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Tyler Technologies (TYL) Financials

Tyler Technologies logo
$593.99 -6.20 (-1.03%)
Closing price 03:59 PM Eastern
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$559.68 -34.31 (-5.78%)
As of 04:45 PM Eastern
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Annual Income Statements for Tyler Technologies

Annual Income Statements for Tyler Technologies

This table shows Tyler Technologies' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 -207 65 114 170 147 147 195 161 164 166 263
Consolidated Net Income / (Loss)		 59 65 114 170 147 147 195 161 164 166 263
Net Income / (Loss) Continuing Operations		 -207 65 114 170 147 147 195 161 164 166 263
Total Pre-Tax Income 		94 108 136 163 156 160 175 159 188 198 308
Total Operating Income		 95 108 138 163 152 156 173 181 214 219 300
Total Gross Profit		 -26 277 359 399 440 517 543 710 784 861 936
Total Revenue		 493 591 760 841 935 1,086 1,117 1,592 1,850 1,952 2,138
Operating Revenue		 493 591 760 841 935 1,086 1,117 1,592 1,850 1,952 2,138
Total Cost of Revenue		 519 314 401 442 496 570 574 883 1,066 1,091 1,202
Operating Cost of Revenue		 519 314 401 442 496 570 574 883 1,066 1,091 1,202
Total Operating Expenses		 145 169 222 237 287 361 370 529 570 643 636
Selling, General & Admin Expense		 108 133 165 176 208 258 161 272 267 309 301
Marketing Expense		 - - - - - - 98 119 136 150 158
Research & Development Expense		 26 30 43 47 63 81 88 93 105 110 118
Amortization Expense		 11 5.91 13 13 16 21 22 45 61 75 60
Total Other Income / (Expense), net		 -0.36 0.38 -2.00 0.70 3.38 3.47 2.12 -22 -27 -20 8.64
Interest Expense		 - - - - - 2.03 1.01 23 28 24 5.93
Other Income / (Expense), net		 -0.36 0.38 -2.00 0.70 3.38 5.50 3.13 1.54 1.72 3.33 15
Income Tax Expense		 36 44 22 -6.12 8.41 13 -20 -2.48 23 32 45
Basic Earnings per Share		 $1.79 $1.90 $3.12 $4.55 $3.84 $3.79 $4.87 $3.95 $3.95 $3.95 $6.17
Weighted Average Basic Shares Outstanding		 33.01M 34.14M 36.83M 37.27M 38.45M 39.40M 40.58M 41.35M 41.82M 42.28M 43.01M
Diluted Earnings per Share		 $1.66 $1.77 $2.92 $4.32 $3.68 $3.65 $4.69 $3.82 $3.87 $3.88 $6.05
Weighted Average Diluted Shares Outstanding		 33.01M 34.14M 36.83M 37.27M 38.45M 39.40M 40.58M 41.35M 41.82M 42.28M 43.01M
Weighted Average Basic & Diluted Shares Outstanding		 33.01M 34.14M 36.83M 37.27M 38.45M 39.40M 40.58M 41.35M 41.82M 42.28M 43.01M

Quarterly Income Statements for Tyler Technologies

This table shows Tyler Technologies' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Net Income / (Loss) Attributable to Common Shareholders		 31 31 49 47 39 54 68 76 65 81 85
Consolidated Net Income / (Loss)		 31 31 49 47 39 54 68 76 65 81 85
Net Income / (Loss) Continuing Operations		 31 31 49 47 39 54 68 76 65 81 85
Total Pre-Tax Income 		34 39 56 59 45 67 79 86 77 95 103
Total Operating Income		 41 45 62 64 48 67 78 83 72 89 96
Total Gross Profit		 193 200 223 225 213 224 238 237 237 267 273
Total Revenue		 452 472 504 495 481 512 541 543 541 565 596
Operating Revenue		 452 472 504 495 481 512 541 543 541 565 596
Total Cost of Revenue		 259 272 281 270 268 289 303 306 304 298 323
Operating Cost of Revenue		 259 272 281 270 268 289 303 306 304 298 323
Total Operating Expenses		 153 155 161 161 165 157 160 155 165 178 178
Selling, General & Admin Expense		 67 72 78 79 80 73 75 72 80 79 77
Marketing Expense		 35 37 37 36 40 36 42 38 42 36 36
Research & Development Expense		 33 27 28 28 26 29 29 30 29 48 51
Amortization Expense		 18 18 18 19 19 18 14 14 14 14 14
Total Other Income / (Expense), net		 -7.09 -6.44 -5.74 -5.02 -3.10 -0.34 0.63 3.27 5.08 6.12 6.92
Interest Expense		 8.10 7.68 6.39 5.81 3.75 2.18 1.25 1.24 1.26 1.25 1.26
Other Income / (Expense), net		 1.01 1.25 0.64 0.79 0.65 1.85 1.88 4.50 6.34 7.36 8.18
Income Tax Expense		 2.54 7.67 7.00 12 5.75 12 11 10 12 14 18
Basic Earnings per Share		 $0.74 $0.74 $1.17 $1.12 $0.92 $1.28 $1.59 $1.78 $1.52 $1.88 $1.96
Weighted Average Basic Shares Outstanding		 41.82M 41.93M 42.08M 42.12M 42.28M 42.46M 42.67M 42.80M 43.01M 43.12M 43.26M
Diluted Earnings per Share		 $0.73 $0.73 $1.15 $1.10 $0.90 $1.26 $1.57 $1.74 $1.48 $1.84 $1.93
Weighted Average Diluted Shares Outstanding		 41.82M 41.93M 42.08M 42.12M 42.28M 42.46M 42.67M 42.80M 43.01M 43.12M 43.26M
Weighted Average Basic & Diluted Shares Outstanding		 41.82M 41.93M 42.08M 42.12M 42.28M 42.46M 42.67M 42.80M 43.01M 43.12M 43.26M

Annual Cash Flow Statements for Tyler Technologies

This table details how cash moves in and out of Tyler Technologies' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents		 127 -173 3.06 150 -52 98 371 -294 -135 -8.36 579
Net Cash From Operating Activities		 143 134 192 196 250 255 355 372 381 380 625
Net Cash From Continuing Operating Activities		 143 134 192 196 250 255 355 372 381 380 625
Net Income / (Loss) Continuing Operations		 59 65 114 170 147 147 195 161 164 166 263
Consolidated Net Income / (Loss)		 59 65 114 170 147 147 195 161 164 166 263
Depreciation Expense		 15 20 50 53 62 77 82 136 159 154 143
Amortization Expense		 - - - - - - 5.78 10 13 17 8.93
Non-Cash Adjustments To Reconcile Net Income		 17 22 34 39 52 67 71 108 106 117 118
Changes in Operating Assets and Liabilities, net		 53 28 -5.85 -67 -11 -35 1.95 -43 -61 -73 92
Net Cash From Investing Activities		 -12 -398 -51 -85 -238 -245 -98 -2,091 -173 -77 -68
Net Cash From Continuing Investing Activities		 -12 -398 -51 -85 -238 -245 -98 -2,091 -173 -77 -68
Purchase of Property, Plant & Equipment		 -9.34 -13 -38 -43 -27 -42 -28 -56 -50 -53 -50
Acquisitions		 -3.24 -340 -9.39 -11 -178 -219 -11 -2,090 -164 -63 -1.40
Purchase of Investments		 0.00 -47 -20 -60 -116 -55 -157 -77 -30 -11 -32
Sale and/or Maturity of Investments		 0.81 0.90 17 29 81 71 83 131 71 49 16
Other Investing Activities, net		 0.22 0.01 -0.12 -0.00 1.68 -0.30 0.31 0.38 0.44 0.01 0.17
Net Cash From Financing Activities		 -3.99 91 -138 39 -64 89 114 1,425 -344 -312 22
Net Cash From Continuing Financing Activities		 -3.99 91 -138 39 -64 89 114 1,425 -344 -312 22
Repayment of Debt		 0.00 -2.13 -56 -10 0.00 0.00 0.00 -172 -360 -345 -53
Issuance of Common Equity		 4.14 4.67 6.24 7.04 8.05 9.58 11 13 17 16 18
Other Financing Activities, net		 15 23 24 50 75 97 119 97 -0.89 17 57
Cash Interest Paid		 - - - - - - 0.61 18 21 19 3.10
Cash Income Taxes Paid		 - - - - - - 3.26 2.21 38 143 84

