olivLaw · US equity research
Tyler Technologies, Inc. TYL
Services-Prepackaged Software · SIC 7372 · Vertical: Services-Prepackaged Software (SIC 7372)
Tyler Technologies is a provider of software and technology services for the US public sector, with recurring revenues of $2.0 billion in fiscal 2025, or 87% of total revenues. In the second quarter of 2026 total revenues were $645.1 million, up 8.2%, and SaaS revenues grew 21.7%. The company reiterated its 2026 guidance of total revenues between $2.535 and $2.575 billion.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 02 Nov 2026, Tyler Technologies, Inc. (TYL) stock was 403.94 USD (+2.44% on the day), with market capitalisation 16.1 bn USD, P/E 50.9 on diluted EPS of 7.94 USD over the last 12 months, beta 0.44, 52-week range 275.27–472.77 USD. Latest reported quarter (Q3 2026): revenue of 647.6 m USD (+8.7% YoY), net income of 95.1 m USD (+12.7% YoY), diluted EPS 2.33 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 68.3
- strong (55–70)
- Bollinger (20, 2)
- 317.92 – 409.98
- in the upper half of the band · %B 0.93 · band width 25.3%
- SMA 50 / 200
- 352.83 / 336.04
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 13.66 / 10.82
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +25.1% | −2.3% | +27.5 pp | — |
| 3 months | +32.2% | −0.8% | +33.0 pp | — |
| 6 months | +23.4% | +4.7% | +18.7 pp | — |
| Year to date | −11.0% | +10.2% | −21.2 pp | — |
| 1 year | −15.2% | +10.3% | −25.4 pp | +2.5% |
| 3 years | −3.0% | +73.0% | −76.0 pp | +22.5% |
| 5 years | −25.9% | +61.8% | −87.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 541.1 m | 565.2 m | 596.1 m | 595.9 m | 575.2 m | 613.5 m | 645.1 m | 647.6 m |
| Cost of revenue | 304.3 m | 298.1 m | 322.9 m | 314.4 m | 313.2 m | 317.1 m | 338.0 m | 329.4 m |
| Gross profit | 236.8 m | 267.1 m | 273.2 m | 281.5 m | 262.0 m | 296.4 m | 307.1 m | 318.2 m |
| Operating income | 71.7 m | 89.2 m | 95.6 m | 97.9 m | 75.0 m | 99.8 m | 95.1 m | 117.0 m |
| Depreciation & amortisation | 34.7 m | 34.6 m | 34.3 m | 35.0 m | 34.4 m | 38.9 m | 35.8 m | 37.1 m |
| Interest expense | 1.3 m | 1.2 m | 1.3 m | 1.2 m | 1.3 m | 1.1 m | 3.0 m | 3.8 m |
| Pre-tax income | 76.8 m | 95.3 m | 102.5 m | 107.6 m | 85.0 m | 106.4 m | 120.6 m | 121.2 m |
| Income tax | 11.5 m | 14.2 m | 17.9 m | 23.2 m | 19.4 m | 25.2 m | 27.1 m | 26.1 m |
| Net income | 65.2 m | 81.1 m | 84.6 m | 84.4 m | 65.5 m | 81.2 m | 93.5 m | 95.1 m |
| Diluted EPS | 1.49 ≈ | 1.84 | 1.93 | 1.93 | 1.50 ≈ | 1.88 | 2.23 | 2.33 |
| Operating cash flow | 224.8 m | 56.2 m | 98.3 m ≈ | 255.2 m ≈ | 243.9 m | 107.3 m | 124.4 m ≈ | 282.5 m ≈ |
| Capex | 3.8 m | 2.3 m | 5.5 m ≈ | 3.9 m ≈ | 4.3 m | 3.2 m | 5.1 m ≈ | 4.4 m ≈ |
| Share repurchases | 0 | 0 | 1.6 m ≈ | 173.0 m ≈ | 0 | 250.1 m | 504.9 m ≈ | 369.1 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 23 percentile of its own 44-quarter history (min 38.8, median 78.7, max 140.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 935.3 m | 1.1 bn | 1.1 bn | 1.6 bn | 1.9 bn | 2.0 bn | 2.1 bn | 2.3 bn |
