{"schemaVersion":1,"research":true,"symbol":"rop","name":"Roper Technologies","topic":"moat","path":"/stock/rop/moat","status":"published","version":3,"updatedAt":"2026-10-18T13:44:52.960Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"uncertain","summary":"Roper demonstrates recurring software demand, organic growth and substantial cash generation. Its specialized workflows, customer integration and proprietary data are plausible moat mechanisms, but their competitive protection remains principally an issuer assertion: the passages do not demonstrate migration costs, exclusive data advantages or sustained customer retention rates. Pricing power is unproven because realized pricing is not disclosed. Recent margin performance is mixed, while AI substitution and supplier dependence are potential erosion risks rather than established competitive displacement.","advantages":[{"mechanism":"switching_costs","claim":"A candidate current advantage exists in embedded vertical software workflows. Management explicitly describes deep integration and high switching costs; disclosed SaaS and support renewals substantiate recurring business, but do not establish the cost or difficulty of switching.","durability":"Recurring contractual demand supports continuity, but the evidence cannot establish how long switching friction protects individual businesses or the portfolio.","risks":"AI alternatives could simplify replacement; government customers can terminate or modify certain contracts without penalty. Organic growth does not isolate renewals from new customers, volumes or prices.","invalidation":"The switching-cost thesis would be undermined by documented low-cost migrations, sustained renewal deterioration or incumbent customers replacing Roper products with generic alternatives. Those outcomes are not established here.","competitors":[],"evidenceIds":["e1","e2","e3","e4"],"counterEvidenceIds":["e5","e6"]},{"mechanism":"intangible_assets","claim":"Management identifies proprietary domain data and specialized regulatory expertise as existing differentiators. Intellectual property protections are disclosed, but exclusive access, replication difficulty and customer willingness to pay for these assets are not demonstrated.","durability":"Potentially durable where data access and domain expertise are difficult to reproduce; that condition is asserted rather than established across the portfolio. AI-driven moat expansion remains potential.","risks":"AI capabilities may commoditize, third-party platforms may change terms, and innovation requires continued investment. Recorded customer-related intangible assets are valuation estimates, not independent proof of a moat.","invalidation":"The thesis would be undermined if alternatives reproduced equivalent domain functionality and data access, customers migrated without meaningful disruption, or Roper lost differentiation despite continued product investment.","competitors":[],"evidenceIds":["e7","e8","e9"],"counterEvidenceIds":["e6","e10","e11"]}],"evidence":[{"id":"e1","sourceId":"filing-3","location":"Board response to shareholder proposal: asserted workflow integration and 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-2","location":"Revenue recognition: SaaS and PCS 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":"e3","sourceId":"filing-2","location":"Revenue recognition: revenue recognized 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":"e4","sourceId":"filing-2","location":"Results of operations: Application Software organic revenue 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":"e5","sourceId":"filing-1","location":"Risk factors: government contract termination and modification 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":"e6","sourceId":"filing-2","location":"Competition risk: potential AI disruption and demand substitution","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":"e7","sourceId":"filing-3","location":"Board response to shareholder proposal: asserted proprietary data barriers","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":"e8","sourceId":"filing-1","location":"Business: intellectual property ownership and licensing","excerpt":"Intellectual Property In addition to trade secrets, including unpatented know-how and other intellectual property like software source code, we own or license the rights under numerous patents, trademarks, trade dress, and copyrights relating to certain of our products and businesses."},{"id":"e9","sourceId":"filing-3","location":"Board response to shareholder proposal: AI development and commercialization","excerpt":"The Company has already made meaningful progress in deploying AI capabilities across the portfolio, with all of its software businesses actively developing and commercializing AI-based products and features."