olivLaw · US equity research
Roper Technologies, Inc. ROP
Industrial Instruments For Measurement, Display, and Control · SIC 3823 · Vertical: Industrial Instruments For Measurement, Display, and Control (SIC 3823)
Roper Technologies is a diversified technology company that designs vertical software and technology-enabled products for defensible niche markets, with revenue of 7902.5 million USD in fiscal 2025. As the company embeds AI into mission-critical customer workflows, organic growth remains a key focus, reaching 7% in the third quarter of 2026.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Roper Technologies, Inc. (ROP) stock was 492.22 USD (+3.94% on the day), with market capitalisation 48.7 bn USD, P/E 19.4 on diluted EPS of 25.34 USD over the last 12 months, dividend yield 0.74%, beta 0.44, 52-week range 315.53–492.22 USD. Latest reported quarter (Q3 2026): revenue of 2.2 bn USD (+7.6% YoY), net income of 484.7 m USD (+21.6% YoY), diluted EPS 4.88 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 82.8
- overbought (≥ 70)
- Bollinger (20, 2)
- 332.81 – 500.58
- in the upper half of the band · %B 0.95 · band width 40.3%
- SMA 50 / 200
- 396.43 / 365.92
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 27.21 / 18.83
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +35.5% | −1.1% | +36.6 pp | — |
| 3 months | +24.8% | −0.5% | +25.2 pp | — |
| 6 months | +40.5% | +4.4% | +36.1 pp | — |
| Year to date | +10.6% | +12.3% | −1.7 pp | — |
| 1 year | +9.6% | +13.5% | −4.0 pp | +27.8% |
| 3 years | −2.1% | +76.4% | −78.5 pp | +26.5% |
| 5 years | +1.6% | +63.7% | −62.0 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.9 bn | 1.9 bn | 1.9 bn | 2.0 bn | 2.1 bn | 2.1 bn | 2.1 bn | 2.2 bn |
| Cost of revenue | 594.8 m | 589.1 m | 598.2 m | 614.5 m | 628.7 m | 641.5 m | 638.7 m | 649.2 m |
| Gross profit | 1.3 bn | 1.3 bn | 1.3 bn | 1.4 bn | 1.4 bn | 1.5 bn | 1.5 bn | 1.5 bn |
| SG&A | 757.6 m | 767.9 m | 797.1 m | 830.0 m | 841.6 m | 884.2 m | 885.5 m | 899.4 m |
| Operating income | 524.7 m | 525.8 m | 548.3 m | 573.0 m | 588.3 m | 569.6 m | 584.7 m | 623.2 m |
| Interest expense | 70.8 m | 62.9 m | 79.1 m | 89.7 m | 93.3 m | 99.3 m | 111.4 m | 106.7 m |
| Pre-tax income | 590.8 m | 418.0 m | 485.3 m | 498.2 m | 534.6 m | 635.0 m | 1.3 bn | 572.1 m |
| Income tax | 128.5 m | 86.9 m | 107.0 m | 99.7 m | 106.2 m | 126.1 m | 139.5 m | 87.4 m |
| Net income | 462.3 m | 331.1 m | 378.3 m | 398.5 m | 428.4 m | 508.9 m | 1.2 bn | 484.7 m |
| Diluted EPS | 4.28 | 3.06 | 3.49 | 3.68 | 3.97 ≈ | 4.87 | 11.62 | 4.88 |
| Operating cash flow | 722.2 m | 528.7 m | 404.1 m ≈ | 869.5 m ≈ | 738.0 m | 592.1 m | 469.5 m ≈ | 820.6 m ≈ |
| Dividends paid | 80.8 m | 88.6 m | 88.6 m ≈ | 88.8 m ≈ | 89.0 m | 97.4 m | 94.0 m ≈ | 90.0 m ≈ |
| Share repurchases | — | 0 | 0 ≈ | 0 ≈ | 500.0 m | 1.5 bn | 1.2 bn ≈ | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 20 percentile of its own 44-quarter history (min 10.1, median 28.4, max 48.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 5.2 bn | 4.7 bn | 4.0 bn | 4.8 bn | 5.4 bn | 6.2 bn | 7.0 bn | 7.9 bn |
| Revenue YoY | +12.7% | −8.9% | −14.9% | +20.2% | +11.1% | +15.0% | +13.9% | +12.3% |
| Net income | 944.4 m | 1.8 bn | 949.7 m | 1.2 bn | 4.5 bn | 1.4 bn | 1.5 bn | 1.5 bn |
| Net income YoY | −2.8% | +87.2% | −46.3% | +21.4% | +294.3% | −69.5% | +11.9% | −0.8% |
