TYL Stock Overview
Tyler Technologies, Inc. provides integrated information management solutions and services for the public sector.
Tyler Technologies Competitors
Price History & Performance
|Historical stock prices|
|Current Share Price||US$347.50|
|52 Week High||US$557.55|
|52 Week Low||US$300.85|
|1 Month Change||-4.45%|
|3 Month Change||4.08%|
|1 Year Change||-25.16%|
|3 Year Change||32.49%|
|5 Year Change||95.82%|
|Change since IPO||3,871.43%|
Recent News & Updates
At US$348, Is It Time To Put Tyler Technologies, Inc. (NYSE:TYL) On Your Watch List?
Today we're going to take a look at the well-established Tyler Technologies, Inc. ( NYSE:TYL ). The company's stock...
Tyler Technologies extends contract for digital govt, payment solutions in Vermont
Tyler Technologies (NYSE:TYL) said Tuesday Vermont extended its contract for digital govt. and payments services for three years. The extension builds on the existing 16-year relationship with TYL unit NIC. NIC Vermont currently provides over 150 services and 120 websites to the state, including its payment processing platform. In 2021, the payment processing platform processed over $55M on behalf of Vermont.
Does Tyler Technologies (NYSE:TYL) Have A Healthy Balance Sheet?
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...
Tyler Technologies: Risk Far Outweighs The Reward
Tyler is a play on the government IT spending. The company has been in business for long, with profitability at the PAT and FCF levels. Despite the strength in the business model of the company, we think Tyler's valuation across multiple metrics warrants a correction. Tyler (TYL) is a cash-generative machine with no dividend policy. The company's mid-teen revenue growth and profitability make it an attractive stock; however, the price has increased significantly to justify valuations. We expect the stock could correct by as much as 50% and thus might be prudent to exit it. Business model Tyler Technologies, Inc. provides information technology solutions to the public sector, focusing on enhancing basic services for citizens. The company has software and service offerings, which can be subscription-based or service oriented. At the end of June 2022, the company had nearly 7,150 employees. Tyler is headquartered in Texas, US. Market Per Gartner estimates, government software spending is expected to grow quite nicely. Gartner, Inc., a leading information technology research and advisory company, estimates @that state and local government application and vertical-specific software spending will grow from $23.6 billion in 2022 to $32.3 billion in 2025. The professional services and support segments of the market are expected to expand from $32.0 billion in 2022 to $38.4billion in 2025. Application and vertical-specific software sales in the primary and secondary education segments of the market is expected to expand from$4.9 billion in 2022 to $6.0billion in 2025while professional services and support are expected to grow from $5.1 billion in 2022 to $6.3 billion in 2025. For the national and international government markets, application and vertical-specific software sales is expected to expand from $38.5 billion in 2022 to $53.8 billion in 2025while professional services and support are expected to grow from $63.1 billion in 2022 to $74.4 billion in 2025. Source: Tyler's 10K - 2021 Tyler competes with enterprise software providers such as Oracle, SAP, and other specialized solutions providers such as Accenture etc. The software solutions and migration market is becoming increasingly commoditized with differentiation stemming from domain expertise and customer relationships. Tyler has showcased both and the company is one of the oldest players in property appraisal services since 1938. Segments The company operates in nine major areas: 1. Financial management and education2. Courts and justice3. Public safety4. Planning, regulatory and maintenance5. Land and vital records management6. Data and insights 7. Platform technologies 8. Property appraisal and tax, and 9. NIC digital government and payments Tyler reports its financials in three segments: The Enterprise Software (or ES) segment houses software and services revenue for offerings 1 to 7 above The Appraisal and Tax (or A&T) division offer technology and services to automate the appraisal of the property, records management and associated services. NIC is a new division and offers payment solutions. Company filings Company filings The gross margin decline was primarily due to increased amortization expenses related to acquired software from acquisitions. Financials Tyler is FCF positive and generated ~$340 mn in free cash flow or a little over 21% of revenue. During its Q2 2022 earnings call, the management provided the following guidance for 2022: Revenue: $1.835-1.87 billion (versus $1.592 or up 16.4% at the mid-point) Non-GAAP EPS: $7.36 to $7.52 (versus $7.02 or up 6% at the mid-point) Consensus expectations for revenue are $1.87 and $2.09 billion for 2022 and 2023, respectively. Non-GAAP EPS expectations are $7.47 and $8.12. At around 22% FCF margin, based on consensus expectations, Tyler could be expected to generate $410 mn in FCF for 2022 and $460 mn in 2023. Valuation Tyler is an established, profitable, cash flow-positive software company, expected to grow at double digits. It can thus be valued through P/S, P/E and P/FCF.
|TYL||US Software||US Market|
Return vs Industry: TYL exceeded the US Software industry which returned -33.2% over the past year.
Return vs Market: TYL underperformed the US Market which returned -23.2% over the past year.
|TYL Average Weekly Movement||4.7%|
|Software Industry Average Movement||8.7%|
|Market Average Movement||6.8%|
|10% most volatile stocks in US Market||15.5%|
|10% least volatile stocks in US Market||2.8%|
Stable Share Price: TYL is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 5% a week.
