Selected Financial Data
since 2005
Income Statement
Roper Technologies Inc., selected items from income statement, long-term trends
US$ in thousands
| 12 months ended: | Net revenues | Income from operations | Net earnings |
|---|---|---|---|
| Dec 31, 2022 | 5,371,800) | 1,524,500) | 4,544,700) |
| Dec 31, 2021 | 5,777,800) | 1,480,200) | 1,152,600) |
| Dec 31, 2020 | 5,527,100) | 1,431,100) | 949,700) |
| Dec 31, 2019 | 5,366,800) | 1,498,400) | 1,767,900) |
| Dec 31, 2018 | 5,191,200) | 1,396,400) | 944,400) |
| Dec 31, 2017 | 4,607,471) | 1,210,244) | 971,772) |
| Dec 31, 2016 | 3,789,925) | 1,054,563) | 658,645) |
| Dec 31, 2015 | 3,582,395) | 1,027,918) | 696,067) |
| Dec 31, 2014 | 3,549,494) | 999,473) | 646,033) |
| Dec 31, 2013 | 3,238,128) | 842,361) | 538,293) |
| Dec 31, 2012 | 2,993,489) | 757,587) | 483,360) |
| Dec 31, 2011 | 2,797,089) | 660,539) | 427,247) |
| Dec 31, 2010 | 2,386,112) | 514,294) | 322,580) |
| Dec 31, 2009 | 2,049,668) | 395,396) | 239,481) |
| Dec 31, 2008 | 2,306,371) | 486,161) | 286,515) |
| Dec 31, 2007 | 2,102,049) | 438,354) | 250,033) |
| Dec 31, 2006 | 1,700,734) | 337,653) | 193,324) |
| Dec 31, 2005 | 1,453,731) | 264,899) | 153,175) |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial trajectory from 2005 to 2022 is characterized by consistent expansion in top-line revenue and a steady increase in operating efficiency, punctuated by significant volatility in net earnings during the latter period.
- Revenue Growth Trends
- Net revenues exhibited a long-term upward trend, growing from 1,453,731 thousand US dollars in 2005 to a peak of 5,777,800 thousand US dollars in 2021. A notable acceleration occurred between 2016 and 2017, where revenues increased by approximately 21.5% in a single year. A slight contraction is observed in 2022, with revenues declining to 5,371,800 thousand US dollars.
- Operating Income and Margin Expansion
- Income from operations grew consistently over the analyzed period, rising from 264,899 thousand US dollars in 2005 to 1,524,500 thousand US dollars in 2022. While revenue experienced a slight decline in the final year, operating income continued to rise, suggesting an improvement in operational efficiency and margin expansion. The operating margin increased from approximately 18.2% in 2005 to 28.4% in 2022.
- Net Earnings Volatility
- Net earnings demonstrate significant fluctuations that do not always align with operating performance. While earnings grew steadily until 2017, a substantial spike occurred in 2019, reaching 1,767,900 thousand US dollars before reverting to 949,700 thousand US dollars in 2020. The most prominent anomaly appears in 2022, where net earnings surged to 4,544,700 thousand US dollars. This figure is nearly three times the reported income from operations for the same period, indicating the influence of significant non-operating gains or one-time accounting adjustments.
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Balance Sheet: Assets
Roper Technologies Inc., selected items from assets, long-term trends
US$ in thousands
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2022 | 1,932,400) | 26,980,800) |
| Dec 31, 2021 | 2,421,100) | 23,713,900) |
| Dec 31, 2020 | 1,752,300) | 24,024,800) |
| Dec 31, 2019 | 1,999,500) | 18,108,900) |
| Dec 31, 2018 | 1,610,700) | 15,249,500) |
| Dec 31, 2017 | 1,759,402) | 14,316,413) |
| Dec 31, 2016 | 1,776,501) | 14,324,927) |
| Dec 31, 2015 | 1,618,047) | 10,168,365) |
| Dec 31, 2014 | 1,512,105) | 8,412,934) |
| Dec 31, 2013 | 1,373,337) | 8,184,981) |
| Dec 31, 2012 | 1,245,542) | 7,071,104) |
| Dec 31, 2011 | 1,115,473) | 5,319,417) |
| Dec 31, 2010 | 998,091) | 5,069,524) |
| Dec 31, 2009 | 870,745) | 4,327,736) |
| Dec 31, 2008 | 858,307) | 3,971,538) |
| Dec 31, 2007 | 951,137) | 3,453,184) |
| Dec 31, 2006 | 627,495) | 2,995,359) |
| Dec 31, 2005 | 498,207) | 2,522,306) |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The asset base of the organization has experienced substantial expansion between 2005 and 2022, characterized by a consistent and significant upward trajectory in total assets. Total assets grew from 2.52 billion USD in 2005 to 26.98 billion USD by the end of 2022, representing more than a ten-fold increase over the analyzed period.
