Tyler Technologies
The software company behind thousands of US courts, tax offices, police departments and school districts: the systems local governments keep their records in.
The scores
Growth3/4 →
Revenue grew 9.1% in 2025, close to the 10% the spending series it quotes grows; SaaS growth is largely existing clients moving.
Business quality3/4 →
Not Protected: about 2% of clients leave a year, but AI-native rivals replace legacy permitting in months and the core is untested against them.
Financial position3/4 →
Net debt of about $0.47B is under a year of cash flow, but the $1.44B 2031 convertible was raised partly to fund buybacks.
Execution record3/4 →
Beat its 2023 targets and raised 2026 guidance, but two state projects needed $10.7M of reserves and February's guide disappointed.
Per share capture3/4 ↑
Diluted shares fell 4.7% on cash buybacks, but share pay is 6.5% of revenue and the count rose from 2022 to 2025.
Potential2/4 →
The 2030 plan needs clients to choose cloud moves and AI products to sell; only $816.9M of billed revenue is committed ahead.
Risk profile3/4 →
Thousands of clients and no binary event, but every buyer is a US government bound to public tenders and budgets.
Valuation3/4 ↑
Not Cheap: 25 times guided earnings looks low, but after share pay it is 31 times and needs the 2030 plan's 9% yearly growth.
Evidence quality3/4 →
Results are filed, but retention, the cloud-move rate, market size and the AI threat rest on management's figures or one rival's release.
The Verdict
We rate Tyler Technologies Neutral. The business is solid: governments keep their court, tax and payroll records in its systems, only about 2% leave a year, and its cloud subscriptions still grow about 20% a year. The price is fair: at about 31 times this year's expected profit, once share-based pay is counted as a cost, it is about right if management's 2030 plan arrives, with no cushion if it slips. The view hinges on whether new AI-built rivals stay in simpler jobs like permits and police reports, or start replacing the court and finance systems where Tyler's grip is strongest.
The long caseEvery county still runs its courts, taxes and payroll on software, and Tyler holds the records most of them would have to move to switch.
The evidence under this - 7 claims
- GovWell says 80% of its sales replace legacy vendors in a median three months (C29), so in permitting the cost of switching looks lower than this reading implies.
- Maintenance revenue is falling 4% to 6% a year (C03, C04); some of that is clients leaving rather than moving to Tyler's cloud, and the split is not disclosed.
- The 2% is Tyler's own count; no outside body measures its client turnover.
- Two state contracts needed $10.7M of loss reserves in 2025 (C25), so not every relationship goes well.
- Management and analysts price Tyler on non-GAAP EPS, so the 31 figure is stricter than the market's own frame.
- The tax effect on share pay is estimated from the blended reconciliation, not stated line by line.
- Buybacks shrink the share count, so per-share earnings can grow faster than profit (C34).
- A software business with 87% recurring revenue has often traded above 20 times, so a lower end multiple may be harsh.
130 clients against more than 91,000 local governments (C14) is small, and it does not name which legacy vendors it replaces.
- An absence found in a search is not proof of no losses; Tyler does not disclose lost deals.
- Coverage says governments may build tools themselves with AI (C35), which no search can count.
The company
Every county must keep court cases, property values, tax bills and payroll by rules set in state law. Tyler sells the software that does it: court systems and e-filing, the websites lawyers use to file cases, plus police records, finance and payroll, property tax and school software.
Its buyers include about 3,000 counties, 36,000 cities and towns and 12,600 school districts. In Texas, the state e-filing portal runs on Tyler and carried about 79% of the state's filings. The alternatives are rivals' systems, older software or paper.
The evidence under this - 4 claims
- The 2% is Tyler's own count; no outside body measures its client turnover.
- Two state contracts needed $10.7M of loss reserves in 2025 (C25), so not every relationship goes well.
- The slides carry the programme's own branding, so they are the operator's report to the committee rather than an independent audit.
- The figures are from 2024 and no later update was found.
How it makes money
A dollar arrives four ways. Cloud subscriptions, a third of 2025 revenue, are yearly fees billed in advance. Transaction fees, about another third, are charged on online payments and court filings, mostly to the public or lawyers. Maintenance is the yearly fee older clients pay to keep licensed software running, and it shrinks as they move to the cloud. Installation and training make up most of the rest.
