NYSE · TYL
Tyler Technologies, Inc.
Technology · Software - Application
$322.81▼ 2.23% ($7.37)at close
As of 4:00 PM ET
Market cap
$13.22B
Valuation
Cash-flow DCF
Verdict: fairly priced. Price above Base.
The price needs 18.8% free cash flow growth a year for 5 years. Our scenarios assume −1.3–25.0%.
That's 1.4× its past 10-year pace.
Value per share
Base case
$260.93
Price used $322.81 is 24% above this
USD · TTM ending Jun 30, 2026 · Price Oct 2, 8:00 PM UTC
FCFF base normalized by replacing latest capex with the company's trailing median capex-to-revenue ratio.
3 more notes
CapEx normalization ceiling applied: historical capex ratio was set at smaller revenue scale. Capped at 2× TTM capex.
Historical FCFF CAGR and the default growth rates are taken from the raw historical series. The valuation base is normalized for the current-period DCF.
Reported total debt includes capitalised leases (~3% of the total). They are excluded from net debt and from the WACC weights because rent is already charged inside operating income. The Net Debt shown here is therefore lower than the balance-sheet figure elsewhere on this page.
Free cash flow each value needs
Free cash flow today $362M. The price needs $1.2B by 2036. Base case: $990M. At its recent pace: $1.3B. Bear to Bull: $403M to $2.1B.
Free cash flow today $362M. The price needs $1.2B by 2036. Base case: $990M. At its recent pace: $1.3B. Bear to Bull: $403M to $2.1B.
Free cash flow in 2036
today $362M
+$243Mmore than the Base case · 1.2×
Value per share · Base case
$260.93
Price $322.81
24% above this
- Stage 1 growth, yrs 1–5
- 13.7%
- Stage 2 growth, yrs 6–10
- 7.5%
- Discount rate
- 9.0%
FCFF base normalized by replacing latest capex with the company's trailing median capex-to-revenue ratio.
3 more notes
CapEx normalization ceiling applied: historical capex ratio was set at smaller revenue scale. Capped at 2× TTM capex.
Historical FCFF CAGR and the default growth rates are taken from the raw historical series. The valuation base is normalized for the current-period DCF.
Reported total debt includes capitalised leases (~3% of the total). They are excluded from net debt and from the WACC weights because rent is already charged inside operating income. The Net Debt shown here is therefore lower than the balance-sheet figure elsewhere on this page.
USD · TTM ending Jun 30, 2026 · Price Oct 2, 8:00 PM UTC
What each scenario assumes. Click a column to start from it.
Price vs Fundamentals
Why The Stock Is Moving
What changed
The stock fell 35.2% over the last year. Revenue grew 8.19% over the trailing twelve months. Operating margin moved from 15.11% to 15.14%. Free cash flow grew 15.11% over the trailing twelve months.
What the market seems to be pricing
Visible fundamentals weakened far less than the stock price, and the shares now sit around the 3rd percentile of their historical P/FCF range. That looks more like a rerating of the multiple than a collapse in the business.
What would invalidate this read
This read changes if operating margin (currently 15.14%) continues to decline, or if revenue growth turns negative. The bull case requires the business to hold its current trajectory.
Return analysis
Company profile
Tyler Technologies, Inc. specializes in delivering comprehensive information management solutions and services tailored for the public sector.
Market multiples
Stock splits
Every 1 shares became 3
Every 1 shares became 2
Every 1 shares became 2
Every 1 shares became 2
Profitability & growth
Analyst consensus
25
Buy
12
Hold
0
Sell
Analyst ratings tend to be lagging indicators. Use as one signal among many.
Earnings
Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.
Next report
Oct 28, 2026
Q3 FY26 · EPS est $3.48 · Revenue est $651.69M
View
Institutional Sentiment
Tyler Technologies, Inc. · TYL
From Form 13F filings (managers with $100M+). Filings land up to 45 days after quarter end — read this as positioning context, not live fund flow.