- Total Asset Growth Patterns
- An acceleration in asset accumulation is observed particularly after 2014. Between 2005 and 2014, total assets grew from 2.52 billion USD to 8.41 billion USD. However, a more rapid expansion occurred between 2015 and 2022, where assets increased from 10.17 billion USD to 26.98 billion USD. Notable surges are evident between 2015 and 2016, where assets rose by approximately 4.16 billion USD, and between 2018 and 2020, where assets grew from 15.25 billion USD to 24.02 billion USD.
- Current Asset Trends
- Current assets exhibited a steady but more moderate increase compared to total assets. Starting at 498.2 million USD in 2005, current assets reached 1.93 billion USD by 2022. While the absolute value increased, the growth was not linear, with a peak in 2021 at 2.42 billion USD followed by a contraction to 1.93 billion USD in 2022.
- Asset Composition and Liquidity Shift
- A significant divergence is observed between the growth rates of current assets and total assets, indicating a structural shift in the balance sheet. In 2005, current assets represented approximately 19.7% of total assets. By 2022, this proportion decreased to approximately 7.1%. This trend suggests that the vast majority of the organization's growth has been driven by non-current assets, likely reflecting an aggressive strategy of long-term investments or acquisitions that increased the proportion of fixed or intangible assets relative to liquid assets.
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Balance Sheet: Liabilities and Stockholders’ Equity
Roper Technologies Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in thousands
| Current liabilities | Total liabilities | Long-term debt, including of current portion | Stockholders’ equity | |
|---|---|---|---|---|
| Dec 31, 2022 | 2,892,500) | 10,943,000) | 6,661,700) | 16,037,800) |
| Dec 31, 2021 | 3,121,800) | 12,150,100) | 7,921,800) | 11,563,800) |
| Dec 31, 2020 | 2,444,400) | 13,545,000) | 9,566,500) | 10,479,800) |
| Dec 31, 2019 | 2,397,400) | 8,617,000) | 5,275,300) | 9,491,900) |
| Dec 31, 2018 | 1,448,200) | 7,511,000) | 4,941,700) | 7,738,500) |
| Dec 31, 2017 | 2,029,409) | 7,452,849) | 5,155,555) | 6,863,564) |
| Dec 31, 2016 | 1,445,272) | 8,536,062) | 6,209,536) | 5,788,865) |
| Dec 31, 2015 | 720,128) | 4,869,418) | 3,271,222) | 5,298,947) |
| Dec 31, 2014 | 627,947) | 3,657,574) | 2,214,123) | 4,755,360) |
| Dec 31, 2013 | 643,091) | 3,971,931) | 2,464,852) | 4,213,050) |
| Dec 31, 2012 | 1,086,210) | 3,383,378) | 2,022,122) | 3,687,726) |
| Dec 31, 2011 | 554,196) | 2,124,321) | 1,085,016) | 3,195,096) |
| Dec 31, 2010 | 539,645) | 2,318,617) | 1,341,045) | 2,750,907) |
| Dec 31, 2009 | 478,011) | 1,906,246) | 1,153,758) | 2,421,490) |
| Dec 31, 2008 | 619,208) | 1,967,800) | 1,267,516) | 2,003,738) |
| Dec 31, 2007 | 667,530) | 1,663,378) | 1,058,592) | 1,789,806) |
| Dec 31, 2006 | 587,649) | 1,508,520) | 1,026,792) | 1,486,839) |
| Dec 31, 2005 | 505,625) | 1,272,518) | 894,271) | 1,249,788) |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial structure between 2005 and 2022 is characterized by a substantial expansion of both total liabilities and stockholders' equity, though the growth patterns differ in volatility and trajectory. While stockholders' equity has maintained a consistent upward trend, liabilities have experienced periods of rapid acceleration followed by contraction.
- Liability Trends and Debt Composition
- Total liabilities grew from 1.27 billion in 2005 to 10.94 billion in 2022. This growth was not linear, with significant surges observed between 2015 and 2016, where liabilities jumped from 4.87 billion to 8.54 billion, and again in 2020, reaching a peak of 13.55 billion. Long-term debt serves as the primary driver of this trend, closely mirroring the movements of total liabilities. A notable deleveraging phase occurred between 2020 and 2022, during which total liabilities decreased from 13.55 billion to 10.94 billion, and long-term debt fell from 9.57 billion to 6.66 billion.