The evidence under this - 2 claims
Where the money comes from, stream by stream
| Stream | Share of sales (2025) | How it earns it |
|---|---|---|
| SaaS subscriptions | 33% | Cloud versions of court, ERP, tax, public safety and school software, billed yearly in advance on one- to three-year terms. |
| Transaction fees | 35% | Fees on online payments, digital government services and court e-filing, mostly paid by the public or lawyers per transaction. |
| Maintenance | 19% | Yearly support and updates for clients still running licensed software on their own servers; shrinking as they move to the cloud. |
| Professional services | 10% | Installation, data conversion and training, billed by the hour or milestone when a system goes in. |
| Licences, hardware and other | 3% | One-time software licences and resold hardware such as school bus equipment. |
Who runs it
Lynn Moore has run Tyler since 2018, after joining in 1998, and becomes board chair in 2026. Brian Miller has been finance chief since 2005. Directors and officers own about 1.1% of the shares.
Yearly awards pay on profit per share; long-term awards pay on growth in recurring revenue and on the 2027 profit margin. In August the chief executive and operating chief sold shares without a pre-set trading plan, while two directors bought earlier in the year.
The evidence under this - 3 claims
Why it wins, and who could beat it
Why customers come back
Once a county's records live in Tyler's systems, leaving is hard. It would have to convert decades of cases or tax rolls, retrain staff and run a public tender, and a failed switch stops public services. So about 2% of clients leave a year, and Tyler says it keeps 98%.
The grip is tightest in courts, where management says Tyler dominates. It is looser in permitting: one start-up says most of its sales replace older systems within three months.
The evidence under this - 5 claims
- GovWell says 80% of its sales replace legacy vendors in a median three months (C29), so in permitting the cost of switching looks lower than this reading implies.
- Maintenance revenue is falling 4% to 6% a year (C03, C04); some of that is clients leaving rather than moving to Tyler's cloud, and the split is not disclosed.
- The 2% is Tyler's own count; no outside body measures its client turnover.
- Two state contracts needed $10.7M of loss reserves in 2025 (C25), so not every relationship goes well.
- The Gartner series is quoted by Tyler and was not read directly; Gartner's report is paid.
- Retention of 98% is the company's own measure, not checked by anyone outside.
No outside body publishes court software shares; Journal Technologies and Thomson Reuters also sell to courts (C27, C26).
130 clients against more than 91,000 local governments (C14) is small, and it does not name which legacy vendors it replaces.
The threat
The new threat is software built around AI. GovWell, a start-up, replaces old permitting systems in months, and Axon sells police AI that drafts reports. Investors also fear governments will write their own tools. So far these win the simpler jobs, where little data must move. Nobody was found replacing a Tyler court or finance system, but Tyler does not report deals it loses.
The evidence under this - 4 claims
130 clients against more than 91,000 local governments (C14) is small, and it does not name which legacy vendors it replaces.
- An absence found in a search is not proof of no losses; Tyler does not disclose lost deals.
- Coverage says governments may build tools themselves with AI (C35), which no search can count.
The rivals: AXON, DJCO, PAY, ORCL, WDAY, SAP, TRI, MSI, and 2 more that are private, in-house or listed abroad.
Who else does this, rival by rival
| Ticker | Rival | Where it competes | How far along | Priced against it |
|---|---|---|---|---|
| Private | AI-native start-ups selling permitting and licensing software, such as GovWellPriced against it: Private | Enterprise Software: court, public safety, ERP, property tax, K-12 and permitting software, sold as cloud subscriptions or licences with maintenance | On sale | Private |
| AXON | Axon, with Axon Records and Draft One AI report writingPriced against it: One segment only | Enterprise Software: court, public safety, ERP, property tax, K-12 and permitting software, sold as cloud subscriptions or licences with maintenance | On sale | One segment only |
| DJCO | Journal Technologies, Daily Journal's court software businessPriced against it: One segment only | Enterprise Software: court, public safety, ERP, property tax, K-12 and permitting software, sold as cloud subscriptions or licences with maintenance | On sale | One segment only |
| PAY | Paymentus, a listed bill-payment platform serving governments among other billersPriced against it: One segment only | Platform Technologies: payments, digital government and e-filing fees | On sale | One segment only |
| ORCL · WDAY · SAP | Oracle, Workday and SAP, with finance and HR suites sold to every industryPriced against it: One segment only | Enterprise Software: court, public safety, ERP, property tax, K-12 and permitting software, sold as cloud subscriptions or licences with maintenance | On sale | One segment only |
| In-house | Governments writing their own tools with AI coding assistantsPriced against it: In-house | Enterprise Software: court, public safety, ERP, property tax, K-12 and permitting software, sold as cloud subscriptions or licences with maintenance | Announced | In-house |
| TRI | Thomson ReutersPriced against it: One segment only | - | On sale | One segment only |
| MSI | Motorola SolutionsPriced against it: One segment only | - | On sale | One segment only |
How big it could get
How big this could get
The market is every government that keeps records: 91,438 local governments in 2025, a count that has barely moved since 2007. Tyler quotes a research firm putting state and local software spending at $44.3B in 2025, growing about 10% a year. Court filings, which e-filing fees depend on, rose 4% in 2024 to about 70M but remain below their 2012 level.
