Tyler Technologies (TYL)
Market Price (11/5/2026): $423.35 | Market Cap: $16.8 BilInvestor Relations Sector: Information Technology | Industry: Application Software
Tyler Technologies (TYL)
Market Price (11/5/2026): $423.35Market Cap: $16.8 BilSector: Information TechnologyIndustry: Application Software
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 31%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 30% Stock buyback supportStock Buyback 3Y Total is 1.3 Bil Low stock price volatilityVol 12M is 43% Megatrend and thematic driversMegatrends include Cloud Computing, Fintech & Digital Payments, and Water Infrastructure. Themes include Software as a Service (SaaS), Show more. | Weak multi-year price returns2Y Excs Rtn is -61%, 3Y Excs Rtn is -67% | Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.4% Key risksTYL key risks include [1] a heightened vulnerability to cyberattacks on its sensitive public sector client data, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 31%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 30% |
| Stock buyback supportStock Buyback 3Y Total is 1.3 Bil |
| Low stock price volatilityVol 12M is 43% |
| Megatrend and thematic driversMegatrends include Cloud Computing, Fintech & Digital Payments, and Water Infrastructure. Themes include Software as a Service (SaaS), Show more. |
| Weak multi-year price returns2Y Excs Rtn is -61%, 3Y Excs Rtn is -67% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.4% |
| Key risksTYL key risks include [1] a heightened vulnerability to cyberattacks on its sensitive public sector client data, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Updated on 11/4/2026
Tyler Technologies (TYL) stock has gained about 35% since 7/31/2026 because of the following key factors:
1. Strong Fiscal Q3 2026 Financial Performance in Key Profitability and Cash Flow Metrics.
Tyler Technologies reported non-GAAP earnings per share (EPS) of $3.52 for fiscal Q3 2026, surpassing analyst consensus estimates of $3.48 by $0.04, representing a positive earnings surprise of 2.03%. The company also showcased record quarterly free cash flow of $277.0 million, marking an 11.9% increase year-over-year, and achieved a free cash flow margin expansion to 42.8%. Additionally, the non-GAAP operating margin improved by 150 basis points to 28.1% in the quarter. This strong performance in profitability and cash generation overshadowed a slight revenue miss of less than 1% compared to forecasts.
2. Significant Share Repurchase Activity.
Tyler Technologies aggressively deployed capital through share repurchases, buying back $379 million worth of its stock, equivalent to 1.1 million shares, during fiscal Q3 2026. This substantial buyback activity demonstrates management's confidence in the company's valuation and helps boost shareholder value by reducing the outstanding share count. Year-to-date through fiscal Q3 2026, the company had repurchased 3.6 million shares, accounting for 8.5% of its outstanding shares, with approximately $1.4 billion remaining on its buyback authorization.
Show more
Tyler Technologies (TYL) stock has gained about 35% since 7/31/2026 because of the following key factors:
1. Strong Fiscal Q3 2026 Financial Performance in Key Profitability and Cash Flow Metrics.
Tyler Technologies reported non-GAAP earnings per share (EPS) of $3.52 for fiscal Q3 2026, surpassing analyst consensus estimates of $3.48 by $0.04, representing a positive earnings surprise of 2.03%. The company also showcased record quarterly free cash flow of $277.0 million, marking an 11.9% increase year-over-year, and achieved a free cash flow margin expansion to 42.8%. Additionally, the non-GAAP operating margin improved by 150 basis points to 28.1% in the quarter. This strong performance in profitability and cash generation overshadowed a slight revenue miss of less than 1% compared to forecasts.
2. Significant Share Repurchase Activity.
Tyler Technologies aggressively deployed capital through share repurchases, buying back $379 million worth of its stock, equivalent to 1.1 million shares, during fiscal Q3 2026. This substantial buyback activity demonstrates management's confidence in the company's valuation and helps boost shareholder value by reducing the outstanding share count. Year-to-date through fiscal Q3 2026, the company had repurchased 3.6 million shares, accounting for 8.5% of its outstanding shares, with approximately $1.4 billion remaining on its buyback authorization.
Show more
Updated on 11/4/2026
Tyler Technologies (TYL) stock has gained about 35% since 7/31/2026 because of the following key factors:
1. Strong Fiscal Q3 2026 Financial Performance in Key Profitability and Cash Flow Metrics.
Tyler Technologies reported non-GAAP earnings per share (EPS) of $3.52 for fiscal Q3 2026, surpassing analyst consensus estimates of $3.48 by $0.04, representing a positive earnings surprise of 2.03%. The company also showcased record quarterly free cash flow of $277.0 million, marking an 11.9% increase year-over-year, and achieved a free cash flow margin expansion to 42.8%. Additionally, the non-GAAP operating margin improved by 150 basis points to 28.1% in the quarter. This strong performance in profitability and cash generation overshadowed a slight revenue miss of less than 1% compared to forecasts.
2. Significant Share Repurchase Activity.
Tyler Technologies aggressively deployed capital through share repurchases, buying back $379 million worth of its stock, equivalent to 1.1 million shares, during fiscal Q3 2026. This substantial buyback activity demonstrates management's confidence in the company's valuation and helps boost shareholder value by reducing the outstanding share count. Year-to-date through fiscal Q3 2026, the company had repurchased 3.6 million shares, accounting for 8.5% of its outstanding shares, with approximately $1.4 billion remaining on its buyback authorization.
3. Sustained Recurring Revenue Growth and Cloud Adoption Momentum.
The company continued to exhibit robust growth in its recurring revenue streams, with SaaS revenues increasing by 21.2% to $242.2 million in fiscal Q3 2026. Annualized recurring revenue (ARR) also expanded by 11% to $2.28 billion. Tyler Technologies further highlighted its strategic focus on innovation and market relevance by reporting 300 deals that included artificial intelligence (AI) solutions during fiscal Q3 2026. Management reiterated expectations for an acceleration in cloud migration activity in fiscal 2027, signaling continued long-term growth prospects for its cloud services.
