{"schemaVersion":1,"research":true,"symbol":"rop","name":"Roper Technologies","topic":"moat","path":"/stock/rop/moat","status":"stale","version":7,"updatedAt":"2026-10-19T16:05:47.664Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"Roper's specialized, integrated workflow software supports a narrow switching-cost moat. Disclosed renewal activity and sustained organic growth corroborate customer dependence, although switching costs themselves are described by management rather than quantified through migrations or competitive wins. Portfolio-wide durability and realized pricing power remain less established. AI differentiation is partly prospective, and recent margin pressure shows that protection is uneven.","advantages":[{"mechanism":"switching_costs","claim":"Specialized regulatory and operational software integrates multiple customer functions, making replacement potentially disruptive. Management explicitly describes high switching costs; actual SaaS and support renewals and multi-period organic growth provide indirect operating corroboration.","durability":"Existing workflow integration, specialized expertise and repeat demand support a current advantage. The passages do not establish its duration, migration expense or strength across every subsidiary, limiting the assessment to narrow.","risks":"AI alternatives could simplify replacement or reduce demand for existing workflows. Government customers retain unilateral modification and termination rights. Competition and supplier cost increases could constrain monetization. These disclosed possibilities do not establish realized displacement.","invalidation":"The thesis would be invalidated by demonstrated inexpensive replacement of core workflows, sustained losses of existing customers to alternatives, or persistent software organic contraction attributable to competitive displacement. Repeated renewal concessions would weaken the associated pricing-power thesis.","competitors":["Lucasys Inc."],"evidenceIds":["e1","e2","e3","e4","e5","e6","e7","e8"],"counterEvidenceIds":["e9","e10","e11","e12","e13"]}],"evidence":[{"id":"e1","sourceId":"filing-3","location":"Proxy statement / Board response to spin-off proposal / management description of switching costs","excerpt":"The Roper vertical market software businesses occupy a fundamentally different and highly defensible competitive position: they sit at the intersection of proprietary domain data, specialized regulatory and workflow expertise, and deep customer integration in markets where switching costs are high and generic solutions are inadequate."},{"id":"e2","sourceId":"filing-1","location":"Business / Application Software / integrated campus workflows","excerpt":"Transact/CBORD – integrated campus technology and payment solutions, including secure access and campus identity software, commerce solutions, tuition management software and payment processing, as well as foodservice technologies, serving higher education, healthcare, K-12, and business campuses."},{"id":"e3","sourceId":"filing-1","location":"Business / Application Software / financial and compliance workflows","excerpt":"PowerPlan – financial and compliance management software and solutions to large complex companies in asset-intensive industries."},{"id":"e4","sourceId":"filing-2","location":"Revenue recognition / contract balances / SaaS and support renewal cycle","excerpt":"The change in our net contract assets/(liabilities) from December 31, 2025 to June 30, 2026 was primarily due to the timing of payments and invoicing related to SaaS and PCS renewals, driven predominantly by the SaaS renewal cycle of our Frontline business which primarily occurs in the third quarter."},{"id":"e5","sourceId":"filing-2","location":"Revenue recognition / revenue converted from opening deferred revenue","excerpt":"Revenue recognized that was included in the deferred revenue balance on December 31, 2025 and 2024 was $573.5 and $531.6 for the three months ended June 30, 2026 and 2025, respectively, and $1,422.8 and $1,306.0 for the six months ended June 30, 2026 and 2025, respectively."},{"id":"e6","sourceId":"filing-4","location":"2024 results / Application Software / organic growth","excerpt":"The growth of 5.6% in organic revenues was broad-based across the segment led by our businesses serving the project-based business/government contracting, acute healthcare, property and casualty insurance, and legal markets."},{"id":"e7","sourceId":"filing-1","location":"2025 results / segment organic revenue growth","excerpt":"The components of revenue growth for the year ended December 31, 2025 were as follows: Application Software Network Software Technology Enabled Products Roper Total Revenue Growth 15.9 % 8.5 % 7.3 % 12.3 % Less Impact of: Acquisitions 10.2 4.4 0.8 6.7 Foreign Exchange 0.3 — — 0.2 Organic Revenue Growth 5.4 % 4.1 % 6.5 % 5.4 % In our Application Software segment, net revenues grew 15.9% to $4,483.0 for the year ended December 31, 2025 as compared to $3,868.3 for the year ended December 31, 2024, led by acquisition contribution from Transact and CentralReach."