Tyler Technologies Inc

TYL: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$422.00	Vxfbx	Kxlpyqhn

Tyler’s Switching Costs Are Unaffected by Move to Cloud

Dan Romanoff

Feb 16, 2024

Business Strategy and Outlook

We view Tyler Technologies as the clear leader in a sleepy and underserved public service software niche market. We believe there is a decadelong runway for normalized top-line growth near 10% at Tyler, especially as demand for SaaS accelerates and the need to modernize local governments’ legacy enterprise resource planning systems intensifies.

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