Estados financieros detallados de Tyler Technologies, Inc. (TYL): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Tyler Technologies, Inc. registró ingresos de $2.33B en el último ejercicio fiscal, con un CAGR de 5 años del 15.9%. El beneficio neto alcanzó $315.6M, con un CAGR a 5 años del 10.1%.
Márgenes de los últimos 12 meses: margen bruto 46.6%, margen operativo 15.1%, margen neto 13.4%. El flujo de caja libre creció a un CAGR del 14.3% en 5 años.
Al precio actual de $346.44, TYL cotiza a un P/E de 45.40 y un ROE del 9.34%. La capitalización bursátil es de $14.2B, lo que la sitúa entre las empresas large-cap.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $756.0M | $840.7M | $935.3M | $1.09B | $1.12B | $1.59B | $1.85B | $1.95B | $2.14B | $2.33B |
| Coste de Ventas | $414.4M | $454.9M | $511.9M | $591.0M | $595.8M | $927.5M | $1.13B | $1.17B | $1.26B | $1.31B |
| Beneficio Bruto | $341.6M | $386.0M | $423.4M | $495.5M | $520.9M | $664.8M | $722.5M | $786.5M | $876.1M | $1.03B |
| I+D | $43.2M | $47.3M | $63.3M | $81.3M | $88.4M | $93.5M | $105.2M | $109.6M | $117.9M | $204.6M |
| Generales y Administrativos | $167.2M | $175.9M | $207.6M | $257.7M | $259.6M | $365.5M | $401.1M | $458.3M | $458.7M | $465.0M |
| Gastos Operativos | $210.3M | $223.2M | $270.9M | $339.1M | $347.9M | $459.0M | $506.3M | $567.9M | $576.6M | $669.6M |
| Beneficio Operativo | $131.3M | $162.8M | $152.5M | $156.4M | $172.9M | $205.8M | $216.2M | $218.5M | $299.5M | $357.7M |
| EBITDA | $181.6M | $216.8M | $216.7M | $236.5M | $256.7M | $328.1M | $388.0M | $392.6M | $466.5M | $543.2M |
| Gastos por Intereses | $2.0M | 0 | 0 | 0 | 0 | $23.3M | $28.4M | $23.6M | $5.9M | $5.0M |
| Beneficio Antes de Impuestos | $129.3M | $161.6M | $155.9M | $159.8M | $175.0M | $159.0M | $187.6M | $198.2M | $308.2M | $390.3M |
| Impuestos | $19.4M | -$2.3M | $8.4M | $13.3M | -$19.8M | -$2.5M | $23.4M | $32.3M | $45.1M | $74.7M |
| Beneficio Neto | $109.9M | $163.9M | $147.5M | $146.5M | $194.8M | $161.5M | $164.2M | $165.9M | $263.0M | $315.6M |
| BPA | $3.12 | $4.55 | $3.84 | $3.79 | $4.87 | $3.95 | $3.95 | $3.95 | $6.17 | $7.32 |
| BPA Diluido | $2.92 | $4.32 | $3.68 | $3.65 | $4.69 | $3.82 | $3.87 | $3.88 | $6.05 | $7.20 |
| Acciones en Circulación (Diluidas) | $39.0M | $39.2M | $40.1M | $40.1M | $41.5M | $42.2M | $42.4M | $42.8M | $43.5M | $43.8M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $595.9M | $575.2M | $613.5M | $645.1M |
| Beneficio Bruto | $281.5M | $247.7M | $296.4M | $307.1M |
| Beneficio Operativo | $97.9M | $75.0M | $99.8M | $95.1M |
| EBITDA | $138.9M | $123.0M | $120.9M | $94.9M |
| Beneficio Neto | $84.4M | $65.5M | $81.2M | $93.5M |
| BPA | $1.96 | $1.52 | $1.90 | $2.25 |
| BPA Diluido | $1.93 | $1.50 | $1.88 | $2.23 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $36.2M | $185.9M | $134.3M | $232.7M | $603.6M | $309.2M | $173.9M | $165.5M | $744.7M | $1.02B |
| Inversiones a Corto | $20.3M | $43.2M | $44.3M | $39.4M | $72.2M | $52.3M | $37.0M | $10.4M | $23.3M | $81.8M |
| Cuentas por Cobrar | $203.2M | $257.5M | $303.6M | $380.6M | $403.9M | $539.2M | $577.3M | $619.7M | $599.6M | $662.5M |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $283.0M | $496.8M | $518.9M | $679.7M | $1.11B | $964.3M | $847.2M | $860.6M | $1.44B | $1.84B |
