Munger Mode rating: 4 out of 5 — Buy. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Warren here, with Charlie looking over my shoulder. Tyler Technologies sells the software that runs local government in America — the courts, the property tax rolls, the city payroll, the 911 dispatch, the state DMV portal. It is about as glamorous as a county clerk's office, which is precisely why we like it. For eighteen months the market has been selling this stock on the theory that artificial intelligence will let county governments write their own court-records software. We have spent our careers watching county governments, and we would gently suggest that anyone who believes this has never tried to get a building permit. The stock has fallen from $646.74 in February 2025 to $333.50 today — cut nearly in half — while the business grew revenues 9%, grew free cash flow to record levels, and converted its client base to the cloud on schedule.
Recent filings analysed: 10-Q (2026-07-29), 8-K (2026-07-29), 8-K (2026-06-12), 8-K (2026-05-29).
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