4. Positive Analyst Sentiment and Upgraded Price Targets.
Following the fiscal Q3 2026 earnings report, several financial analysts reaffirmed their positive outlooks and adjusted price targets for Tyler Technologies. Wells Fargo & Company, for instance, increased its price target from $400.00 to $430.00 and maintained an "overweight" rating on October 30, 2026. Oppenheimer also reiterated an "Outperform" rating with a $450.00 price target on October 29, 2026, attributing their positive stance to accelerating cloud momentum and expanding margins. The consensus among 16 Wall Street analysts remains a "Moderate Buy" rating for the stock, with an average price target of $440.88.
Show less
Tyler Technologies (TYL) stock has gained about 35% since 7/31/2026 because of the following key factors:
1. Strong Fiscal Q3 2026 Financial Performance in Key Profitability and Cash Flow Metrics.
Tyler Technologies reported non-GAAP earnings per share (EPS) of $3.52 for fiscal Q3 2026, surpassing analyst consensus estimates of $3.48 by $0.04, representing a positive earnings surprise of 2.03%. The company also showcased record quarterly free cash flow of $277.0 million, marking an 11.9% increase year-over-year, and achieved a free cash flow margin expansion to 42.8%. Additionally, the non-GAAP operating margin improved by 150 basis points to 28.1% in the quarter. This strong performance in profitability and cash generation overshadowed a slight revenue miss of less than 1% compared to forecasts.
2. Significant Share Repurchase Activity.
Tyler Technologies aggressively deployed capital through share repurchases, buying back $379 million worth of its stock, equivalent to 1.1 million shares, during fiscal Q3 2026. This substantial buyback activity demonstrates management's confidence in the company's valuation and helps boost shareholder value by reducing the outstanding share count. Year-to-date through fiscal Q3 2026, the company had repurchased 3.6 million shares, accounting for 8.5% of its outstanding shares, with approximately $1.4 billion remaining on its buyback authorization.
3. Sustained Recurring Revenue Growth and Cloud Adoption Momentum.
The company continued to exhibit robust growth in its recurring revenue streams, with SaaS revenues increasing by 21.2% to $242.2 million in fiscal Q3 2026. Annualized recurring revenue (ARR) also expanded by 11% to $2.28 billion. Tyler Technologies further highlighted its strategic focus on innovation and market relevance by reporting 300 deals that included artificial intelligence (AI) solutions during fiscal Q3 2026. Management reiterated expectations for an acceleration in cloud migration activity in fiscal 2027, signaling continued long-term growth prospects for its cloud services.
4. Positive Analyst Sentiment and Upgraded Price Targets.
Following the fiscal Q3 2026 earnings report, several financial analysts reaffirmed their positive outlooks and adjusted price targets for Tyler Technologies. Wells Fargo & Company, for instance, increased its price target from $400.00 to $430.00 and maintained an "overweight" rating on October 30, 2026. Oppenheimer also reiterated an "Outperform" rating with a $450.00 price target on October 29, 2026, attributing their positive stance to accelerating cloud momentum and expanding margins. The consensus among 16 Wall Street analysts remains a "Moderate Buy" rating for the stock, with an average price target of $440.88.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 36.7% change in TYL stock from 7/31/2026 to 11/4/2026 was primarily driven by a 28.8% change in the company's P/E Multiple.| (LTM values as of) | 7312026 | 11042026 | Change |
|---|---|---|---|
| Stock Price ($) | 309.60 | 423.20 | 36.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,430 | 2,481 | 2.1% |
| Net Income Margin (%) | 13.4% | 13.5% | 1.1% |
| P/E Multiple | 39.7 | 51.1 | 28.8% |
| Shares Outstanding (Mil) | 42 | 40 | 2.8% |
| Cumulative Contribution | 36.7% |
Market Drivers
7/31/2026 to 11/4/2026| Return | Correlation | |
|---|---|---|
| TYL | 36.7% | |
| Market (SPY) | 2.6% | -2.1% |
| Sector (XLK) | 0.7% | -31.1% |
Fundamental Drivers
The 24.1% change in TYL stock from 4/30/2026 to 11/4/2026 was primarily driven by a 10.5% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 11042026 | Change |
|---|---|---|---|
| Stock Price ($) | 341.14 | 423.20 | 24.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,381 | 2,481 | 4.2% |
| Net Income Margin (%) | 13.3% | 13.5% | 1.9% |
| P/E Multiple | 46.2 | 51.1 | 10.5% |
| Shares Outstanding (Mil) | 43 | 40 | 5.7% |
| Cumulative Contribution | 24.1% |
Market Drivers
4/30/2026 to 11/4/2026| Return | Correlation | |
|---|---|---|
| TYL | 24.1% | |
| Market (SPY) | 7.0% | -18.9% |
| Sector (XLK) | 10.8% | -42.2% |
Fundamental Drivers
The -11.1% change in TYL stock from 10/31/2025 to 11/4/2026 was primarily driven by a -21.6% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 11042026 | Change |
|---|---|---|---|
| Stock Price ($) | 476.26 | 423.20 | -11.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,298 | 2,481 | 8.0% |
| Net Income Margin (%) | 13.7% | 13.5% | -1.5% |
| P/E Multiple | 65.2 | 51.1 | -21.6% |
| Shares Outstanding (Mil) | 43 | 40 | 6.5% |
| Cumulative Contribution | -11.1% |
Market Drivers
10/31/2025 to 11/4/2026| Return | Correlation | |
|---|---|---|
| TYL | -11.1% | |
| Market (SPY) | 13.4% | -2.3% |
| Sector (XLK) | 17.9% | -18.3% |
Fundamental Drivers
The 13.5% change in TYL stock from 10/31/2023 to 11/4/2026 was primarily driven by a 56.4% change in the company's Net Income Margin (%).| (LTM values as of) | 10312023 | 11042026 | Change |
|---|---|---|---|
| Stock Price ($) | 372.90 | 423.20 | 13.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,902 | 2,481 | 30.5% |
| Net Income Margin (%) | 8.6% | 13.5% | 56.4% |
| P/E Multiple | 95.3 | 51.1 | -46.4% |
| Shares Outstanding (Mil) | 42 | 40 | 3.7% |
| Cumulative Contribution | 13.5% |
Market Drivers
10/31/2023 to 11/4/2026| Return | Correlation | |
|---|---|---|
| TYL | 13.5% | |
| Market (SPY) | 89.7% | 23.2% |
| Sector (XLK) | 119.1% | 9.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| TYL Return | 23% | -40% | 30% | 38% | -21% | -11% | -7% |
| Peers Return | 31% | -19% | 67% | 119% | 30% | -5% | 378% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 101% |
Monthly Win Rates [3] | |||||||
| TYL Win Rate | 50% | 25% | 67% | 75% | 33% | 36% | |
| Peers Win Rate | 60% | 38% | 62% | 67% | 53% | 49% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 36% | |
Max Drawdowns [4] | |||||||
| TYL Max Drawdown | -20% | -46% | -14% | -10% | -31% | -39% | |