Quarterly Cash Flow Statements for Tyler Technologies

This table details how cash moves in and out of Tyler Technologies' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Net Change in Cash & Equivalents		 -12 -43 -12 13 34 23 62 288 206 -39 82
Net Cash From Operating Activities		 122 75 -19 177 147 72 64 264 225 56 98
Net Cash From Continuing Operating Activities		 122 75 -19 177 147 72 64 264 225 56 98
Net Income / (Loss) Continuing Operations		 31 31 49 47 39 54 68 76 65 81 85
Consolidated Net Income / (Loss)		 31 31 49 47 39 54 68 76 65 81 85
Depreciation Expense		 42 38 38 38 40 40 34 35 35 35 34
Amortization Expense		 3.73 3.80 2.77 5.69 4.43 2.52 2.34 2.40 1.67 2.29 2.57
Non-Cash Adjustments To Reconcile Net Income		 28 28 26 27 36 27 31 31 29 38 38
Changes in Operating Assets and Liabilities, net		 17 -26 -135 59 28 -52 -71 120 94 -99 -62
Net Cash From Investing Activities		 -47 -0.60 0.11 -40 -36 -13 -13 -9.40 -33 -96 -13
Net Cash From Continuing Investing Activities		 -47 -0.60 0.11 -40 -36 -13 -13 -9.40 -33 -96 -13
Purchase of Property, Plant & Equipment		 -7.15 -11 -14 -15 -13 -15 -16 -11 -8.79 -7.89 -10
Acquisitions		 -46 -1.88 - -34 -27 -1.30 - -0.09 - -18 -0.21
Purchase of Investments		 -9.51 -11 - - - 0.00 - - -32 -72 -35
Sale and/or Maturity of Investments		 16 23 14 8.35 3.96 3.27 3.08 1.35 8.29 1.76 33
Other Investing Activities, net		 0.12 0.02 - 0.03 -0.04 0.02 0.00 0.15 0.01 -0.02 0.55
Net Cash From Financing Activities		 -87 -117 7.00 -125 -77 -36 11 33 15 1.02 -3.83
Net Cash From Continuing Financing Activities		 -87 -117 7.00 -125 -77 -36 11 33 15 1.02 -3.83
Repayment of Debt		 -90 -120 - -135 -90 -50 - -2.64 - -4.48 -2.90
Issuance of Common Equity		 4.04 3.04 4.71 4.03 4.42 3.55 4.92 4.35 4.81 3.97 5.35
Other Financing Activities, net		 -1.19 -0.16 2.28 6.32 8.52 10 5.85 32 9.78 1.53 -4.68
Cash Income Taxes Paid		 3.17 -0.55 93 25 25 -0.68 40 6.60 39 -0.32 47

Annual Balance Sheets for Tyler Technologies

This table presents Tyler Technologies' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Total Assets		 570 1,357 1,358 1,611 1,791 2,192 2,607 4,732 4,687 4,677 5,180
Total Current Assets		 337 268 283 521 519 680 1,113 964 847 861 1,441
Cash & Equivalents		 206 33 36 186 134 233 604 309 174 165 745
Short-Term Investments		 - 13 20 43 44 39 72 52 37 10 23
Accounts Receivable		 113 176 200 246 299 374 382 521 577 620 588
Prepaid Expenses		 18 22 21 32 33 25 31 56 51 55 65
Current Deferred & Refundable Income Taxes		 0.02 21 2.90 11 4.70 6.48 22 18 - 0.00 12
Other Current Assets		 0.34 1.93 2.27 2.00 3.41 2.33 2.48 8.15 8.24 10 8.06
Plant, Property, & Equipment, net		 66 101 124 152 155 172 168 181 173 170 164
Total Noncurrent Assets		 167 987 951 938 1,117 1,340 1,326 3,587 3,667 3,646 3,575
Long-Term Investments		 0.74 35 31 39 70 - 83 46 19 7.05 11
Noncurrent Note & Lease Receivables		 1.76 2.78 2.48 12 16 22 21 14 8.27 8.99 7.15
Goodwill		 124 654 650 658 754 840 838 2,360 2,489 2,532 2,532
Intangible Assets		 35 295 267 230 277 379 331 1,081 1,050 996 908
Other Noncurrent Operating Assets		 - - - - - 99 53 86 101 102 118
Total Liabilities & Shareholders' Equity		 570 1,357 1,358 1,611 1,791 2,192 2,607 4,732 4,687 4,677 5,180
Total Liabilities		 233 498 442 420 383 575 621 2,408 2,063 1,739 1,792
Total Current Liabilities		 233 338 362 371 424 509 564 830 890 1,001 1,066
Short-Term Debt		 - - - - - - 0.00 30 30 50 0.00
Accounts Payable		 4.12 6.79 7.30 8.17 6.91 15 14 120 105 146 157
Accrued Expenses		 40 49 56 65 66 75 83 158 132 159 198
Current Deferred Revenue		 189 282 298 299 351 412 461 511 569 633 701
Other Current Liabilities		 - - - - - 6.39 5.90 11 11 11 9.64
Total Noncurrent Liabilities		 0.00 160 81 48 -41 65 57 1,579 1,173 738 726
Long-Term Debt		 - 66 10 0.00 0.00 0.00 0.00 593 594 596 598
Noncurrent Deferred Revenue		 - 3.12 2.14 1.27 0.42 0.20 0.10 0.04 2.04 0.29 22
Noncurrent Deferred & Payable Income Tax Liabilities		 - 91 69 47 42 48 41 228 149 79 48
Other Noncurrent Operating Liabilities		 - - - - - 17 16 758 428 62 58
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 337 859 916 1,192 1,325 1,617 1,986 2,324 2,624 2,938 3,388
Total Preferred & Common Equity		 337 859 916 1,192 1,325 1,617 1,986 2,324 2,624 2,938 3,388
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 337 859 916 1,192 1,325 1,617 1,986 2,324 2,624 2,938 3,388
Common Stock		 202 608 557 627 732 740 906 1,076 1,210 1,355 1,540
Retained Earnings		 261 326 436 624 772 917 1,112 1,274 1,438 1,604 1,867
Treasury Stock		 -126 -75 -77 -60 -179 -40 -32 -26 -23 -21 -18
Accumulated Other Comprehensive Income / (Loss)		 -0.05 -0.05 -0.05 -0.05 -0.05 -0.05 -0.05 -0.05 -0.84 -0.33 -0.16

