Discounted Cash Flow

Tyler Technologies Inc.

TYL · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $756.0m $109.9m $154.1m 14.5% $3.01
2017 $840.7m (11.2%) $163.9m (49.2%) $152.7m (-0.9%) 19.5% (34.2%) $4.40 (46.2%)
2018 $935.3m (11.3%) $147.5m (-10.1%) $222.8m (45.9%) 15.8% (-19.2%) $3.84 (-12.7%)
2019 $1.1b (16.2%) $146.5m (-0.6%) $217.5m (-2.4%) 13.5% (-14.5%) $3.79 (-1.3%)
2020 $1.1b (2.8%) $194.8m (33.0%) $332.4m (52.8%) 17.4% (29.4%) $4.87 (28.5%)
2021 $1.6b (42.6%) $161.5m (-17.1%) $337.8m (1.6%) 10.1% (-41.9%) $3.95 (-18.9%)
2022 $1.9b (16.2%) $164.2m (1.7%) $358.9m (6.2%) 8.9% (-12.5%) $3.95 (0.0%)
2023 $2.0b (5.5%) $165.9m (1.0%) $359.9m (0.3%) 8.5% (-4.2%) $3.95 (0.0%)
2024 $2.1b (9.5%) $263.0m (58.5%) $604.1m (67.8%) 12.3% (44.7%) $6.17 (56.2%)
2025 $2.3b (9.1%) $315.6m (20.0%) $637.5m (5.5%) 13.5% (10.0%) $7.32 (18.6%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model