| Peers Max Drawdown | -25% | -42% | -19% | -15% | -35% | -38% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: MSI, AXON, ORCL, MSFT, PLTR. See TYL Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/4/2026 (YTD)
How Low Can It Go
| Event | TYL | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -10.9% | -9.5% |
| % Gain to Breakeven | 12.2% | 10.5% |
| Time to Breakeven | 7 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -42.1% | -24.5% |
| % Gain to Breakeven | 72.7% | 32.4% |
| Time to Breakeven | 761 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -21.4% | -33.7% |
| % Gain to Breakeven | 27.2% | 50.9% |
| Time to Breakeven | 48 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -26.7% | -19.2% |
| % Gain to Breakeven | 36.5% | 23.8% |
| Time to Breakeven | 220 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -17.6% | -3.7% |
| % Gain to Breakeven | 21.3% | 3.9% |
| Time to Breakeven | 160 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -15.9% | -12.2% |
| % Gain to Breakeven | 18.9% | 13.9% |
| Time to Breakeven | 55 days | 62 days |
In The Past
Tyler Technologies's stock fell 0.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.0% gain to breakeven.
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| Event | TYL | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -42.1% | -24.5% |
| % Gain to Breakeven | 72.7% | 32.4% |
| Time to Breakeven | 761 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -21.4% | -33.7% |
| % Gain to Breakeven | 27.2% | 50.9% |
| Time to Breakeven | 48 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -26.7% | -19.2% |
| % Gain to Breakeven | 36.5% | 23.8% |
| Time to Breakeven | 220 days | 105 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -22.1% | -15.4% |
| % Gain to Breakeven | 28.4% | 18.2% |
| Time to Breakeven | 73 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -20.4% | -53.4% |
| % Gain to Breakeven | 25.6% | 114.4% |
| Time to Breakeven | 18 days | 1085 days |
In The Past
Tyler Technologies's stock fell 0.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Tyler Technologies (TYL)
Tyler Technologies, Inc. (TYL) is a leading provider of integrated information management solutions and services tailored specifically for the public sector. The company focuses on helping government agencies, not-for-profit entities, and K-12 schools operate more efficiently by digitizing and automating their core administrative functions and citizen services.
The company's extensive product and service portfolio spans across three main segments: Enterprise Software, Appraisal and Tax, and NIC. Key offerings include financial management systems (such as fund accounting and utility billing), solutions for automating city and county operations (like municipal courts, permits, licensing, and code enforcement), and specialized software for the judicial system (court case management, public safety, and prosecution). Additionally, Tyler provides systems for property appraisal and tax administration, student information and transportation for schools, and various data and records management tools. These solutions are delivered through both traditional software deployments and cloud-based Software as a Service (SaaS) models.
Beyond software, Tyler Technologies offers a suite of support services, including software and hardware installation, data conversion, training, product modification, and ongoing maintenance. It also provides property appraisal outsourcing services for taxing jurisdictions. By serving as a critical technology partner, Tyler Technologies enables public sector clients to streamline operations, enhance data management, and improve interactions with citizens through comprehensive, integrated digital solutions.
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Tyler Technologies is like:
- Salesforce for governments.
- Oracle/SAP for the public sector.
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- Financial Management Solutions: Provides fund accounting and financial systems for government agencies and non-profit entities.
- Utility Billing Systems: Software designed for the billing and collection of metered and non-metered utility services.
- Municipal and County Operations Software: Automates various city and county functions, including licensing, permits, inspections, code enforcement, and court administration.
- K-12 Education Solutions: Offers software for student information management and school transportation needs.
- Judicial Solutions: Provides comprehensive systems for court case management, prosecution, and supervision for various jurisdictional scales.
- Public Safety Software: Solutions tailored to support the operational needs of public safety agencies.
- Planning, Regulatory, and Maintenance Software: Tools for public sector agencies to manage planning, regulatory compliance, and maintenance operations.
- Records and Document Management: Software applications to automate and enhance operations involving public sector records and documents.
- Data and Insights Solutions: Offers data analysis and actionable insights to support decision-making in the public sector.
- Property Appraisal & Tax Solutions: Systems and software for automating the appraisal, assessment, and tax billing/collection of real and personal property.
- Property Appraisal Outsourcing: Services where Tyler manages property appraisal processes on behalf of taxing jurisdictions.
- Electronic Document Filing (Courts): Software-as-a-Service (SaaS) solutions for electronic document filing in courts and law offices.
- Implementation & Support Services: Includes software/hardware installation, data conversion, training, product modification, and ongoing maintenance and support for their solutions.
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Major Customers of Tyler Technologies (TYL)
Tyler Technologies sells primarily to organizations within the public sector. Its major customer categories include:
- Government Agencies: This is the broadest category and encompasses city, county, state, and multi-jurisdictional government entities. Their services cater to various functions such as financial management, utility billing, municipal courts, parking enforcement, permits and inspections, code enforcement, public safety, judicial systems, and property appraisal/tax collection agencies.
- K-12 Schools: The company provides specialized solutions for K-12 educational institutions, including student information and transportation management systems.
- Not-for-Profit Entities: Tyler Technologies offers modular fund accounting systems and other integrated information management solutions tailored for not-for-profit organizations.
