Roper Technologies

ROP on Nasdaq. Roper Technologies sells software and technology products to businesses in niche markets. Market value $35.9bn.

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Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

Should I look at this?

Worth a closer look

Read what could go wrong

This is not advice. Check the numbers below.

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Cash yield
past 12 months to June 2026
7.1%high

For every $100 of what the whole company costs, it produced $7.13 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
20.3×full

You pay 20.3 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to December 2025
5.8%five-year median

Each dollar kept in the business earns 6 cents a year. Above 10 is good.

Quality score: 87 of 100. Price score: 84 of 100. Our list needs 70 on quality and 60 on price.

$363.38 a share, 19% above its 1-year low

Over the past year the price has ranged from $305.96 to $521.28.

Dividend: 1.0% a year

Paid every year for at least 5 years

Prices from Monday’s close (5 October).

Five years of cash, in billions

2.0
0.7
1.9
2.3
2.4
2.6
2021202220232024202512 monthsto Jun '26
Revenue
$4.8bn$5.4bn$6.2bn$7.0bn$7.9bn
Operating margin
25.7%28.4%28.2%28.4%28.3%
Debt to equity
0.690.420.360.410.47
Shares outstanding
0.11bn0.11bn0.11bn0.11bn0.10bn

Health checks

  • Free cash flow positive5 of 5 years
  • Accounting looks honest (Beneish)Nothing unusual
  • Financial strength (Piotroski)7 of 9
  • Profit backed by cash (accruals)Yes
  • Debt0.47× equity
  • Revenue growth, five yearsStrong, 14.5% a year
  • Buying back its own sharesYes, 7% fewer since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $2.1 billion last quarter, up 9% on a year ago.
  • Profit: $1.2 billion, up 209% on a year ago.
  • It keeps 28 cents of each $1 of sales as operating profit, about the same as a year earlier.
  • Spare cash over the past 12 months: $2.6 billion, up from $2.3 billion.
  • 7% fewer shares than a year ago. Each share owns a bit more of the company.
  • Debt is $11 billion more than cash, up from $8.6 billion a year ago.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$1.8bn
December 2024$1.9bn
March 2025$1.9bn
June 2025$1.9bn
September 2025$2.0bn
December 2025$2.1bn
March 2026$2.1bn
June 2026$2.1bn
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$368m
December 2024$462m
March 2025$331m
June 2025$378m
September 2025$399m
December 2025$428m
March 2026$509m
June 2026$1.2bn

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
22 October 2026
Last annual report (10-K)
24 February 2026
Next quarterly (estimated, 10-Q)
30 October 2026

Who owns it

10 long-term investors we follow own it, up from 8 last quarter. 1,074 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

5 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 3 insiders bought $6m of shares on the open market. 4 sold $19m, $13m of it under preset trading plans.

  • Stipancich John K
    EVP, Chief Legal Officer & Sec
    Sold
    Date
    27 July 2026
    Shares
    2,000
    Price
    $379.05
    Value
    $758,100
  • WALLMAN RICHARD F
    Director
    Sold
    Date
    24 July 2026
    Shares
    6,434
    Price
    $361.00
    Value
    $2m
  • Joyce Thomas Patrick JR
    Director
    Bought
    Date
    6 February 2026
    Shares
    1,400
    Price
    $358.46
    Value
    $501,844
  • Conley Jason
    EVP, Chief Financial Officer
    Sold
    Date
    1 December 2025
    Shares
    6,000
    Price
    $445.57
    Value
    $3m
  • BRINKLEY AMY WOODS
    Director
    Bought
    Date
    12 November 2025
    Shares
    1,200
    Price
    $450.71
    Value
    $540,852
  • HUNN LAURENCE NEIL
    President and CEO, Director
    Bought
    Date
    12 November 2025
    Shares
    10,000
    Price
    $452.24
    Value
    $5m
  • HUNN LAURENCE NEIL
    President and CEO, Director
    Sold
    under a preset trading plan
    Date
    11 November 2025
    Shares
    30,000
    Price
    $443.57
    Value
    $13m

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 24 Feb 2026, plus the 10-Q filed 31 Jul 2026 and 6 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

What changed in the risks this year

Companies must list what could hurt them each year. These are the parts that changed since last year’s report.

  • We use AI in our business, and challenges with properly managing its use could result in reputational harm, competitive harm, and legal liability, and adversely affect our results of operations.

    Could happen
    We are increasingly incorporating AI solutions into our platforms, offerings, services, and operations, and we expect that AI will continue to become a more integral part of our business over time. 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, which could impair our ability to compete effectively and adversely affect our results of operations. 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. Additionally, we may face challenges in protecting AI-generated innovations as intellectual property protections for AI-created materials remain uncertain in many jurisdictions. Competitors may be able to reverse-engineer or replicate our AI capabilities, and questions regarding ownership of AI-generated content or inventions could create legal uncertainties. Furthermore, if we use AI that is based on data, algorithms, or other inputs that are flawed, or if the AI assists in producing content, analyses, or recommendations that are or are alleged to be deficient, inaccurate, violative of third-party intellectual property, or biased, our business, financial condition, and results of operations may be adversely affected.
    Read more
  • We use AI in our business, and challenges with properly managing its use could result in reputational harm, competitive harm, and legal liability, and adversely affect our results of operations.

    Could happen
    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. These providers may change their terms of service, increase pricing, discontinue services, experience outages, decline to provide certain indemnities, or make changes to their AI models that adversely affect our products or operations. 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. We have limited control over these third-party AI systems and their updates, and any disruption in access to these services could have a significant impact on our business. The use of AI applications may result in cybersecurity incidents that implicate the personal data of end users of such applications. Any such cybersecurity incidents related to our use of AI applications could adversely affect our reputation and results of operations. AI also presents emerging ethical issues, and if our use of AI becomes controversial, we may experience brand, reputational, or competitive harm, or legal liability.
    Read more
  • Regulation limiting or controlling the use of AI may restrict our ability to use AI, our ability to create new products, and create increased compliance costs.

    Could happen
    We are subject to an evolving landscape of laws and regulations governing the use of AI. The EU AI Act classifies AI systems by risk level and may prohibit certain high-risk applications, requiring significant change to product design, documentation, governance processes, and risk management practices to achieve compliance. In the U.S., several states, including Colorado and California, have enacted or are considering AI-specific regulations addressing transparency, bias, and accountability, particularly in the housing and employment fields. Regulatory uncertainty regarding how these laws will be interpreted and enforced creates additional compliance challenges, and may cause us to modify our data handling and compliance practices, limit our ability to use certain data to support our products or product development efforts, hinder our customers’ ability to adopt or continue to use our products, or require us to cease offering or using certain AI-enabled features or services in particular jurisdictions.
    Read more

Read it in the annual report

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.