TYLER TECHNOLOGIES INC (TYL)

Services-Prepackaged Software

Latest Price

$359.54

TTM P/E

44.65

Normalized P/E

61.35

Div Yield

Book Value

73.07

P/B Ratio

4.92

Valuation metrics

EPS: $7.20

Book value / share: $84.52

Formula: √(22.5 × EPS × BVPS)

Graham Number

$117.01

67% downside

Norm. op. income: $214M (median of 7yr)

Tax rate: 15%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$53.09

85% downside

Base FCF: $360M (median of recent 5yr)

Growth: 6%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$160.97

55% downside

EPS: $7.20

Target P/E: 66×

Formula: EPS × P/E

P/E Fair Value

$475.20

+32% upside

88.5% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	3.86M	$1.13B	8.02%	-477.6K	2026-06-30
VANGUARD CAPITAL MANAGEMENT LLC	2.76M	$806.0M	5.72%	-34.0K	2026-06-30
NORGES BANK	2.67M	$781.0M	5.55%	+643.4K	2026-06-30
VANGUARD PORTFOLIO MANAGEMENT LLC	2.12M	$618.0M	4.39%	-291.5K	2026-06-30
STATE STREET CORP	2.04M	$596.0M	4.24%	+104.5K	2026-06-30
PRINCIPAL FINANCIAL GROUP INC	2.03M	$592.0M	4.21%	+281.4K	2026-06-30
T. Rowe Price Investment Management, Inc.	1.84M	$537.0M	3.82%	-222.0K	2026-06-30
MORGAN STANLEY	1.60M	$469.0M	3.33%	-333.1K	2026-06-30
GEODE CAPITAL MANAGEMENT, LLC	1.21M	$353.0M	2.51%	-63.3K	2026-06-30
Invesco Ltd.	1.05M	$306.0M	2.17%	+190.1K	2026-06-30