ROP
Updated: 23/09/2026, 14:34:32
Roper Technologies, Inc., established in 1981 and based in Sarasota, Florida (formerly known as Roper Industries, Inc. until 2015), operates as a diversified technology company. It specializes in developing and delivering advanced software solutions alongside highly engineered products for a wide range of industries. Its extensive software portfolio includes enterprise and financial management systems, cloud-based analytics for sectors like insurance and healthcare, campus and supply chain management tools, and specialized applications for areas such as foodservice, visual effects, and data collaboration. Complementing this, Roper designs and manufactures a diverse array of engineered products, encompassing precision testing instruments for materials like rubber and plastic, medical devices (such as ultrasound accessories), flow and control components (including valves, pumps, and meters), automated dispensing and monitoring equipment (like leak detection and vibration monitoring systems), and various sensors for industrial and utility applications.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2025 filing.
Revenue
$7.9B
FY 2025 · Reported
Net income
$1.5B
FY 2025 · Reported
Gross margin
69.2%
FY 2025 · Calculated
Free cash flow
N/A
FY — · Reported
R&D intensity
10.8%
FY 2025 · Calculated
Share repurchases
$0.5B
FY 2025 · Reported
Other offerings mentioned without separate sales
Area-level product sales are displayed only when the filing reports a product × geography breakdown. Regional totals are not allocated across products by estimation.
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Only locations and quantities explicitly supported by the filing are displayed. A country-level manufacturing percentage or product allocation is shown only when the source discloses it; materiality scores are never presented as production shares.
Company overview
Diversified technology company operating market-leading vertical software and technology-enabled product businesses in defensible niche markets
“We operate market leading businesses that design and develop vertical software and technology enabled products for a variety of defensible niche markets.”
Segment composition
Three reportable segments: Application Software (12 businesses), Network Software (9), Technology Enabled Products (8)
“–Application Software—Aderant, CentralReach, Clinisys, Data Innovations, Deltek, Frontline, IntelliTrans, PowerPlan, Procare, Strata, Transact/CBORD, and Vertafore;”
Distribution and sales channels
Direct sales offices, manufacturers' representatives, resellers, and distributors
“Distribution and sales occur primarily through direct sales offices, manufacturers’ representatives, resellers, and distributors.”
Revenue stream structure
Four revenue categories: recurring (SaaS, annual term licenses, PCS), reoccurring (transactional/volume-based fees through software), non-recurring (perpetual/multi-year licenses, professional services, hardware), and product revenue
“We disaggregate our revenues by reportable segment into four categories: (i) recurring revenue comprised of Software-as-a-Service ("SaaS"), annual term licenses, and software post-contract support ("PCS")”
International sales
Sales to customers outside the U.S. totaled $1,029.7M in 2025
“We have a global presence, with sales to customers outside of the U.S. totaling $1,029.7 in 2025.”
Disaggregated revenue by stream and segment FY2025 vs prior years
FY2025 total revenue $7,902.5M: Application Software $4,483.0M, Network Software $1,600.8M, Technology Enabled Products $1,818.7M (incl. product revenue $1,772.6M); recurring (SaaS/PCS/term licenses) $4,482.9M vs $3,976.2M in 2024 and $3,511.1M in 2023
“Total Revenue$4,483.0 $1,600.8 $1,818.7 $7,902.5”
FY2025 net revenues by segment
Application Software $4,483.0 (56.7%); Network Software $1,600.8 (20.3%); Technology Enabled Products $1,818.7 (23.0%), FY2025
“Our Application Software segment had net revenues of $4,483.0 for the year ended December 31, 2025, representing 56.7% of our total net revenues.”
Dependence on third-party cloud platforms
Relies on AWS, Google Cloud Platform, Microsoft Azure, and Oracle Cloud to host enterprise and customer systems
“We rely on business partners such as third-party data centers and cloud platforms, such as Amazon Web Services, Google Cloud Platform, Microsoft Azure, and Oracle Cloud to host certain enterprise and customer systems.”
Dependence on third-party AI platforms
Relies on proprietary and open-source LLMs from OpenAI, Anthropic, Google, and Microsoft
“We rely on third-party AI platforms and services, including proprietary and open-source large language models and other AI technologies provided by companies such as OpenAI, Anthropic, Google, and Microsoft.”
Limited-source components
Some components and sub-assemblies available only from a limited number of suppliers
“However, some components and sub-assemblies are currently available from only a limited number of suppliers for which we regularly investigate and identify alternative sources where possible.”