},{"id":"e10","sourceId":"filing-2","location":"AI risk factors: potential 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-1","location":"Critical accounting estimates: acquired customer relationship valuation","excerpt":"Under this methodology the fair value is determined based on the estimated future after-tax cash flows arising from the acquired customer relationships over their estimated useful lives after considering customer attrition and contributory asset charges."},{"id":"e12","sourceId":"filing-2","location":"AI supplier risk: possible inability to pass through cost increases","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":"e13","sourceId":"filing-4","location":"Competition risk: possible competitive price adjustments","excerpt":"Moreover, competition may require us to adjust prices to stay competitive."},{"id":"e14","sourceId":"filing-2","location":"Results of operations: comparative segment and consolidated 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":"Technology Enabled Products: realized mix and input-cost margin pressure","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-2","location":"Application Software: gross margin improvement from operating leverage","excerpt":"Gross margin increased to 69.8% in the second quarter of 2026 as compared to 68.8% in the second quarter of 2025 due primarily to improved leverage on higher organic revenues."},{"id":"e17","sourceId":"filing-2","location":"Six-month cash flow statement: operating cash, investment, borrowing and repurchases","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":"e18","sourceId":"filing-2","location":"Results of operations: higher debt balances and interest expense","excerpt":"Interest expense, net, increased to $210.7 for the six months ended June 30, 2026 as compared to $142.0 for the six months ended June 30, 2025 due primarily to higher average debt balances and a higher weighted-average interest rate on our senior notes."},{"id":"e19","sourceId":"filing-3","location":"Board letter: completed 2025 acquisition spending","excerpt":"In 2025, we deployed $3.3 billion toward vertical-market software acquisitions—most notably our acquisitions of CentralReach, a leading provider of SaaS and AI-enabled solutions supporting the workflow and administration of applied behavior analysis therapy for autism spectrum disorder and related disabilities care, acquired for $1.85 billion; and Subsplash, a leading provider of AI-enabled SaaS delivering digital engagement, church management, and integrated giving solutions for faith-based organizations, acquired for $800 million."},{"id":"e20","sourceId":"filing-3","location":"Executive compensation: actual 2025 compensation structure","excerpt":"• Pay for Performance. Similar to prior years, in 2025, total direct compensation at target that was at risk and tied to stock price and performance objectives was 96% for the CEO, and 91% on average for our other named executive officers."},{"id":"e21","sourceId":"filing-3","location":"Executive compensation: equity incentives and three-year service requirements","excerpt":"Long-Term Stock Incentives Equity compensation is the largest and most important form of pay for our named executive officers as it achieves many of our key compensation objectives: • Tie pay to performance by linking compensation to shareholder value creation and achievement of pre-established and objective performance criteria; • Align named executive officers’ interests with those of shareholders while reinforcing a long-term planning horizon; • Attract named executive officers, particularly those interested in building long-term value for shareholders; and • Retain named executive officers and reward continued service by ensuring the forfeiture of awards prior to satisfaction of three-year service requirements."},{"id":"e22","sourceId":"filing-3","location":"Executive compensation: anti-hedging and anti-pledging policy","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":"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":"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: independent board chair","excerpt":"Independent Chair of the Board: Our Chair of the Board is independent."},{"id":"e26","sourceId":"filing-3","location":"Executive compensation: operative clawback policy","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":"e27","sourceId":"filing-2","location":"Stock-based compensation: May 19, 2026 shareholder approval of plan amendment","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."},{"id":"e28","sourceId":"filing-1","location":"Results of operations: 2025 acquisition and organic growth decomposition","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":"e29","sourceId":"filing-4","location":"Results of operations: 2024 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":"e30","sourceId":"filing-1","location":"Liquidity: 2025 operating cash generation and tax benefit","excerpt":"Net 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":"e31","sourceId":"filing-3","location":"Shareholder proposal: allegation of acquisition overpayment","excerpt":"Amplifying this last issue, it seems ROP’s been overpaying for many of its mature end-market software companies."