BID TerminalOpen complete report
Research library Software & Internet

Back of Napkin

Roper Technologies, Inc. ROP

Three-pass checkedFiled since 2026-07-31

Written 2026-05-19. The company has filed a quarterly or annual report since, on 2026-07-31, so figures here predate its latest disclosure.

Roper Technologies is a serial acquirer of niche vertical software and medical product franchises, running 28 businesses across Application Software, Network Software, and Technology Enabled Products, with the playbook of buying high-margin recurring-revenue businesses and letting them compound under decentralized management.

The setup is a 43% drawdown into the steadiest beat-and-raise pattern in mid-cap diversified tech, with Q1 2026 organic growth 6% and three consecutive quarterly EPS beats; the multiple has compressed to 15x forward, a level Roper has not seen since 2018.

Key data

Sector / industryTechnology / Software, Application (rolled-up vertical software plus tech-enabled products)
FYE / countryDecember / US
Price / 52w range$331.74 / $305.96 to $583.95
Position vs MA8% above 52w low; 50d SMA $350.57, 200d SMA $427.92
Market cap / EV≈$33.5B / ≈$47B
Revenue (TTM)≈$8.10B
EPS (TTM, GAAP)≈$15.13
FCF (TTM)≈$2.55B
Beta0.80

ROP · price with moving averages

Daily · 6MWeekly · 3Y
$300$377$455$532$610 Sep '23Apr '24Nov '24Jun '25Jan '26Aug '26 BID
EMAs82140

Source: market data.

The business

Roper Technologies is a serial acquirer of niche vertical software and medical product franchises, running 28 businesses across three segments: Application Software, Network Software, and Technology Enabled Products. The playbook is to buy high-margin recurring-revenue businesses and let them compound under decentralized management.

Q1 2026, reported April 23, posted revenue of $2.10B, up 11% year over year (organic up 6%, M&A up 5%), with GAAP net earnings of $509M up 54% (lifted by lower tax expense and a divestiture gain), adjusted net earnings of $539M up 4%, adjusted EBITDA of $797M up 8%, operating cash flow of $592M up 12%, free cash flow of $562M up 11%, and adjusted DEPS of $5.16 beating $4.99. By segment, Application Software grew 5.2% organic, Network Software 5.2% organic, and Technology Enabled Products 7.1% organic, the last lifted by Neptune water metering and medical-products strength. Management raised FY26 adjusted DEPS guidance to $21.80 to $22.05 (from $21.55 to $21.85) and Q2 guidance to $5.25 to $5.30, and expanded the buyback program.

Inside the complete Back of Napkin

  1. 01The business
  2. 02The numbers
  3. 03Management
  4. 04The linchpins
  5. 05Closing
  6. 06Methodology

Continue with ROP

Get the complete Back of Napkin free.

Choose this as your free complete report. No card required.

Read the complete report

More company research

View all research
Salesforce, Inc. CRMSalesforce just reported its first accelerating quarter in three years, raised the full-year guide, and the stock jumped about 10% overnight, and even after the jump it costs roughly 13 times trailing free cash flow. Back of Napkin Figma, Inc. FIGFigma has accelerated revenue growth three quarters running, 48% in the latest, and the stock has fallen 63% from its post-IPO high anyway, because the sellers are the people who built it. Back of Napkin Spotify Technology S.A. SPOTThe argument over Spotify is no longer whether it can make money, it made a record 33.4% gross margin and €655M of quarterly operating profit, but whether a business now growing by raising prices on 300 million subscribers can keep doing it. Back of Napkin ServiceNow, Inc. NOWServiceNow grew subscriptions 24% and beat every number it guided last quarter, and the stock still sits 35% below its high because GAAP earnings are a third of the adjusted ones. Back of Napkin