| Revenue YoY | +11.2% | +16.2% | +2.8% | +42.6% | +16.2% | +5.5% | +9.5% | +9.1% |
| Net income | 147.5 m | 146.5 m | 194.8 m | 161.5 m | 164.2 m | 165.9 m | 263.0 m | 315.6 m |
| Net income YoY | −13.0% | −0.6% | +33.0% | −17.1% | +1.7% | +1.0% | +58.5% | +20.0% |
| Diluted EPS | 3.68 | 3.65 | 4.69 | 3.82 | 3.87 | 3.88 | 6.05 | 7.20 |
| Diluted EPS YoY | −14.8% | −0.8% | +28.5% | −18.6% | +1.3% | +0.3% | +55.9% | +19.0% |
| net % | 15.8% | 13.5% | 17.4% | 10.1% | 8.9% | 8.5% | 12.3% | 13.5% |
| Free cash flow | 222.8 m | 217.5 m | 332.4 m | 337.8 m | 358.9 m | 359.9 m | 604.1 m | 637.5 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.0 bn USD
- Financial debt
- 599.7 m USD
- Net debt
- -415.7 m USD
- Equity
- 3.7 bn USD
- Total assets
- 5.6 bn USD
- Debt / equity
- 0.16x
- Current ratio
- 1.05x
- ROE
- 8.9%
- ROA
- 5.8%
- FCF margin
- 27.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.1 bn | 1.6 bn | 1.9 bn | 2.0 bn | 2.1 bn | 2.3 bn | SEC (XBRL)· 18 Feb 2026verified |
| Cost of revenue | 574.2 m | 882.6 m | 1.1 bn | 1.1 bn | 1.2 bn | 1.2 bn | SEC (XBRL)· 18 Feb 2026verified |
| Gross profit | 542.5 m | 709.6 m | 783.9 m | 861.1 m | 935.8 m | 1.1 bn | SEC (XBRL)· 18 Feb 2026verified |
| SG&A | 259.6 m | 390.6 m | — | — | — | — | SEC (XBRL)· 23 Feb 2022verified |
| Operating income | 172.9 m | 180.7 m | 214.2 m | 218.5 m | 299.5 m | 357.7 m | SEC (XBRL)· 18 Feb 2026verified |
| Depreciation & amortisation | 81.7 m | 135.6 m | 159.1 m | 154.1 m | 143.4 m | 138.4 m | SEC (XBRL)· 18 Feb 2026verified |
| EBITDA | 254.6 m ≈ | 316.4 m ≈ | 373.3 m ≈ | 372.6 m ≈ | 443.0 m ≈ | 496.0 m ≈ | SEC (XBRL)· 18 Feb 2026derived |
| Interest expense | 1.0 m | 23.3 m | 28.4 m | 23.6 m | 5.9 m | 5.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Pre-tax income | 175.0 m | 159.0 m | 187.6 m | 198.2 m | 308.2 m | 390.3 m | SEC (XBRL)· 18 Feb 2026verified |
| Income tax | -19.8 m | -2.5 m | 23.4 m | 32.3 m | 45.1 m | 74.7 m | SEC (XBRL)· 18 Feb 2026verified |
| Net income | 194.8 m | 161.5 m | 164.2 m | 165.9 m | 263.0 m | 315.6 m | SEC (XBRL)· 18 Feb 2026verified |
| Diluted EPS | 4.69 | 3.82 | 3.87 | 3.88 | 6.05 | 7.20 | SEC (XBRL)· 18 Feb 2026verified |
| Weighted average diluted shares | 41.5 m | 42.2 m | 42.4 m | 42.8 m | 43.5 m | 43.8 m | SEC (XBRL)· 18 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 603.6 m | 309.2 m | 173.9 m | 165.5 m | 744.7 m | 1.0 bn | SEC (XBRL)· 18 Feb 2026verified |
| Receivables | 382.3 m | 521.1 m | 577.3 m | 619.7 m | 587.6 m | 638.8 m | SEC (XBRL)· 18 Feb 2026verified |
| Current assets | 1.1 bn | 964.3 m | 847.2 m | 860.6 m | 1.4 bn | 1.8 bn | SEC (XBRL)· 18 Feb 2026verified |
| Property, plant & equipment, net | 168.0 m | 181.2 m | 172.8 m | 169.7 m | 163.8 m | 160.4 m | SEC (XBRL)· 18 Feb 2026verified |
| Goodwill | 838.4 m | 2.4 bn | 2.5 bn | 2.5 bn | 2.5 bn | 2.6 bn | SEC (XBRL)· 18 Feb 2026verified |
| Intangibles (excl. goodwill) | 322.1 m | 1.1 bn | 1.0 bn | 928.9 m | 832.0 m | 780.4 m | SEC (XBRL)· 18 Feb 2026verified |