| Diluted EPS | 9.05 | 16.82 | 8.98 | 10.82 | 42.55 | 12.89 | 14.35 | 14.20 |
| Diluted EPS YoY | −3.6% | +85.9% | −46.6% | +20.5% | +293.3% | −69.7% | +11.3% | −1.0% |
| net % | 18.2% | 37.4% | 23.6% | 23.8% | 84.6% | 22.4% | 22.0% | 19.4% |
| Free cash flow | 1.4 bn | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 297.4 m USD
- Financial debt
- 9.3 bn USD
- Net debt
- 9.0 bn USD
- Equity
- 19.9 bn USD
- Total assets
- 34.6 bn USD
- Debt / equity
- 0.47x
- Current ratio
- 0.52x
- ROE
- 7.9%
- ROA
- 4.7%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 4.0 bn | 4.8 bn | 5.4 bn | 6.2 bn | 7.0 bn | 7.9 bn | SEC (XBRL)· 24 Feb 2026verified |
| Cost of revenue | 1.2 bn | 1.4 bn | 1.6 bn | 1.9 bn | 2.2 bn | 2.4 bn | SEC (XBRL)· 24 Feb 2026verified |
| Gross profit | 2.8 bn | 3.4 bn | 3.8 bn | 4.3 bn | 4.9 bn | 5.5 bn | SEC (XBRL)· 24 Feb 2026verified |
| Research & development | 382.4 m | 484.8 m | 529.8 m | 646.1 m | 748.1 m | 852.5 m | SEC (XBRL)· 24 Feb 2026verified |
| SG&A | 1.7 bn | 2.1 bn | 2.2 bn | 2.6 bn | 2.9 bn | 3.2 bn | SEC (XBRL)· 24 Feb 2026verified |
| Operating income | 1.1 bn | 1.2 bn | 1.5 bn | 1.7 bn | 2.0 bn | 2.2 bn | SEC (XBRL)· 24 Feb 2026verified |
| Depreciation & amortisation | 491.6 m | 615.9 m | 650.1 m | 755.2 m | 812.8 m | 898.2 m | SEC (XBRL)· 24 Feb 2026verified |
| EBITDA | 1.6 bn ≈ | 1.9 bn ≈ | 2.2 bn ≈ | 2.5 bn ≈ | 2.8 bn ≈ | 3.1 bn ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Interest expense | 218.5 m | 233.9 m | 192.4 m | 164.7 m | 259.2 m | 325.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Pre-tax income | 861.3 m | 1.0 bn | 1.3 bn | 1.7 bn | 2.0 bn | 1.9 bn | SEC (XBRL)· 24 Feb 2026verified |
| Income tax | 187.5 m | 226.6 m | 296.4 m | 374.7 m | 417.9 m | 399.8 m | SEC (XBRL)· 24 Feb 2026verified |
| Net income | 949.7 m | 1.2 bn | 4.5 bn | 1.4 bn | 1.5 bn | 1.5 bn | SEC (XBRL)· 24 Feb 2026verified |
| Diluted EPS | 8.98 | 10.82 | 42.55 | 12.89 | 14.35 | 14.20 | SEC (XBRL)· 24 Feb 2026verified |
| Weighted average diluted shares | 105.7 m | 106.5 m | 106.8 m | 107.4 m | 108.0 m | 108.2 m | SEC (XBRL)· 24 Feb 2026verified |
| Dividend per share | 2.10 | 2.31 | 2.54 | 2.80 | 3.08 | 3.39 | SEC (XBRL)· 24 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 308.3 m | 351.5 m | 792.8 m | 214.3 m | 188.2 m | 297.4 m | SEC (XBRL)· 24 Feb 2026verified |
| Receivables | 745.7 m | 687.6 m | 724.5 m | 829.9 m | 885.1 m | 1.0 bn | SEC (XBRL)· 24 Feb 2026verified |
| Inventories | 165.1 m | 69.2 m | 111.3 m | 118.6 m | 120.8 m | 141.7 m | SEC (XBRL)· 24 Feb 2026verified |
| Current assets | 1.8 bn | 2.4 bn | 1.9 bn | 1.5 bn | 1.5 bn | 1.9 bn | SEC (XBRL)· 24 Feb 2026verified |
| Property, plant & equipment, net | 127.3 m | 82.7 m | 85.3 m | 119.6 m | 149.7 m | 156.9 m | SEC (XBRL)· 24 Feb 2026verified |
| Goodwill | 13.3 bn | 13.5 bn | 15.9 bn | 17.1 bn | 19.3 bn | 21.3 bn | SEC (XBRL)· 24 Feb 2026verified |
| Intangibles (excl. goodwill) | 7.2 bn | 6.5 bn | 8.0 bn | 8.2 bn | 9.1 bn | 9.8 bn | SEC (XBRL)· 24 Feb 2026verified |
| Total assets | 24.0 bn | 23.7 bn | 27.0 bn | 28.2 bn | 31.3 bn | 34.6 bn | SEC (XBRL)· 24 Feb 2026verified |
| Accounts payable | 177.8 m | — | — | — | — | — | SEC (XBRL)· 22 Feb 2021verified |
| Short-term debt | 499.4 m | 799.2 m | 699.2 m | 499.5 m | 1.0 bn | 705.2 m | SEC (XBRL)· 24 Feb 2026verified |
| Long-term debt | 9.1 bn | 7.1 bn | 6.0 bn | 5.8 bn | 6.6 bn | 8.6 bn | SEC (XBRL)· 24 Feb 2026verified |