The evidence under this - 3 claims
- The Gartner series is quoted by Tyler and was not read directly; Gartner's report is paid.
- Retention of 98% is the company's own measure, not checked by anyone outside.
The results
The numbers
Sales grew 8.0% over the twelve months to Sep 2026, about the same pace as the 9.1% in the year to Dec 2025.
Operating margin is 16%, up from 11% in the year to Dec 2023.
Running costs take 32¢ of each sales dollar, down from 33¢ in the year to Dec 2021.
Each dollar put into the business earns 8.6% a year after tax, about where it was (6.4%) in the year to Dec 2021.
It turned 30% of sales into free cash, $741M over the last twelve months.
Yearly sales growth has ranged from +5.5% to +43% over the last 5 years.
The share count fell 3.6% in 4.8 years, and pay in shares costs 6.4% of sales.
All the numbers
Filed figures from the company's 10-K and 10-Q, read 2026-10-28. Fiscal years end in December.
| Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 | 12 mo to Sep 2026 | |
|---|---|---|---|---|---|---|
| Size and growth | ||||||
| Sales | $1.59B | $1.85B | $1.95B | $2.14B | $2.33B | $2.48B |
| Sales growth | +43% | +16% | +5.5% | +9.5% | +9.1% | +8.0% |
| Profit | ||||||
| Gross margin | 45% | 42% | 44% | 44% | 46% | 48% |
| Operating margin | 11% | 12% | 11% | 14% | 15% | 16% |
| Net margin | 10% | 8.9% | 8.5% | 12% | 14% | 14% |
| What growth costs, per sales dollar | ||||||
| Sales and marketing | 7.4% | 7.3% | 7.7% | 7.4% | 6.4% | 6.3% |
| General and admin | 17% | 14% | 16% | 14% | 14% | 14% |
| Pay in shares | 6.6% | 5.6% | 5.6% | 5.7% | 6.5% | 6.4% |
| Capital spending | 2.1% | 1.2% | 1.1% | 1.0% | 0.7% | 0.7% |
| Cash | ||||||
| Cash from operations | $372M | $381M | $380M | $625M | $654M | $758M |
| Free cash flow | $338M | $359M | $360M | $604M | $638M | $741M |
| Balance sheet | ||||||
| Cash and short-term investments | $408M | $211M | $176M | $768M | $1.10B | $879M |
| Debt | $1.34B | $987M | $646M | $598M | $600M | - |
| Net cash | −$933M | −$777M | −$470M | $170M | $498M | - |
| Returns and shares | ||||||
| Return on capital | 6.4% | 5.2% | 5.1% | 6.8% | 7.0% | 8.6% |
| Shares (diluted) | 42.2M | 42.4M | 42.8M | 43.5M | 43.8M | 40.7M |
What growth costs
Cloud clients cost less to serve than software installed on their own servers, which lets Tyler raise research spending, to 8.8% of revenue in 2025 from 5.5%, while still keeping 15.3 cents of official operating profit per dollar. Share-based pay, about 6.5% of revenue, is a real cost that the company's preferred profit measure leaves out.
The evidence under this - 3 claims
The last report (29 Jul)
Quarter ended June 2026, filed figures.
Q3 2026 met every sign we set. Cloud revenue grew 21.2%, the 23rd quarter in a row above 20%, and transaction fees grew 9.5%, or 14.2% leaving out the ended Texas contract. Free cash flow was a record $277M.
The profit forecast for the year stayed at $12.95 to $13.20 a share, while the top of the revenue range came down $10M to $2.565B. Tyler bought back 8.5% of its shares this year, which lifts per-share profit.
What it did to the thesisIt supported the business half of the view: cloud growth and the forecast held. It settled nothing on the AI question or the price, so the view stays Neutral until the 2027 forecast shows cloud growth holding at its recent pace.
The quarter in detail
Sales growth from the previous quarter, filed figures.
Earnings per share $3.08 against $3.05 expected; $2.23 as filed, the gap being what the company adds back.
