Investor Day Highlights Cloud Living and Higher 2030 Financial Targets

Research evidence excerpt

Investor Day Highlights Cloud Living and Higher 2030 Financial Targets

June 10, 2026 Tyler Technologies, Inc.

(TYL, Buy, $420 PT)

Allan Verkhovski

Investor Day Highlights Cloud Living and Higher 2030 Financial Targets (415) 248-5407 averkhovski@btig.com

Nick DannewitzAPPLICATION WHAT YOU SHOULD KNOW: Investor Day reinforced that TYL is a much stronger (415) 248-2298 ndannewitz@btig.com

company than it was three years ago, operating in a durable and growing market Company Data

with demand supported by structural tailwinds and multiple long-term growth drivers

across SaaS, transactions, M&A, and AI. A major operational theme was continued Closing Price $308.92

cloud migration and platform consolidation, with management indicating that some Price Target $420.00

of the biggest benefits from version consolidation and single-version products should Market Cap (M) $13,328.97SOFTWARE begin to accelerate in 2027 and beyond. That should support greater cross-sell Enterprise Value (M) $12,983.00

and upsell opportunities while also driving better efficiency, especially with 30% of Shares Out (M) 43.15

TYL’s development and support costs still tied to non-current product versions. TYL Avg Daily Vol-3 Months (M) 0.61

also highlighted the cross-sell and retention upside embedded in its SaaS platform,

including an example where a customer’s ARR increased 142% after moving from RevisionsEQUITY on-premise to cloud and broadening product adoption. Nearly all 2030 financial Previous Current

targets were revised higher, highlighted by recurring revenue of $3.35B from $3.30B, Rating Buy Buy

operating margins in the mid-30s from 30+%, implying ~180bps of average annual Price Target $420.00 $420.00

expansion, and FCF of $1.15B from $1.0B, or a low-30s margin.