Here are 1-3 brief analogies for Roper Technologies (ROP):

• A Berkshire Hathaway focused on buying niche software and technology businesses.
• A diversified software company like Microsoft, but growing primarily by acquiring small, specialized software firms for niche markets.
• Like Danaher, but increasingly focused on acquiring and operating high-margin software businesses for niche industries.

• Vertical Market Application Software: Provides specialized, mission-critical software solutions tailored for specific niche markets and industries.
• Network Software & Systems: Offers cloud-based software, network management, and information technology solutions for various enterprise applications.
• Measurement & Analytical Solutions: Delivers highly engineered products and solutions for precision measurement, testing, and analytical applications across industries.

Roper Technologies (ROP) primarily sells its specialized software, engineered products, and solutions to other companies and organizations, making it a business-to-business (B2B) company. Due to the diversified nature of its operations across multiple segments and a broad customer base, Roper Technologies does not have any single "major customer" that accounts for 10% or more of its consolidated net sales, nor does it publicly disclose the names of individual major customer companies.

Instead, Roper Technologies serves a vast and diverse range of enterprise, institutional, and industrial customers across various end markets. We can describe these customers in the following categories:

• Customers in Highly Regulated and Knowledge-Intensive Sectors: This category includes healthcare providers (such as hospitals, clinics, and laboratories), financial services firms, legal organizations, and academic/government research institutions. These customers leverage Roper's specialized application software solutions, scientific imaging products, and analytical instruments for critical operations, compliance, and data management.
• Diverse Industrial and Manufacturing Enterprises: This encompasses a broad spectrum of manufacturers across industries such as aerospace, automotive, chemicals, food & beverage, general industrial, and more. These customers utilize Roper's highly engineered measurement and analytical solutions, industrial imaging products, and various process technologies like pumps and flow meters for their production, quality control, and operational needs.
• Critical Infrastructure and Resource Management Entities: This category includes companies and utilities involved in vital sectors such as water management, energy production (oil & gas, power generation), and other essential infrastructure projects. They rely on Roper's robust measurement, analytical, and fluid-handling solutions to monitor, control, and optimize their complex systems.

Neil Hunn, President and Chief Executive Officer

Neil Hunn became President and CEO of Roper Technologies in August 2018, having joined the company in 2011 as a Group Vice President in the medical segment and later serving as Executive Vice President and Chief Operating Officer. Before Roper, he spent ten years at MedAssets, an Atlanta-based SaaS company, where he held roles as Executive Vice President and CFO, and President of its revenue cycle technology businesses. During his time at MedAssets, he successfully led the company's initial public offering and executed several mergers and acquisitions. He also previously worked at CMGI, an internet business incubator, and the strategy consulting firm Parthenon Group.

Jason Conley, Executive Vice President, Chief Financial Officer

Jason Conley was appointed Executive Vice President and Chief Financial Officer of Roper Technologies in February 2023. He joined Roper in 2006, initially leading financial planning and analysis and investor relations. Before his current role, he served as Vice President, Chief Accounting Officer from 2021 to 2023, and Vice President and Controller from 2017 to 2021. From 2013 to 2017, he was Senior Vice President of Finance and Human Resources and CFO at Managed Health Care Associates, a Roper business unit. His earlier career included various roles at Honeywell International and Deloitte.

Janet Glazer, Senior Vice President, Acquisition & Investment Development

Janet Glazer joined Roper Technologies in September 2023 and is responsible for managing the company's development and acquisition initiatives. Prior to joining Roper, Ms. Glazer served as a Portfolio Manager and Global Sector Leader at Fidelity Investments. In that role, she led a global team of analysts and portfolio managers, developed investment strategies, and was instrumental in creating the Fidelity Water Sustainability Fund.