| Current liabilities | 2.4 bn | 3.1 bn | 2.9 bn | 3.0 bn | 3.8 bn | 3.7 bn | SEC (XBRL)· 24 Feb 2026verified |
| Total liabilities | 13.5 bn | 12.2 bn | 10.9 bn | 10.7 bn | 12.5 bn | 14.7 bn | SEC (XBRL)· 24 Feb 2026verified |
| Equity | 10.5 bn † | 11.6 bn † | 16.0 bn † | 17.4 bn † | 18.9 bn † | 19.9 bn † | SEC (XBRL)· 24 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 1.5 bn | 2.0 bn | 734.6 m | 2.0 bn | 2.4 bn | 2.5 bn | SEC (XBRL)· 24 Feb 2026verified |
| Investing cash flow | -6.1 bn | -142.9 m | 1.2 bn | -2.1 bn | -3.5 bn | -3.4 bn | SEC (XBRL)· 24 Feb 2026verified |
| Financing cash flow | 4.1 bn | -1.8 bn | -1.5 bn | -499.5 m | 1.1 bn | 923.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Dividends paid | 214.1 m | 236.4 m | 262.3 m | 290.2 m | 321.9 m | 355.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Share repurchases | — | — | — | 0 | 0 | 500.0 m | SEC (XBRL)· 24 Feb 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 53 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 48.7 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet36
- Growth50
- Quality72
- Returns100
- Valuation44
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 388.89 – 973.79 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
- Peers: EV/EBITDA388.89 – 540.72 (Mid 468.39)4 companies used · median multiple 17.1x · quartiles 14.7x – 19.3xAME, FTV, MKSI, ST
- Peers: P/E824.64 – 973.79 (Mid 847.34)5 companies used · median multiple 33.4x · quartiles 32.5x – 38.4xAME, DHR, FTV, KEYS, MKSI
- Dividend discount (DDM)outside the aggregate44.55 – 59.91 (Mid 51.10)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 53/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 7.0% | 55 (vs peers) | 13% |
| Net margin · Quality | 30.7% | 100 (vs peers) | 8% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 13.7% | 100 (on a fixed band) | 10% |
| EPS CAGR 3Y · Growth | -30.6% | 0 (on a fixed band) | 10% |
| Net debt / EBITDA · Balance sheet | 2.9x | 32 (on a fixed band) | 13% |
| Interest coverage · Balance sheet | 5.8x | 66 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 0.4x | 0 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 19.4x | 88 (vs peers) | 13% |
| EV/EBITDA · Valuation | 17.8x | 0 (on a fixed band) | 13% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 7.4% | 100 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet36/100 · 3/3 factors with a value
- Growth50/100 · 2/2 factors with a value
- Quality72/100 · 2/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation44/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ROPER TECHNOLOGIES, INC. (ROP). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 7.9 bn USD in 2025; YoY growth 12.3%; net margin 30.7%; ROE 13.2%; net debt/EBITDA 2.9x.
The estimated value range is 606.77–757.25 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 657.87 USD, the price of 492.22 USD leaves a potential of 33.7% (value / price − 1) and a margin of safety of 25.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 53/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 30.7%
- Revenue CAGR 3Y: 13.7%
- P/E (TTM): 19.4x
- Shareholder yield (distributions): 7.4%
- The price is below the estimated value range
What contradicts it
- EPS CAGR 3Y: -30.6%
- Current ratio: 0.4x
- EV/EBITDA: 17.8x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, FCF yield, Payout ratio (FCF).