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Amazon.com, Inc. (AMZN)
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Lynn Moore Jr., President & CEO
Lynn Moore Jr. joined Tyler Technologies in 1998 as its first in-house legal counsel. He held positions as Executive Vice President, General Counsel, and Secretary before being appointed President in January 2017 and Chief Executive Officer in May 2018. During his tenure, he has overseen more than 55 strategic mergers and acquisitions for Tyler. Prior to joining Tyler, Moore was associated with the law firm of Hughes & Luce, LLP (now K&L Gates) in Dallas, Texas, where he gained experience in litigation and corporate securities, including M&A deals, financing, and IPOs, serving large clients such as ACS and Perot Systems.
Brian Miller, Executive Vice President & Chief Financial Officer
Brian Miller began his career at Tyler Technologies in 1997 as Vice President and Chief Accounting Officer. He was promoted to Executive Vice President and Chief Financial Officer in 2008. Before joining Tyler, Miller held various senior management positions at Metro Airlines, Inc., a regional airline operating as American Eagle, where he served as Senior Vice President and Chief Financial Officer, and also as President from January 1993 to December 1997. He also served as Vice President and Chief Financial Officer of Lone Star Airlines from March 1994 to November 1995. Prior to Metro Airlines, he was an Audit Manager with Ernst & Young.
Jeff Puckett, Chief Operating Officer
Jeff Puckett joined Tyler Technologies in 1991 and has held various leadership positions throughout his career at the company, including Chief Strategy Officer and President of the Courts & Justice Division. He was instrumental in leading the initial development and national rollout of the Odyssey courts solution. In 2017, he was named Senior Vice President of strategic initiatives, leading the integration of Tyler's Data & Insights Division. He was appointed Chief Operating Officer in February 2021. Before joining Tyler, Puckett served as a deputy sheriff for Denton County, Texas, where he was a client of Tyler Technologies.
Abby Diaz, Chief Administrative Officer, Corporate Secretary
Abby Diaz started her journey at Tyler Technologies in 2012 as a Contracts Specialist. She advanced through roles such as Associate General Counsel and Vice President before assuming her current position. In her role, she oversees all legal matters, corporate governance, contract management, legal risk assessment, and ensures compliance with regulatory requirements. Prior to joining Tyler, Diaz practiced law with Kirkland & Ellis LLP and served as a law clerk for the U.S. Court of Appeals for the Third Circuit.
Jason Durham, Chief Accounting Officer
As Chief Accounting Officer, Jason Durham is responsible for overseeing Tyler Technologies' accounting functions and ensuring financial accuracy. His expertise spans corporate accounting, financial reporting, and compliance. His career includes significant roles at companies such as Hitachi Vantara, Intel Corporation, and Dell Technologies, where he developed his skills in global finance operations and corporate accounting. He has been key in leading various finance teams and projects, contributing to the financial stability and growth of the organizations he has served.
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Here are the key risks to Tyler Technologies (TYL):
- Cybersecurity Risks and Data Breaches: Tyler Technologies, as a major provider of integrated information management solutions to the public sector, faces significant and evolving cybersecurity threats. The company has previously experienced a ransomware attack in September 2020 that impacted its internal systems. Furthermore, Tyler Technologies was found liable for a customer data breach in 2024, requiring compensation to affected individuals, highlighting the ongoing risk of data security incidents. Given the sensitive nature of government data and increasing sophistication of cyberattacks, maintaining robust cybersecurity defenses and responding effectively to breaches is critical to its operations and reputation.
- Project Implementation Risks, Delays, and Cost Overruns: The implementation of Tyler Technologies' complex software solutions for government agencies is subject to risks such as delays and cost overruns. These large government ERP projects are inherently complex and prone to such issues, which can lead to client dissatisfaction and potential legal disputes. For instance, projects in Cook County, Illinois, have faced significant delays, budget increases, and leadership changes, resulting in tens of millions of dollars in overruns. Allegations that a Tyler implementation contributed to wrongful arrests in North Carolina have also led to litigation, underscoring the critical nature of successful and timely deployments.
- Competition in the GovTech Market: Tyler Technologies operates in a competitive GovTech market, vying for government contracts with a diverse set of rivals. These competitors range from large enterprise software providers with public sector divisions (such as Microsoft, SAP, and Oracle) to specialized GovTech firms (including Accela, CentralSquare Technologies, Granicus, OpenGov, and CivicPlus). While Tyler maintains a strong market position and high customer retention, the competitive environment is characterized by ongoing digital modernization, innovation in cloud computing, and AI, which necessitates continuous investment and adaptation to maintain its market share and growth trajectory.
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Tyler Technologies operates within a substantial addressable market, primarily focused on providing integrated information management solutions and services to the public sector. The company's main products and services cater to government, education, and public safety entities.
The total addressable market (TAM) for Tyler Technologies' offerings is estimated to be approximately **$32 billion**. This market has shown significant growth, expanding from $7 billion in 2018 to $21 billion in 2024 within the U.S.. Tyler Technologies also specifically estimated a TAM of **$12-15 billion** for government and education IT spending in the United States.
Looking at the broader public sector software market, which encompasses many of Tyler's solutions, the global market size was valued at **USD 47.13 billion in 2024** and is projected to reach **USD 84.34 billion by 2032**, demonstrating an 11% Compound Annual Growth Rate (CAGR) from 2026 to 2032. North America holds the largest share of this global market, accounting for approximately 40% in 2023. Another estimate projects the global public sector software market to reach approximately **USD 150 billion by 2033**, with a CAGR of 10% from 2025 to 2033.
For its specific product areas, the addressable markets are:
* K-12 Education Solutions: The U.S. K12 education market was valued at **$4 billion in 2023** and is expected to reach **$31 billion by the end of 2032**, growing at a CAGR of nearly 21% from 2024 to 2032. The broader global K-12 Education Technology (EdTech) market is projected to reach approximately **USD 253.9 billion by 2033** from USD 78.2 billion in 2023, with North America holding a significant share (over 36% in 2023, amounting to USD 28.1 billion).
