# Tyler Technologies, Inc. (TYL)

> Source: Nexqual · https://nexqual.com/TYL · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Tyler Technologies, Inc. (TYL), nexqual.com/TYL" · informational, not investment advice.

**Price:** USD 392.45 (+4.44% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 375.76 · day 380.01–394.91 · 52w 270.71–518.37 · market cap $16.1B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $2.43B, net income $325M (13.4% margin), free cash flow $714M (SEC filings).
- Valuation: P/E 49.5x (avg 88.7x at the last 3 fiscal year-ends), EV/EBITDA 32.2x, net debt $439M.
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $6.5M; 2 not under a Rule 10b5-1 plan ($6.5M); 1 by opportunistic insiders (1 outside 10b5-1 plans), 1 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.91 on a 1–5 scale) (23 analysts), mean target USD 425.45 (range 340–525).
- Total return with dividends: 1Y -24.0% vs S&P 500 +14.9%; 5Y -25.6% vs S&P 500 +80.3%.
- Next earnings: 2026-10-28, EPS estimate USD 3.49, revenue estimate $652M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.59B | $1.85B | $1.95B | $2.14B | $2.33B | $2.43B |
| Gross profit | $710M | $784M | $861M | $936M | $1.08B | — |
| Operating income | $181M | $214M | $219M | $300M | $358M | $368M |
| Net income | $161M | $164M | $166M | $263M | $316M | $325M |
| EPS (diluted) | $3.82 | $3.87 | $3.88 | $6.05 | $7.20 | — |
| Free cash flow | $338M | $359M | $360M | $604M | $638M | $714M |
| Gross margin | 44.6% | 42.4% | 44.1% | 43.8% | 46.5% | — |
| Operating margin | 11.4% | 11.6% | 11.2% | 14.0% | 15.3% | 15.1% |
| Net margin | 10.1% | 8.9% | 8.5% | 12.3% | 13.5% | 13.4% |
| Revenue growth | +42.6% | +16.2% | +5.5% | +9.5% | +9.1% | — |
| Cash + short-term investments | $408M | $211M | $176M | $768M | $1.10B | — |
| Total debt | $1.34B | $987M | $646M | $598M | $600M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 49.5x · P/S 6.6x · EV/EBITDA 32.2x · EV/Sales 6.8x · P/FCF 22.5x · P/B 5.3x · FCF yield 4.44% · Earnings yield 2.02% · Buyback yield (TTM) 5.77% · Net debt $439M · EV $16.5B
P/E at fiscal year-ends: Dec 2025 63.0x, Dec 2024 95.4x, Dec 2023 107.8x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 2 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-28 | Moore H Lynn Jr | President and CEO | 9,250 | $3.4M | 8.4% | No | Routine (sold in Feb each year 2023–2025; this trade is outside those months) |
| 2026-08-24 | Puckett Jeffrey David | Chief Operating Officer | 8,500 | $3.0M | 52.2% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.91 on a 1–5 scale), 23 analysts; mean target USD 425.45 (low 340, high 525).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-12 | Wells Fargo | Upgrade | Equal-Weight → Overweight | $335 → $400 |
| 2026-10-08 | Goldman Sachs | Downgrade | Buy → Neutral | $395 → $345 |
| 2026-09-28 | Piper Sandler | Target lowered | Overweight | $491 → $450 |
| 2026-09-24 | BTIG | Reiterated | Buy | $400 |
| 2026-07-31 | Piper Sandler | Target lowered | Overweight | $543 → $491 |
| 2026-07-30 | BTIG | Target lowered | Buy | $420 → $400 |
| 2026-07-27 | TD Cowen | Target lowered | Buy | $450 → $400 |
| 2026-07-23 | Guggenheim | Initiated | Buy | $440 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -24.0% | -25.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -24.1% | -5.7% |
| Volatility (annualized) | 42.6% | 32.2% |
| Max drawdown | -46.7% (Oct 2025→Jun 2026) | -56.5% (Feb 2025→Jun 2026) |

## Peers (Software - Application)
DOCU (DocuSign, Inc.) USD 84.41 +3.60% · GWRE (Guidewire Software, Inc.) USD 189.64 +4.26% · FICO (Fair Isaac Corporation) USD 823.27 +3.53% · MANH (Manhattan Associates, Inc.) USD 242.17 +2.69% · U (Unity Software Inc.) USD 40.27 -2.28% · HUBS (HubSpot, Inc.) USD 267.19 +6.92%

## More
Full page: https://nexqual.com/TYL · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in TYL's own 10-K filed 2026-02-18 (https://www.sec.gov/Archives/edgar/data/860731/000086073126000016/tyl-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Amazon (AMZN) | "We have a strategic collaboration agreement with AWS for cloud hosting services, which brings together Tyler, the nation's largest software company exclusively focused on the public sector, and AWS, the broadest and deep…" |
| Competitor | Oracle (ORCL) | "We also compete with national firms, some of which have greater financial and technical resources than we do, including Oracle Corporation, Infor, SAP AG, Workday, Inc., CentralSquare Technologies, Thomson Reuters Corpor…" |
| Competitor | SAP (SAP) | "We also compete with national firms, some of which have greater financial and technical resources than we do, including Oracle Corporation, Infor, SAP AG, Workday, Inc., CentralSquare Technologies, Thomson Reuters Corpor…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Enterprise Software | $476.3M | 73.8% | +9.8% |
| Platform Technologies | $160.9M | 24.9% | +4.0% |
| Total revenue | $645.1M | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Subscription and Circulation | $453.7M | 70.3% | +12.0% |
| Maintenance | $105.8M | 16.4% | -5.6% |
| Professional services | $63.2M | 9.8% | +7.8% |
| Other | $22.4M | 3.5% | +10.3% |
| Total revenue | $645.1M | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $3.49 | $3.39 | +2.8% | $651.6M | 22 |
| Next quarter (ends 2026-12-31) | $3.44 | $3.35 | +2.5% | $643.8M | 22 |
| Current fiscal year (ends 2026-12-31) | $13.10 | $12.90 | +1.6% | $2.55B | 23 |
| Next fiscal year (ends 2027-12-31) | $15.37 | $14.83 | +3.6% | $2.81B | 23 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-28): ±10.6%; last 8 reports averaged ±6.5%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 47.2% | ±10.6% |
| 2026-12-18 | 56 | 41.9% | ±13.2% |
| 2027-03-19 | 147 | 39.2% | ±19.8% |
| 2027-06-17 | 237 | 38.7% | ±24.8% |