Financials Tyler Technologies, Inc.

Equities

TYL

US9022521051

Software

Real-time Estimate Cboe BZX Other stock markets 18:03:23 15/12/2025 GMT			5-day change	1st Jan Change
448.66 ^USD	-1.53%		-2.27%	-22.00%

03:12pm	Wolfe Research Adjusts PT on Tyler Technologies to $575 From $635, Maintains Outperform Rating	MT
12-12	TD Cowen Initiates Tyler Technologies at Buy With $650 Price Target	MT

Projected Income Statement: Tyler Technologies, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	1,117	1,592	1,850	1,952	2,138	2,349	2,557	2,814
Change	-	42.59%	16.2%	5.49%	9.53%	9.87%	8.85%	10.05%
EBITDA ¹	326	435.7	475	488.4	567.8	663.2	749.5	871.1
Change	-	33.63%	9.02%	2.83%	16.26%	16.79%	13.02%	16.23%
EBIT ¹	299.5	405.5	437.1	448.1	523.8	616.3	688.9	792.7
Change	-	35.38%	7.79%	2.51%	16.9%	17.65%	11.79%	15.06%
Interest Paid ¹	-	-23.3	-26.66	-20.3	-5.931	-4.989	-5.047	-5.07
Earnings before Tax (EBT) ¹	175	159	187.6	198.2	308.2	400.7	467.8	561.4
Change	-	-9.18%	18%	5.67%	55.45%	30.02%	16.75%	20%
Net income ¹	194.8	161.5	164.2	165.9	263	325.4	377.3	442.6
Change	-	-17.12%	1.72%	1.02%	58.53%	23.7%	15.96%	17.31%
Announcement Date	10/02/21	16/02/22	15/02/23	14/02/24	12/02/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3
Net sales ¹	283.3	294.8	404.1	459.9	433.5	456.1	468.7	473.2	452.2	471.9	504.3	494.7	480.9	512.4	541	543.3	541.1	565.2	596.1	595.9	591.7	613.7	646.9	647.7	648.9	679	714.2	716.1
Change	-	4.07%	37.07%	13.81%	-5.73%	5.21%	2.76%	0.96%	-4.43%	4.34%	6.87%	-1.9%	-2.78%	6.53%	5.59%	0.44%	-0.41%	4.44%	5.48%	-0.04%	-0.71%	3.72%	5.42%	0.12%	0.18%	4.65%	5.18%	0.27%
EBITDA ¹	83.23	85.65	114.7	125	110.3	119.2	119	126.9	109.8	112.5	125.5	132.5	117.9	134.6	144	152.4	142.8	162.3	169.1	169.9	161.1	174.7	186.8	188.1	189	198.7	208.9	216.2
Change	-	2.91%	33.89%	9.02%	-11.76%	8.05%	-0.13%	6.58%	-13.44%	2.44%	11.55%	5.56%	-10.97%	14.14%	6.95%	5.87%	-6.33%	13.68%	4.21%	0.46%	-5.18%	8.42%	6.95%	0.7%	0.47%	5.12%	5.11%	3.52%
EBIT ¹	76.38	78.89	107.4	116.8	102.5	110.8	110.6	117.8	97.88	102.2	115.9	122.5	107.4	121.7	132.6	137.8	131.8	151.4	158.1	158.6	147.5	162.6	174	175.7	175.7	184.5	192.1	202.3
Change	-	3.29%	36.15%	8.71%	-12.25%	8.16%	-0.2%	6.53%	-16.92%	4.47%	13.36%	5.7%	-12.34%	13.33%	8.92%	3.92%	-4.35%	14.89%	4.45%	0.3%	-7.03%	10.26%	7.02%	0.96%	0.05%	4.98%	4.13%	5.33%
Charge d'intérêts ¹	-	-	-12.2	-4.951	-4.987	-4.44	-5.998	-9.127	-7.091	-6.438	-5.744	-5.021	-3.098	-2.184	0.63	-1.235	-1.259	-1.246	-1.262	-1.235	-1.118	-1.266	-1.266	-1.266	-1.266	-1.268	-1.268	-1.268
Earnings before Tax (EBT) ¹	48.41	38.3	26.09	51.23	43.36	51.43	50.76	51.79	33.62	38.54	56.13	58.91	44.65	66.64	78.66	86.1	76.77	95.29	102.5	107.6	93.68	109.3	118.2	120.5	119.7	130	138.6	146
Change	-	-20.9%	-31.87%	96.36%	-15.37%	18.61%	-1.3%	2.02%	-35.08%	14.64%	45.63%	4.96%	-24.21%	49.25%	18.05%	9.45%	-10.84%	24.13%	7.58%	4.92%	-12.89%	16.7%	8.16%	1.86%	-0.58%	8.56%	6.65%	5.3%
