Roper Technologies (ROP) FY2024 10-K Annual Report
Roper Technologies (ROP) 10-K annual report for fiscal year 2024, filed with SEC EDGAR on Feb 24, 2025. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Roper Technologies FY2024 10-K Analysis
Business Overview
- • Core business model: Diversified technology company focused on vertical software and tech-enabled products for defensible niche markets
- • New acquisitions in 2024: Procare for early childhood education SaaS and Transact Campus for campus payment tech, augmenting Application Software segment
- • Strategic divestiture: Majority equity stake of Indicor industrial businesses sold to CD&R in Nov 2022; retained minority interest
- • Financial scale: Application Software segment revenue $3,868.3M (55% of total), Network Software $1,475.6M (21%), Technology Enabled Products $1,695.3M (24%) for 2024
- • Noteworthy: $9,950M deployed on acquisitions over last 3 years, including $1,360M bolt-ons enhancing strategic positioning
Management Discussion & Analysis
- • Revenue $7,039.2M in 2024, up 13.9% YoY from $6,177.8M in 2023; organic growth 5.8% overall led by Application Software (5.6%) and Technology Enabled Products (9.3%)
- • Total operating margin 32.2% in 2024 vs 31.9% in 2023; Application Software margin 26.5% vs 25.8%, Network Software 45.2% vs 43.9%, Technology Enabled Products 33.9% vs 33.4%
- • Best segment: Network Software revenue $1,475.6M with 45.2% operating margin; worst: Application Software with gross margin decline to 68.4% from 68.9%
- • Operating cash flow $2,393.2M in 2024, up 17% YoY; investing cash outflow $3,468.5M mainly acquisitions; financing cash inflow $1,069.5M from $2B senior notes issuance; dividends paid, $500M notes repaid
- • 2025 outlook: tax rate 21%-22%, capital expenditures 1.0%-1.5% of revenue; risks include geopolitical/economic uncertainties, acquisition financing, and debt reduction pace
Risk Factors
- • Regulatory risk from GDPR enforcement, with fines up to 4% of global revenue for non-compliance in EU and UK markets
- • Geopolitical exposure: 14% net revenues from international, vulnerable to tariffs and export restrictions including US-China tensions
- • Supply chain risk due to reliance on sole source suppliers and third-party cloud platforms like AWS, Google Cloud, Microsoft Azure
- • Competitive risk from AI adoption; competitors may deploy superior AI-enabled products faster, impairing market position
- • Financial leverage with $7.6B total debt and $3.4B undrawn credit line; debt covenants could trigger default and restrict financial flexibility
Roper Technologies FY2024 Key Financial MetricsXBRL
Revenue
$7.0B
▲ +13.9% YoY
Net Income
$1.5B
▲ +11.9% YoY
Gross Margin
69.3%
▼ -42bp YoY
Operating Margin
28.4%
▲ +12bp YoY
Net Margin
22.0%
▼ -40bp YoY
ROE
8.2%
▲ +28bp YoY
Total Assets
$31.3B
▲ +11.2% YoY
EPS (Diluted)
$14.35
▲ +11.3% YoY
Operating Cash Flow
$2.4B
▲ +17.6% YoY
Source: XBRL data from Roper Technologies FY2024 10-K filing on SEC EDGAR. All figures in USD.
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