},{"id":"e32","sourceId":"filing-3","location":"Board response: objection to shareholder proposal's analytical comparability","excerpt":"The proposal’s characterization of the Company’s financial performance is misleading because it relies on a six-year analytical period (2018–2024) that spans both the pre- and post-transformation portfolio; blending the financial results of businesses the Company intentionally divested with the performance of the businesses it chose to retain and in which to invest."},{"id":"e33","sourceId":"filing-2","location":"Cybersecurity risk: disruptions without identified material company impact","excerpt":"While we have experienced disruptions, and our Vertafore business was previously subject to litigation regarding the exposure of data which was dismissed, to date, management has not identified any material impact on the Company from these disruptions."},{"id":"e34","sourceId":"filing-2","location":"Results of operations: year-over-year backlog growth","excerpt":"Backlog increased 11.0% to $3,286.0 at June 30, 2026 as compared to $2,961.3 at June 30, 2025 due primarily to acquisitions and organic growth in our software segments."},{"id":"e35","sourceId":"filing-2","location":"Stock-based compensation: realized compensation expense","excerpt":"Information regarding the Company’s stock-based compensation expense, included as a component of “Selling, general and administrative expenses” (“SG&A expenses”), is provided in the following table: Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Stock-based compensation $ 55.6 $ 43.9 $ 108.2 $ 82.7 Tax benefit recognized in net earnings $ 8.3 $ 6.8 $ 16.3 $ 13.1 The Company accounts for forfeitures of stock-based awards as they occur, with previously recognized compensation reversed in the period in which the awards are forfeited."}],"changes":["Retain the previous uncertain verdict. Explicit switching-cost and proprietary-data assertions now sharpen the candidate mechanisms, while renewal disclosures provide operating support for recurring demand without proving competitive protection.","Add evidence-based management assessments using actual compensation arrangements, board structure, completed spending and financing. The July 2026 filing establishes May 2026 approval of the incentive-plan amendment.","Distinguish mixed realized margin performance and higher financing costs from hypothetical AI erosion; neither establishes competitive displacement."],"limitations":["Only supplied passages were used. Source dates are filing dates, not retrieval or independently established publication dates.","Competitive coverage is predominantly generic. A litigation counterparty is identified elsewhere, but the passages do not establish a representative competitor set for these portfolio-wide candidate advantages; supplier names are not treated as competitors.","No realized price changes, price-volume decomposition, contractual escalation rights or portfolio-wide repricing terms are supplied.","Renewals, deferred revenue and organic growth provide indirect retention evidence; they do not disclose cohort retention, churn or migration costs.","Proprietary-data exclusivity, switching-cost magnitude and market leadership are principally issuer assertions. Financial-statement intangible valuations do not independently verify competitive barriers.","The April proxy contains text referring to a later May approval. Adoption is supported here by the July quarterly filing, rather than inferred from that chronologically inconsistent proxy passage.","Actual executive ownership levels, detailed performance targets and acquisition-level realized returns are missing. Shareholder allegations and management rebuttals are attributed positions, not adjudicated findings.","Falsifiable invalidation conditions describe evidence that would defeat the candidate theses; they are not reported outcomes."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":null,"rationale":"Specific integration and proprietary-data mechanisms are asserted, but their competitive effect is not sufficiently demonstrated to establish a moat.","evidenceIds":["e1","e7","e8"]},{"criterion":"durability","grade":null,"rationale":"Recurring revenue and several periods of organic growth do not establish the duration of competitive protection.","evidenceIds":["e2","e4","e28","e29"]},{"criterion":"customer_dependency","grade":null,"rationale":"Renewal activity demonstrates recurring demand, but customer dependence and costly replacement remain unverified.","evidenceIds":["e1","e2","e3"]},{"criterion":"erosion_resilience","grade":null,"rationale":"AI commercialization is disclosed, but resilience against substitution is not demonstrated. AI risk disclosures describe possibilities, not realized