Tyler Technologies (TYL)
Technology · NYSE · US
Fundamentals
Valuation and ratings
Tyler Technologies trades at $316.23, which is 61% above the $123.79 our discounted cash flow model puts on the business. On that measure it screens as expensive, which is not the same as saying it will fall.
Our moat model scores it 58 out of 100, which is a moat, but not a deep one. A moat is a structural reason competitors cannot take the profits away, and it matters more to a long holding period than any single quarter's numbers do.
It changes hands at 42.7 times earnings. Be careful reading that in isolation: for a cyclical business a low P/E arrives at the top of the cycle, when profits are peaking and about to fall, which is exactly when the shares look cheapest and are not.
About Tyler Technologies
Tyler Technologies, Inc. provides integrated software and technology management solutions for the public sector in the United States. It operates in two segments, Enterprise Software and Platform Technologies. The company designs, develops, markets, and supports a range of software solutions to serve mission-critical back-office functions. It also offers platform and transformative technology solutions, such as cybersecurity, data and insights, digital solutions, payments, platform technologies, and outdoor recreation; public administration solutions, including civic services, ERP, property and recording, and regulatory; and corrections, courts and justice, and public safety solutions. In addition, the company provides school ERP and student transportation K-12 education solutions; and health and human services solutions comprising environmental health, and disability and benefits. It has a strategic collaboration agreement with Amazon Web Services for cloud hosting services. The company was formerly known as Tyler Corporation and changed its name to Tyler Technologies, Inc. in June 1999. Tyler Technologies, Inc. was founded in 1966 and is based in Plano, Texas.
TYL passes 2 of our 30 screens today
Each screen prints the exact criteria it used, and the circumstances in which it is wrong.
Smart money ownership
12 of the funds we track reported a position in their latest SEC 13F filing. Largest first:
- Ken Griffin, CITADEL ADVISORS LLC$155.48M · 0.0% of book
- Arrowstreet Capital, ARROWSTREET CAPITAL, LIMITED PARTNERSHIP$59.98M · 0.0% of book
- Impax Asset Management, Impax Asset Management Group plc$56.23M · 0.4% of book
- Praesidium Investment, Praesidium Investment Management Company, LLC$34.39M · 8.2% of book
- Israel Englander, MILLENNIUM MANAGEMENT LLC$31.40M · 0.0% of book
A word of warning on reading these figures: a 13F reports the market value of a holding, so a fund that traded nothing at all still appears to have sold when the price fell. We found 102 companies where the standard reading gives the opposite answer. Only the share count is honest.
Common questions
Is Tyler Technologies (TYL) undervalued?
Against our discounted cash flow estimate of $123.79, TYL at $316.23 is 61% above fair value. That is one model's answer, not a recommendation, and most of a DCF's output sits in a terminal value nobody can forecast.
Which funds own TYL?
12 of the institutions we track reported a position in TYL in their most recent SEC 13F filing. A 13F is filed up to 45 days after quarter end, so it tells you what a fund held then, not what it holds now.
What is TYL's P/E ratio?
TYL trades at 42.7 times earnings. A low P/E is not automatically cheap: on a cyclical company it is usually a warning that earnings are at a peak.
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Data from company filings, exchange quotes and SEC EDGAR 13F disclosures. Quotes are delayed. Metrics we do not have are left out rather than estimated. Educational information, not financial advice.