Versus the vertical median
Industrial Instruments For Measurement, Display, and Control (SIC 3823) · same industry (4-digit SIC) · compared with 15 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DHRDanaher Corporation | 165.3 bn | 38.4 | 8.3% | 16.9% | +2.9% | +4% / +5% |
| AMEAMETEK, Inc. | 54.4 bn | 33.4 | 14.7% | 19.9% | +6.6% | +20% / +53% |
| ROPRoper Technologies, Inc. | 48.7 bn | 19.4 | 13.2% | 30.7% | +12.3% | +10% / −2% |
| KEYSKeysight Technologies, Inc. | 48.7 bn | 39.2 | 20.6% | 19.1% | +8.0% | +44% / +110% |
| FTVFortive Corporation | 20.3 bn | 32.5 | 10.5% | 14.8% | +1.9% | +28% / +31% |
| MKSIMks Inc. | 13.2 bn | 31.1 | 15.9% | 10.1% | +9.6% | +25% / +136% |
| CGNXCognex Corp | 8.9 bn | 51.3 | 11.1% | 16.1% | +8.7% | +39% / +41% |
| RALRalliant Corporation | 7.9 bn | — | -51.8% | -52.1% | −4.0% | +45% / unavailable |
| STSensata Technologies Holding PLC | 6.0 bn | 16.5 | 12.7% | 9.5% | −5.8% | +28% / +26% |
| MLABMesa Laboratories Inc | 706.1 m | 148.1 | 2.7% | 1.9% | +3.4% | +57% / +48% |
| SENSSenseonics Holdings, Inc. | 476.9 m | — | -118.2% | -225.3% | +56.9% | +46% / −24% |
| HURCHurco Companies, Inc. | 137.6 m | — | -3.3% | -3.6% | −4.3% | +31% / +1% |
| SYPRSypris Solutions, Inc. | 29.2 m | — | -69.9% | -9.2% | −14.5% | −42% / −33% |
| CLIRClearsign Technologies Corporation | 16.5 m | — | -51.7% | -96.1% | +45.6% | −67% / −80% |
| FCUVFocus Universal Inc. | 2.2 m | — | -106.0% | -637.2% | −35.9% | −98% / −99% |
| POASPhaos Technology Holdings (Cayman) Limited | — | — | -363.8% | -4,662.3% | −19.3% | −98% / unavailable |
1- and 3-year price returns: for ROP from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 328.19 Total return -33% · Per year -33% | 577.86 Total return 18% · Per year 18% | 867.19 Total return 77% · Per year 77% |
| 3 years | 380.36 Total return -21% · Per year -7% | 747.45 Total return 55% · Per year 16% | 1,222.49 Total return 152% · Per year 36% |
| 5 years | 440.82 Total return -7% · Per year -1% | 966.82 Total return 102% · Per year 15% | 1,723.37 Total return 258% · Per year 29% |
- Exit P/E± 186.86
- Net margin± 130.80
- Annual revenue growth± 98.64
- Annual dilution± 10.99
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 22 Oct 2026; since then the company filed 10-Q (02 Nov 2026).
In brief
Roper Technologies is a diversified technology company that designs vertical software and technology-enabled products for defensible niche markets, with revenue of 7902.5 million USD in fiscal 2025. As the company embeds AI into mission-critical customer workflows, organic growth remains a key focus, reaching 7% in the third quarter of 2026.
SWOT
Strengths
- Leading positions in defensible niches, high gross margins and a software model with recurring revenue.
- A long track record in acquisitions and integration, supported by substantial capital deployment capacity.
- Deep customer relationships and proprietary data that can support AI feature development.
Weaknesses
- Reliance on acquisitions for growth can bring integration risks and goodwill impairment exposure.
- Part of revenue depends on large customers and government contracts that can be modified or terminated.
- Exposure to exchange rate movements can reduce revenues and earnings reported in dollars.
Opportunities
- Monetizing AI functions embedded in customer-critical workflows.
- Remaining acquisition capacity could allow expansion into new niches or consolidation of existing ones.
- Niche markets with compliance needs may call for specialized solutions where the company already has experience.
Threats
- The fast pace of AI innovation could erode competitive advantages or make capabilities commonplace.
- Cyberattacks and outages at cloud providers can affect operations and reputation.
- Changes in trade policy and tariffs could raise costs or reduce demand in some markets.
Risks
- Acquisition integration riskhigh
If acquisitions are not integrated effectively, revenues and cash flows could fall short of expectations, and goodwill impairment could become necessary.
- Cybersecurityhigh
Cyber incidents, including ransomware and identity-based attacks, can lead to data loss, litigation and remediation costs.
- Dependence on AI providersmedium
Price or term changes by external AI model providers could affect margins and products.