displacement.","evidenceIds":["e6","e9","e10"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":null,"rationale":"No observed pricing outcome is isolated. Possible competitive price adjustments and supplier-cost pass-through difficulty cannot establish actual customer pricing.","evidenceIds":["e12","e13"]},{"criterion":"retention","grade":2,"rationale":"SaaS and support renewal activity, recognized deferred revenue and broad organic growth support repeat demand indirectly. Missing renewal rates and cohort data prevent a strong portfolio-wide retention conclusion.","evidenceIds":["e2","e3","e4","e34"]},{"criterion":"margin_resilience","grade":2,"rationale":"Performance is mixed: first-half 2026 consolidated gross margin improved, but operating margin declined; Application Software gained operating leverage while products suffered mix and input-cost pressure. This assesses observed resilience without inferring a moat or price increases.","evidenceIds":["e14","e15","e16"]},{"criterion":"contractual_freedom","grade":1,"rationale":"Disclosed government rights to terminate or modify contracts without penalty establish a material limitation on contractual control in that business. Its portfolio weight and broader repricing rights are unavailable.","evidenceIds":["e5"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Substantial cash generation supports investment capacity, but first-half 2026 repurchases of roughly $2.73 billion exceeded $1.06 billion of operating cash flow alongside $2.0 billion of net revolver borrowing and rising interest costs. Acquisition returns remain unverified. Overpayment allegations and the board's rebuttal are not treated as proof.","evidenceIds":["e17","e18","e19","e30","e31","e32"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Actual 2025 pay was predominantly tied to stock price and performance; disclosed equity arrangements include three-year service requirements, with anti-hedging, anti-pledging and clawback protections. Rising stock compensation and missing ownership and target details limit the assessment; plan approval is not treated as vesting.","evidenceIds":["e20","e21","e22","e26","e27","e35"]},{"criterion":"execution","grade":3,"rationale":"Repeated organic growth, continuing cash generation and growing backlog demonstrate operating execution, assessed from aggregate operating evidence rather than customer-level outcomes. Margin pressure and higher interest expense temper the result; acquisition-specific returns and AI benefits remain unproven.","evidenceIds":["e4","e17","e18","e28","e29","e30","e34"]},{"criterion":"governance","grade":3,"rationale":"An independent chair, independent directors other than the CEO, independent committees, annual elections and an operative clawback provide strong disclosed safeguards. These actual arrangements support the grade without proving exceptional oversight effectiveness.","evidenceIds":["e23","e24","e25","e26"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","basisHash":"5d37de860fea1ba15fd791ae12c6ab90a52ca0e4cc83da37bf12f1c827bb560c","updatedAt":"2026-10-18T13:44:52.960Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/882835/000088283526000009/rop-20251231.htm","publishedAt":"2026-02-24","sha256":"7c4cc10ed3374b1fb239e501ad784bda5c7b228874361e1d4dc1b8e4405ccccd","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/882835/000088283526000036/rop-20260630.htm","publishedAt":"2026-07-31","sha256":"e916a22327d95b0f5dd214cadaa2fdec07146f2289da75b24c0dfae38f614196","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/882835/000119312526145481/d204543ddef14a.htm","publishedAt":"2026-04-07","sha256":"5be2219f2db2c0cbf89fe105fadeafc8db4061a39eb65e961b1d534c06316fc3","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/882835/000088283525000008/rop-20241231.htm","publishedAt":"2025-02-24","sha256":"e17edfc9f8d5e8dbf57755955a62f1f6218f2383b8c30e1cbb3bdcedf8652574","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/882835/000088283524000008/rop-20231231.htm","publishedAt":"2024-02-22","sha256":"df7bce3202d2b6a69bcbf4910d7e92d0b12508ba9830460dd7cdc2e096fa7478","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/882835/000088283526000019/rop-20260331.htm","publishedAt":"2026-05-01","sha256":"916a1600d10d3e82e4da2d9478ff71d01c20a719f043349c251b301a84d77f31","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:a85b2d532a17bc019ee993651f2c37d9161611ab58b66cdaa7521a1ad03e1d2a","usage":{"input_tokens":89674,"cached_input_tokens":21120,"cache_write_input_tokens":0,"output_tokens":3443,"reasoning_output_tokens":121}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":67.80089307348818,"operating_margin":25.61874762020146,"roic":5.887671916837252,"fcf_margin":34.327944892519646,"sbc_revenue":2.355567863200526},"issues":{"pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","roiic":"Invested capital did not increase versus the prior year. 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