},{"id":"e8","sourceId":"filing-2","location":"First-half 2026 results / Application Software / broad-based organic growth","excerpt":"The growth of 4.8% in organic revenues was broad-based across the segment, led by our application software businesses serving the legal, project-based private sector, higher education, and property and casualty insurance markets."},{"id":"e9","sourceId":"filing-1","location":"Risk factors / government contract modification and termination rights","excerpt":"In many situations, government entities can unilaterally terminate or modify existing contracts without cause and without penalty to the government agency, and government contracts may be subject to specialized compliance obligations, audits, investigations, and bid processes that can delay awards and increase costs."},{"id":"e10","sourceId":"filing-2","location":"Risk factors / potential AI commoditization","excerpt":"The rapid pace of AI advancement may make it difficult to maintain competitive advantages, and AI capabilities could become commoditized, reducing our ability to significantly differentiate our offerings."},{"id":"e11","sourceId":"filing-2","location":"Risk factors / potential AI disruption and competitive adoption","excerpt":"New AI offerings may disrupt our offerings or transform workforce needs and may negatively impact demand for our offerings, or our competitors may be able to incorporate AI into their offerings more efficiently or successfully than we are able to."},{"id":"e12","sourceId":"filing-4","location":"Contingencies / named PowerPlan litigation counterparty","excerpt":"District Court for the Northern District of Georgia (Lucasys Inc."},{"id":"e13","sourceId":"filing-4","location":"Contingencies / allegations concerning competing software commercialization","excerpt":"v. PowerPlan, Inc., Case 1:20-cv-02987-AT) in which the plaintiff, a firm started \n62\nby former PowerPlan employees, alleged PowerPlan had engaged in, among other things, anticompetitive practices in violation of federal antitrust law which impacted the plaintiff’s ability to commercialize its software and services offerings."},{"id":"e14","sourceId":"filing-2","location":"Results of operations / comparative consolidated and segment margins","excerpt":"The following table sets forth selected information for the periods indicated: Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Net revenues: Application Software $ 1,180.8 $ 1,094.9 $ 2,372.3 $ 2,163.1 Network Software 430.9 385.4 858.5 761.3 Technology Enabled Products 497.2 463.3 973.4 902.0 Total $ 2,108.9 $ 1,943.6 $ 4,204.2 $ 3,826.4 Gross margin: Application Software 69.8 % 68.8 % 69.4 % 68.1 % Network Software 84.3 % 83.2 % 84.3 % 83.6 % Technology Enabled Products 56.9 % 58.6 % 56.9 % 58.6 % Total 69.7 % 69.2 % 69.5 % 69.0 % Selling, general and administrative expenses: Application Software (42.3) % (41.9) % (42.3) % (41.7) % Network Software (43.4) % (39.3) % (43.5) % (39.5) % Technology Enabled Products (23.6) % (23.1) % (24.0) % (23.4) % Total (38.1) % (36.9) % (38.3) % (37.0) % Segment operating margin: Application Software 27.4 % 26.9 % 27.1 % 26.4 % Network Software 41.0 % 43.9 % 40.8 % 44.1 % Technology Enabled Products 33.3 % 35.4 % 32.9 % 35.2 % Total 31.6 % 32.3 % 31.2 % 32.0 % Corporate administrative expenses * (3.9) % (4.1) % (3.8) % (3.9) % Income from operations 27.7 % 28.2 % 27.5 % 28.1 % Interest expense, net (5.3) % (4.1) % (5.0) % (3.7) % Equity investment gain (loss), net 39.6 % 0.9 % 23.8 % (0.7) % Other expense, net — % — % (0.1) % — % Earnings before income taxes 62.0 % 25.0 % 46.2 % 23.6 % Income taxes (6.6) % (5.5) % (6.3) % (5.1) % Net earnings 55.4 % 19.5 % 39.9 % 18.5 % * Includes unallocated corporate general and administrative expenses and enterprise-wide stock-based compensation."},{"id":"e15","sourceId":"filing-2","location":"First-half 2026 results / product mix and realized input-cost pressures","excerpt":"Gross margin decreased to 56.9% in the six months ended June 30, 2026 as compared to 58.6% in the six months ended June 30, 2025 due primarily to revenue mix within our medical products businesses weighted more towards consumables and input cost pressures at our water meter technology business."},{"id":"e16","sourceId":"filing-6","location":"First-quarter 2026 results / Network Software acquisition profiles and amortization","excerpt":"SG&A expenses as a percentage of net revenues increased to 43.6% in the first quarter of 2026 as compared to 39.6% in the first quarter of 2025 due primarily to SG&A profiles associated with our 2025 acquisitions, including higher amortization of acquired intangibles."