| Total assets | 2.6 bn | 4.7 bn | 4.7 bn | 4.7 bn | 5.2 bn | 5.6 bn | SEC (XBRL)· 18 Feb 2026verified |
| Accounts payable | 14.0 m | 120.0 m | 104.8 m | 146.3 m | 156.8 m | 174.7 m | SEC (XBRL)· 18 Feb 2026verified |
| Short-term debt | — | 30.0 m | 30.0 m | 49.8 m | 0 | — | SEC (XBRL)· 19 Feb 2025verified |
| Long-term debt | — | 1.3 bn | 957.4 m | 596.2 m | 597.9 m | 599.7 m | SEC (XBRL)· 18 Feb 2026verified |
| Current liabilities | 564.3 m | 829.5 m | 889.7 m | 1.0 bn | 1.1 bn | 1.8 bn | SEC (XBRL)· 18 Feb 2026verified |
| Total liabilities | 621.2 m | 2.4 bn | 2.1 bn | 1.7 bn | 1.8 bn | 1.9 bn | SEC (XBRL)· 18 Feb 2026verified |
| Equity | 2.0 bn † | 2.3 bn † | 2.6 bn † | 2.9 bn † | 3.4 bn † | 3.7 bn † | SEC (XBRL)· 18 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 355.1 m | 371.8 m | 381.5 m | 380.4 m | 624.6 m | 653.5 m | SEC (XBRL)· 18 Feb 2026verified |
| Capex | 22.7 m | 33.9 m | 22.5 m | 20.5 m | 20.5 m | 16.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Free cash flow | 332.4 m ≈ | 337.8 m ≈ | 358.9 m ≈ | 359.9 m ≈ | 604.1 m ≈ | 637.5 m ≈ | SEC (XBRL)· 18 Feb 2026derived |
| Investing cash flow | -98.3 m | -2.1 bn | -172.5 m | -77.0 m | -67.6 m | -222.5 m | SEC (XBRL)· 18 Feb 2026verified |
| Financing cash flow | 114.2 m | 1.4 bn | -344.2 m | -311.8 m | 22.2 m | -160.4 m | SEC (XBRL)· 18 Feb 2026verified |
| Share repurchases | 15.5 m | 13.0 m | 0 | 0 | 0 | 174.7 m | SEC (XBRL)· 18 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
02 Nov 2026Source: olivLaw, closing series
Market cap: 16.1 bn USD
Key indicators
Coverage and freshness
Score by group
77% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/Salesunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 47.7% | 19 (on a fixed band) | 14% |
| EBIT margin · Quality | 15.6% | 61 (vs peers) | 11% |
| FCF margin · Quality | 29.9% | 100 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | 8.0% | 32 (on a fixed band) | 22% |
| Revenue growth (YoY) · Growth | 9.1% | 17 (vs peers) | 11% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.3x | 31 (on a fixed band) | 8% |
| EV/Sales · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 4.6% | 92 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 7.0% | 100 (on a fixed band) | 6% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial31/100 · 1/2 factors with a value
- Growth27/100 · 2/2 factors with a value
- Quality57/100 · 3/3 factors with a value
- Returns100/100 · 1/1 factors with a value
- Valuation· partial92/100 · 1/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
TYLER TECHNOLOGIES, INC. (TYL). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 2.3 bn USD in 2025; YoY growth 9.1%; net margin 13.5%; ROE 10.5%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF margin: 29.9%
- FCF yield: 4.6%
- Shareholder yield (distributions): 7.0%
What contradicts it
- Gross margin: 47.7%
- Revenue growth (YoY): 9.1%
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/Sales.
