ROPER TECHNOLOGIES INC (ROP)

Roper Technologies, Inc. is a diversified technology company that operates market-leading businesses designing and developing vertical software and technology-enabled products for defensible niche markets. It seeks consistent growth in revenue, earnings, and cash flow by improving the operating performance of its businesses and by acquiring businesses with high value-added software, services, and technology-enabled products. Over the last three years it deployed about $8,960 million toward acquisitions, including CentralReach, Subsplash, Procare, Transact Campus (combined with CBORD), and Syntellis (combined with Strata). In November 2022 it sold a majority stake in its industrial businesses (Indicor) to Clayton, Dubilier & Rice, retaining a minority interest. The company was incorporated in Delaware in 1981.

Roper reports three segments. Application Software had 2025 net revenues of $4,483.0 million (56.7% of the total). It includes Aderant, CentralReach, Clinisys, Data Innovations, Deltek, Frontline, IntelliTrans, PowerPlan, Procare, Strata, Transact/CBORD, and Vertafore, which offer software for law firms, ABA therapy, laboratories, government contractors, K-12 schools, early childhood education, healthcare finance, campus payments, and property and casualty insurance. Network Software had net revenues of $1,600.8 million (20.3%). It includes ConstructConnect, DAT, Foundry, iPipeline, iTradeNetwork, MHA, SHP, SoftWriters, and Subsplash, covering construction pre-construction networks, freight marketplaces, visual effects software, life insurance software, perishable food marketplaces, post-acute and alternate-site healthcare, pharmacy software, and faith-based organization solutions. Technology Enabled Products had net revenues of $1,818.7 million (23.0%). It includes CIVCO Medical Solutions, FMI, Inovonics, IPA, Neptune, Northern Digital, rf IDEAS, and Verathon, which make ultrasound accessories, precision fluid dispensers, wireless sensors, surgical scrub dispensers, water meters, measurement systems, RFID readers, and airway management and bladder volume devices. Many offerings increasingly embed AI-enabled functionality.

Roper serves a diverse set of end markets, including legal, healthcare, education, government contracting, insurance, transportation, construction, food distribution, water utilities, and entertainment. It has a global presence, with sales outside the U.S. of $1,029.7 million in 2025. No customer accounted for 10% or more of any segment or total net revenues in 2025. Remaining performance obligations were $5,204.2 million at year-end 2025, with $3,424.6 million expected to be recognized within 12 months. Sales occur primarily through direct sales offices, manufacturers' representatives, resellers, and distributors.

Roper uses a decentralized operating model in which each business is run by its own managers. It had about 19,400 employees at the end of 2025, roughly 13,100 in the U.S. and 6,300 elsewhere. Most materials are widely available, though some components and sub-assemblies come from a limited number of suppliers. Competition is significant in most markets, though some niches have few competitors, and no single company competes across a large number of its product lines. Roper competes on quality, performance, innovation, technology, price, applications expertise, service flexibility, distribution access, and customer service. It protects its intellectual property through patents, trademarks, copyrights, trade secrets, and confidentiality agreements. It is subject to regulation including privacy and data security laws, FDA and healthcare rules, anti-corruption laws, export controls and trade policies, and environmental laws.