HUBS vs TYL: HubSpot and Tyler Technologies compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Tyler Technologies is the larger company, worth $14.7B, close to HubSpot's $13.6B.
- HubSpot grew revenue faster over the last year (+19.8% vs +8.2%).
- Tyler Technologies keeps more of each dollar of revenue as operating profit (15.1% vs 3.8%).
- On earnings, Tyler Technologies is the cheaper stock (49.3x vs 140.5x).
- Tyler Technologies's price assumes faster free cash flow growth: about 7% a year, against 7% for HubSpot (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | HUBS | TYL |
|---|---|---|
| Market cap | $13.6B | $14.7B |
| Share price | $228.30 | $329.55 |
| Revenue (last fiscal year) | $3.1B | $2.3B |
| Free cash flow (last fiscal year) | $577M | $621M |
| Revenue growth, last year | +19.8% | +8.2% |
| Revenue growth per year, last 5 fiscal years | +24.6% | +10.0% |
| Operating margin | 3.8% | 15.1% |
| Net margin | 4.3% | 13.4% |
| Return on equity | 8.9% | 10.7% |
| P/E (trailing) | 140.5x | 49.3x |
| Price / free cash flow | 19.2x | 23.0x |
| EV / EBITDA | 36.5x | 25.9x |
| FCF growth the price implies | 7.1% | 7.2% |
| Dividend yield | — | — |
| Debt / equity | 1.12x | 0.91x |
| Fundamental grade | C | C |
| Superinvestors holding it | 3 | 6 |
| Insider purchases, last 12 months | 2 | 8 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
HubSpot
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.3B | $177M | -4.2% |
| 2022 | $1.7B | $191M | -5.9% |
| 2023 | $2.2B | $251M | -9.3% |
| 2024 | $2.6B | $471M | -2.6% |
| 2025 | $3.1B | $577M | 0.24% |
Tyler Technologies
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.6B | $316M | 11.4% |
| 2022 | $1.9B | $331M | 11.6% |
| 2023 | $2.0B | $327M | 11.2% |
| 2024 | $2.1B | $575M | 14.0% |
| 2025 | $2.3B | $621M | 15.3% |
Where the revenue comes from
HubSpot · by products, 2025
Subscription$3.1B98%
Professional Services and Other$67M2%
Tyler Technologies · by segments, 2025
Enterprise Software$1.7B73%
Platform Technologies$629M27%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open HUBS in InvestinglyQuestions
Which is bigger, HubSpot or Tyler Technologies?
Tyler Technologies (TYL), at $14.7B against $13.6B.
Is HUBS or TYL cheaper?
By trailing P/E, Tyler Technologies (49.3x) is cheaper than HubSpot (140.5x). A lower multiple can also mean the market expects less growth.
Which grows faster, HUBS or TYL?
HubSpot: revenue grew +19.8% over the last year, against +8.2%.
More comparisons
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.