The evidence under this - 4 claims
- The 14.2% figure excluding Texas is the company's own adjustment in the release's quote from its finance chief; the filed transaction growth is 9.5%.
- Tyler bought back 1,148,389 shares for about $379M in the quarter, so per-share growth of 10.0% leans partly on a shrinking share count.
- Q2 transaction fees grew 3.5% reported (C04), and the ex-Texas figure is the CFO's on the call, not a filed number.
- The raised EPS guide partly reflects buybacks: February assumed 44.0M diluted shares and Q2 had 41.85M (C34).
- 2026-10-28editedthe October release held EPS and free cash flow guidance and trimmed the top of the revenue range by $10M
What management did with the money
Tyler has turned to buying back its own shares: about $755M in H1 2026, cutting the share count about 5% in a year, with $1.4B more approved. It paid cash for small companies, including one that records courtroom audio. Part of the money came from a $1.44B low-interest bond that turns into shares above $405.94.
Insiders in 2026Q3: 3 purchases and 4 sales, from their Form 4 filings.
The evidence under this - 3 claims
- 2026-10-28editedthe Q3 release gives the balance sheet at 30 September 2026
The price, and where we disagree
In short. Fair. The price pays for management's plan to 2030 working, once share-based pay is counted as the cost it is, and little beyond it.
The shares are 37% below their high of the past year. The whole fall came from investors paying less for each dollar of sales; sales per share rose 13.6%. It happened twice on the same worry: in February, after AI was raised on the results call, and in June, after Tyler raised its 2030 targets.
On 28 October Tyler reported Q3 2026: cloud growth of 21.2% and the year's forecast held, which says the business is unaffected so far. The next check is the 2027 forecast in February.
The evidence under this - 5 claims
- The 14.2% figure excluding Texas is the company's own adjustment in the release's quote from its finance chief; the filed transaction growth is 9.5%.
- Tyler bought back 1,148,389 shares for about $379M in the quarter, so per-share growth of 10.0% leans partly on a shrinking share count.
How we read the multiple
On profit before share-based pay, the measure Tyler and analysts use, a buyer pays about 25 times this year's expected profit. Counting share pay as a cost, about 31 times.
- A common rule of thumb: a mature software company settles near 20 times profit.
- At 20 times, today's price needs about $16.48 a share of profit after share pay by 2031.
- From about $10.55 this year, that is about 9.3% a year.
- Management's 2030 plan, recurring revenue up 10% to 12% a year with wider margins, would deliver about that.
Against its own history. Investors pay far less than the company's own normal, which says they now doubt the growth will last, not that the business has shrunk.
The evidence under this - 4 claims
- Management and analysts price Tyler on non-GAAP EPS, so the 31 figure is stricter than the market's own frame.
- The tax effect on share pay is estimated from the blended reconciliation, not stated line by line.
- Buybacks shrink the share count, so per-share earnings can grow faster than profit (C34).
- A software business with 87% recurring revenue has often traded above 20 times, so a lower end multiple may be harsh.
- 2025 revenue was $2.33B (C03), so the plan needs about 9% a year to 2030 with no slip.
- The 2023 Investor Day total revenue target of $3.6B to $3.8B was narrowed to $3.6B to $3.7B at the top end.
Priced against its rivals
None of the listed rivals above sells the same thing to the same buyers as a large part of what it does. A price comparison needs at least two, so the price is judged against its own history instead.
Private or foreign rivals that cannot be priced: Infor, CentralSquare Technologies, Constellation Software, Inc.
Where we disagree with the market
A strong government software franchise that AI may hollow out, so it deserves a much lower price than before.
The AI threat is real but so far reaches only simpler products; the core is holding, and the price reflects the plan, no more.
The evidence so far: AI rivals win permits and police reports, while cloud revenue in the core still grows over 20% and clients leave at about 2% a year.
The evidence against us: a start-up says most of its sales replace older systems within three months. If that speed reaches court and finance systems, the 2% would not hold, and today's price would be too high.
What analysts say, and the evidence
The evidence under this - 6 claims
130 clients against more than 91,000 local governments (C14) is small, and it does not name which legacy vendors it replaces.
- An absence found in a search is not proof of no losses; Tyler does not disclose lost deals.
- Coverage says governments may build tools themselves with AI (C35), which no search can count.
- The 2% is Tyler's own count; no outside body measures its client turnover.
- Two state contracts needed $10.7M of loss reserves in 2025 (C25), so not every relationship goes well.
