Tyler Technologies Inc. (TYL) intrinsic value & 10-year financials
Tyler Technologies Inc. (TYL) has a Graham intrinsic value of $189.21 per share. At $360.87 on Oct 17, 2026, the stock trades 91% above that value. Over the last 10 fiscal years revenue grew 13.3% a year to $2.3B, with an average return on invested capital of 9.8%.
- Graham intrinsic value
- $189.21
- Share price (Oct 17, 2026)
- $360.87
- Price vs Graham value
- 91% above
- Market cap
- $15.8B
- Revenue (FY2025)
- $2.3B
- Revenue growth (10-yr CAGR)
- 13.3%
- ROIC (10-yr avg)
- 9.8%
- Free cash flow (FY2025)
- $637.5M
TYL 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $2.3B | $315.6M | $7.20 | $637.5M | 15.3% | 8.8% |
| FY2024 | $2.1B | $263.0M | $6.05 | $604.1M | 14.0% | 7.6% |
| FY2023 | $2.0B | $165.9M | $3.88 | $359.9M | 11.2% | 5.3% |
| FY2022 | $1.9B | $164.2M | $3.87 | $358.9M | 11.6% | 6.0% |
| FY2021 | $1.6B | $161.5M | $3.82 | $337.8M | 11.4% | 8.6% |
| FY2020 | $1.1B | $194.8M | $4.69 | $332.4M | 15.5% | 12.4% |
| FY2019 | $1.1B | $146.5M | $3.65 | $217.5M | 14.4% | 10.2% |
| FY2018 | $935.3M | $147.5M | $3.68 | $222.8M | 16.3% | 11.6% |
| FY2017 | $840.9M | $163.9M | $4.18 | $152.7M | 19.1% | 15.5% |
| FY2016 | $759.9M | $109.9M | $2.82 | $154.1M | 17.3% | 12.2% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Tyler Technologies is a consistent compounder, expanding top-line revenue at 13.3% annually over the past decade.
Tyler Technologies returns on capital have been average, hovering around 9.8% ROIC over the decade.
Tyler Technologies has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Tyler Technologies is modeled at 11.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $189.21 per share.