* Judicial and Court Management Solutions: The global Court Management Software Market was valued at **USD 956.26 million in 2023** and is projected to reach **USD 2377.6 million by 2032**, at a CAGR of 10.65% from 2024 to 2032. North America is expected to be a dominant region in this market. Additionally, the global Legal Case Management Software Market is estimated to be valued at **USD 9.80 billion in 2026** and is expected to reach **USD 13.4 billion by 2033**. North America holds an estimated 42.2% share of the legal case management software market in 2026.
* Public Safety and Law Enforcement Software: The global public safety software market is expected to reach **US$ 40.98 billion by 2031** from US$ 17.9 billion in 2023, growing at a CAGR of 10.9% from 2023 to 2031. North America is a significant growth region in this market. Another estimate places the global public safety software market at **$36.47 billion by 2030**, growing from $16.37 billion in 2022. The North America public safety software market alone was valued at **US$ 6.18 billion in 2022** and is expected to reach **US$ 14.45 billion by 2030**. The global law enforcement software market is expected to increase from **USD 18.34 billion in 2025 to USD 50.32 billion by 2035**.
* Appraisal and Tax Software (Property Management/Real Estate Software): The global Property Management Software Market size was valued at **USD 5.88 billion in 2024** and is projected to reach **USD 12.56 billion by 2033**. Specifically for the U.S., the property management software sector reached **USD 1.60 billion in 2024**. The U.S. real estate software market size is expected to reach **USD 5.10 billion by 2030**. The North America Real Estate Software Market is projected to grow from **USD 3.5 billion in 2024 to USD 9.1 billion by 2035**.
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Here are 3-5 expected drivers of future revenue growth for Tyler Technologies (TYL) over the next 2-3 years:
- Accelerated SaaS/Cloud Transition: Tyler Technologies is actively migrating its on-premise clients to Software-as-a-Service (SaaS) solutions, which is a significant driver of subscription revenue growth. The company anticipates SaaS revenues to grow between 20.5% and 22.5% in 2026. This transition is expected to continue with a target of converting 80% to 85% of its on-premise systems to the cloud by 2030, with peak conversion between 2027 and 2029. This shift also typically results in a revenue uplift as customers move from maintenance contracts to more comprehensive SaaS offerings.
- Growth in Transaction-Based Revenues: The company's transaction business, which includes payment processing, accounts for approximately one-third of its total revenue. Despite the conclusion of a significant payments contract with the State of Texas in late 2025, Tyler Technologies projects transaction revenue growth of 5% to 7% in 2026, or 10% to 12% when excluding the impact of the Texas contract. This indicates ongoing strength and expansion in this segment of their business.
- Expansion of Relationships with Existing Customers: Tyler Technologies aims to expand its revenue base by offering more solutions to its current client base, which consists of over 13,000 public sector entities. Management has observed approximately 15% annual growth in multi-solution sales since 2020, suggesting significant opportunities for cross-selling and up-selling additional products and services.
- Strategic Acquisitions: Tyler Technologies is actively pursuing acquisitions, particularly of private companies, to broaden its market presence. Recent acquisitions, such as that of For The Record, are expected to generate synergistic benefits, especially through cross-selling opportunities within its existing courts and justice customer base, thereby enhancing overall revenue prospects.
- Integration of Artificial Intelligence (AI) Initiatives: The company is developing and implementing AI applications, focusing on areas like budget alignment and document automation. These AI initiatives are anticipated to drive productivity gains, expand Tyler Technologies' total addressable market (TAM), and provide additional upside potential not yet fully incorporated into long-term guidance.
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Share Repurchases
- In February 2026, Tyler Technologies' Board of Directors authorized a new share repurchase plan allowing for the purchase of up to $1 billion of its Class A Common Stock, replacing all prior authorizations.
- As of March 13, 2026, the company had approximately $734.4 million remaining under its share repurchase authorization.
- Tyler Technologies repurchased $173.06 million of common stock in the third quarter of 2025 and $13.29 million in the fourth quarter of 2025.
Share Issuance
- Tyler Technologies' shares outstanding increased from approximately 41.12 million in 2021 to 43.13 million in 2025, representing an increase of about 2.01 million shares over this period.
Outbound Investments
- Tyler Technologies entered into a definitive agreement in February 2026 to acquire For The Record, a provider of digital court-recording solutions, for approximately $212.5 million in cash.
- In April 2021, the company completed the acquisition of NIC Inc., a strategic move to capitalize on the shift to online government services and electronic payments.
- In June 2021, Tyler Technologies acquired VendEngine, a provider of cloud-based software for correctional facilities, for $84 million in cash.
Capital Expenditures
- Capital expenditures for Tyler Technologies were $11.1 million for the last twelve months as of August 2, 2025.
- In the fourth quarter of 2025, capital expenditures totaled $4.3 million.