- GovWell says 80% of its sales replace legacy vendors in a median three months (C29), so in permitting the cost of switching looks lower than this reading implies.
- Maintenance revenue is falling 4% to 6% a year (C03, C04); some of that is clients leaving rather than moving to Tyler's cloud, and the split is not disclosed.
What could go wrong, and how we would know
The risks
- AI rivals move up. If AI-built systems start replacing court, tax or finance software, clients would leave faster than 2% a year and cloud moves could become open tenders.
- Cloud moves slow. The 2030 plan needs most older clients to move to the cloud by choice; tight budgets or reluctance could push that past 2030.
- Projects go wrong. Installing government systems is hard: two state contracts needed $10.7M of loss provisions in 2025.
- Share pay is a cost. Share-based pay is about 6.5% of revenue, and the profit measure the company and analysts use leaves it out.
- One kind of customer. Every buyer is a US government bound by public tenders and budgets, so a broad squeeze on local budgets would slow new sales.
The evidence under this - 5 claims
- An absence found in a search is not proof of no losses; Tyler does not disclose lost deals.
- Coverage says governments may build tools themselves with AI (C35), which no search can count.
- The 10-Q credits SaaS growth to new clients and expansions as well as conversions, so moves are not the only source (C04).
- Management plans 'disincentives' for clients who stay on-premises, which is pressure on clients rather than proof of demand (C43).
- The 2% is Tyler's own count; no outside body measures its client turnover.
- Two state contracts needed $10.7M of loss reserves in 2025 (C25), so not every relationship goes well.
What we still do not know
- How many clients leaving Tyler's older software go to rivals rather than to its cloud; Tyler reports how many it keeps, not where leavers go.
- How much revenue e-filing brings; Tyler names it as a driver of fee growth but never gives the figure.
- How much AI products will add; management says they are still a very small part of new contracts.
The evidence under this - 3 claims
- The Gartner series is quoted by Tyler and was not read directly; Gartner's report is paid.
- Retention of 98% is the company's own measure, not checked by anyone outside.
No AI revenue figure is disclosed, so the claim cannot be checked until it is.
What would change our view
- Neutral→AttractiveA price that pays for less than the plan
It needs:
- ○The shares fall to 17 times next year's expected profit per share, from about 21.5 today.about $285.36 today, 13% below the last close
- Neutral→AttractiveCloud moves outrun the rivals
It needs all of:
- ○Tyler reports 45% or more of its older on-premises clients moved to its cloud, up from 30%.checked at the next results
- ○Tyler's 2027 forecast calls for cloud revenue to grow 20% or more.watched as it happens
- Neutral→UnattractiveThe AI threat reaches the core
It needs any of:
- ○Cloud revenue growth falls below 18% in a quarter.checked at the next results
- ○Tyler loses a statewide court or e-filing system to another company.watched as it happens
We would also be wrong if
- Tyler reports keeping fewer than 97% of its clients a year.
- Tyler's 2027 forecast puts free cash flow below 26% of revenue.
What is coming
- 28 October 2026 Q3 2026 results: Whether SaaS growth stays above 20%, transactions excluding Texas near 10%, and 2026 guidance holds.
Every dated event ahead
- 28 October 2026 Q3 2026 results: Whether SaaS growth stays above 20%, transactions excluding Texas near 10%, and 2026 guidance holds.
- 17 February 2027 Q4 2026 results and 2027 guidance: Next year's SaaS growth, margin and EPS against the $15.34 consensus, and how many clients moved to the cloud.
- 31 December 2027 First cloud-version pilots: Whether one-version cloud pilots run as planned and AI products start adding revenue.
Since we wrote this
- 28 OctEarningsCloud revenue grew 21.2% and the profit guide heldThe quarter met every sign of the test; the 2027 guide and the price decide the next step.
- 10 OctThesis writtenNeutral, medium convictionA sticky government software franchise still growing its cloud business, at a price that already pays for its 2030 plan after a fall driven by AI fears.
Also checked 1 time with nothing new to act on.
Sources 21
Sources - 21
Every claim above cites one of these, or states the reasoning that derived it. The quote is frozen at the date it was read: a link can rot, and an agent fetch returns a reading of a page rather than the page. Backs counts the whole claim ledger, so it can name a claim this page does not surface.