Net income ¹	54.09	36.98	25.53	44.17	54.78	39.98	39.95	53.23	31.08	30.88	49.13	47.01	38.9	54.17	67.74	75.9	65.22	81.05	84.63	84.39	74.18	87.55	95.3	97.86	96.59	103.8	110.7	117.4
Change	-	-31.64%	-30.96%	73.01%	24.03%	-27.01%	-0.1%	33.26%	-41.62%	-0.65%	59.13%	-4.31%	-17.25%	39.24%	25.05%	12.04%	-14.07%	24.27%	4.41%	-0.28%	-12.11%	18.03%	8.86%	2.68%	-1.3%	7.42%	6.66%	6.11%
Announcement Date	10/02/21	28/04/21	28/07/21	27/10/21	16/02/22	27/04/22	27/07/22	26/10/22	15/02/23	26/04/23	26/07/23	01/11/23	14/02/24	24/04/24	24/07/24	23/10/24	12/02/25	23/04/25	30/07/25	29/10/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Tyler Technologies, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-	980	777	470	-170	-518	-1,334	-2,059
Change	-	-	-20.71%	-39.51%	-136.17%	-204.63%	-157.53%	-54.35%
Announcement Date	10/02/21	16/02/22	15/02/23	14/02/24	12/02/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Tyler Technologies, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	22.69	33.92	22.53	20.52	20.54	14.8	15.09	17.87
Change	-	49.49%	-33.58%	-8.92%	0.08%	-27.95%	1.99%	18.42%
Free Cash Flow (FCF) ¹	332.4	337.8	331.3	327.4	574.7	614.4	705.2	807.9
Change	-	1.64%	-1.93%	-1.17%	75.52%	6.91%	14.78%	14.56%
Announcement Date	10/02/21	16/02/22	15/02/23	14/02/24	12/02/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Tyler Technologies, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	29.2%	27.36%	25.67%	25.02%	26.56%	28.23%	29.32%	30.96%
EBIT Margin (%)	26.82%	25.47%	23.63%	22.96%	24.5%	26.24%	26.95%	28.17%
EBT Margin (%)	15.68%	9.98%	10.14%	10.16%	14.42%	17.06%	18.3%	19.95%
Net margin (%)	17.45%	10.14%	8.88%	8.5%	12.3%	13.85%	14.76%	15.73%
FCF margin (%)	29.77%	21.22%	17.91%	16.78%	26.88%	26.16%	27.58%	28.71%
FCF / Net Income (%)	170.62%	209.24%	201.72%	197.34%	218.49%	188.84%	186.92%	182.54%
Profitability
ROA	9.55%	4.4%	3.49%	3.54%	5.34%	7.6%	8.4%	8.73%
ROE	12.73%	7.49%	6.64%	5.97%	8.32%	11.5%	11.85%	12.11%
Financial Health
Leverage (Debt/EBITDA)	-	2.25x	1.63x	0.96x	-	-	-	-
Debt / Free cash flow	-	2.9x	2.34x	1.44x	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	2.03%	2.13%	1.22%	1.05%	0.96%	0.63%	0.59%	0.64%
CAPEX / EBITDA (%)	6.96%	7.79%	4.74%	4.2%	3.62%	2.23%	2.01%	2.05%
CAPEX / FCF (%)	6.83%	10.04%	6.8%	6.27%	3.57%	2.41%	2.14%	2.21%
Items per share
Cash flow per share ¹	8.551	-	8.997	8.895	-	14.86	17.29	19.19
Change	-	-	-	-1.13%	-	-	16.35%	10.99%
Dividend per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Book Value Per Share ¹	-	-	62.81	69.5	77.9	84.45	94.14	105.1
Change	-	-	-	10.64%	12.09%	8.41%	11.47%	11.61%
EPS ¹	4.69	3.82	3.87	3.88	6.05	7.421	8.493	9.95
Change	-	-18.55%	1.31%	0.26%	55.93%	22.66%	14.45%	17.16%
Nbr of stocks (in thousands)	40,327	40,976	41,640	42,124	42,799	43,028	43,028	43,028
Announcement Date	10/02/21	16/02/22	15/02/23	14/02/24	12/02/25	-	-	-