- The company's capital expenditures were -$16.02 million in the last 12 months, contributing to a free cash flow of $637.53 million.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 424.12 |
| Mkt Cap | 82.4 |
| Rev LTM | 7,288 |
| Op Inc LTM | 3,079 |
| FCF LTM | 2,677 |
| FCF 3Y Avg | 2,276 |
| CFO LTM | 2,974 |
| CFO 3Y Avg | 2,303 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 17.9% |
| Rev Chg 3Y Avg | 16.6% |
| Rev Chg Q | 18.8% |
| QoQ Delta Rev Chg LTM | 4.4% |
| Op Inc Chg LTM | 20.0% |
| Op Inc Chg 3Y Avg | 22.7% |
| Op Mgn LTM | 25.2% |
| Op Mgn 3Y Avg | 25.1% |
| QoQ Delta Op Mgn LTM | 0.5% |
| CFO/Rev LTM | 30.5% |
| CFO/Rev 3Y Avg | 28.2% |
| FCF/Rev LTM | 21.9% |
| FCF/Rev 3Y Avg | 24.1% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Enterprise Software | 1,694 | 1,512 | 1,350 | 1,257 | 1,166 |
| Platform Technologies | 629 | 619 | 595 | 587 | 446 |
| Corporate | 9 | 7 | 7 | 6 | -19 |
| Total | 2,332 | 2,138 | 1,952 | 1,850 | 1,592 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Enterprise Software | 661 | 546 | 444 | 419 | 401 |
| Platform Technologies | 106 | 117 | 124 | 123 | 93 |
| Revenues | 9 | 7 | 7 | ||
| Research and development expense | -25 | -6 | -4 | ||
| Sales and marketing expense | -27 | -26 | -22 | ||
| Amortization of other intangibles | -56 | -60 | -75 | -61 | -45 |
| Cost of revenues | -91 | -84 | -69 | ||
| General and administrative expense | -218 | -195 | -187 | ||
| Amortization of acquired software | -52 | -46 | |||
| Corporate | -214 | -223 | |||
| Total | 358 | 300 | 219 | 214 | 181 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Corporate | 4,687 | 4,191 | 3,619 | 3,688 | 3,771 |
| Enterprise Software | 535 | 572 | 631 | 636 | 601 |
| Platform Technologies | 417 | 417 | 426 | 363 | 360 |
| Total | 5,639 | 5,180 | 4,677 | 4,687 | 4,732 |
Price Behavior
Price Behavior
| Market Price | $423.20 | |
| Market Cap ($ Bil) | 17.1 | |
| First Trading Date | 12/30/1987 | |
| Distance from 52W High | -10.5% | |
| 50 Days | 200 Days | |
| DMA Price | $355.27 | $335.83 |
| DMA Trend | up | down |
| Distance from DMA | 19.1% | 26.0% |
| 3M | 1YR | |
| Volatility | 39.8% | 42.5% |
| Downside Capture | -92.75 | 19.88 |
| Upside Capture | 79.51 | 0.07 |
| Correlation (S&P 500) | -11.6% | -3.3% |
TYL Betas & Captures as of 10/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -1.49 | -0.76 | -0.28 | -0.76 | -0.12 | 0.49 |
| Up Beta | -7.29 | -2.33 | -0.78 | -1.74 | -0.63 | 0.52 |
| Down Beta | -1.29 | -2.14 | -1.85 | -0.64 | -0.03 | 0.53 |
| Up Capture | 56% | 9% | 84% | -23% | -5% | 14% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 12 | 18 | 31 | 63 | 124 | 378 |
| Down Capture | -299% | -39% | -62% | -110% | 22% | 73% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 10 | 25 | 33 | 63 | 127 | 372 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
nullBased On 5-Year Data
nullBased On 10-Year Data
nullEarnings Returns History
Updated 11/5/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/28/2026 | 3.6% | 17.3% | |
| 7/29/2026 | -3.1% | -8.1% | 10.9% |
| 4/29/2026 | -4.2% | -9.9% | -12.0% |
| 2/11/2026 | -15.4% | -5.8% | 3.1% |
| 10/29/2025 | 0.0% | -3.6% | -2.6% |
| 7/30/2025 | 5.4% | 10.3% | 0.3% |
| 4/23/2025 | -6.8% | -4.6% | -0.3% |
| 2/12/2025 | 6.0% | 3.2% | -7.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 16 | 14 | 10 |
| # Negative | 9 | 11 | 14 |
| Median Positive | 5.3% | 7.8% | 5.5% |
| Median Negative | -4.2% | -5.8% | -4.9% |
| Max Positive | 9.5% | 17.3% | 17.2% |
| Max Negative | -15.4% | -13.6% | -12.0% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/28/2026 | 3.6% | 17.3% | |
| 7/29/2026 | -3.1% | -8.1% | 10.9% |
| 4/29/2026 | -4.2% | -9.9% | -12.0% |
| 2/11/2026 | -15.4% | -5.8% | 3.1% |
| 10/29/2025 | 0.0% | -3.6% | -2.6% |
| 7/30/2025 | 5.4% | 10.3% | 0.3% |
| 4/23/2025 | -6.8% | -4.6% | -0.3% |
| 2/12/2025 | 6.0% | 3.2% | -7.7% |
| 10/23/2024 | 5.1% | 5.6% | 2.6% |
| 7/24/2024 | 9.4% | 10.1% | 11.0% |
| 4/24/2024 | 9.3% | 9.4% | 17.2% |
| 2/14/2024 | 0.2% | -0.8% | -5.4% |
| 11/1/2023 | 9.5% | 12.1% | 11.6% |
| 7/26/2023 | -6.1% | -5.0% | -8.2% |
| 4/26/2023 | 5.2% | 4.1% | 5.5% |
| 2/15/2023 | 1.9% | 2.1% | -1.9% |
| 10/26/2022 | -2.9% | -13.6% | -3.7% |
| 7/27/2022 | 6.4% | 10.0% | 5.5% |
| 4/27/2022 | 9.0% | 6.2% | -5.2% |
| 2/16/2022 | -8.8% | -9.5% | -7.2% |
| 10/27/2021 | 2.2% | 3.7% | -4.6% |
| 7/28/2021 | -0.9% | -1.3% | -4.2% |
| 4/28/2021 | -3.2% | -9.0% | -7.4% |
| 2/10/2021 | 6.5% | 10.9% | -2.7% |
| 11/4/2020 | 1.0% | 4.2% | 3.6% |
| SUMMARY STATS | |||
| # Positive | 16 | 14 | 10 |
| # Negative | 9 | 11 | 14 |
| Median Positive | 5.3% | 7.8% | 5.5% |
| Median Negative | -4.2% | -5.8% | -4.9% |