Quarterly Balance Sheets for Tyler Technologies

This table presents Tyler Technologies' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Total Assets		 4,687 4,556 4,636 4,637 4,677 4,609 4,819 4,997 5,180 5,192 5,426
Total Current Assets		 847 746 857 842 861 824 1,042 1,239 1,441 1,467 1,724
Cash & Equivalents		 174 131 119 131 165 188 251 538 745 706 787
Short-Term Investments		 37 29 19 12 10 8.71 7.29 5.99 23 102 105
Accounts Receivable		 577 509 639 624 620 542 701 620 588 560 714
Prepaid Expenses		 51 71 71 60 55 76 77 68 65 92 91
Current Deferred & Refundable Income Taxes		 - - - 7.63 0.00 - - - 12 0.00 18
Other Current Assets		 8.24 6.74 9.51 7.29 10 8.55 6.77 6.42 8.06 7.59 8.24
Plant, Property, & Equipment, net		 173 168 166 166 170 167 168 165 164 161 161
Total Noncurrent Assets		 3,667 3,642 3,613 3,630 3,646 3,617 3,610 3,593 3,575 3,564 3,541
Long-Term Investments		 19 15 10 9.55 7.05 5.49 3.88 3.88 11 3.03 2.99
Noncurrent Note & Lease Receivables		 8.27 9.28 8.31 10 8.99 7.34 7.93 7.33 7.15 7.21 7.02
Goodwill		 2,489 2,489 2,489 2,510 2,532 2,532 2,532 2,532 2,532 2,542 2,542
Intangible Assets		 1,050 1,031 1,010 1,005 996 971 952 932 908 893 868
Other Noncurrent Operating Assets		 101 98 95 95 102 101 113 118 118 119 120
Total Liabilities & Shareholders' Equity		 4,687 4,556 4,636 4,637 4,677 4,609 4,819 4,997 5,180 5,192 5,426
Total Liabilities		 2,063 1,870 1,867 1,785 1,739 1,586 1,687 1,721 1,792 1,679 1,791
Total Current Liabilities		 890 835 854 909 1,001 873 987 1,022 1,066 1,561 1,672
Short-Term Debt		 30 30 30 30 50 0.00 0.00 0.00 0.00 598 599
Accounts Payable		 105 122 119 133 146 145 150 145 157 171 172
Accrued Expenses		 132 105 127 134 159 106 153 161 198 128 173
Current Deferred Revenue		 569 497 566 600 633 572 652 682 701 642 720
Other Current Liabilities		 11 11 11 12 11 11 11 11 9.64 9.28 9.00
Total Noncurrent Liabilities		 1,173 1,034 1,013 876 738 713 700 700 726 118 119
Long-Term Debt		 594 595 595 596 596 597 597 598 598 0.00 0.00
Noncurrent Deferred Revenue		 2.04 1.60 1.16 0.73 0.29 0.00 0.00 0.00 22 22 23
Noncurrent Deferred & Payable Income Tax Liabilities		 149 130 109 105 79 54 42 37 48 36 36
Other Noncurrent Operating Liabilities		 428 308 307 174 62 62 61 66 58 59 59
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 2,624 2,686 2,768 2,853 2,938 3,023 3,132 3,275 3,388 3,513 3,635
Total Preferred & Common Equity		 2,624 2,686 2,768 2,853 2,938 3,023 3,132 3,275 3,388 3,513 3,635
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 2,624 2,686 2,768 2,853 2,938 3,023 3,132 3,275 3,388 3,513 3,635
Common Stock		 1,210 1,240 1,273 1,310 1,355 1,386 1,426 1,492 1,540 1,582 1,621
Retained Earnings		 1,438 1,469 1,518 1,565 1,604 1,658 1,726 1,802 1,867 1,948 2,032
Treasury Stock		 -23 -22 -22 -21 -21 -20 -19 -19 -18 -17 -18
Accumulated Other Comprehensive Income / (Loss)		 -0.84 -0.75 -0.79 -0.52 -0.33 -0.27 -0.22 -0.16 -0.16 -0.08 -0.12

