96M	-28.94M	-29.86M	-5.07M	-6.09M	-7.94M	-13.27M	-87.19M	-73.7M	-30.66M
Other Non-Cash Items	-43.56M	4.48M	4.11M	2.29M	10.91M	9.3M	13.05M	15.79M	8.71M	-5.27M
Working Capital Changes	35.9M	26.41M	-33.71M	-8.97M	-33.27M	9.88M	-29.83M	26.55M	411K	122.36M
Change in Receivables	-28.17M	-30.23M	-35.56M	-53.77M	-65.74M	-10.73M	17.61M	-51.41M	8.23M	14.35M
Change in Inventory	27.52M	29.84M	34.68M	3.61M	-19.38M	-27.1M	-47.37M	0	0	0
Change in Payables	652K	387K	878K	-2.42M	7.4M	-967K	-44.95M	-17.54M	41.48M	10.51M
Cash from Investing+	-398.46M	-50.72M	-85.39M	-238.25M	-245.01M	-98.32M	-2.09B	-172.53M	-76.96M	-67.61M
Capital Expenditures	-12.5M	-37.73M	-43.06M	-27.42M	-42.04M	-28.47M	-55.61M	-50.15M	-20.52M	-20.54M
CapEx % of Revenue	0.02%	0.05%	0.05%	0.03%	0.04%	0.03%	0.03%	0.03%	0.01%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	10K	-121K	-1K	1.68M	-295K	314K	384K	443K	-32.48M	-29.23M
Cash from Financing+	136.37M	-138.07M	39.41M	-63.59M	88.7M	114.17M	1.42B	-344.24M	-311.84M	22.21M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	49.98M	6.24M	7.04M	8.05M	9.58M	-5.62M	0	0	0	-2.64M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	76.51M	154.13M	152.7M	222.78M	212.68M	326.62M	316.14M	331.3M	327.43M	604.1M
FCF Margin %	0.13%	0.2%	0.18%	0.24%	0.2%	0.29%	0.2%	0.18%	0.17%	0.28%
FCF Growth %	-0.33%	1.01%	-0.01%	0.46%	-0.05%	0.54%	-0.03%	0.05%	-0.01%	0.84%
FCF per Share	2.09	3.96	3.89	5.55	5.30	7.87	7.48	7.81	7.66	13.89
FCF Conversion (FCF/Net Income)	1.37x	1.75x	1.19x	1.70x	1.74x	1.82x	2.30x	2.32x	2.29x	2.37x
Interest Paid	0	0	0	0	0	0	17.73M	21.26M	19.15M	3.1M
Taxes Paid	0	0	0	0	0	0	2.21M	38.49M	142.82M	84.2M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	10.85%	12.38%	15.74%	11.84%	9.96%	10.81%	7.49%	6.64%	5.97%	8.32%
Return on Invested Capital (ROIC)	16.71%	11.06%	13.05%	10.53%	9.03%	9.22%	6.42%	4.7%	4.71%	6.65%
Gross Margin	45.9%	45.19%	45.92%	45.27%	45.6%	46.64%	41.75%	39.05%	40.3%	40.98%
Net Margin	10.98%	14.53%	19.5%	15.77%	13.49%	17.45%	10.14%	8.88%	8.5%	12.3%
Debt / Equity	0.08x	0.01x	-	-	0.01x	0.01x	0.60x	0.40x	0.24x	0.19x
Interest Coverage	-	65.72x	-	-	-	-	8.83x	7.62x	9.25x	50.50x
FCF Conversion	1.37x	1.75x	1.19x	1.70x	1.74x	1.82x	2.30x	2.32x	2.29x	2.37x
Revenue Growth	19.86%	27.92%	11.19%	11.26%	16.16%	2.78%	42.59%	16.2%	5.49%	9.53%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Transaction Based Fees	-	-	-	-	-	-	-	-	-	698.15M
Transaction Based Fees Growth	-	-	-	-	-	-	-	-	-	-
Saas Arrangements	-	-	-	-	-	-	-	-	-	644.78M
Saas Arrangements Growth	-	-	-	-	-	-	-	-	-	-
Maintenance	-	-	-	-	-	-	-	-	-	463.13M
Maintenance Growth	-	-	-	-	-	-	-	-	-	-
Professional Services	-	-	-	-	-	-	-	-	-	263.99M
Professional Services Growth	-	-	-	-	-	-	-	-	-	-
Hardware and Other	-	-	-	-	-	-	-	-	-	41.39M
Hardware and Other Growth	-	-	-	-	-	-	-	-	-	-
Enterprise Software	529.08M	685.9M	764.89M	-	-	-	-	-	1.37B	-
Enterprise Software Growth	-	29.64%	11.52%	-	-	-	-	-	-	-
Platform Technologies	-	-	-	-	-	-	-	-	594.77M	-
Platform Technologies Growth	-	-	-	-	-	-	-	-	-	-
Appraisal And Tax	63.29M	73.87M	81.58M	21.85M	23.48M	21.13M	27.79M	34.51M	-	-
Appraisal And Tax Growth	-	16.72%	10.44%	-73.22%	7.48%	-10.02%	31.53%	24.18%	-	-

Frequently Asked Questions

Valuation & Price

Tyler Technologies, Inc. (TYL) has a price-to-earnings (P/E) ratio of 73.2x. This suggests investors expect higher future growth.

Growth & Financials

Tyler Technologies, Inc. (TYL) reported $2.30B in revenue for fiscal year 2024. This represents a 643% increase from $309.4M in 2011.

Tyler Technologies, Inc. (TYL) grew revenue by 9.5% over the past year. This is steady growth.

Yes, Tyler Technologies, Inc. (TYL) is profitable, generating $315.3M in net income for fiscal year 2024 (12.3% net margin).

Dividend & Returns

Tyler Technologies, Inc. (TYL) has a return on equity (ROE) of 8.3%. This is below average, suggesting room for improvement.

Tyler Technologies, Inc. (TYL) generated $618.9M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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