- S01primarycompany filing2026-02-18products, customers, client turnover, recurring revenue, competitors, transaction-fee drivers, loss reserves, acquisitions, risk factors and remaining performance obligationsbacksC01C02C03C08C11C13C18C25C26C34C36C41C42
- S02primarycompany filing2026-02-112025 revenue by type, GAAP and non-GAAP earnings, free cash flow and the 2026 guidance with its GAAP reconciliationbacksC03C05C06C08C23C24C36C47
- S03primarycompany filing2026-07-29Q2 2026 revenue by type, earnings, free cash flow, share pay and the raised 2026 guidancebacksC04C06C09C23C42
- S04primarycompany filing2026-07-29segment results, the state payments contract wind-down, balance sheet, convertible notes, buybacks, acquisitions and deferred revenuebacksC01C04C05C07C11C17C20C34C36C37C41C44
- S05primarytranscript2026-07-30Second quarter 2026 earnings call transcript (FMP), held 2026-07-30data/cache/transcripts/TYL-2026Q2.jsontransaction growth excluding Texas, AI revenue timing, court market position, version consolidation and buyback priority
The direct sort of AI stuff that we've talked about is still a real small percentage of the total ACV.
backsC06C30C31C32C33C43 - S06primarytranscript2026-02-12Fourth quarter 2025 earnings call transcript (FMP), held 2026-02-12data/cache/transcripts/TYL-2025Q4.jsonthe analyst question on AI disruption and management's answer on barriers to entry
Lynn, given the state of investor concerns on AI disruption to software these days, it would be great if you could talk about your barriers to entry
backsC45 - S07primarycompany filing2026-03-23officers and their tenure, share ownership, and the bonus and performance-share designbacksC38C39
- S08primarycompany release2026-06-092030 targets, the flip programme and its 1.7x uplift, gross retention, installed base and the Gartner spending series it quotes
Converting Maintenance to SaaS Increases Recurring Revenue by ~1.7x
backsC15C16C17C18C24C42C47 - S09primarygovernment data2024-05-17eFileTexas status update to the Texas Judicial Committee on Information Technology, May 17, 2024 Texas Judicial Committee on Information Technology (meeting materials of the state e-filing programme)daily filings and fees on the Texas state e-filing portal, its share of the state's filing volume, and that Tyler powers it
Avg ~46K filings and ~$1.3M fees processed daily
backsC10C13C18 - S10primarygovernment data2025-12-01the count of US local governments by type in 2025
In 2025, the total number of local governments increased to 91,438.
backsC14 - S11primaryindustry data2026-10-10National Center for State Courts: court data and caseload statistics National Center for State Courtstotal state court filings in 2024 and their change since 2012
70M 2024 state court filings 4% change from 2023 -27% change from 2012
backsC12C13 - S12primaryother2026-05-14Insight Partners: GovWell raises $25M Series A Insight Partners (GovWell's lead investor)GovWell's client count, replacement share and sales cycle
Eighty percent of sales are direct replacements of legacy vendors, with a median sales cycle of just three months.
backsC29C30 - S13primarycompany filing2026-02-24Axon Enterprise Form 10-K for 2025 Axon Enterprise, Inc.Axon's records and AI report-writing products sold to policebacksC28C30
- S14primarycompany filing2025-12-29Daily Journal Corporation Form 10-K for the year ended September 30, 2025 Daily Journal CorporationJournal Technologies' court case management and e-filing businessbacksC27
- S15secondarynews2026-07-05a statement of the market's AI worry about Tyler
the market is worried that large language models will allow government agencies to build custom tools that can do what its products do, or adopt cheaper alternatives.
backsC35 - S16secondaryvendor data2026-10-10Research pack frozen beside this thesis, 2026-10-10content/TYL/research-pack.jsonthe 9 October close, the 252-day return and its decomposition, estimates, the rating split and its history, price-target drift, insider statistics and FINRA short interestbacksC19C20C21C22C23C24C40C45
- S17secondaryvendor data2026-10-10daily closes around each results date and the 2026 lowbacksC45C46
- S18primarycompany filing2026-10-02each open-market insider sale and purchase and whether it was under a 10b5-1 planbacksC40
- S19primarycompany filing2026-09-15the remaining buyback authorisation and the 10b5-1 repurchase planbacksC34
- S20primarycompany filing2026-02-24Paymentus Holdings Form 10-K for 2025 Paymentus Holdings, Inc.Paymentus's bill-payment platform and the industries it serves, government among thembacksC48
- S21primarycompany filing2026-10-28third-quarter revenue by line, SaaS and transaction growth including the figure excluding the Texas contract, the 2026 guidance, the balance sheet at 30 September and the repurchasesbacksC06C37C44C49