| Max Positive | 9.5% | 17.3% | 17.2% |
| Max Negative | -15.4% | -13.6% | -12.0% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/28/2026 | 10-Q |
| 06/30/2026 | 07/29/2026 | 10-Q |
| 03/31/2026 | 04/29/2026 | 10-Q |
| 12/31/2025 | 02/18/2026 | 10-K |
| 09/30/2025 | 10/29/2025 | 10-Q |
| 06/30/2025 | 07/30/2025 | 10-Q |
| 03/31/2025 | 04/25/2025 | 10-Q |
| 12/31/2024 | 02/19/2025 | 10-K |
| 09/30/2024 | 10/23/2024 | 10-Q |
| 06/30/2024 | 07/31/2024 | 10-Q |
| 03/31/2024 | 04/24/2024 | 10-Q |
| 12/31/2023 | 02/21/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 07/26/2023 | 10-Q |
| 03/31/2023 | 04/26/2023 | 10-Q |
| 12/31/2022 | 02/22/2023 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/28/2026 | 10-Q |
| 06/30/2026 | 07/29/2026 | 10-Q |
| 03/31/2026 | 04/29/2026 | 10-Q |
| 12/31/2025 | 02/18/2026 | 10-K |
| 09/30/2025 | 10/29/2025 | 10-Q |
| 06/30/2025 | 07/30/2025 | 10-Q |
| 03/31/2025 | 04/25/2025 | 10-Q |
| 12/31/2024 | 02/19/2025 | 10-K |
| 09/30/2024 | 10/23/2024 | 10-Q |
| 06/30/2024 | 07/31/2024 | 10-Q |
| 03/31/2024 | 04/24/2024 | 10-Q |
| 12/31/2023 | 02/21/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 07/26/2023 | 10-Q |
| 03/31/2023 | 04/26/2023 | 10-Q |
| 12/31/2022 | 02/22/2023 | 10-K |
| 09/30/2022 | 10/27/2022 | 10-Q |
| 06/30/2022 | 07/29/2022 | 10-Q |
| 03/31/2022 | 04/27/2022 | 10-Q |
| 12/31/2021 | 02/23/2022 | 10-K |
| 09/30/2021 | 11/01/2021 | 10-Q |
| 06/30/2021 | 08/03/2021 | 10-Q |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 02/19/2021 | 10-K |
| 09/30/2020 | 11/04/2020 | 10-Q |
| 06/30/2020 | 07/29/2020 | 10-Q |
| 03/31/2020 | 04/29/2020 | 10-Q |
| 12/31/2019 | 02/19/2020 | 10-K |
Recent Forward Guidance
Updated 11/4/2026Latest: Q3 2026 Earnings Reported 10/28/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Research and development expense | Reported | 245.00 Mil | 247.50 Mil | 250.00 Mil | 0.0% | Affirmed | Guidance: 247.50 Mil for 2026 | |
| 2026 Total revenues | Reported | 2.54 Bil | 2.55 Bil | 2.56 Bil | -0.2% | Lowered | Guidance: 2.56 Bil for 2026 | |
| 2026 Net interest income | Reported | 15.00 Mil | 16.00 Mil | 17.00 Mil | -20.0% | Lowered | Guidance: 20.00 Mil for 2026 | |
| 2026 Non-GAAP diluted earnings per share | Reported | 12.95 | 13.08 | 13.2 | 0.0% | Affirmed | Guidance: 13.08 for 2026 | |
| 2026 Capital expenditures | Reported | 20.00 Mil | 21.00 Mil | 22.00 Mil | 10.5% | Raised | Guidance: 19.00 Mil for 2026 | |
| 2026 Capitalized software development costs included in capex | Reported | 5.00 Mil | -16.7% | Lowered | Guidance: 6.00 Mil for 2026 | |||
| 2026 Free cash flow margin | Reported | 26.0% | 27.0% | 28.0% | 0.0% | Affirmed | Guidance: 27.0% for 2026 | |
Prior: Q4 2025 Earnings Reported 2/11/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Research and Development Expense | Reported | 242.00 Mil | 244.50 Mil | 247.00 Mil | 20.1% | Higher New | Guidance: 203.50 Mil for 2025 | |
| 2026 Capitalized Software Development Costs | Reported | 10.00 Mil | -44.4% | Lower New | Guidance: 18.00 Mil for 2025 | |||
| 2026 Share-Based Compensation Expense Per Share | Reported | 3.23 | -7.4% | Lower New | Guidance: 3.49 for 2025 | |||
| 2026 Amortization of Acquired Software and Other Intangibles Per Share | Reported | 1.93 | -9.0% | Lower New | Guidance: 2.12 for 2025 | |||
| 2026 Revenue | Reported | 2.50 Bil | 2.52 Bil | 2.55 Bil | 7.6% | Higher New | Guidance: 2.35 Bil for 2025 | |
| 2026 Subscription Revenue Growth | Reported | 12.0% | 13.5% | 15.0% | ||||
| 2026 SaaS Revenue Growth | Reported | 20.5% | 21.5% | 22.5% | ||||
| 2026 Transaction Revenue Growth | Reported | 5.0% | 6.0% | 7.0% | ||||
| 2026 Transaction Revenue Growth Excluding Contract Termination | Reported | 10.0% | 11.0% | 12.0% | ||||
| 2026 Maintenance Revenue Growth | Reported | -7.0% | -6.0% | -5.0% | ||||
| 2026 Professional Services Revenue Growth | Reported | 3.0% | 4.0% | 5.0% | ||||
| 2026 Software Licenses and Royalties Revenue Growth | Reported | 15.0% | 16.0% | 17.0% | ||||
| 2026 Hardware and Other Revenue Growth | Reported | -19.0% | -18.0% | -17.0% | ||||
| 2026 Net Interest Income | Reported | 25.00 Mil | 26.00 Mil | 27.00 Mil | -13.3% | Lower New | Guidance: 30.00 Mil for 2025 | |
| 2026 Income Tax Impact Per Share | Reported | -1.12 | -29.6% | Higher New | Guidance: -1.59 for 2025 | |||
| 2026 GAAP Estimated Annual Effective Tax Rate | Reported | 23.5% | 4.5% | Higher New | Guidance: 19.0% for 2025 | |||
| 2026 Non-GAAP Estimated Annual Effective Tax Rate | Reported | 23.0% | 0.5% | Higher New | Guidance: 22.5% for 2025 | |||
| 2026 GAAP Diluted Earnings Per Share | Reported | 8.36 | 8.49 | 8.61 | 15.0% | Higher New | Guidance: 7.38 for 2025 | |