Versus the vertical median
Services-Prepackaged Software (SIC 7372) · same industry (4-digit SIC) · compared with 18 companies
Only companies with a capitalisation between 2.0 bn and 128.6 bn (within 8× of the company's); 203 of the vertical were left out.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| SNOWSnowflake Inc. | 102.6 bn | — | -48.2% | -20.1% | +29.2% | +16% / +55% |
| ADBEAdobe Inc. | 97.9 bn | 14.0 | 61.9% | 28.0% | +10.5% | −21% / −59% |
| INTUIntuit Inc. | 94.1 bn | 21.4 | 23.6% | 21.3% | +13.9% | −44% / −38% |
| CDNSCadence Design Systems, Inc. | 90.4 bn | 65.5 | 22.9% | 22.5% | +14.1% | +6% / +21% |
| SNPSSynopsys Inc | 89.3 bn | 82.4 | 3.7% | 11.4% | +15.1% | +11% / −14% |
| ADSKAutodesk, Inc. | 53.9 bn | 33.4 | 53.9% | 21.1% | +17.5% | −15% / +18% |
| VEEVVeeva Systems Inc. | 49.7 bn | 50.2 | 14.4% | 29.3% | +16.3% | +28% / +76% |
| TTWOTake-Two Interactive Software, Inc. | 35.9 bn | — | -9.0% | -4.8% | +18.2% | −22% / +21% |
| TWLOTwilio Inc. | 32.1 bn | 26.1 | 14.9% | 21.8% | +13.7% | +60% / +221% |
| RBLXRoblox Corporation | 30.7 bn | — | -478.2% | -16.5% | +35.8% | −55% / +9% |
| MDBMongodb, Inc. | 26.6 bn | 451.9 | 2.0% | 2.1% | +22.8% | −1% / −21% |
| PTCPTC Inc. | 21.1 bn | 18.9 | 35.1% | 41.4% | +19.2% | +11% / +23% |
| SSNCSs&C Technologies Holdings, Inc. | 19.1 bn | 23.5 | 12.7% | 13.2% | +6.6% | −5% / +45% |
| NTNXNutanix, Inc. | 17.4 bn | 12.5 | 37,460.2% | 52.8% | +12.4% | +35% / +50% |
| UUnity Software Inc. | 17.1 bn | — | -18.9% | -29.0% | +2.0% | −9% / +32% |
| TYLTyler Technologies, Inc. | 16.1 bn | 50.9 | 10.5% | 13.5% | +9.1% | −15% / −3% |
| DTDynatrace, Inc. | 15.9 bn | 110.7 | 5.9% | 7.2% | +18.8% | +24% / +3% |
| DOCUDocusign, Inc. | 15.3 bn | 49.8 | 17.8% | 9.8% | +8.2% | +18% / +89% |
| GWREGuidewire Software, Inc. | 13.3 bn | 99.7 | 10.5% | 9.4% | +22.7% | −25% / +63% |
1- and 3-year price returns: for TYL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 262.49 Total return -35% · Per year -35% | 463.31 Total return 15% · Per year 15% | 696.83 Total return 73% · Per year 73% |
| 3 years | 273.12 Total return -32% · Per year -12% | 540.65 Total return 34% · Per year 10% | 890.18 Total return 120% · Per year 30% |
| 5 years | 284.19 Total return -30% · Per year -7% | 630.91 Total return 56% · Per year 9% | 1,137.17 Total return 182% · Per year 23% |
- Exit P/E± 135.16
- Net margin± 94.61
- Annual revenue growth± 75.13
- Annual dilution± 7.95
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 29 Jul 2026; since then the company filed 10-Q (28 Oct 2026), 8-K (28 Oct 2026 · results).
In brief
Tyler Technologies is a provider of software and technology services for the US public sector, with recurring revenues of $2.0 billion in fiscal 2025, or 87% of total revenues 1. In the second quarter of 2026 total revenues were $645.1 million, up 8.2%, and SaaS revenues grew 21.7% 3. The company reiterated its 2026 guidance of total revenues between $2.535 and $2.575 billion 3.
SWOT
Strengths
- The company has a large base of recurring revenue and very low client attrition 1. Its public sector experience and reputation are strengths it highlights itself 1.
- Free cash flow is strong and grew sharply from quarter to quarter, giving flexibility for investment and share repurchases 3.
- Payment and data platforms create deep links between client systems, which makes switching providers harder for clients 1.
Weaknesses
- A material part of the services depends on third-party hosting, and outages at a provider can directly affect clients 1.
- Transaction revenues are sensitive to seasonality and payment volumes, which makes quarterly results harder to predict 1.
- The company took on new convertible debt, which could limit financial flexibility if conditions deteriorate 2.
Opportunities
- Expansion into new geographic markets and toward larger clients could widen the client base 1.
