Tyler Technologies
TYL on NYSE. Tyler Technologies sells software to government agencies for managing their operations. Market value $13.4bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
See cheaper Technology stocks on the list
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $4.58 of spare cash last year. A savings account pays about $4.
You pay 38.2 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 5 cents a year. Above 10 is good.
Quality score: 82 of 100. Price score: 38 of 100. Our list needs 70 on quality and 60 on price.
$330.91 a share, 22% above its 1-year low
Over the past year the price has ranged from $270.71 to $524.43.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $1.6bn | $1.9bn | $2.0bn | $2.1bn | $2.3bn |
| Operating margin | |||||
| Operating margin | 11.4% | 11.6% | 11.2% | 14.0% | 15.3% |
| Debt to equity | |||||
| Debt to equity | 0.58 | 0.38 | 0.22 | 0.18 | 0.16 |
| Shares outstanding | |||||
| Shares outstanding | 0.04bn | 0.04bn | 0.04bn | 0.04bn | 0.04bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)6 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- Debt0.16× equity
- Revenue growth, five yearsStrong, 15.9% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $645 million last quarter, up 8% on a year ago.
- Profit: $94 million, up 11% on a year ago.
- It keeps 15 cents of each $1 of sales as operating profit, about the same as a year earlier.
- 5% fewer shares than a year ago. Each share owns a bit more of the company.
- Debt is $513 million more than cash. A year ago it had $189 million more cash than debt.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $543m |
| December 2024 | $541m |
| March 2025 | $565m |
| June 2025 | $596m |
| September 2025 | $596m |
| December 2025 | $575m |
| March 2026 | $614m |
| June 2026 | $645m |
| Quarter to | Amount |
|---|---|
| September 2024 | $76m |
| December 2024 | $65m |
| March 2025 | $81m |
| June 2025 | $85m |
| September 2025 | $84m |
| December 2025 | $66m |
| March 2026 | $81m |
| June 2026 | $94m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- 28 October 2026
- Last annual report (10-K)
- 18 February 2026
- Next quarterly (estimated, 10-Q)
- 28 October 2026
Who owns it
7 long-term investors we follow own it, up from 6 last quarter. 762 funds in all.
- GAMCO InvestorsMario Gabelli
- Value
- $15m
- Share of fund
- 0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Tensile Capital ManagementTensile Capital team | $72m | 9.9% | Added |
| Seilern Investment ManagementPeter Seilern | $51m | 6.4% | Cut |
| Fenimore Asset Management (FAM Funds)John Fox | $27m | 0.6% | New |
| Gotham Asset ManagementJoel Greenblatt | $23m | <0.1% | Added |
| GAMCO InvestorsMario Gabelli | $15m | 0.1% | |
| Clarkston Capital PartnersJeff Hakala | $11m | 0.9% | New |
| Heartland AdvisorsBill Nasgovitz | $2m | 0.1% | Added |
Sold out this quarter
Largest holders overall
- BlackRock$1.1bnCut
- Vanguard Capital Management$806m
- Norges Bank$782mNew
- Vanguard Portfolio Management$619mCut
- State Street$597mAdded
- Principal Financial Group$593mAdded
- T. Rowe Price Investment Management$537mCut
- Morgan Stanley$469mCut
- Geode Capital Management$353mCut
- Invesco$306mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- BlackRock, Inc.Passive investor9.5%Since 31 December 2024
- Vanguard Capital ManagementPassive investor7.6%Since 31 March 2026
- Vanguard Portfolio ManagementPassive investor5.7%Since 31 March 2026
- Norges BankPassive investor5.7%Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 9.5% | 31 December 2024 | |
Vanguard Capital Management Passive investor | 7.6% | 31 March 2026 | |
Vanguard Portfolio Management Passive investor | 5.7% | 31 March 2026 | |
Norges Bank Passive investor | 5.7% | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 2 insiders bought $694,155 of shares on the open market. 5 sold $11m.
- MOORE H LYNN JRPresident and CEO, DirectorSold
- Date
- 28 August 2026
- Shares
- 9,250
- Price
- $372.79
- Value
- $3m
- Puckett Jeffrey DavidChief Operating OfficerSold
- Date
- 24 August 2026
- Shares
- 8,500
- Price
- $356.44
- Value
- $3m
- Carter Glenn ADirectorSold
- Date
- 12 March 2026
- Shares
- 1,624
- Price
- $349.14
- Value
- $567,003
- Puckett Jeffrey DavidChief Operating OfficerSold
- Date
- 5 March 2026
- Shares
- 5,174
- Price
- $369.93
- Value
- $2m
- Pope Daniel MDirectorSold
- Date
- 2 March 2026
- Shares
- 500
- Price
- $355.40
- Value
- $177,700
- Teed Andrew D.DirectorBought
- Date
- 23 February 2026
- Shares
- 1,600
- Price
- $309.91
- Value
- $495,856
- Diaz-Pedrosa Abigail MarshallChief Administrative OfficerBought
- Date
- 20 February 2026
- Shares
- 610
- Price
- $325.08
- Value
- $198,299
- MILLER BRIAN KExecutive VP and CFOSold
- Date
- 15 December 2025
- Shares
- 1,000
- Price
- $448.51
- Value
- $448,510
- MILLER BRIAN KExecutive VP and CFOSold
- Date
- 12 December 2025
- Shares
- 1,000
- Price
- $458.65
- Value
- $458,650
- Carter Glenn ADirectorSold
- Date
- 12 December 2025
- Shares
- 500
- Price
- $458.73
- Value
- $229,365
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 28 August 2026 | MOORE H LYNN JR President and CEO, Director | Sold | 9,250 | $372.79 | $3m |
| 24 August 2026 | Puckett Jeffrey David Chief Operating Officer | Sold | 8,500 | $356.44 | $3m |
| 12 March 2026 | Carter Glenn A Director | Sold | 1,624 | $349.14 | $567,003 |
| 5 March 2026 | Puckett Jeffrey David Chief Operating Officer | Sold | 5,174 | $369.93 | $2m |
| 2 March 2026 | Pope Daniel M Director | Sold | 500 | $355.40 | $177,700 |
| 23 February 2026 | Teed Andrew D. Director | Bought | 1,600 | $309.91 | $495,856 |
| 20 February 2026 | Diaz-Pedrosa Abigail Marshall Chief Administrative Officer | Bought | 610 | $325.08 | $198,299 |
| 15 December 2025 | MILLER BRIAN K Executive VP and CFO | Sold | 1,000 | $448.51 | $448,510 |
| 12 December 2025 | MILLER BRIAN K Executive VP and CFO | Sold | 1,000 | $458.65 | $458,650 |
| 12 December 2025 | Carter Glenn A Director | Sold | 500 | $458.73 | $229,365 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
- It isn't cheap on profits: 38.2× operating profit.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.