| Inmovilizado Material | $124.3M | $152.3M | $155.2M | $190.9M | $186.7M | $220.9M | $223.8M | $208.8M | $195.2M | $196.0M |
| Fondo de Comercio | $650.2M | $658.0M | $753.7M | $840.1M | $838.4M | $2.36B | $2.49B | $2.53B | $2.53B | $2.59B |
| Activos Intangibles | $267.3M | $229.6M | $276.9M | $378.9M | $331.2M | $1.08B | $1.05B | $996.0M | $908.1M | $848.8M |
| Activos Totales | $1.36B | $1.59B | $1.79B | $2.19B | $2.61B | $4.73B | $4.69B | $4.68B | $5.18B | $5.64B |
| Cuentas por Pagar | $7.3M | $8.2M | $6.9M | $15.0M | $14.0M | $120.0M | $104.8M | $146.3M | $156.8M | $365.3M |
| Deuda a Corto | 0 | 0 | 0 | 0 | 0 | $30.0M | $30.0M | $49.8M | $9.6M | $609.3M |
| Pasivos Corrientes | $361.5M | $382.3M | $423.9M | $509.1M | $564.3M | $829.5M | $889.7M | $1.00B | $1.07B | $1.76B |
| Deuda a Largo | $10.0M | 0 | 0 | 0 | 0 | $1.31B | $957.4M | $596.2M | $597.9M | $33.3M |
| Pasivos Totales | $442.4M | $422.5M | $466.1M | $574.6M | $621.2M | $2.41B | $2.06B | $1.74B | $1.79B | $1.94B |
| Reservas | $435.9M | $624.5M | $771.9M | $917.3M | $1.11B | $1.27B | $1.44B | $1.60B | $1.87B | $2.18B |
| Patrimonio Neto | $915.5M | $1.17B | $1.32B | $1.62B | $1.99B | $2.32B | $2.62B | $2.94B | $3.39B | $3.70B |
| Deuda Total | $10.0M | 0 | 0 | $23.2M | $22.2M | $1.39B | $1.05B | $696.9M | $638.4M | $676.0M |
| Deuda Neta | -$46.4M | -$229.1M | -$178.6M | -$248.9M | -$653.6M | $1.03B | $835.3M | $521.0M | -$129.6M | -$421.2M |
| Capital Circulante | -$78.5M | $114.5M | $95.0M | $170.6M | $548.8M | $134.8M | -$42.5M | -$140.6M | $375.2M | $88.4M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $834.1M | $1.02B | $316.0M | $895.4M |
| Activos Totales | $5.46B | $5.64B | $4.80B | $5.81B |
| Pasivos Totales | $1.85B | $1.94B | $1.24B | $2.78B |
| Patrimonio Neto | $3.60B | $3.70B | $3.56B | $3.04B |
| Deuda Total | $643.4M | $676.0M | $48.0M | $1.46B |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | $109.9M | $163.9M | $147.5M | $146.5M | $194.8M | $161.5M | $164.2M | $165.9M | $263.0M | $315.6M |
| Amortizaciones | $50.3M | $53.9M | $61.8M | $76.7M | $81.7M | $135.6M | $159.1M | $170.8M | $152.4M | $147.9M |
| Compensación en Acciones | $29.7M | $37.3M | $52.7M | $60.0M | $67.4M | $104.7M | $103.0M | $108.3M | $122.8M | $151.3M |
| Cambio en Capital Circulante | $26.4M | -$33.7M | -$9.0M | -$33.3M | $9.9M | -$29.8M | $26.6M | $411000 | $122.4M | -$19.8M |
| Flujo de Caja Operativo | $191.9M | $195.8M | $250.2M | $254.7M | $355.1M | $371.8M | $381.5M | $380.4M | $624.6M | $653.5M |
| Inversiones (CapEx) | -$37.7M | -$43.1M | -$27.4M | -$42.0M | -$28.5M | -$55.6M | -$50.2M | -$53.0M | -$20.5M | -$16.0M |
| Adquisiciones | -$9.4M | -$11.3M | -$178.1M | -$218.7M | -$1.3M | -$2.09B | -$163.9M | -$62.8M | -$1.4M | -$83.7M |
| Recompra de Acciones | -$111.8M | -$7.5M | -$146.6M | -$17.8M | -$15.5M | -$13.0M | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | $154.1M | $152.7M | $222.8M | $212.7M | $326.6M | $316.1M | $331.3M | $327.4M | $604.1M | $637.5M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $255.2M | $243.9M | $107.3M | $124.4M |