- Currency exposuremedium
If exchange rates move unfavorably, dollar-reported revenues could decline.
- Indicor investmentlow
The value of the minority stake in Indicor is revalued each quarter and can affect reported results, although these effects are excluded from non-GAAP measures.
Investment thesis
What would need to be true (bull case)
- If AI integration into existing products translates into broad adoption, the company could sustain revenue and margin growth.
- Substantial acquisition capacity offers options to grow free cash flow per share if capital discipline is maintained.
- Leading positions in defensible niches may provide stability even in a more difficult economic environment.
What would break the thesis
- A significant part of growth depends on acquisitions, and if they fall short of expectations, growth could slow.
- Competition in AI could reduce product differentiation, especially if capabilities become widespread.
- Exposure to trade policy, tariffs and exchange rates could affect revenues and profits.
What to watch
- Organic revenue growth pace in the software segmentsQ4 2026
- Adjusted DEPS guidance for fiscal 2026 and how it evolves against current estimatesQ4 2026
- Size and returns of completed acquisitions and use of the capital deployment capacity2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 22 Oct 2026; since then the company filed 10-Q (02 Nov 2026).
The business
Roper Technologies, Inc. describes its business as designing and developing vertical software and technology-enabled products for defensible niche markets, pursuing growth through continuous improvement and acquisitions of high-margin businesses 1. Over the last three years, the company deployed approximately 8960 million USD toward acquisitions, including Procare, Transact Campus and CentralReach 1. It operates three reportable segments and has a global presence, with sales outside the U.S. totaling 1029.7 million USD in 2025 1.
Segments
Application Software
The Application Software segment had net revenues of 4483.0 million USD in 2025, representing 56.7% of the total 1. It includes solutions for law firms, education, insurance and healthcare, such as Aderant, Deltek, Vertafore and Procare 1. In the second quarter of 2026, the segment's organic growth was 4.5% 2.
Market context
Roper operates in niche markets with limited competition in some areas, where it considers itself the market leader or a competitive alternative to the leader 1. Total revenue rose from 7039.2 million USD in 2024 to 7902.5 million USD in 2025 1. In the short term, growth also depends on integrating recent acquisitions, and total revenue growth reached 8.5% in the second quarter of 2026 2.
Trends
- AI embedded in productsmixed
The company is adding AI functions to customer-critical workflows, which could support differentiation and monetization, but also raises questions about intellectual property protection and competition with fast-moving innovation 13.
- Consolidation through acquisitionstailwind
Bolt-on acquisitions such as those of iPipeline, Procare and Strata support growth, though integration and purchase prices could weigh on results if expectations are not met 23.
- Data privacy regulationheadwind
Privacy laws such as GDPR and U.S. state legislation impose operational burdens and may raise compliance costs 1.
- Tariffs and trade policyheadwind
Changes in trade policy, tariffs and exchange rates could reduce reported revenues, given the significance of sales outside the U.S. 12.
Competitive position
Most of the company's products face significant competition, although in some niche markets there are a limited number of competitors 1. Roper states that no single company competes with it across a significant number of product lines, and that competition centers on quality, innovation, applications expertise and distribution access 1.
- Vertical SaaS providers in professional niches
Competitors of varying size depending on the niche served, facing the Application Software segment 1.
- Providers of measurement and medical device solutions
Competitors in the Technology Enabled Products segment, where competition varies by niche 1.
- Operators of electronic freight and logistics marketplaces
Competitors of the Network Software platforms, especially in freight transport niches 1.
- Providers of campus technology and payment solutions
Competitors of integrated payment and identity solutions for universities and hospitals 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Is Roper Technologies Stock Underperforming the Dow?Yahoo Finance — News · 07 Sept 2026 · EN
- The Grim Roper: The Miracle ManLessWrong · 07 Sept 2026 · EN
The latest news item in our archive is from 07 Sept 2026; the newest SEC filing is from 02 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report02 Nov 2026
- Current report22 Oct 2026Results of operations · Financial statements and exhibits
- Current report01 Oct 2026Departure or appointment of officers · Financial statements and exhibits
- Current report10 Aug 2026Item 5.04 · Financial statements and exhibits
- Quarterly report31 Jul 2026
- Current report23 Jul 2026Results of operations · Financial statements and exhibits
- Current report19 May 2026Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
- Quarterly report01 May 2026
- Current report23 Apr 2026Results of operations · Financial statements and exhibits
- Proxy statement07 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Roper Technologies, Inc. · 24 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Roper Technologies, Inc. · 31 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Roper Technologies, Inc. · 22 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.