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.
Tyler is the runaway market leader seeking to upgrade a large and underserved local government and related public institution market that we believe is ripe for modernization.
Despite Tyler's recent success, its revenue growth has not been much better than the average software firm over the past few years.
|
Metric
|
TYL
|
MSFT
|
SAP
|
|---|---|---|---|
Price/Earnings (Normalized) | 50.85 | 36.99 | 32.59 |
Price/Book Value | 5.88 | 12.76 | 4.72 |
Price/Sales | 9.03 | 13.42 | 6.44 |
Price/Cash Flow | 45.33 | 29.24 | 44.35 |
|
Metric
|
TYL
|
MSFT
|
SAP
|
|---|---|---|---|
Quick Ratio | 0.85 | 1.02 | 1.12 |
Current Ratio | 0.94 | 1.22 | 1.25 |
Interest Coverage | 13.48 | 41.49 | 4.75 |
|
Metric
|
TYL
|
MSFT
|
SAP
|
|---|---|---|---|
Return on Assets (Normalized) | 6.03% | 19.91% | 11.27% |
Return on Equity (Normalized) | 9.77% | 39.57% | 18.79% |
Return on Invested Capital (Normalized) | 8.06% | 29.21% | 15.28% |
|
Ticker
|
Name
|
Morningstar Rating for Stocks
|
Capital Allocation
|
Economic Moat
|
Market Cap
|
|---|---|---|---|---|---|
CRM
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SAP
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NOW
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UBER
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SHOP
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CDNS
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WDAY
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ROP
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DASTY
| Dassault Systemes SE ADR | Cgzvflm | Nbfy | $54.7 Bil |
