TYLTYLER TECHNOLOGIES INC

Services-Prepackaged Software

Revenue: $2.3B; 9.1% YoY
Operating margin: 15.3%; 9.5% YoY
EBITDA: $496M; 12% YoY
Market cap: $19.0B
Employees: 7,800; $299K revenue each
Net debt / EBITDA: 1.3×; $622M net debt
AI in 10-K: 5.5; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
207% of net income
Cash flow under 80% of net income
Dilutive SBCNo
6% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
27% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyYes
49% of assets
Over 40% of assets
Shareholder dissentNo
83% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeYes
$299K · 23rd pct
Bottom quartile of its SIC industry
Quiet on AINo
5.5 per 10K words · 84th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.3× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$19.0B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$10M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.6B	$1.9B	$2.0B	$2.1B	$2.3B	9.1%
Operating income	$181M	$214M	$219M	$300M	$358M	19%
Net income	$161M	$164M	$166M	$263M	$316M	20%
Operating cash flow	$372M	$381M	$380M	$625M	$654M	4.6%
Capex	$34M	$23M	$21M	$21M	$16M	22%
Stock-based comp	$105M	$103M	$108M	$123M	$151M	23%
Buybacks	$13M	$0	$0	$0	$175M

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $694K · 2
Open-market sells, 12 mo: $11M · 13
Net: −$10M

Pay vs performance

No pay-versus-performance disclosure yet.