},{"id":"e17","sourceId":"filing-1","location":"Liquidity / 2025 operating cash generation and tax effects","excerpt":"Selected cash flows for the years ended December 31, 2025 and 2024 were as follows:\nCash provided by (used in):\nOperating activities\n2,540.3 \n2,393.2 \nInvesting activities\n(3,388.0)\n(3,468.5)\nFinancing activities\n923.6 \n1,069.5 \nOperating activities \nNet cash provided by operating activities increased by 6% to $2,540.3 in 2025 as compared to $2,393.2 in 2024 due primarily to the change in net earnings before non-cash expenses, and a benefit to cash income taxes paid in connection with the repeal of the requirement to capitalize and amortize domestic R&D expenditures under Internal Revenue Code Section 174 (“Section 174”) associated with the enactment of the One Big Beautiful Bill Act (the “OBBBA”)."},{"id":"e18","sourceId":"filing-2","location":"Cash flow statement / first-half 2026 spending, repurchases, borrowing and compensation","excerpt":"5 Roper Technologies, Inc. Condensed Consolidated Statements of Cash Flows (unaudited) (Amounts in millions) Six months ended June 30, 2026 2025 Cash flows from operating activities: Net earnings $ 1,677.4 $ 709.4 Adjustments to reconcile net earnings to cash flows from operating activities: Depreciation and amortization of property, plant and equipment 20.1 19.6 Amortization of intangible assets 440.9 417.2 Amortization of deferred financing costs 6.3 5.5 Non-cash stock compensation 108.2 82.7 Equity investment (gain) loss, net (1,002.5) 27.8 Income tax provision 265.6 193.9 Changes in operating assets and liabilities, net of acquired businesses: Accounts receivable 71.0 37.4 Unbilled receivables (30.8) (9.7) Inventories (4.9) (9.6) Prepaid expenses and other current assets (23.3) (22.9) Accounts payable 24.4 7.0 Other accrued liabilities (93.9) (115.4) Deferred revenue (193.6) (132.7) Cash taxes paid for gain on disposal of equity investment — (30.2) Cash income taxes paid, excluding tax associated with gain on disposal of equity investment (190.2) (233.7) Other, net (13.1) (13.5) Cash provided by operating activities 1,061.6 932.8 Cash flows from (used in) investing activities: Acquisitions of businesses, net of cash acquired (27.5) (2,005.2) Capital expenditures (25.3) (26.0) Capitalized software expenditures (30.9) (26.8) Distributions from equity investment 6.7 5.1 Cash receipts on beneficial interest in sold receivables 4.5 — Other, net 0.2 1.6 Cash used in investing activities (72.3) (2,051.3) Cash flows from (used in) financing activities: Borrowings under revolving credit facility, net 2,000.0 1,275.0 Debt issuance costs (3.9) — Cash dividends to stockholders (191.4) (177.2) Repurchases of common stock (2,726.7) — Proceeds from (tax withholding payments for) stock-based compensation, net (8.6) 73.8 Treasury stock sales under employee stock purchase plan (“ESPP”) 12.7 12.5 Other, net 12.8 (43.9) Cash provided by (used in) financing activities (905.1) 1,140.2 Effect of exchange rate changes on cash (16.7) 32.5 Net increase in cash and cash equivalents 67.5 54.2 Cash and cash equivalents, beginning of period 297.4 188.2 Cash and cash equivalents, end of period $ 364.9 $ 242.4 Non-cash investing and financing activities: Equity consideration for business acquisition $ — $ 7.3 See accompanying notes to Condensed Consolidated Financial Statements."},{"id":"e19","sourceId":"filing-4","location":"2024 results / realized Syntellis integration cost synergies","excerpt":"Selling, general and administrative (“SG&A”) expenses as a percentage of net revenues decreased to 42.0% in the year ended December 31, 2024 as compared to 43.1% in the year ended December 31, 2023, due primarily to lower SG&A profiles at Procare and Transact, which collectively reduced SG&A as a percentage of net revenues by 70 basis points, operating leverage on higher organic revenues, and cost synergies resulting from the integration of Syntellis."},{"id":"e20","sourceId":"filing-3","location":"Compensation highlights / existing executive performance-based stock awards","excerpt":"Performance-Based Equity: All restricted stock and restricted stock unit awards made to our executive officers are subject to satisfaction of performance criteria (no stock awards are solely time-based)."},{"id":"e21","sourceId":"filing-3","location":"Compensation highlights / existing executive three-year vesting","excerpt":"Three Year Vesting for Equity Awards: Equity awards made to all named executive officers may vest only at the end of a three-year period."},{"id":"e22","sourceId":"filing-3","location":"Compensation policies / anti-hedging and anti-pledging","excerpt":"2026 Proxy Statement Table of Contents COMPENSATION DISCUSSION AND ANALYSIS (CONTINUED) Anti-Hedging and Anti-Pledging Policy We prohibit our named executive officers and directors from engaging in transactions involving derivative instruments with respect to Company securities, and other securities immediately convertible or exchangeable into Company securities, and from pledging shares of Company common stock."