Volatility Over Time: TYL's weekly volatility (5%) has been stable over the past year.
About the Company
Tyler 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.
Tyler Technologies Fundamentals Summary
|TYL fundamental statistics|
Is TYL overvalued?See Fair Value and valuation analysis
Earnings & Revenue
|TYL income statement (TTM)|
|Cost of Revenue||US$1.05b|
Last Reported Earnings
Jun 30, 2022
Next Earnings Date
|Earnings per share (EPS)||4.30|
|Net Profit Margin||9.84%|
How did TYL perform over the long term?See historical performance and comparison
Is TYL undervalued compared to its fair value, analyst forecasts and its price relative to the market?
Valuation Score 1/6
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
Key Valuation Metric
Which metric is best to use when looking at relative valuation for TYL?
Other financial metrics that can be useful for relative valuation.
|What is TYL's n/a Ratio?|
Price to Earnings Ratio vs Peers
How does TYL's PE Ratio compare to its peers?
|TYL PE Ratio vs Peers|
|Company||PE||Estimated Growth||Market Cap|
PCTY Paylocity Holding
PAYC Paycom Software
TYL Tyler Technologies
Price-To-Earnings vs Peers: TYL is expensive based on its Price-To-Earnings Ratio (80.8x) compared to the peer average (74.4x).
Price to Earnings Ratio vs Industry
How does TYL's PE Ratio compare vs other companies in the US Software Industry?
Price-To-Earnings vs Industry: TYL is expensive based on its Price-To-Earnings Ratio (80.8x) compared to the US Software industry average (39.2x)
Price to Earnings Ratio vs Fair Ratio
What is TYL's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.
|Current PE Ratio||80.8x|
|Fair PE Ratio||35.6x|
Price-To-Earnings vs Fair Ratio: TYL is expensive based on its Price-To-Earnings Ratio (80.8x) compared to the estimated Fair Price-To-Earnings Ratio (35.6x).
Share Price vs Fair Value
What is the Fair Price of TYL when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.
Below Fair Value: TYL ($347.5) is trading above our estimate of fair value ($305.76)
Significantly Below Fair Value: TYL is trading above our estimate of fair value.
Analyst Price Targets
What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?
Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.
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How is Tyler Technologies forecast to perform in the next 1 to 3 years based on estimates from 17 analysts?
Future Growth Score3/6
Future Growth Score 3/6
Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: TYL's forecast earnings growth (16.4% per year) is above the savings rate (1.9%).
Earnings vs Market: TYL's earnings (16.4% per year) are forecast to grow faster than the US market (14.8% per year).
High Growth Earnings: TYL's earnings are forecast to grow, but not significantly.
Revenue vs Market: TYL's revenue (9.4% per year) is forecast to grow faster than the US market (7.7% per year).
High Growth Revenue: TYL's revenue (9.4% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: Insufficient data to determine if TYL's Return on Equity is forecast to be high in 3 years time
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How has Tyler Technologies performed over the past 5 years?
Past Performance Score4/6
Past Performance Score 4/6
Growing Profit Margin
Earnings vs Industry
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: TYL has high quality earnings.
Growing Profit Margin: TYL's current net profit margins (9.8%) are lower than last year (12.3%).
Past Earnings Growth Analysis
Earnings Trend: TYL's earnings have grown by 3% per year over the past 5 years.
Accelerating Growth: TYL's earnings growth over the past year (14.8%) exceeds its 5-year average (3% per year).
Earnings vs Industry: TYL earnings growth over the past year (14.8%) exceeded the Software industry 13.4%.
Return on Equity
High ROE: TYL's Return on Equity (7.3%) is considered low.
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How is Tyler Technologies's financial position?
Financial Health Score4/6
Financial Health Score 4/6
Short Term Liabilities
Long Term Liabilities
Financial Position Analysis
Short Term Liabilities: TYL's short term assets ($957.3M) exceed its short term liabilities ($833.9M).
Long Term Liabilities: TYL's short term assets ($957.3M) do not cover its long term liabilities ($1.5B).
Debt to Equity History and Analysis
Debt Level: TYL's net debt to equity ratio (39.7%) is considered satisfactory.
Reducing Debt: Insufficient data to determine if TYL's debt to equity ratio has reduced over the past 5 years.
Debt Coverage: TYL's debt is well covered by operating cash flow (35.7%).
Interest Coverage: TYL's interest payments on its debt are well covered by EBIT (11.4x coverage).
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What is Tyler Technologies's current dividend yield, its reliability and sustainability?
Dividend Score 0/6
Cash Flow Coverage
Dividend Yield vs Market
|Tyler Technologies Dividend Yield vs Market|
|Company (Tyler Technologies)||n/a|
|Market Bottom 25% (US)||1.7%|
|Market Top 25% (US)||4.7%|
|Industry Average (Software)||1.1%|
|Analyst forecast in 3 Years (Tyler Technologies)||0%|
Notable Dividend: Unable to evaluate TYL's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.