John K. Stipancich, Executive Vice President, General Counsel and Secretary

John K. Stipancich has served as Executive Vice President, General Counsel and Secretary at Roper Technologies since June 2016, becoming Executive Vice President in October 2018. Prior to Roper, he was Executive Vice President and Chief Financial Officer of Newell Brands Inc., where he also held positions as General Counsel and Corporate Secretary, and Executive Leader for its operations in the Europe, Middle East, and Africa region for twelve years. Before Newell Brands, he was Executive Vice President, General Counsel and Corporate Secretary for Evenflo Company and Assistant General Counsel for Borden, both of which were KKR private equity portfolio companies at the time. He began his legal career at Squire Patton Boggs.

Satish Maripuri, Senior Vice President, Group Executive

Satish Maripuri joined Roper as a Group Executive in October 2018, where he provides coaching and guidance to several of the company's businesses, particularly in software. Before his tenure at Roper, he was the Executive Vice President and General Manager of Nuance Communications, where he oversaw the cloud migration of a $1 billion division and its return to growth. His extensive experience also includes executive and leadership roles at Solera Holdings, Lionbridge Technologies, Imprivata, and Object Design.

null

Roper Technologies (ROP) is expected to drive future revenue growth over the next 2-3 years through a combination of strategic acquisitions, sustained organic growth in its core vertical markets, continuous product innovation with a focus on artificial intelligence, and recovery in certain end markets.

1. Strategic Acquisitions: Roper consistently leverages a disciplined acquisition strategy, targeting niche, market-leading vertical software companies. This approach is a core part of its growth model, with the company maintaining significant capital for future M&A. Recent acquisitions, such as Transact Campus and CentralReach, are expected to contribute directly to revenue growth by integrating new mission-critical software solutions into Roper's portfolio.
2. Organic Growth in Vertical Market Software and Technology-Enabled Products: The company anticipates continued organic revenue expansion from its existing portfolio of vertical market software and technology-enabled products. This growth is underpinned by high customer retention rates and a significant portion of recurring revenue, particularly within its application and network software segments. Roper aims for high single-digit organic growth, reflecting resilient demand for its specialized solutions.
3. Integration of AI and Cloud-Native Solutions: Significant investments in Artificial Intelligence (AI) and cloud-native capabilities are expected to be a key driver. AI is viewed as a "structural accelerator" that expands the total addressable market for Roper's businesses by automating tasks and creating new customer value points. This integration is anticipated to enhance existing solutions, enable the launch of new AI-driven products, improve operational efficiency, and accelerate organic revenue growth.
4. Expansion and Resilience in Key Verticals: Roper's strategic focus on resilient, high-margin vertical software platforms embedded in sectors like healthcare, insurance, and infrastructure is projected to continue fueling growth. The company's diversified portfolio benefits from secular tailwinds in these essential markets, ensuring stable and predictable revenue streams.
5. Stabilization and Rebound in Specific Market Segments: The stabilization of certain cyclical markets, such as the freight market, is expected to drive a rebound in related Roper segments like DAT and Loadlink. Improved conditions in these specific areas are anticipated to contribute positively to overall revenue performance over the next 2-3 years.

Share Repurchases

• Roper's Board of Directors authorized a new share repurchase program of up to $3 billion on October 23, 2025.
• This represents the company's first-ever share repurchase authorization.

Share Issuance

• The weighted average diluted shares outstanding have remained relatively stable, fluctuating around 107-108 million shares, suggesting limited dilution.

Outbound Investments

• In the third quarter of 2025, Roper deployed $1.3 billion towards acquisitions, including $800 million for Subsplash and $500 million for several bolt-on acquisitions.
• In 2024, the company invested $3.6 billion in vertical software acquisitions, notably acquiring Procare Solutions and Transact Campus.
• Roper is set to acquire CentralReach for $1.65 billion, including a $200 million tax benefit, with the transaction anticipated to close in April or May 2025.

Capital Expenditures

• Roper Technologies' capital expenditures growth was 2.9% for the latest twelve months.
• The company's capital expenditures growth decreased by 15.4% in 2021, 40.7% in 2022, and 69.6% in 2023.
• Roper's business model is characterized as asset-light, with its businesses typically not owning their own infrastructure.