ROPER TECHNOLOGIES INC (ROP)

Roper Technologies, Inc. is a diversified technology company that designs and develops vertical software and technology-enabled products for a variety of defensible niche markets, pursuing growth in revenue, earnings, and cash flow through internal operating improvement and acquisitions of high value-added software, services, and technology-enabled products; in the last three years it has deployed approximately $8,960 million toward acquisitions, including CentralReach and Subsplash in 2025, Procare and Transact Campus (combined with CBORD) in 2024, and Syntellis (combined with Strata) in 2023, following the November 2022 divestiture of a majority equity stake in its industrial businesses (Indicor), whose results are reported as discontinued operations. The company operates through three reportable segments: Application Software, which generated net revenues of $4,483.0 million (56.7% of total) in 2025 through businesses such as Aderant, CentralReach, Clinisys, Data Innovations, Deltek, Frontline, IntelliTrans, PowerPlan, Procare, Strata, Transact/CBORD, and Vertafore, offering SaaS and AI-enabled solutions for legal and professional services, ABA therapy, diagnostics/laboratory management, hospital/lab enterprise management, government contracting, K-12 school administration, transportation management, asset-intensive industry compliance, early childhood education, healthcare/higher education/financial institution financial analytics, campus technology and payments, and property/casualty insurance; Network Software, with net revenues of $1,600.8 million (20.3% of total) from businesses including ConstructConnect, DAT, Foundry, iPipeline, iTradeNetwork, MHA, SHP, SoftWriters, and Subsplash, providing cloud-based marketplaces, data, and AI-enabled solutions for construction, freight/logistics, entertainment/digital design, life insurance/financial services, perishable food supply chains, alternate-site healthcare, post-acute healthcare analytics, long-term care pharmacy, and faith-based organization engagement; and Technology Enabled Products, with net revenues of $1,818.7 million (23.0% of total) from businesses such as CIVCO Medical Solutions, FMI, Inovonics, IPA, Neptune, Northern Digital, rf IDEAS, and Verathon, which manufacture ultrasound accessories, precision fluid metering pumps, wireless sensor networks, surgical dispensing equipment, water meters and utility software, precision measurement systems, RFID access readers, and medical devices for airway management and bladder volume measurement. The company sells primarily through direct sales offices, manufacturers’ representatives, resellers, and distributors, serves customers across healthcare, government, education, financial services, insurance, construction, transportation, food supply chain, utilities, and other niche vertical markets globally, with international sales totaling $1,029.7 million in 2025, no single customer accounting for 10% or more of segment or total revenues, and employed approximately 19,400 people worldwide as of December 31, 2025.