TYL
Tyler Technologies, Inc.
stock NYSE

**TDG (TransDigm):** Pricing power through a near-monopoly on proprietary, sole-source aerospace aftermarket parts.**GE (GE Aerospace):** Massive installed base of engines generating 30+ years of high-margin service and spare parts revenue**. RTX (RTX Corp):** Sole-source defense contracts and a massive installed base of commercial jet engines via Pratt & Whitney. **HII (Huntington Ingalls):** Only shipyard in the U.S. capable of building and refueling nuclear-powered aircraft carriers.**BWXT (BWX Technologies):** Sole-source supplier of nuclear reactors for the U.S. Navy with extreme regulatory barriers.**CRS (Carpenter Technology):** High technical barriers in specialized, high-performance alloys for aerospace and medical use.**WAB (Wabtec):** High switching costs for rail electronics and a dominant share of the locomotive service aftermarket.**ASML (ASML):** Absolute monopoly on EUV lithography machines essential for manufacturing advanced semiconductor chips.**TSM (TSMC):** Unrivaled scale and process technology leadership, making it the world's indispensable foundry.**KLAC (KLA Corp):** Technical domination of the semiconductor metrology and process control market.**LRCX (Lam Research):** Technical leadership in wafer etch and deposition equipment with a high-margin service base.**AVGO (Broadcom):** Deep engineering IP in high-end connectivity chips with high customer integration and lock-in.**CDNS (Cadence Design Systems):** High switching costs in EDA software that is deeply integrated into chip designer workflows.**SNPS (Synopsys):** Indispensable "operating system" for chip design with high barriers to replacement.**TYL (Tyler Technologies):** High switching costs in niche ERP software for local governments that rarely switch providers.**LIN (Linde):** Geographic density and long-term "take-or-pay" contracts for essential industrial gases.**APD (Air Products):** Massive capital intensity and on-site gas supply contracts creating multi-decade customer relationships.**WM (Waste Management):** Unbeatable efficient scale via the largest network of landfills and collection routes in North America.**RSG (Republic Services):** Asset scarcity and efficient scale driven by a vast network of hard-to-permit landfills.**VMC (Vulcan Materials):** Geographic moat created by high transportation costs for heavy aggregates relative to product value.**MLM (Martin Marietta):** Pricing power from ownership of heavy aggregate quarries located in high-growth regions.**WEC (WEC Energy):** Pure-play regulated utility monopoly with guaranteed returns on essential infrastructure.**EVRG (Evergy):** Regulated electric utility monopoly with a captive customer base and high entry barriers.**MDU (MDU Resources):** Efficient scale through regulated utility operations and geographic advantages in construction materials.**SPGI (S&P Global):** Dominant brand in credit ratings and financial data that forms the backbone of global capital markets.**MCO (Moody’s):** Regulatory-driven duopoly and "gold standard" brand in global credit ratings.**MSCI (MSCI):** Branding and network effect of benchmark indices that are the global standard for asset managers.**ICE (Intercontinental Exchange):** Powerful network effects in futures trading and proprietary data for mortgage processing.**CME (CME Group):** Deep liquidity network effects in global interest rate, equity, and commodity futures.**BR (Broadridge):** Essential financial infrastructure with a near-monopoly on U.S. proxy voting processing.**VRSK (Verisk):** Exclusive access to vast industry-wide insurance claims data essential for underwriting.**MSI (Motorola Solutions):** High switching costs and mission-critical reliability in public safety radio networks.**IDXX (Idexx Labs):** Massive installed base of diagnostic equipment in vet clinics with high-margin recurring test revenue.**WAT (Waters Corp):** High switching costs in life sciences through specialized chromatography and mass spec instruments.**CPRT (Copart):** Powerful two-sided network effect as the dominant global marketplace for salvaged vehicles.**SBAC/AMT:** Mission-critical tower infrastructure with high tenant switching costs and limited zoning.

**TDG (TransDigm):** Pricing power through a near-monopoly on proprietary, sole-source aerospace aftermarket parts.**GE (GE Aerospace):** Massive installed base of engines generating 30+ years of high-margin service and spare parts revenue**. RTX (RTX Corp):** Sole-source defense contracts and a massive installed base of commercial jet engines via Pratt & Whitney. **HII (Huntington Ingalls):** Only shipyard in the U.S. capable of building and refueling nuclear-powered aircraft carriers.**BWXT (BWX Technologies):** Sole-source supplier of nuclear reactors for the U.S. Navy with extreme regulatory barriers.**CRS (Carpenter Technology):** High technical barriers in specialized, high-performance alloys for aerospace and medical use.**WAB (Wabtec):** High switching costs for rail electronics and a dominant share of the locomotive service aftermarket.**ASML (ASML):** Absolute monopoly on EUV lithography machines essential for manufacturing advanced semiconductor chips.**TSM (TSMC):** Unrivaled scale and process technology leadership, making it the world's indispensable foundry.**KLAC (KLA Corp):** Technical domination of the semiconductor metrology and process control market.**LRCX (Lam Research):** Technical leadership in wafer etch and deposition equipment with a high-margin service base.**AVGO (Broadcom):** Deep engineering IP in high-end connectivity chips with high customer integration and lock-in.**CDNS (Cadence Design Systems):** High switching costs in EDA software that is deeply integrated into chip designer workflows.**SNPS (Synopsys):** Indispensable "operating system" for chip design with high barriers to replacement.**TYL (Tyler Technologies):** High switching costs in niche ERP software for local governments that rarely switch providers.**LIN (Linde):** Geographic density and long-term "take-or-pay" contracts for essential industrial gases.**APD (Air Products):** Massive capital intensity and on-site gas supply contracts creating multi-decade customer relationships.**WM (Waste Management):** Unbeatable efficient scale via the largest network of landfills and collection routes in North America.**RSG (Republic Services):** Asset scarcity and efficient scale driven by a vast network of hard-to-permit landfills.**VMC (Vulcan Materials):** Geographic moat created by high transportation costs for heavy aggregates relative to product value.**MLM (Martin Marietta):** Pricing power from ownership of heavy aggregate quarries located in high-growth regions.**WEC (WEC Energy):** Pure-play regulated utility monopoly with guaranteed returns on essential infrastructure.**EVRG (Evergy):** Regulated electric utility monopoly with a captive customer base and high entry barriers.**MDU (MDU Resources):** Efficient scale through regulated utility operations and geographic advantages in construction materials.**SPGI (S&P Global):** Dominant brand in credit ratings and financial data that forms the backbone of global capital markets.**MCO (Moody’s):** Regulatory-driven duopoly and "gold standard" brand in global credit ratings.**MSCI (MSCI):** Branding and network effect of benchmark indices that are the global standard for asset managers.**ICE (Intercontinental Exchange):** Powerful network effects in futures trading and proprietary data for mortgage processing.**CME (CME Group):** Deep liquidity network effects in global interest rate, equity, and commodity futures.**BR (Broadridge):** Essential financial infrastructure with a near-monopoly on U.S. proxy voting processing.**VRSK (Verisk):** Exclusive access to vast industry-wide insurance claims data essential for underwriting.**MSI (Motorola Solutions):** High switching costs and mission-critical reliability in public safety radio networks.**IDXX (Idexx Labs):** Massive installed base of diagnostic equipment in vet clinics with high-margin recurring test revenue.**WAT (Waters Corp):** High switching costs in life sciences through specialized chromatography and mass spec instruments.**CPRT (Copart):** Powerful two-sided network effect as the dominant global marketplace for salvaged vehicles.**SBAC/AMT:** Mission-critical tower infrastructure with high tenant switching costs and limited zoning.