Annual Metrics And Ratios for Tyler Technologies

This table displays calculated financial ratios and metrics derived from Tyler Technologies' official financial filings.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 18.35% 19.86% 28.57% 10.66% 11.22% 16.16% 2.78% 42.59% 16.20% 5.49% 9.53%
EBITDA Growth		 37.02% 17.35% 44.87% 16.94% 0.36% 9.61% 10.46% 24.53% 18.25% 1.19% 18.81%
EBIT Growth		 43.53% 14.77% 25.12% 20.49% -4.64% 3.85% 8.77% 3.54% 18.48% 2.73% 41.57%
NOPAT Growth		 48.35% 9.26% 78.49% 46.35% -14.56% -0.64% 34.27% -4.63% 2.19% -2.49% 39.77%
Net Income Growth		 50.74% 10.06% 75.28% 49.14% -13.04% -0.63% 32.96% -17.12% 1.72% 1.02% 58.53%
EPS Growth		 46.90% 6.63% 64.97% 47.95% -14.81% -0.82% 28.49% -18.55% 1.31% 0.26% 55.93%
Operating Cash Flow Growth		 116.13% -5.96% 42.83% 2.03% 27.81% 1.81% 39.40% 4.69% 2.61% -0.27% 64.19%
Free Cash Flow Firm Growth		 253.72% -771.48% 118.50% -30.74% -109.05% -1,572.60% 346.43% -464.05% 74.03% 32.17% 326.04%
Invested Capital Growth		 -22.32% 548.06% -0.54% 10.23% 16.42% 25.01% -8.72% 106.81% 18.93% 12.64% -5.69%
Revenue Q/Q Growth		 3.51% 5.63% 5.29% 2.51% 2.67% -17.36% 31.82% 10.42% 1.02% 1.49% 2.90%
EBITDA Q/Q Growth		 4.57% -0.09% 16.58% 2.47% -1.23% 6.09% 2.30% 8.69% 2.84% 1.33% 4.87%
EBIT Q/Q Growth		 5.34% -3.93% 19.47% 2.37% -3.20% 6.38% -0.37% -0.45% -2.98% 3.10% 10.41%
NOPAT Q/Q Growth		 8.17% -9.05% 29.96% 21.60% -19.22% 10.65% 5.28% 3.63% -11.12% 2.41% 8.18%
Net Income Q/Q Growth		 8.88% -9.36% 30.27% 22.51% -19.02% 11.61% 3.90% 0.43% -12.61% 4.95% 11.12%
EPS Q/Q Growth		 8.50% -10.61% 29.78% 22.38% -19.30% 10.94% 2.85% 0.00% -12.64% 4.58% 10.60%
Operating Cash Flow Q/Q Growth		 39.33% 14.20% -6.17% 0.81% 7.51% 2.14% 3.67% 7.60% 1.83% 7.20% 14.13%
Free Cash Flow Firm Q/Q Growth		 38.78% -1,139.56% 119.82% -22.14% 79.75% -255.04% 173.96% -11.81% -44.47% 11.27% 88.84%
Invested Capital Q/Q Growth		 -6.13% 472.34% -0.35% 5.80% -1.22% 7.24% -7.27% 1.17% 3.29% 2.26% -3.51%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 -5.35% 46.90% 47.27% 47.49% 47.00% 47.58% 48.58% 44.57% 42.37% 44.12% 43.77%
EBITDA Margin		 22.12% 21.66% 24.40% 25.79% 23.27% 21.96% 23.60% 20.61% 20.97% 20.12% 21.82%
Operating Margin		 19.23% 18.28% 18.12% 19.36% 16.30% 14.39% 15.49% 11.35% 11.58% 11.20% 14.01%
EBIT Margin		 19.16% 18.35% 17.85% 19.44% 16.67% 14.90% 15.77% 11.45% 11.67% 11.37% 14.69%
Profit (Net Income) Margin		 11.95% 10.98% 14.96% 20.17% 15.77% 13.49% 17.45% 10.14% 8.88% 8.50% 12.30%
Tax Burden Percent		 62.39% 59.83% 83.81% 103.74% 94.61% 91.67% 111.30% 101.56% 87.55% 83.70% 85.35%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 98.75% 99.42% 87.22% 86.86% 89.35% 98.11%
Effective Tax Rate		 37.61% 40.17% 16.19% -3.74% 5.39% 8.33% -11.30% -1.56% 12.45% 16.30% 14.65%
Return on Invested Capital (ROIC)		 39.77% 13.29% 13.72% 19.16% 14.43% 11.84% 14.96% 9.75% 6.75% 5.70% 7.74%
ROIC Less NNEP Spread (ROIC-NNEP)		 39.93% 13.08% 17.32% 18.74% 13.19% 10.62% 14.51% 17.88% -0.90% 1.74% 12.96%
Return on Net Nonoperating Assets (RNNOA)		 -19.56% -2.44% -0.91% -3.07% -2.71% -1.88% -4.15% -2.25% -0.11% 0.27% 0.58%
Return on Equity (ROE)		 20.21% 10.85% 12.82% 16.09% 11.72% 9.96% 10.81% 7.49% 6.64% 5.97% 8.32%
Cash Return on Invested Capital (CROIC)		 64.90% -133.24% 14.27% 9.43% -0.75% -10.39% 24.08% -59.88% -10.54% -6.19% 13.59%
Operating Return on Assets (OROA)		 18.63% 11.26% 10.00% 11.01% 9.16% 8.13% 7.34% 4.97% 4.59% 4.74% 6.37%
Return on Assets (ROA)		 11.62% 6.73% 8.38% 11.42% 8.67% 7.36% 8.12% 4.40% 3.49% 3.54% 5.34%
Return on Common Equity (ROCE)		 20.21% 10.85% 12.82% 16.09% 11.72% 9.96% 10.81% 7.49% 6.64% 5.97% 8.32%
Return on Equity Simple (ROE_SIMPLE)		 17.49% 7.55% 12.42% 14.23% 11.13% 9.06% 9.81% 6.95% 6.26% 5.65% 7.76%
Net Operating Profit after Tax (NOPAT)		 59 65 115 169 144 143 192 184 188 183 256
NOPAT Margin		 12.00% 10.94% 15.18% 20.08% 15.42% 13.19% 17.24% 11.53% 10.14% 9.37% 11.96%
Net Nonoperating Expense Percent (NNEP)		 -0.16% 0.20% -3.60% 0.42% 1.24% 1.22% 0.46% -8.13% 7.65% 3.96% -5.23%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - - 5.77% 5.10% 6.41%
Cost of Revenue to Revenue		 105.35% 53.10% 52.73% 52.51% 53.00% 52.42% 51.42% 55.43% 57.63% 55.88% 56.23%
SG&A Expenses to Revenue		 21.95% 22.56% 21.74% 20.92% 22.20% 23.72% 14.43% 17.08% 14.45% 15.81% 14.08%
R&D to Revenue		 5.21% 5.06% 5.69% 5.63% 6.76% 7.49% 7.91% 5.87% 5.69% 5.61% 5.52%
Operating Expenses to Revenue		 29.39% 28.62% 29.16% 28.14% 30.70% 33.19% 33.10% 33.22% 30.79% 32.92% 29.76%
Earnings before Interest and Taxes (EBIT)		 94 108 136 163 156 162 176 182 216 222 314
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 109 128 185 217 218 239 263 328 388 393 466
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 10.72 6.93 5.74 5.54 5.39 7.31 8.92 9.57 5.14 6.02 7.32
Price to Tangible Book Value (P/TBV)		 20.28 0.00 0.00 21.70 24.28 29.70 21.69 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 7.33 10.07 6.92 7.85 7.64 10.88 15.86 13.97 7.29 9.06 11.60
Price to Earnings (P/E)		 0.00 91.74 46.24 38.92 48.45 80.66 90.92 137.77 82.09 106.54 94.30
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 1.09% 2.16% 2.57% 2.06% 1.24% 1.10% 0.73% 1.22% 0.94% 1.06%
Enterprise Value to Invested Capital (EV/IC)		 26.18 7.04 6.18 6.85 6.41 8.59 13.81 8.85 4.60 5.33 7.68
Enterprise Value to Revenue (EV/Rev)		 6.91 10.04 6.82 7.53 7.37 10.63 15.18 14.10 7.50 9.29 11.52
Enterprise Value to EBITDA (EV/EBITDA)		 31.23 46.37 27.94 29.20 31.68 48.41 64.34 68.45 35.77 46.20 52.79
Enterprise Value to EBIT (EV/EBIT)		 36.05 54.74 38.19 38.74 44.24 71.34 96.30 123.21 64.26 81.76 78.39
Enterprise Value to NOPAT (EV/NOPAT)		 57.57 91.81 44.90 37.50 47.79 80.56 88.09 122.36 73.99 99.17 96.31
Enterprise Value to Operating Cash Flow (EV/OCF)		 23.84 44.18 27.00 32.34 27.56 45.33 47.75 60.41 36.38 47.68 39.42
Enterprise Value to Free Cash Flow (EV/FCFF)		 35.28 0.00 43.19 76.22 0.00 0.00 54.73 0.00 0.00 0.00 54.83
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.08 0.01 0.00 0.00 0.00 0.00 0.27 0.24 0.22 0.18