},{"id":"e23","sourceId":"filing-3","location":"Compensation policies / restatement clawback requirements","excerpt":"The Clawback Policy provides for the prompt recovery (or clawback) of certain excess incentive-based compensation received during an applicable three-year recovery period by current or former executive officers in the event we are required to prepare an accounting restatement due to material noncompliance with any financial reporting requirement under the securities laws."},{"id":"e24","sourceId":"filing-3","location":"Corporate governance / annual director terms","excerpt":"One-Year Terms for Directors: All of our directors serve one-year terms."},{"id":"e25","sourceId":"filing-3","location":"Corporate governance / director and committee independence","excerpt":"ii Roper Technologies, Inc. 2026 Proxy Statement Table of Contents PROXY STATEMENT SUMMARY (CONTINUED) Independent Directors: All of our directors, except our CEO, are independent, as is each member of the Audit, Compensation, Executive, and Nominating and Governance Committees."},{"id":"e26","sourceId":"filing-3","location":"Corporate governance / independent Board chair","excerpt":"Independent Chair of the Board: Our Chair of the Board is independent."},{"id":"e27","sourceId":"filing-4","location":"Contingencies / concluded PowerPlan settlement","excerpt":"In January 2025, PowerPlan and the plaintiff agreed to settle the matter and such was fully concluded and cash settled in January 2025 for $24.0 on a pretax basis ($17.7 after taxes)."},{"id":"e28","sourceId":"filing-2","location":"Risk factors / potential inability to pass through AI supplier costs","excerpt":"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."},{"id":"e29","sourceId":"filing-1","location":"Risk factors / possible competitive price adjustments","excerpt":"Moreover, competition may require us to adjust prices to stay competitive."},{"id":"e30","sourceId":"filing-3","location":"Board response / issuer assertions about proprietary data and specialized markets","excerpt":"The Company’s businesses hold leadership positions in specialized end markets including education, government contracting, healthcare, legal technology, insurance technology, and water infrastructure, where the data required to train effective AI models is proprietary, fragmented, and not available to horizontal competitors."},{"id":"e31","sourceId":"filing-2","location":"Stock-based compensation / confirmation of May 19, 2026 shareholder approval","excerpt":"The amendment to the 2021 Incentive Plan, which was approved by shareholders at the Annual Meeting of Shareholders on May 19, 2026 (the “Annual Meeting”), increased the number of shares available to grant under the Amended Incentive Plan."}],"changes":["Changed uncertain to narrow after weighing the explicit switching-cost and deep-integration disclosure against concrete workflow descriptions, renewal activity and multi-period organic growth. This is a reassessment of supplied evidence, not an assertion of newly realized competitive gains.","Assigned moat grades supported by the current catalog; retained null for realized pricing because no observed customer price outcomes are disclosed.","Re-established the previous management and other pricing grades using current catalog citations. The July 2026 filing confirms incentive-plan amendment approval; the April proxy proposal alone does not establish adoption."],"limitations":["All supplied sources are issuer filings or issuer releases. Board claims about high switching costs, exclusive data access and AI defensibility have operating corroboration for demand but no quantified migration-cost or competitive-win evidence.","Lucasys Inc. is identified through litigation alleging interference with competing software commercialization; this establishes limited PowerPlan competitor coverage, not portfolio-wide competitive benchmarking. The settlement does not establish adjudicated misconduct.","Named AI and cloud providers are disclosed as suppliers, and compensation peers are not established product competitors. Neither group is treated as named competitors here.","Marketplace descriptions establish matching functions, but do not demonstrate network density, liquidity advantages or increasing participant value. No separate network-effects moat is established.","No realized price changes, renewal rates, customer cohort data, commercial repricing rights or quantified management ownership are supplied. Renewal and customer-dependency judgments therefore use indirect evidence.","Acquisitions, mix, amortization, tax timing and end-market conditions affect reported results. Margins alone do not establish a moat or pricing power, and growth alone does not establish retention.","All source dates retain dateKind filed. The latest supplied filing is July 31, 2026; no subsequent results or closing of the planned Indicor transaction are assumed."