Acquisition capital deployment last three years
~$8,960M deployed on acquisitions over last three years; 2025: CentralReach ~$1,850M, Subsplash ~$800M; 2024: Procare ~$1,860M, Transact Campus ~$1,600M; 2023: Syntellis ~$1,380M; plus ~$1,470M bolt-ons
“In the last three years, we have deployed approximately $8,960 of capital toward acquisitions.”
Indicor divestiture
November 2022 divestiture of majority stake in Indicor to CD&R; Roper retains minority interest; reported as discontinued operations
“In November 2022, Roper completed the divestiture of a majority equity stake in its industrial businesses, including its entire historical Process Technologies reportable segment”
Indicor equity investment and Unit Adjustment obligation
Roper retained 49% of Indicor after divesting 51% to CD&R (Nov 2022); Level 3 fair value $796.3M at Dec 31, 2025 (up $24.0M); required quarterly Unit Adjustment payments (~$29/yr pretax or ~1.7% annual in-kind) cease upon Indicor EBITDA reaching $425.0M or IPO; management assumes IPO exit
“Roper initially retained a 49% equity interest in Indicor valued at $535.0 as of the transaction close date”
Niche market leadership
Market leader or competitive alternative to the leader in most niche markets
“We compete in many defensible niche markets and believe we are the market leader or a competitive alternative to the market leader in most of these markets.”
Research, development and engineering expense
R,D&E expenses totaled $852.5M (2025), $748.1M (2024), $646.1M (2023), expensed as incurred within SG&A
“R,D&E expenses totaled $852.5, $748.1, and $646.1 for the years ended December 31, 2025, 2024, and 2023, respectively.”
Input cost and supply chain risk
Changes in supply or price of labor, energy, raw materials, parts, and components due to inflation or supply chain constraints
“changes in the supply of, or price for, labor, energy, raw materials, parts, and components, including as a result of inflation or potential supply chain constraints”
August 2025 senior notes issuance
Aug 12, 2025 public offering: $500.0M 4.25% notes due 2028, $500.0M 4.45% notes due 2030, $1,000.0M 5.10% notes due 2035; proceeds repaid acquisition-related credit facility borrowings and notes due Sept 15, 2025
“the Company completed a public offering of $500.0 aggregate principal amount of 4.25% senior unsecured notes due September 15, 2028”
Revolving credit facility borrowings and pricing
$850.0M outstanding under unsecured revolving credit facility at Dec 31, 2025 (vs $125.0M in 2024); SOFR spread 0.910% at current rating; $8.1M letters of credit
“At December 31, 2025 and 2024, there were $850.0 and $125.0 of borrowings outstanding under the Credit Agreement, respectively.”
Allowance for doubtful accounts and sales allowances
Accounts receivable stated net of allowance for doubtful accounts and sales allowances of $25.5M (2025) and $21.6M (2024)
“Accounts receivable are stated net of an allowance for doubtful accounts and sales allowances of $25.5 and $21.6 at December 31, 2025 and 2024, respectively.”
Privacy and data security regulation
Subject to GDPR, CCPA, growing U.S. state privacy laws, and Quebec privacy law; compliance burdens may be substantial
“The compliance and other burdens on our businesses imposed by these privacy laws and regulations may be substantial as we work to comply with differing leg”
Cybersecurity risk including AI-powered attacks
Evolving cyber threats including AI-powered attacks; Vertafore data-exposure litigation was dismissed
“We face emerging risks from AI-powered attacks, including deepfakes used to impersonate executives or customers, AI-assisted social engineering, prompt injection attempts against AI systems, and data poisoning targeting machine learning models.”
AI adoption and competition risk
Increasing AI integration creates competitive, IP, and legal liability risks
“The rapid pace of AI advancement may make it difficult to maintain competitive advantages, and AI capabilities could quickly become commoditized, reducing our ability to differentiate our offerings.”
Debt and interest rate risk
Volatile interest rates and limitations imposed by indebtedness cited as key risks
“volatile interest rates; limitations on our business imposed by our indebtedness”
Regulatory and trade policy risk
Exposure to data privacy laws, antitrust clearance, tariffs/trade policy changes (including USMCA repeal), tax, and environmental regulation
“risks related to changing U.S. and foreign trade policies, including increased trade restrictions or tariffs (including repeal of the United States-Mexico-Canada Agreement)”
Geopolitical conflict exposure
Economic disruption risk from war in Ukraine and Middle East conflicts
“economic disruption caused by armed conflicts (such as the war in Ukraine and conflicts in the Middle East), terrorist attacks, health crises, or other unforeseen geopolitical events”
Customer concentration and government contract risk
Risk of reduced business with large customers and government contract risks
“reduction of business with large customers; risks associated with government contracts”
Recurring SaaS/PCS/term-license revenue of $4,482.9M is the majority of FY2025 revenue and the core growth engine, growing from $3,976.2M in 2024.