| 2026 Non-GAAP Diluted Earnings Per Share | Reported | 12.4 | 12.53 | 12.65 | 9.9% | Higher New | Guidance: 11.4 for 2025 | |
| 2026 Shares Used in Computing Diluted Earnings Per Share | Reported | 44.00 Mil | 0.2% | Higher New | Guidance: 43.90 Mil for 2025 | |||
| 2026 Capital Expenditures | Reported | 24.00 Mil | 25.00 Mil | 26.00 Mil | -21.9% | Lower New | Guidance: 32.00 Mil for 2025 | |
| 2026 Free Cash Flow Margin | Reported | 26.0% | 27.0% | 28.0% | 1.0% | Higher New | Guidance: 26.0% for 2025 | |
Insider Activity
Updated 11/4/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Pope, Daniel M | Direct | Sell | 11042026 | 407.56 | 680 | 277,141 | 1,077,181 | Form | |
| 2 | Moore, H Lynn JR | President and CEO | Direct | Sell | 11032026 | 393.17 | 10,000 | 3,931,689 | 39,470,950 | Form |
| 3 | Moore, H Lynn JR | President and CEO | Direct | Sell | 9012026 | 372.79 | 9,250 | 3,448,280 | 37,424,773 | Form |
| 4 | Puckett, Jeffrey David | Chief Operating Officer | Direct | Sell | 8262026 | 356.44 | 8,500 | 3,029,698 | 2,774,355 | Form |
| 5 | Carter, Glenn A | Direct | Sell | 3162026 | 349.14 | 1,624 | 567,003 | 1,849,744 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Pope, Daniel M | Direct | Sell | 11042026 | 407.56 | 680 | 277,141 | 1,077,181 | Form | |
| 2 | Moore, H Lynn JR | President and CEO | Direct | Sell | 11032026 | 393.17 | 10,000 | 3,931,689 | 39,470,950 | Form |
| 3 | Moore, H Lynn JR | President and CEO | Direct | Sell | 9012026 | 372.79 | 9,250 | 3,448,280 | 37,424,773 | Form |
| 4 | Puckett, Jeffrey David | Chief Operating Officer | Direct | Sell | 8262026 | 356.44 | 8,500 | 3,029,698 | 2,774,355 | Form |
| 5 | Carter, Glenn A | Direct | Sell | 3162026 | 349.14 | 1,624 | 567,003 | 1,849,744 | Form | |
| 6 | Puckett, Jeffrey David | Chief Operating Officer | Direct | Sell | 3092026 | 369.93 | 5,174 | 1,914,015 | 2,868,249 | Form |
| 7 | Teed, Andrew D | Direct | Buy | 2252026 | 309.91 | 1,600 | 495,856 | 1,586,119 | Form | |
| 8 | Diaz-Pedrosa, Abigail Marshall | Chief Administrative Officer | Direct | Buy | 2242026 | 325.08 | 610 | 198,296 | 365,060 | Form |
| 9 | Miller, Brian K | Executive VP and CFO | Direct | Sell | 12192025 | 458.65 | 1,000 | 458,650 | 7,406,241 | Form |
| 10 | Miller, Brian K | Executive VP and CFO | Direct | Sell | 12172025 | 448.51 | 1,000 | 448,510 | 7,691,012 | Form |
| 11 | Carter, Glenn A | Direct | Sell | 12152025 | 458.73 | 500 | 229,364 | 1,455,085 | Form | |
| 12 | Miller, Brian K | Executive VP and CFO | Direct | Sell | 11262025 | 469.08 | 1,000 | 469,080 | 5,995,272 | Form |
Investor Activity (13F)
Updated Nov 5, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Praesidium Investment Management Company, LLC | $34.4 Mil | 8.2% | 12 | ADD +76.0% | 13F |
| Seilern Investment Management Ltd | $62.4 Mil | 7.4% | 24 | ADD +20.7% | 13F |
| Quantum Capital Management, LLC / NJ | $41.2 Mil | 5.3% | 34 | ADD +65.0% | 13F |
| Hudson Way Capital Management LLC | $45.3 Mil | 4.3% | 16 | ADD +34.1% | 13F |
| Local Pensions Partnership Investment Ltd | $158.5 Mil | 3.4% | 32 | ADD +5.5% | 13F |
| Montanaro Asset Management Ltd | $9.4 Mil | 2.8% | 42 | New | 13F |
| Tensile Capital Management LP | $17.6 Mil | 2.5% | 25 | New | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Tensile Capital Management LP | $17.6 Mil | 2.5% | 25 | New | 13F |
| Montanaro Asset Management Ltd | $9.4 Mil | 2.8% | 42 | New | 13F |
| Praesidium Investment Management Company, LLC | $34.4 Mil | 8.2% | 12 | ADD +76.0% | 13F |
| Quantum Capital Management, LLC / NJ | $41.2 Mil | 5.3% | 34 | ADD +65.0% | 13F |
| Hudson Way Capital Management LLC | $45.3 Mil | 4.3% | 16 | ADD +34.1% | 13F |
| Seilern Investment Management Ltd | $62.4 Mil | 7.4% | 24 | ADD +20.7% | 13F |
| Local Pensions Partnership Investment Ltd | $158.5 Mil | 3.4% | 32 | ADD +5.5% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Local Pensions Partnership Investment Ltd | $158.5 Mil | 3.4% | 32 | ADD +5.5% | 13F |
| Seilern Investment Management Ltd | $62.4 Mil | 7.4% | 24 | ADD +20.7% | 13F |
| Hudson Way Capital Management LLC | $45.3 Mil | 4.3% | 16 | ADD +34.1% | 13F |
| Quantum Capital Management, LLC / NJ | $41.2 Mil | 5.3% | 34 | ADD +65.0% | 13F |
| Praesidium Investment Management Company, LLC | $34.4 Mil | 8.2% | 12 | ADD +76.0% | 13F |
| Tensile Capital Management LP | $17.6 Mil | 2.5% | 25 | New | 13F |
| Montanaro Asset Management Ltd | $9.4 Mil | 2.8% | 42 | New | 13F |
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Industry Resources
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External Quote Links
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