Long-Term Debt to Equity		 0.00 0.08 0.01 0.00 0.00 0.00 0.00 0.26 0.23 0.20 0.18
Financial Leverage		 -0.49 -0.19 -0.05 -0.16 -0.21 -0.18 -0.29 -0.13 0.12 0.15 0.04
Leverage Ratio		 1.74 1.61 1.53 1.41 1.35 1.35 1.33 1.70 1.90 1.68 1.56
Compound Leverage Factor		 1.74 1.61 1.53 1.41 1.35 1.34 1.32 1.49 1.65 1.50 1.53
Debt to Total Capital		 0.00% 7.14% 1.08% 0.00% 0.00% 0.00% 0.00% 21.13% 19.22% 18.02% 15.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 1.02% 0.92% 1.39% 0.00%
Long-Term Debt to Total Capital		 0.00% 7.14% 1.08% 0.00% 0.00% 0.00% 0.00% 20.12% 18.30% 16.64% 15.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 100.00% 92.86% 98.92% 100.00% 100.00% 100.00% 100.00% 78.87% 80.78% 81.98% 85.00%
Debt to EBITDA		 0.00 0.52 0.05 0.00 0.00 0.00 0.00 1.90 1.61 1.65 1.28
Net Debt to EBITDA		 0.00 -0.12 -0.42 0.00 0.00 0.00 0.00 0.66 1.02 1.18 -0.39
Long-Term Debt to EBITDA		 0.00 0.52 0.05 0.00 0.00 0.00 0.00 1.81 1.53 1.52 1.28
Debt to NOPAT		 0.00 1.02 0.09 0.00 0.00 0.00 0.00 3.39 3.33 3.53 2.34
Net Debt to NOPAT		 0.00 -0.25 -0.67 0.00 0.00 0.00 0.00 1.17 2.11 2.53 -0.71
Long-Term Debt to NOPAT		 0.00 1.02 0.09 0.00 0.00 0.00 0.00 3.23 3.17 3.26 2.34
Altman Z-Score		 11.58 8.15 8.40 10.95 12.68 13.76 18.61 6.42 4.89 7.12 9.51
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.45 0.79 0.78 1.40 1.22 1.34 1.97 1.16 0.95 0.86 1.35
Quick Ratio		 1.37 0.66 0.71 1.28 1.13 1.27 1.88 1.06 0.89 0.79 1.27
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 97 -648 120 83 -7.52 -126 310 -1,128 -293 -199 449
Operating Cash Flow to CapEx		 1,528.83% 1,074.53% 508.56% 454.64% 912.35% 605.90% 1,247.41% 668.48% 760.61% 717.69% 1,250.87%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 -62.02 305.81 -48.41 -10.32 -8.41 75.72
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 125.66 350.53 15.96 13.44 16.10 105.32
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 104.92 322.43 13.57 11.67 13.86 96.90
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.97 0.61 0.56 0.57 0.55 0.55 0.47 0.43 0.39 0.42 0.43
Accounts Receivable Turnover		 4.50 4.09 4.03 3.77 3.43 3.23 2.95 3.53 3.37 3.26 3.54
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 7.54 7.08 6.74 6.08 6.08 6.64 6.57 9.12 10.45 11.40 12.82
Accounts Payable Turnover		 156.18 57.54 56.90 57.08 65.73 52.04 39.61 13.17 9.49 8.69 7.93
Days Sales Outstanding (DSO)		 81.14 89.25 90.47 96.91 106.36 113.05 123.62 103.54 108.34 111.92 103.07
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 2.34 6.34 6.41 6.39 5.55 7.01 9.21 27.71 38.47 42.03 46.03
Cash Conversion Cycle (CCC)		 78.80 82.90 84.06 90.51 100.81 106.04 114.41 75.83 69.86 69.90 57.04
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 130 843 838 924 1,076 1,345 1,228 2,539 3,019 3,401 3,208
Invested Capital Turnover		 3.31 1.21 0.90 0.95 0.94 0.90 0.87 0.85 0.67 0.61 0.65
Increase / (Decrease) in Invested Capital		 -37 713 -4.57 86 152 269 -117 1,311 481 382 -193
Enterprise Value (EV)		 3,406 5,935 5,181 6,332 6,895 11,548 16,954 22,459 13,878 18,140 24,623
Market Capitalization		 3,613 5,951 5,258 6,599 7,144 11,820 17,713 22,244 13,483 17,676 24,803
Book Value per Share		 $10.20 $25.31 $25.00 $31.72 $34.13 $41.48 $49.25 $56.72 $63.03 $69.75 $79.17
Tangible Book Value per Share		 $5.39 ($2.66) ($0.05) $8.10 $7.58 $10.21 $20.25 ($27.25) ($21.98) ($14.01) ($1.20)
Total Capital		 337 925 926 1,192 1,325 1,617 1,986 2,947 3,249 3,584 3,986
Total Debt		 0.00 66 10 0.00 0.00 0.00 0.00 623 624 646 598
Total Long-Term Debt		 0.00 66 10 0.00 0.00 0.00 0.00 593 594 596 598
Net Debt		 -207 -16 -77 -268 -249 -272 -758 215 395 463 -181
Capital Expenditures (CapEx)		 9.34 13 38 43 27 42 28 56 50 53 50
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -102 -116 -135 -80 -84 -101 -127 -197 -223 -267 -393
Debt-free Net Working Capital (DFNWC)		 104 -69 -79 149 95 171 549 165 -12 -91 375
Net Working Capital (NWC)		 104 -69 -79 149 95 171 549 135 -42 -141 375
Net Nonoperating Expense (NNE)		 0.22 -0.23 1.67 -0.72 -3.20 -3.18 -2.36 22 23 17 -7.38
Net Nonoperating Obligations (NNO)		 -207 -16 -77 -268 -249 -272 -758 215 395 463 -181
Total Depreciation and Amortization (D&A)		 15 20 50 53 62 77 87 146 172 171 152
Debt-free, Cash-free Net Working Capital to Revenue		 -20.68% -19.60% -17.76% -9.48% -8.94% -9.34% -11.37% -12.35% -12.07% -13.66% -18.37%
Debt-free Net Working Capital to Revenue		 21.13% -11.74% -10.34% 17.76% 10.15% 15.70% 49.15% 10.35% -0.67% -4.65% 17.55%
Net Working Capital to Revenue		 21.13% -11.74% -10.34% 17.76% 10.15% 15.70% 49.15% 8.47% -2.29% -7.20% 17.55%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.79 $1.90 $3.01 $4.40 $3.84 $3.79 $4.87 $3.95 $3.95 $3.95 $6.17
Adjusted Weighted Average Basic Shares Outstanding		 33.58M 36.57M 36.83M 37.90M 38.29M 39.40M 40.58M 41.35M 41.82M 42.28M 43.01M
Adjusted Diluted Earnings per Share		 $1.66 $1.77 $2.82 $4.18 $3.68 $3.65 $4.69 $3.82 $3.87 $3.88 $6.05
Adjusted Weighted Average Diluted Shares Outstanding		 33.58M 36.57M 36.83M 37.90M 38.29M 39.40M 40.58M 41.35M 41.82M 42.28M 43.01M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 33.58M 36.57M 36.83M 37.90M 38.29M 39.40M 40.58M 41.35M 41.82M 42.28M 43.01M
Normalized Net Operating Profit after Tax (NOPAT)		 59 65 115 114 144 143 121 127 188 183 256
Normalized NOPAT Margin		 12.00% 10.94% 15.18% 13.55% 15.42% 13.19% 10.84% 7.95% 10.14% 9.37% 11.96%
Pre Tax Income Margin		 19.16% 18.35% 17.85% 19.44% 16.67% 14.71% 15.68% 9.98% 10.14% 10.16% 14.42%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 79.85 173.80 7.82 7.61 9.39 52.96
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 70.72 190.00 7.88 6.61 7.74 43.10
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 59.11 145.70 5.44 5.84 7.15 44.54
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 49.98 161.89 5.49 4.84 5.50 34.68
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 38.71% 0.99% 98.36% 4.41% 99.38% 12.14% 7.95% 8.04% 0.00% 0.00% 0.00%

