Tyler Technologies, Inc.

“Tyler Technologies is a mission-critical, near-unassailable SaaS platform for U.S. local governments with a multi-layered moat, 108%+ NRR, a decade-plus reinvestment runway, and genuinely low risk of permanent capital impairment. After a 50% de-rating from peak, the valuation has moved from bubble territory to fair — 22.5x forward earnings and a ~4.5% FCF yield offer ~7-9% annualized base-case returns with meaningful upside if margins expand as guided. The thesis is high-conviction; the entry price is merely adequate. A further pullback to sub-$295 would make this a compelling BUY; at current levels, a small initial position is defensible but loading the truck is not warranted.”