- Acquisitions of specialised technology, such as in justice and education, could complete the portfolio 12.
- Cross-selling Tyler products into the NIC client base and vice versa could generate additional revenue 1.
Risks
- Cyber attacks and vulnerabilitieshigh
Cyber attacks, including those enabled by AI, could disrupt services and expose sensitive client data 1. Remediation costs could exceed insurance limits 1.
- Dependence on third-party providershigh
Cloud services rely on infrastructure from third parties, and an interruption or contract termination could affect clients 1. The company cannot easily switch hosting providers 1.
- Public budgets and delaysmedium
Changes in government budgets and client project delays could reduce new contract volumes 12.
- AI regulationmedium
Evolving AI regulation could change product development timelines and compliance costs 2.
- Acquisitions and integrationlow
Integrating acquired businesses, such as For the Record, could bring unexpected costs or disruption 123.
Investment thesis
What would need to be true (bull case)
- SaaS growth accelerated in the second quarter of 2026, and bookings reached a record level 3. If this pace holds, recurring revenue could keep growing ahead of the market 13.
- Strong free cash flow allows share repurchases and reduces balance sheet pressure 3. This could support shareholder returns if operating performance stays steady 23.
- Very high client retention and integrated platforms could make revenue more predictable over the long term 1.
What would break the thesis
- Government budgets may remain constrained, which could slow new contracts and expansion in the public sector 12.
- Reliance on third-party hosting and software could expose the company to costly interruptions 1.
- Higher convertible debt and repurchases could reduce financial flexibility if results weaken 23.
What to watch
- Development of SaaS revenue and bookings against the total revenue guidanceQ3 2026
- Pace of execution of the new share repurchase programme2026
- Integration of For the Record and its contribution to the Enterprise Software segmentQ3 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 29 Jul 2026; since then the company filed 10-Q (28 Oct 2026), 8-K (28 Oct 2026 · results).
The business
Revenue comes from SaaS and transaction-based fees, maintenance and support, and professional services such as implementation and training 1. The stated strategy is organic growth supplemented by acquisitions, with a focus on cloud migration and growing recurring revenue 1. Four acquisitions were completed in 2025, and in April 2026 the company acquired For the Record, a courtroom audio and video capture business 123.
The company reports two segments: Enterprise Software, covering back-office systems, and Platform Technologies, covering digital solutions and payments 1. The platform segment plays a growing role in the growth strategy, as it connects agency systems and generates transaction revenue 13.
Segments
Enterprise Software
The Enterprise Software segment provides software systems for mission-critical back-office functions such as public administration, courts and public safety, education and property records 1. Acquisitions made in 2025 were integrated into this segment, including for educator performance management and electronic warrants 12.
Market context
The US public sector IT market is one of the largest and most decentralized, with thousands of counties, cities and school districts as well as many special agencies 1. Governments increasingly prioritise digital services, and their primary tax and fee revenues are usually relatively stable, which supports demand for modernisation software 1.
Technology purchases are often justified by efficiency and measurable return, but government budgets remain constrained 1. According to the company, public sector demand remained healthy in 2026, with record SaaS bookings in the second quarter 3.
Trends
- Shift to SaaStailwind
The move of clients from on-premises licences to cloud subscriptions grew subscription revenue by 18.1% in fiscal 2025 1. If this shift continues, recurring revenue could keep growing faster than traditional licence revenue 13.
- Digital government modernisationtailwind
Public agencies increasingly demand online services, transparency and integrated systems, supporting demand for Tyler platforms 1. This demand could remain strong as long as budgets allow technology investment 13.
- Government budget constraintsheadwind
State and local budgets are often constrained, and project delays or fewer transactions can affect revenue 12. Budget pressure could slow new contracts, particularly in large projects 1.
- Artificial intelligence and security riskmixed
The use of AI accelerates both cyber threats and product innovation, and related regulation is evolving 12. The company may need additional resources for security and compliance, while AI can also support product development 1.
Competitive position
Tyler says it competes on the breadth and quality of its offering, deep industry expertise, innovation, and reputation and references 1. The market is fragmented, and competition affects pricing and client retention, factors the company explicitly lists as risks 12.
Competition may come from niche specialist vendors as well as larger companies offering general government software suites 1. Tyler's differentiation depends on integrating payment and data platforms with back-office systems 13.
- Niche public sector software vendors
The sources do not name direct competitors but cite competition on pricing and innovation across the industry 1.