Quarterly Metrics And Ratios for Tyler Technologies

This table displays calculated financial ratios and metrics derived from Tyler Technologies' official financial filings.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 4.31% 3.45% 7.59% 4.54% 6.35% 8.58% 7.28% 9.84% 12.52% 10.31% 10.19%
EBITDA Growth		 1.70% -9.56% 6.42% 2.44% 5.87% 26.43% 13.10% 14.14% 23.36% 19.74% 20.85%
EBIT Growth		 -13.70% -17.79% 9.73% 6.03% 16.00% 48.88% 27.83% 34.93% 61.21% 40.27% 29.85%
NOPAT Growth		 -38.01% -17.05% 21.25% -18.52% 10.55% 51.10% 24.07% 43.12% 46.40% 39.31% 17.44%
Net Income Growth		 -43.27% -22.78% 22.99% -11.69% 25.18% 75.45% 37.88% 61.45% 67.65% 49.63% 24.93%
EPS Growth		 -43.41% -22.34% 22.34% -12.70% 23.29% 72.60% 36.52% 58.18% 64.44% 46.03% 22.93%
Operating Cash Flow Growth		 5.95% 39.54% -125.02% 37.19% 20.98% -3.84% 435.20% 48.58% 52.47% -21.83% 52.88%
Free Cash Flow Firm Growth		 64.59% 68.33% -87.06% -0.09% 23.23% 45.20% 63.52% 121.20% 174.81% 185.18% 234.70%
Invested Capital Growth		 18.93% 16.68% 17.26% 13.77% 12.64% 8.94% 6.83% -0.05% -5.69% -3.42% -3.73%
Revenue Q/Q Growth		 -4.43% 4.34% 6.87% -1.90% -2.78% 6.53% 5.59% 0.44% -0.41% 4.44% 5.48%
EBITDA Q/Q Growth		 -17.59% 0.65% 16.76% 5.77% -14.84% 20.20% 4.45% 6.75% -7.96% 16.68% 5.41%
EBIT Q/Q Growth		 -31.65% 10.79% 35.24% 3.53% -25.22% 42.20% 16.12% 9.28% -10.65% 23.72% 7.50%
NOPAT Q/Q Growth		 -39.90% -4.25% 50.30% -5.80% -18.46% 30.87% 23.42% 8.66% -16.59% 24.54% 4.04%
Net Income Q/Q Growth		 -41.62% -0.65% 59.13% -4.31% -17.25% 39.24% 25.05% 12.04% -14.07% 24.27% 4.41%
EPS Q/Q Growth		 -42.06% 0.00% 57.53% -4.35% -18.18% 40.00% 24.60% 10.83% -14.94% 24.32% 4.89%
Operating Cash Flow Q/Q Growth		 -5.81% -38.69% -125.68% 1,025.23% -16.95% -51.27% -10.49% 310.11% -14.77% -75.02% 75.06%
Free Cash Flow Firm Q/Q Growth		 -26.10% 6.87% -2.68% 17.00% 3.27% 33.52% 31.66% 148.25% 241.29% -24.30% 8.06%
Invested Capital Q/Q Growth		 3.29% 3.89% 3.47% 2.48% 2.26% 0.48% 1.46% -4.12% -3.51% 2.90% 1.14%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 42.75% 42.35% 44.26% 45.52% 44.27% 43.65% 43.96% 43.70% 43.76% 47.26% 45.83%
EBITDA Margin		 19.37% 18.68% 20.41% 22.01% 19.28% 21.75% 21.52% 22.87% 21.13% 23.61% 23.60%
Operating Margin		 9.00% 9.53% 12.27% 12.92% 9.93% 13.07% 14.42% 15.24% 13.25% 15.78% 16.04%
EBIT Margin		 9.23% 9.80% 12.40% 13.08% 10.06% 13.43% 14.77% 16.07% 14.42% 17.08% 17.41%
Profit (Net Income) Margin		 6.87% 6.54% 9.74% 9.50% 8.09% 10.57% 12.52% 13.97% 12.05% 14.34% 14.20%
Tax Burden Percent		 92.44% 80.11% 87.53% 79.80% 87.13% 81.29% 86.11% 88.15% 84.96% 85.06% 82.55%
Interest Burden Percent		 80.58% 83.38% 89.78% 91.03% 92.25% 96.83% 98.43% 98.59% 98.39% 98.71% 98.78%
Effective Tax Rate		 7.56% 19.89% 12.47% 20.20% 12.87% 18.71% 13.89% 11.85% 15.04% 14.94% 17.45%
Return on Invested Capital (ROIC)		 5.54% 4.89% 6.79% 6.35% 5.26% 6.46% 7.51% 8.40% 7.28% 8.75% 8.74%
ROIC Less NNEP Spread (ROIC-NNEP)		 3.39% 3.52% 5.51% 5.40% 4.63% 6.40% 7.64% 9.50% 10.34% 14.47% 38.29%
Return on Net Nonoperating Assets (RNNOA)		 0.42% 0.52% 0.83% 0.85% 0.71% 0.95% 1.05% 0.81% 0.46% 0.40% 0.22%
Return on Equity (ROE)		 5.96% 5.41% 7.62% 7.20% 5.97% 7.41% 8.56% 9.21% 7.74% 9.16% 8.96%
Cash Return on Invested Capital (CROIC)		 -10.54% -9.20% -9.56% -7.17% -6.19% -2.42% -0.22% 7.15% 13.59% 11.72% 12.28%
Operating Return on Assets (OROA)		 3.62% 3.94% 5.00% 5.40% 4.20% 5.84% 6.34% 6.93% 6.25% 7.64% 7.63%
Return on Assets (ROA)		 2.70% 2.63% 3.93% 3.92% 3.37% 4.60% 5.37% 6.02% 5.23% 6.41% 6.22%
Return on Common Equity (ROCE)		 5.96% 5.41% 7.62% 7.20% 5.97% 7.41% 8.56% 9.21% 7.74% 9.16% 8.96%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 5.78% 5.94% 5.54% 0.00% 6.26% 6.64% 7.23% 0.00% 8.25% 0.00%
Net Operating Profit after Tax (NOPAT)		 38 36 54 51 42 54 67 73 61 76 79
NOPAT Margin		 8.32% 7.64% 10.74% 10.31% 8.65% 10.63% 12.42% 13.44% 11.26% 13.42% 13.24%
Net Nonoperating Expense Percent (NNEP)		 2.15% 1.37% 1.28% 0.94% 0.63% 0.07% -0.13% -1.10% -3.06% -5.71% -29.56%
Return On Investment Capital (ROIC_SIMPLE)		 1.16% - - - 1.16% - - - 1.53% 1.85% 1.86%
Cost of Revenue to Revenue		 57.25% 57.65% 55.74% 54.48% 55.73% 56.35% 56.04% 56.30% 56.24% 52.74% 54.17%
SG&A Expenses to Revenue		 14.79% 15.34% 15.40% 15.87% 16.64% 14.19% 13.94% 13.34% 14.85% 14.06% 12.85%
R&D to Revenue		 7.22% 5.72% 5.58% 5.72% 5.44% 5.74% 5.35% 5.54% 5.44% 8.47% 8.53%
Operating Expenses to Revenue		 33.75% 32.82% 31.99% 32.59% 34.35% 30.58% 29.54% 28.46% 30.52% 31.48% 29.79%
Earnings before Interest and Taxes (EBIT)		 42 46 63 65 48 69 80 87 78 97 104
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 88 88 103 109 93 111 116 124 114 133 141
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 5.14 5.54 6.33 5.70 6.02 5.97 6.85 7.63 7.32 7.14 7.06
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 321.86 114.39
Price to Revenue (P/Rev)		 7.29 7.97 9.22 8.46 9.06 9.06 10.57 12.02 11.60 11.45 11.42
Price to Earnings (P/E)		 82.09 95.84 106.65 102.89 106.54 95.36 103.24 105.54 94.30 86.48 83.60
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 1.22% 1.04% 0.94% 0.97% 0.94% 1.05% 0.97% 0.95% 1.06% 1.16% 1.20%
Enterprise Value to Invested Capital (EV/IC)		 4.60 4.88 5.55 5.03 5.33 5.40 6.28 7.53 7.68 7.53 7.59
Enterprise Value to Revenue (EV/Rev)		 7.50 8.21 9.47 8.70 9.29 9.25 10.74 12.05 11.52 11.35 11.29
Enterprise Value to EBITDA (EV/EBITDA)		 35.77 40.45 46.77 43.20 46.20 44.33 50.74 56.28 52.79 50.89 49.44
Enterprise Value to EBIT (EV/EBIT)		 64.26 74.38 85.11 77.79 81.76 75.42 83.21 87.99 78.39 72.73 69.33
Enterprise Value to NOPAT (EV/NOPAT)		 73.99 84.84 94.63 93.72 99.17 91.69 101.65 105.93 96.31 89.77 87.84
Enterprise Value to Operating Cash Flow (EV/OCF)		 36.38 38.05 58.68 47.17 47.68 48.83 47.26 45.74 39.42 40.82 39.43
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 105.25 54.83 63.16 60.68
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.24 0.23 0.23 0.22 0.22 0.20 0.19 0.18 0.18 0.17 0.16
Long-Term Debt to Equity		 0.23 0.22 0.22 0.21 0.20 0.20 0.19 0.18 0.18 0.00 0.00