“Recurring$3,282.2 $1,154.6 $46.1 $4,482.9”
Application Software is the largest reportable segment at $4,483.0M of FY2025 revenue (~57% of total).
“Total Software Revenue4,483.0 1,600.8 46.1 6,129.9”
Hosts enterprise and customer systems; outages or pricing changes would disrupt customer services and operations.
“If any third-party system or cloud platform that we use is unavailable to us for any reason, our customers may experience service interruptions”
The majority of the portfolio (Application and Network Software segments, ~77% of revenue) is delivered as cloud-based/SaaS solutions, making cloud delivery central to the business model.
“Frontline – cloud-based software for K-12 school administration”
As AI becomes more central to offerings, pricing changes or access disruption from these providers increases cost and continuity exposure.
“As AI becomes more central to our offerings, our exposure to pricing changes from these providers increases, and we may not be able to pass such cost increases on to our customers.”
Network Software contributed $1,600.8M of FY2025 revenue, growing from $1,475.6M in 2024.
“Total Revenue$3,868.3 $1,475.6 $1,695.3 $7,039.2”
Competitors may adopt AI faster; AI capabilities could become commoditized, reducing differentiation of Roper's offerings.
“Our competitors, AI companies, or other third parties may incorporate AI into their products or operations more quickly or successfully than us, or develop superior products and services with the aid of AI”
AI-enabled products embedded in customer workflows enhance product differentiation, drive automation, and support expanded monetization opportunities across Roper's software businesses; multiple recent acquisitions (CentralReach, Subsplash) are AI-enabled SaaS.
“we believe these AI capabilities enhance product differentiation, and drive incremental automation and improved customer outcomes which support expanded monetization opportunities.”
Multiple businesses across all three segments serve healthcare end markets: Clinisys, Data Innovations, Strata, CentralReach, Transact/CBORD (healthcare campuses), MHA, SHP, SoftWriters, plus TEP businesses CIVCO, IPA, Northern Digital, Verathon.
“Strata – cloud-based financial analytics, performance management software, and data solutions used by healthcare providers, higher education, and financial institutions”
Technology Enabled Products contributed $1,818.7M of FY2025 revenue, mostly product revenue ($1,772.6M) recognized at shipment.
“Product Revenue— — 1,772.6 1,772.6”
R,D&E spend is rising steadily ($646.1M to $852.5M over 2023-2025), an increasing cost of sustaining software product development.
“R,D&E costs are expensed as incurred and are included within selling, general and administrative expenses.”
GDPR in the EU/UK imposes restrictions on how companies use, process, and protect personal information, creating operational burdens and legal risks on international data transfers, notably EU-to-U.S. and EU-to-India.
“In 2018, the General Data Protection Regulation ("GDPR") became effective in the European Union ("EU") and the United Kingdom ("UK") and imposed restrictions on how companies use, process, and protect personal information.”
Software development relies on open-source components and third-party libraries that could contain vulnerabilities or face supply chain attacks.
“Our software development and business operations rely on open-source components, third-party software libraries, and vendor dependencies that could contain undisclosed vulnerabilities, be subject to supply chain attacks, or become unavailable”
Acquisition-driven growth strategy requires HSR clearance in the U.S. and similar foreign antitrust approvals.
“receive the necessary regulatory approvals (including clearance under the Hart-Scott-Rodino Act in the U.S. and similar antitrust regulations in foreign countries)”
Deltek provides enterprise software, SaaS, and AI-enabled information solutions for government contractors, professional services firms, and other project-based businesses, creating exposure to government spending.
“Deltek – enterprise software, SaaS, and AI-enabled information solutions for government contractors, professional services firms, and other project-based businesses.”
Changing U.S. and foreign trade policies, tariffs, and potential USMCA repeal could disrupt international sales and input costs.
“risks related to changing U.S. and foreign trade policies, including increased trade restrictions or tariffs (including repeal of the United States-Mexico-Canada Agreement)”
Customers increasingly require cybersecurity protections in products and services, driving compliance costs.
“Our customers are increasingly requiring cybersecurity protections and mandating cybersecurity standards in our products and services, and we may incur additional costs to comply with such demands.”
Roper retains a minority equity interest in Indicor following the November 2022 divestiture to CD&R; valuation of this equity investment is one of the company's most significant accounting uncertainties, and Indicor results are reported as discontinued operations.
“valuation of our equity investment in Indicor”
Some components and sub-assemblies used in technology-enabled products are available from only a limited number of suppliers, creating supply dependency for the Technology Enabled Products businesses.
“some components and sub-assemblies are currently available from only a limited number of suppliers”
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