| Inversiones (CapEx) | -$3.9M | -$4.3M | -$3.2M | -$5.1M |
| Flujo de Caja Libre | $251.3M | $239.6M | $104.0M | $119.4M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $36.7M | $38.6M | $37.2M | $43.7M |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +11.2% | +11.3% | +16.2% | +2.8% | +42.6% | +16.2% | +5.5% | +9.5% | +9.1% |
| Crecimiento Beneficio Neto (anual) | | +49.2% | -10.1% | -0.6% | +33.0% | -17.1% | +1.7% | +1.0% | +58.5% | +20.0% |
| Crecimiento BPA (anual) | | +45.8% | -15.6% | -1.3% | +28.5% | -18.9% | +0.0% | +0.0% | +56.2% | +18.6% |
| Cambio en Acciones (anual) | | +0.7% | +2.2% | -0.0% | +3.5% | +1.7% | +0.4% | +0.9% | +1.7% | +0.7% |
| Crecimiento FCF (anual) | | -0.9% | +45.9% | -4.5% | +53.6% | -3.2% | +4.8% | -1.2% | +84.5% | +5.5% |
| Margen Bruto | 45.2% | 45.9% | 45.3% | 45.6% | 46.6% | 41.8% | 39.0% | 40.3% | 41.0% | 44.0% |
| Margen Operativo | 17.4% | 19.4% | 16.3% | 14.4% | 15.5% | 12.9% | 11.7% | 11.2% | 14.0% | 15.3% |
| Margen EBITDA | 24.0% | 25.8% | 23.2% | 21.8% | 23.0% | 20.6% | 21.0% | 20.1% | 21.8% | 23.3% |
| Margen Neto | 14.5% | 19.5% | 15.8% | 13.5% | 17.4% | 10.1% | 8.9% | 8.5% | 12.3% | 13.5% |
| Margen FCF | 20.4% | 18.2% | 23.8% | 19.6% | 29.2% | 19.9% | 17.9% | 16.8% | 28.3% | 27.3% |
| Tasa Impositiva Efectiva | 15.0% | -1.4% | 5.4% | 8.3% | -11.3% | -1.6% | 12.4% | 16.3% | 14.6% | 19.1% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $3.96 | $3.89 | $5.55 | $5.30 | $7.87 | $7.48 | $7.81 | $7.66 | $13.89 | $14.55 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $36.4M | $37.3M | $38.4M | $38.6M | $40.0M | $40.8M | $41.5M | $42.0M | $42.6M | $43.1M |
Qué mirar en empresas de Technology
- Crecimiento de ingresos 3a (≥15%/año) — Valida tracción sostenida, no un año puntual.
- Margen bruto (Depende del sub-sector) — SaaS ≥70%, Internet ≥55%, Semis ≥45%, Hardware ≥35%.
- FCF / Ingresos (≥20%) — Caja real generada. Muchas tech maquillan beneficios non-GAAP.
- ROIC (≥15%) — Eficiencia del capital reinvertido — la primera métrica de Buffett.
- SBC / Ingresos (<10% saludable) — Stock-based compensation. Dilución silenciosa: >20% destruye valor.
- Deuda Neta / EBITDA (≤2x (1,5x SaaS)) — Resistencia en recesiones y subidas de tipos.
Rentabilidad
| Rentabilidad sobre capital | 9.34% |
| Rentabilidad sobre capital invertido | 6.11% |
| Rentabilidad sobre activos | 5.58% |
| Margen bruto | 46.62% |
| Margen operativo | 15.14% |
| Margen neto | 13.36% |
Salud financiera
| Deuda / Patrimonio | 0.48 |
| Ratio corriente | 1.55 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 7.25 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 45.76 | 38.91 | 48.39 | 79.16 | 89.63 | 136.19 | 81.62 | 105.85 | 93.46 | 62.02 |
| P/VC | 5.68 | 5.65 | 5.39 | 7.17 | 8.80 | 9.46 | 5.10 | 5.98 | 7.25 | 5.28 |
| P/V | 6.88 | 7.85 | 7.64 | 10.67 | 15.65 | 13.80 | 7.24 | 9.00 | 11.49 | 8.39 |
| Margen Bruto | 45.2% | 45.9% | 45.3% | 45.6% | 46.6% | 41.8% | 39.0% | 40.3% | 41.0% | 44.0% |
| Margen Operativo | 17.4% | 19.4% | 16.3% | 14.4% | 15.5% | 12.9% | 11.7% | 11.2% | 14.0% | 15.3% |
| Margen Neto | 14.5% | 19.5% | 15.8% | 13.5% | 17.4% | 10.1% | 8.9% | 8.5% | 12.3% | 13.5% |