Financial Leverage		 0.12 0.15 0.15 0.16 0.15 0.15 0.14 0.09 0.04 0.03 0.01
Leverage Ratio		 1.90 1.83 1.80 1.72 1.68 1.61 1.60 1.57 1.56 1.50 1.51
Compound Leverage Factor		 1.53 1.52 1.62 1.57 1.55 1.55 1.58 1.55 1.53 1.48 1.50
Debt to Total Capital		 19.22% 18.87% 18.43% 17.99% 18.02% 16.48% 16.01% 15.43% 15.00% 14.56% 14.14%
Short-Term Debt to Total Capital		 0.92% 0.91% 0.88% 0.86% 1.39% 0.00% 0.00% 0.00% 0.00% 14.56% 14.14%
Long-Term Debt to Total Capital		 18.30% 17.97% 17.54% 17.13% 16.64% 16.48% 16.01% 15.43% 15.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 80.78% 81.13% 81.57% 82.01% 81.98% 83.52% 83.99% 84.57% 85.00% 85.45% 85.86%
Debt to EBITDA		 1.61 1.65 1.62 1.61 1.65 1.43 1.39 1.34 1.28 1.23 1.17
Net Debt to EBITDA		 1.02 1.19 1.24 1.22 1.18 0.95 0.78 0.11 -0.39 -0.43 -0.58
Long-Term Debt to EBITDA		 1.53 1.57 1.55 1.54 1.52 1.43 1.39 1.34 1.28 0.00 0.00
Debt to NOPAT		 3.33 3.46 3.29 3.50 3.53 2.97 2.79 2.53 2.34 2.16 2.07
Net Debt to NOPAT		 2.11 2.50 2.51 2.65 2.53 1.96 1.56 0.21 -0.71 -0.77 -1.03
Long-Term Debt to NOPAT		 3.17 3.29 3.13 3.34 3.26 2.97 2.79 2.53 2.34 0.00 0.00
Altman Z-Score		 4.76 5.64 6.54 6.38 7.00 7.80 8.62 9.74 9.36 9.94 9.60
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.95 0.89 1.00 0.93 0.86 0.94 1.06 1.21 1.35 0.94 1.03
Quick Ratio		 0.89 0.80 0.91 0.84 0.79 0.85 0.97 1.14 1.27 0.88 0.96
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -443 -412 -423 -352 -340 -226 -154 75 254 193 208
Operating Cash Flow to CapEx		 1,703.58% 673.11% -136.79% 1,196.87% 1,129.13% 489.77% 410.23% 2,441.14% 2,557.16% 712.21% 951.06%
Free Cash Flow to Firm to Interest Expense		 -54.66 -53.68 -66.31 -60.52 -90.67 -103.50 -123.29 60.35 202.04 154.54 164.88
Operating Cash Flow to Interest Expense		 15.04 9.72 -3.00 30.56 39.31 32.89 51.32 213.54 178.53 45.07 77.90
Operating Cash Flow Less CapEx to Interest Expense		 14.16 8.28 -5.20 28.01 35.83 26.18 38.81 204.79 171.55 38.74 69.71
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.39 0.40 0.40 0.41 0.42 0.43 0.43 0.43 0.43 0.45 0.44
Accounts Receivable Turnover		 3.37 3.70 3.08 3.24 3.26 3.79 3.03 3.34 3.54 3.97 3.17
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 10.45 10.81 11.07 11.28 11.40 11.90 12.17 12.55 12.82 13.35 13.66
Accounts Payable Turnover		 9.49 8.58 8.66 8.98 8.69 8.28 8.40 8.39 7.93 7.66 7.65
Days Sales Outstanding (DSO)		 108.34 98.77 118.65 112.50 111.92 96.29 120.49 109.20 103.07 91.83 115.01
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 38.47 42.56 42.15 40.63 42.03 44.09 43.46 43.53 46.03 47.65 47.73
Cash Conversion Cycle (CCC)		 69.86 56.21 76.51 71.87 69.90 52.20 77.03 65.67 57.04 44.18 67.28
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 3,019 3,137 3,246 3,326 3,401 3,417 3,467 3,324 3,208 3,301 3,338
Invested Capital Turnover		 0.67 0.64 0.63 0.62 0.61 0.61 0.60 0.62 0.65 0.65 0.66
Increase / (Decrease) in Invested Capital		 481 448 478 403 382 280 222 -1.52 -193 -117 -129
Enterprise Value (EV)		 13,878 15,319 18,002 16,739 18,140 18,438 21,790 25,032 24,623 24,860 25,351
Market Capitalization		 13,483 14,868 17,524 16,266 17,676 18,044 21,455 24,982 24,803 25,072 25,647
Book Value per Share		 $63.03 $64.23 $66.03 $67.80 $69.75 $71.21 $73.77 $76.75 $79.17 $81.66 $84.29
Tangible Book Value per Share		 ($21.98) ($19.94) ($17.44) ($15.74) ($14.01) ($11.31) ($8.29) ($4.41) ($1.20) $1.81 $5.20
Total Capital		 3,249 3,311 3,394 3,479 3,584 3,620 3,729 3,873 3,986 4,111 4,233
Total Debt		 624 625 625 626 646 597 597 598 598 598 599
Total Long-Term Debt		 594 595 595 596 596 597 597 598 598 0.00 0.00
Net Debt		 395 451 477 473 463 394 335 49 -181 -212 -297
Capital Expenditures (CapEx)		 7.15 11 14 15 13 15 16 11 8.79 7.89 10
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -223 -219 -105 -180 -267 -245 -203 -327 -393 -303 -242
Debt-free Net Working Capital (DFNWC)		 -12 -59 33 -37 -91 -49 55 217 375 504 650
Net Working Capital (NWC)		 -42 -89 2.66 -67 -141 -49 55 217 375 -94 51
Net Nonoperating Expense (NNE)		 6.55 5.16 5.03 4.01 2.70 0.28 -0.54 -2.88 -4.32 -5.20 -5.71
Net Nonoperating Obligations (NNO)		 395 451 477 473 463 394 335 49 -181 -212 -297
Total Depreciation and Amortization (D&A)		 46 42 40 44 44 43 36 37 36 37 37
Debt-free, Cash-free Net Working Capital to Revenue		 -12.07% -11.74% -5.53% -9.37% -13.66% -12.32% -10.01% -15.76% -18.37% -13.85% -10.79%
Debt-free Net Working Capital to Revenue		 -0.67% -3.18% 1.72% -1.93% -4.65% -2.43% 2.71% 10.44% 17.55% 23.01% 28.94%
Net Working Capital to Revenue		 -2.29% -4.79% 0.14% -3.49% -7.20% -2.43% 2.71% 10.44% 17.55% -4.31% 2.28%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.74 $0.74 $1.17 $1.12 $0.92 $1.28 $1.59 $1.78 $1.52 $1.88 $1.96
Adjusted Weighted Average Basic Shares Outstanding		 41.82M 41.93M 42.08M 42.12M 42.28M 42.46M 42.67M 42.80M 43.01M 43.12M 43.26M
Adjusted Diluted Earnings per Share		 $0.73 $0.73 $1.15 $1.10 $0.90 $1.26 $1.57 $1.74 $1.48 $1.84 $1.93
Adjusted Weighted Average Diluted Shares Outstanding		 41.82M 41.93M 42.08M 42.12M 42.28M 42.46M 42.67M 42.80M 43.01M 43.12M 43.26M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 41.82M 41.93M 42.08M 42.12M 42.28M 42.46M 42.67M 42.80M 43.01M 43.12M 43.26M
Normalized Net Operating Profit after Tax (NOPAT)		 38 36 54 51 42 54 67 73 61 76 79
Normalized NOPAT Margin		 8.32% 7.64% 10.74% 10.31% 8.65% 10.63% 12.42% 13.44% 11.26% 13.42% 13.24%
Pre Tax Income Margin		 7.43% 8.17% 11.13% 11.91% 9.28% 13.01% 14.54% 15.85% 14.19% 16.86% 17.20%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 5.15 6.02 9.79 11.14 12.91 31.51 63.78 70.71 61.97 77.48 82.23
NOPAT to Interest Expense		 4.64 4.69 8.48 8.78 11.09 24.93 53.63 59.12 48.38 60.87 62.53
EBIT Less CapEx to Interest Expense		 4.27 4.57 7.59 8.59 9.43 24.80 51.27 61.97 54.99 71.15 74.04
NOPAT Less CapEx to Interest Expense		 3.76 3.24 6.28 6.23 7.61 18.21 41.12 50.37 41.39 54.55 54.34
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Key Financial Trends