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":3,"rationale":"Specialized compliance and integrated campus workflows, explicit high-switching-cost disclosures, renewal activity and sustained organic growth together support a strong current switching-cost mechanism. The mechanism remains partly management-described and is not uniform across the portfolio.","evidenceIds":["e1","e2","e3","e4","e6","e7","e8"]},{"criterion":"durability","grade":2,"rationale":"Application Software organic growth across 2024, 2025 and first-half 2026 corroborates persistence. Long-term migration friction, customer cohorts and exclusive data rights are not quantified; management's proprietary-data assertions and possible AI disruption leave durability mixed.","evidenceIds":["e6","e7","e8","e30","e10","e11"]},{"criterion":"customer_dependency","grade":3,"rationale":"Integrated identity, payments and administrative functions, complex financial compliance software and recurring SaaS/support renewals support strong workflow dependence indirectly. No retention percentage or measured replacement burden is inferred.","evidenceIds":["e1","e2","e3","e4","e5"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Continued software organic growth supports current resilience, while uneven segment margins and realized input-cost pressure show limits. AI commoditization remains a prospective risk; management's claim that proprietary data protects incumbents does not demonstrate resilience through a completed AI disruption cycle.","evidenceIds":["e8","e14","e15","e10","e11","e30"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":null,"rationale":"The catalog does not isolate realized selling-price changes, discounting or renewal price outcomes. Organic growth and margin movements cannot separate price from volume, mix and costs. Possible competitive price adjustments and AI cost pass-through difficulties are risks, not observed pricing outcomes.","evidenceIds":["e7","e14","e28","e29"]},{"criterion":"retention","grade":2,"rationale":"SaaS/support renewal cycles, conversion of opening deferred revenue and sustained organic growth support repeat demand indirectly. They do not isolate customer renewal success from new sales, acquisitions or expansion, so demonstrated retention strength remains mixed.","evidenceIds":["e4","e5","e6","e7","e8"]},{"criterion":"margin_resilience","grade":2,"rationale":"First-half 2026 gross margin increased from 69.0% to 69.5%, while operating margin declined from 28.1% to 27.5%. Application Software improved, but Network Software and Technology Enabled Products weakened. Acquisition-related amortization, product mix and input costs explain part of the variation, supporting mixed resilience without attributing it entirely to pricing.","evidenceIds":["e14","e15","e16"]},{"criterion":"contractual_freedom","grade":1,"rationale":"Government entities can modify or terminate contracts without cause or penalty, demonstrating weak supplier control in that subset. This is a disclosed contractual constraint rather than proof of actual cancellations. Commercial repricing rights and portfolio-wide pricing discretion remain undisclosed.","evidenceIds":["e9"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Substantial operating cash generation and realized integration synergies support discipline. However, first-half 2026 repurchase cash spending of $2.727 billion exceeded operating cash of $1.062 billion alongside $2.000 billion of net revolver borrowing and $108.2 million of stock compensation. Acquisition returns and repurchase value creation are not established, leaving a mixed assessment.","evidenceIds":["e17","e18","e19"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Existing executive stock awards require performance criteria and three-year vesting, supported by anti-hedging, anti-pledging and restatement clawback provisions. These are strong disclosed alignment mechanisms, although ownership amounts and performance-hurdle rigor remain unclear. Shareholder approval of the 2026 plan amendment is confirmed by the later quarterly filing and is not treated as evidence that all authorized awards were granted or vested.","evidenceIds":["e20","e21","e22","e23","e31"]},{"criterion":"execution","grade":3,"rationale":"Multi-period Application Software organic growth, substantial cash generation and realized Syntellis cost synergies demonstrate strong execution through operating evidence. Recent margin compression and tax contributions to cash growth limit the assessment. No exceptional AI monetization or acquisition-return record is inferred.","evidenceIds":["e6","e7","e8","e17","e18","e19","e14"]},{"criterion":"governance","grade":3,"rationale":"Annual director terms, an independent chair, independent directors other than the CEO, independent committees and a disclosed clawback provide strong governance support. 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