ROP — Roper Technologies
$360.46
Target: $478.00 (+32.6%)
P/E Ratio
25.4
P/E Forward
15.4
Dividend
0.95%
Market Cap
$38.8B
EPS
$20
Consensus
Buy
What they do
Roper Technologies is a diversified technology company that acquires and operates leading niche-specific software businesses — software for lawyers (Aderant), government contractors (Deltek), freight (DAT), labs (Clinisys), and more. It generates over 85% of recurring revenue.
It operates through three segments: Application Software (~58% revenue), Network Software (~21%), and Technology Enabled Products (~21%). Each portfolio company — from Vertafore in insurance tech to Foundry in Hollywood visual effects — holds the #1 or #2 position in its niche.
In 2025, it spent $3.3B on high-quality acquisitions: CentralReach ($1.85B, ABA therapy software with over 20% growth) and Subsplash ($800M, digital platform for churches).
Why we like it
Roper is a top-tier growth machine temporarily on sale. With a cash coming in margin of 31% ($2.47B), how much they keep per sale at 69.5%, and over 85% recurring revenue — these are first-class SaaS company metrics. It fell -44% due to temporary challenges: DOGE cuts affecting Deltek (government) and freight recession affecting DAT.
At $360, ROP trades at a price vs. profit forward of 15.4x — half of its historical pricing (~30x). With over $6B in acquisition capacity, 33 years of dividend growth, and a pipeline of 25+ AI products deployed, the growth engine remains intact.
Analysts say Buy with an average target of ~$478 (33% upside). The stock trades near Barclays' low target ($380), offering a safety margin.
Key Risk
The main risk is how they manage their money — Roper's model relies on buying businesses at attractive prices. With $9.5B in total debt (how big their debt is vs. earnings at 2.9x) and a return on invested capital of ~5-6% due to recent acquisition goodwill, the company must prove that CentralReach and Subsplash generate incremental returns.
Additional risks: DOGE cuts pressure Deltek's federal customer base more than expected; prolonged freight recession affects DAT; and if vertical software acquisition prices rise, the acquisition growth engine slows.
This is educational and informational content, not financial advice. Always consult a qualified financial advisor before making investment decisions.
Vectorial Data picked ROP on 2026-04-06 at $360.46.
Full Research
Roper Technologies (ROP) — Research Completo
Precio: $360.46 | P/E Forward: 15.4 | Div Yield: 0.95% | Market Cap: $38.8B
¿Qué es Roper Technologies?
Roper Technologies es el "Berkshire Hathaway del software" — una empresa que adquiere y opera negocios de software vertical dominantes en nichos específicos. Con $7.9B en revenue y 85%+ revenue recurrente, Roper ha completado una de las transformaciones corporativas más notables: de conglomerado industrial a compounder de software puro.
Empresas del Portafolio
Application Software (~58% revenue)
| Empresa | Nicho | Posición |
|---|---|---|
| Vertafore | Insurance tech | #1, 50+ años en el mercado |
| Deltek | Software para contratistas gobierno | Líder, 23,000+ orgs en 80+ países |
| Aderant | Software para bufetes legales | 77 de los top 100 Global Law Firms |
| CentralReach | Terapia ABA (autismo) | Líder, 200,000+ profesionales |
| Strata | Finanzas hospitalarias | Líder en healthcare analytics |
| Frontline | Administración K-12 | Software escolar líder |
Network Software (~21% revenue)
| Empresa | Nicho | Posición |
|---|---|---|
| DAT Solutions | Marketplace de freight | #1 en América del Norte |
| ConstructConnect | Licitaciones de construcción | Red líder de pre-construcción |
| iPipeline | Distribución seguros de vida | Plataforma dominante |
| Foundry (Nuke) | Efectos visuales cine/TV | Usado en Marvel, Star Wars |
| Subsplash | Engagement digital iglesias | Líder en $2.5B TAM |
Technology Enabled Products (~21% revenue)
| Empresa | Nicho | Posición |
|---|---|---|
| Neptune | Medidores de agua inteligentes | Líder en smart water metering |
| Verathon | Dispositivos médicos | GlideScope (videolaringoscopios) |
| NDI | Medición 3D quirúrgica | Navegación quirúrgica de precisión |
Números Clave 2025
| Métrica | Valor |
|---|---|
| Revenue | $7.9B (+12.3% YoY) |
| Organic Growth | +5% |
| Gross Margin | 69.5% (+120bps YoY) |
| EBITDA | $3.14B (39.8% margin) |
| Free Cash Flow | $2.47B (31.2% FCF margin) |
| EPS | $20.00 (+9% YoY) |
| Revenue Recurrente | 85%+ |
| Empleados | 18,000+ |
Dividendo — 33 Años de Crecimiento Consecutivo
- Dividendo anual: $3.64/acción ($0.91 trimestral)
- Yield: 0.95%
- Payout Ratio: ~22% (enorme espacio de crecimiento)
- Crecimiento: 33 años consecutivos
- CAGR 5 años: ~10% anual
Por Qué Recompramos ROP
ROP a $360 es una compounder de élite temporalmente en oferta. Los headwinds son cíclicos (DOGE/Deltek, freight/DAT), no estructurales. El motor de compounding sigue intacto:
- $3.3B desplegados en 2025 en CentralReach (20%+ growth) y Subsplash (high-teens growth)
- 25+ productos de AI desplegados en el portafolio (HerculesAI para legal, Spectrum AI para terapia)
- $6B+ en capacidad de M&A futura
- Guidance 2026: Revenue ~8% growth, EPS $21.30-$21.55
- Buyback: programa de $500M señala convicción de management
Análisis de Analistas
| Métrica | Valor |
|---|---|
| Consenso | Buy |
| Analistas | 14-18 |
| Target Promedio | $478 |
| Target Rango | $365 - $625 |
| Upside | +32.6% |
Riesgos Principales
- Capital allocation — Goodwill de $34.6B en activos; ROIC de 5-6% por adquisiciones recientes
- DOGE — Recortes de gasto gobierno presionan Deltek
- Freight recession — DAT afectado por ciclo bajo de transporte
- Leverage — $9.5B deuda total, 2.9x net debt/EBITDA
- Múltiplos de M&A — Si software vertical se encarece, el flywheel se frena
Valuación Actual
| Métrica | Valor |
|---|---|
| Precio | $360.46 |
| P/E Forward | 15.4x (vs histórico ~28-30x) |
| Div Yield | 0.95% |
| FCF Yield | ~6.4% |
| 52-Week High | ~$640 |
| Drawdown actual | ~-44% del máximo |
Conclusión
ROP a $360 es una oportunidad de recomprar el compounder de software más disciplinado del mercado a la mitad de su valuación histórica. El 31% FCF margin, 85%+ revenue recurrente, y 33 años de dividend growth proveen downside protection, mientras el upside viene del re-rating cuando los headwinds cíclicos pasen. Con 33% de upside según analistas más el dividendo, estamos acumulando posición.
Research fecha: 6 Abr 2026 | Próxima revisión: Oct 2026
Esto no es asesoría financiera.
This is not financial advice. Consult a certified financial advisor.
The author may hold positions in the securities discussed.
Past performance does not guarantee future results.