High Dividend: Unable to evaluate TYL's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.
Stability and Growth of Payments
Stable Dividend: Insufficient data to determine if TYL's dividends per share have been stable in the past.
Growing Dividend: Insufficient data to determine if TYL's dividend payments have been increasing.
Earnings Payout to Shareholders
Earnings Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.
Cash Payout to Shareholders
Cash Flow Coverage: Unable to calculate sustainability of dividends as TYL has not reported any payouts.
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How experienced are the management team and are they aligned to shareholders interests?
Average management tenure
H. Moore (54 yo)
Mr. H. Lynn Moore, Jr., has been President of Tyler Technologies, Inc. since January 2017 and has been its Chief Executive Officer since May 10, 2018. Mr. Moore served as Executive Vice President at Tyler...
CEO Compensation Analysis
|H. Moore's Compensation vs Tyler Technologies Earnings|
|Date||Total Comp.||Salary||Company Earnings|
|Jun 30 2022||n/a||n/a|
|Mar 31 2022||n/a||n/a|
|Dec 31 2021||US$6m||US$525k|
|Sep 30 2021||n/a||n/a|
|Jun 30 2021||n/a||n/a|
|Mar 31 2021||n/a||n/a|
|Dec 31 2020||US$5m||US$525k|
|Sep 30 2020||n/a||n/a|
|Jun 30 2020||n/a||n/a|
|Mar 31 2020||n/a||n/a|
|Dec 31 2019||US$4m||US$515k|
|Sep 30 2019||n/a||n/a|
|Jun 30 2019||n/a||n/a|
|Mar 31 2019||n/a||n/a|
|Dec 31 2018||US$20m||US$500k|
|Sep 30 2018||n/a||n/a|
|Jun 30 2018||n/a||n/a|
|Mar 31 2018||n/a||n/a|
|Dec 31 2017||US$4m||US$425k|
|Sep 30 2017||n/a||n/a|
|Jun 30 2017||n/a||n/a|
|Mar 31 2017||n/a||n/a|
|Dec 31 2016||US$2m||US$339k|
|Sep 30 2016||n/a||n/a|
|Jun 30 2016||n/a||n/a|
|Mar 31 2016||n/a||n/a|
|Dec 31 2015||US$2m||US$323k|
Compensation vs Market: H.'s total compensation ($USD5.59M) is below average for companies of similar size in the US market ($USD13.04M).
Compensation vs Earnings: H.'s compensation has been consistent with company performance over the past year.
Experienced Management: TYL's management team is considered experienced (4.5 years average tenure).
Experienced Board: TYL's board of directors are considered experienced (7.4 years average tenure).
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: TYL insiders have only sold shares in the past 3 months.
Recent Insider Transactions
|24 Aug 22||SellUS$306,956||Jeffrey Puckett||Individual||787||US$390.03|
|19 Aug 22||SellUS$325,260||Jeffrey Puckett||Individual||813||US$400.07|
|08 Jun 22||SellUS$2,182,470||John Marr||Individual||6,000||US$363.75|
|27 May 22||SellUS$545,819||Brian Miller||Individual||1,500||US$363.88|
|19 May 22||SellUS$158,044||Brian Miller||Individual||457||US$345.83|
|13 May 22||SellUS$897,431||Brian Miller||Individual||2,500||US$358.97|
|03 Nov 21||SellUS$5,902,810||John Marr||Individual||10,923||US$540.40|
|Owner Type||Number of Shares||Ownership Percentage|
|State or Government||17,966||0.04%|
Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.
|Ownership||Name||Shares||Current Value||Change %||Portfolio %|
Tyler Technologies, Inc.'s employee growth, exchange listings and data sources
- Name: Tyler Technologies, Inc.
- Ticker: TYL
- Exchange: NYSE
- Founded: 1966
- Industry: Application Software
- Sector: Software
- Implied Market Cap: US$14.450b
- Shares outstanding: 41.58m
- Website: https://www.tylertech.com
Number of Employees
- Tyler Technologies, Inc.
- 5101 Tennyson Parkway
- United States
|Ticker||Exchange||Primary Security||Security Type||Country||Currency||Listed on|
|TYL||NYSE (New York Stock Exchange)||Yes||Common Stock||US||USD||Feb 1969|
|TYP||DB (Deutsche Boerse AG)||Yes||Common Stock||DE||EUR||Feb 1969|
|TYL *||BMV (Bolsa Mexicana de Valores)||Yes||Common Stock||MX||MXN||Feb 1969|
|T2YL34||BOVESPA (Bolsa de Valores de Sao Paulo)||BDR EACH 60 REPR 1 COM||BR||BRL||Jan 2022|
Company Analysis and Financial Data Status
|Data||Last Updated (UTC time)|
|Company Analysis||2022/10/02 00:00|
|End of Day Share Price||2022/09/30 00:00|
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.