- Digital payment providers for government
Competition in government payments and digital services is mentioned in the context of Tyler's platforms, without specific names 1.
- IT integrators and government consultancies
The company works with third parties for implementation and subcontracting, indicating competition from such firms 1.
- Cloud and infrastructure providers
The company depends on AWS for hosting, which is a supplier relationship rather than direct competition 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Ultima melodie a lui Bonnie Tyler va fi lansată luna aceasta. „Love, Light and Peace”, un single de CrăciunMediafax · 02 Nov 2026 · RO
- Monștrii de pe rețelele sociale: Invocarea ”turbo-cancerului” așa-zis provenit din vaccinarea anti-Covid drept cauză a morții sau suferinței unor persoane publice. Cazurile Patrick André de Hillerin, Brîndușa Armanca, Liliana Ruse, Viorel Pătrana, Ionela Năstase și Bonnie TylerG4Media · 31 Oct 2026 · RO
- How Tyler Cowen and Alex Tabarrok Have Changed Their Views on AI and Where They DisagreeMarginal Revolution · 29 Oct 2026 · EN
- Eleven outstanding film and television reviews by Tyler Cowen and Alex TabarrokMarginal Revolution · 27 Oct 2026 · EN
- Tyler Cowen’s Strongest Book Recommendations, 2003-2026Marginal Revolution · 26 Oct 2026 · EN
- Tyler Perry cuts price of $36 million Wyoming property on 37 acres, buys $30 million Puerto Rico homeMarketWatch — Top Stories · 26 Oct 2026 · EN
- College football player Tyler Ulrich dies five days after ‘traumatic injury’ during gameThe Guardian World · 16 Oct 2026 · EN
- Tyler Perry lists huge Beverly Hills mansion for $57 million: ‘Yep, moving to Puerto Rico’MarketWatch — Top Stories · 05 Oct 2026 · EN
- PropertyGuru’s Home Run: Singapore returns with Tyler Ten, The Muttons and 12 property agentsCNA (Channel NewsAsia) · 01 Oct 2026 · EN
- Should You Be Bullish on Tyler Technologies (TYL)?Yahoo Finance — News · 18 Sept 2026 · EN
- Is Tyler Technologies Stock Underperforming the Dow?Yahoo Finance — News · 17 Sept 2026 · EN
- Tyler Perry pays $18K lien for 81-year-old woman after Allstate denied her home insurance claimYahoo Finance — News · 05 Sept 2026 · EN
- Tyler Technologies CEO Sells $3.4M: Worrying or Routine?Yahoo Finance — News · 02 Sept 2026 · EN
- Judge to decide if Tyler Robinson will go to trial in Charlie Kirk murder caseNPR News · 01 Sept 2026 · EN
- Tyler Technologies (TYL) Boosts 2030 Financial Goals After Successful Cloud TransitionYahoo Finance — News · 31 Aug 2026 · EN
- Are Wall Street Analysts Bullish on Tyler Technologies Stock?Yahoo Finance — News · 28 Aug 2026 · EN
- XRP to $29? Tyler Winklevoss Touts ‘Ripple Army’ Win as Gemini Opens Singapore XRPL TransfersYahoo Finance — News · 25 Aug 2026 · EN
- Tyler Glasnow returns as streaking Dodgers entertain BravesThe Japan Times · 25 Aug 2026 · EN
- ‘She never forgot where she came from’: Bonnie Tyler mourners turn out for Swansea serviceThe Guardian World · 17 Aug 2026 · EN
- Mii de oameni şi-au luat rămas bun de la Bonnie Tyler în Ţara GalilorG4Media · 16 Aug 2026 · RO
SEC filings
- Quarterly report28 Oct 2026
- Current report28 Oct 2026Results of operations
- Current report15 Sept 2026Other events
- Quarterly report29 Jul 2026
- Current report29 Jul 2026Results of operations · Other events
- Current report12 Jun 2026Other events
- Current report29 May 2026Material agreement · Termination of a material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report14 May 2026Material agreement · Creation of a direct financial obligation · Item 3.02 · Other events · Financial statements and exhibits
- Current report12 May 2026Other events · Financial statements and exhibits
- Current report11 May 2026Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Tyler Technologies, Inc. · 18 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Tyler Technologies, Inc. · 29 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Tyler Technologies, Inc. · 29 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.