Tyler Technologies (NYSE:TYL) has demonstrated strong financial performance over the past several years through Q2 2025.

The company has shown consistent revenue growth, with Q2 2025 total revenue reaching $596.1 million, up significantly from approximately $452.2 million in Q4 2022. This steady growth in top-line revenue highlights Tyler's expanding business reach and market demand for its solutions.

Profitability: Net income has increased substantially, with consolidated net income in Q2 2025 at $84.6 million compared to $31.1 million in Q4 2022. Earnings per share (diluted) have increased from $0.73 (Q4 2022) to $1.93 in Q2 2025, reflecting improving profitability and effective share management. Operating income and net income margins have improved, confirming the company’s efficient cost controls despite rising expenses.

Expenses: Operating expenses, including selling, general & administrative (SG&A), marketing, research & development (R&D), and amortization, have increased but remain proportionate to revenue growth. For example, R&D expense in Q2 2025 was $50.8 million, up from $32.7 million in Q4 2022, indicating ongoing investment in innovation.

Cash Flow: The company generates strong operating cash flow, with net cash from continuing operating activities reaching $98.3 million in Q2 2025, up from $12.2 million in Q4 2022, supporting its operational sustainability. Capital expenditures have remained moderate, reflecting disciplined investments in property, plant and equipment. The company also invests heavily in short-term and long-term investments, balancing growth with liquidity.

Balance Sheet & Liquidity: Tyler Technologies maintains a solid balance sheet, with total assets of approximately $5.43 billion in Q2 2025 and equity of $3.63 billion. Cash and equivalents grew to $787 million in Q2 2025, significantly higher than $174 million in Q4 2022, indicating strong liquidity. Notably, long-term debt has been fully repaid as of Q2 2025, positioning the company with little debt risk and increased financial flexibility.

Key positive factors to consider:

  • Consistent revenue growth from $452 million in late 2022 to $596 million in mid-2025.
  • Increasing net income and solid EPS growth, reflecting improved profitability.
  • Strong operating cash flow growth, supporting the company’s operations and investments.
  • Reduction of long-term debt to zero, enhancing financial stability and reducing leverage risk.
  • Substantial cash reserves and investments, improving liquidity and enabling strategic flexibility.
  • Ongoing investment in research & development, indicating commitment to innovation and competitive position.

Neutral factors:

  • Operating expenses have grown, but are aligned with revenue increases.
  • Accounts receivable increased indicating revenue growth but warrants monitoring for collection efficiency.
  • Moderate capital expenditures, indicating steady investment without aggressive expansion.

Potential challenges / negative considerations:

  • Two consecutive years of increased deferred tax liabilities and other non-current operating liabilities may impact future cash flows.
  • Fluctuating net cash from investing activities due to acquisitions and purchases of investments, which could impact free cash flow.

Summary: Tyler Technologies has shown robust growth in revenue, profitability, and cash flow over the last few years, with significant improvement in liquidity and elimination of long-term debt. The company’s strategic investments in innovation and careful expense management support its strong competitive position. However, ongoing monitoring of deferred liabilities and investment cash flows is warranted. Overall, the financial health of Tyler Technologies appears solid and improving, making it an attractive consideration for investors seeking growth combined with balance sheet strength.

08/08/25 04:29 PMAI Generated. May Contain Errors.

Frequently Asked Questions About Tyler Technologies' Financials

When does Tyler Technologies' financial year end?

According to the most recent income statement we have on file, Tyler Technologies' fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Tyler Technologies' net income changed over the last 10 years?

Tyler Technologies' net income appears to be on an upward trend, with a most recent value of $263.03 million in 2024, rising from $58.94 million in 2014. The previous period was $165.92 million in 2023. See where experts think Tyler Technologies is headed by visiting Tyler Technologies' forecast page.

What is Tyler Technologies' operating income?
Tyler Technologies' total operating income in 2024 was $299.53 million, based on the following breakdown:
  • Total Gross Profit: $935.76 million
  • Total Operating Expenses: $636.24 million
How has Tyler Technologies' revenue changed over the last 10 years?

Over the last 10 years, Tyler Technologies' total revenue changed from $493.10 million in 2014 to $2.14 billion in 2024, a change of 333.5%.

How much debt does Tyler Technologies have?

Tyler Technologies' total liabilities were at $1.79 billion at the end of 2024, a 3.0% increase from 2023, and a 669.5% increase since 2014.

How much cash does Tyler Technologies have?

In the past 10 years, Tyler Technologies' cash and equivalents has ranged from $33.09 million in 2015 to $744.72 million in 2024, and is currently $744.72 million as of their latest financial filing in 2024.

How has Tyler Technologies' book value per share changed over the last 10 years?

Over the last 10 years, Tyler Technologies' book value per share changed from 10.20 in 2014 to 79.17 in 2024, a change of 676.1%.


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This page (NYSE:TYL) was last updated on 8/8/2025 by MarketBeat.com Staff
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