- Stockholders' Equity Expansion
- Stockholders' equity demonstrated a steady and disciplined increase throughout the entire period, rising from 1.25 billion in 2005 to 16.04 billion in 2022. Unlike the liabilities, equity growth was persistent and devoid of significant contractions. The most rapid acceleration in equity accumulation occurred after 2018, with a particularly sharp increase between 2021 and 2022, where equity rose from 11.56 billion to 16.04 billion.
- Capital Structure Evolution
- The relationship between debt and equity shifted significantly over the 17-year period. In 2005, total liabilities and stockholders' equity were nearly equal. During the mid-period peaks of 2016 and 2020, the company leaned more heavily on debt, with liabilities exceeding equity. However, by 2022, the capital structure shifted toward a more equity-heavy position, with stockholders' equity exceeding total liabilities by approximately 5.1 billion. This indicates a transition toward a more conservative financial leverage profile in the most recent years of the analysis.
- Current Liability Analysis
- Current liabilities expanded from 505.6 million in 2005 to 2.89 billion in 2022. While these increased in absolute terms, they represent a smaller proportion of total liabilities over time. For instance, in 2005, current liabilities accounted for approximately 39.7% of total liabilities, whereas by 2022, they represented approximately 26.4%, suggesting that the increase in total obligations was primarily driven by long-term financing rather than short-term operational debts.
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Cash Flow Statement
Roper Technologies Inc., selected items from cash flow statement, long-term trends
US$ in thousands
| 12 months ended: | Cash provided by operating activities | Cash used in investing activities | Cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2022 | 606,600) | (4,351,800) | (1,453,900) |
| Dec 31, 2021 | 1,866,200) | (253,200) | (1,807,100) |
| Dec 31, 2020 | 1,525,100) | (6,073,900) | 4,136,900) |
| Dec 31, 2019 | 1,461,800) | (1,296,000) | 177,000) |
| Dec 31, 2018 | 1,430,100) | (1,335,100) | (388,100) |
| Dec 31, 2017 | 1,234,482) | (209,576) | (1,170,017) |
| Dec 31, 2016 | 963,785) | (3,752,856) | 2,805,263) |
| Dec 31, 2015 | 928,825) | (1,698,332) | 996,242) |
| Dec 31, 2014 | 840,441) | (348,105) | (298,104) |
| Dec 31, 2013 | 802,553) | (1,115,863) | 403,633) |
| Dec 31, 2012 | 677,852) | (1,505,545) | 853,870) |
| Dec 31, 2011 | 601,618) | (275,749) | (256,679) |
| Dec 31, 2010 | 499,540) | (563,274) | 167,609) |
| Dec 31, 2009 | 367,499) | (374,192) | (13,597) |
| Dec 31, 2008 | 434,438) | (739,294) | 187,919) |
| Dec 31, 2007 | 343,807) | (142,388) | 29,548) |
| Dec 31, 2006 | 262,538) | (386,665) | 138,291) |
| Dec 31, 2005 | 281,301) | (355,870) | 5,383) |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial data exhibits a long-term trajectory of operational growth and aggressive capital deployment, characterized by a steady increase in cash generation from operations until a significant contraction in the final year of the sequence. The interplay between operating, investing, and financing activities suggests a business model focused on expansion through strategic investments, frequently funded by a combination of internal cash flows and external financing.
- Operating Cash Flow Trends
- From 2005 to 2021, cash provided by operating activities demonstrated a consistent upward trend, growing from 281.3 million to a peak of 1.87 billion. This represents a substantial increase in the capacity to generate liquidity from core business operations over a sixteen-year period. However, a sharp decline occurred in 2022, with operating cash flow falling to 606.6 million, marking a significant departure from the prior decade's growth pattern.
- Investment Strategy and Capital Outlays
- Cash used in investing activities remained consistently negative throughout the entire period, indicating continuous outflows for acquisitions or capital expenditures. These outlays were highly volatile and often exceeded annual operating cash flows. Notable peaks in investment spending occurred in 2016 (3.75 billion), 2020 (6.07 billion), and 2022 (4.35 billion), suggesting a strategy of periodic, large-scale acquisitions rather than steady, incremental investment.
- Financing Activities and Capital Structure
- Financing activities fluctuated significantly, alternating between periods of net borrowing and net repayment. Substantial inflows of cash from financing were observed in 2016 (2.81 billion) and 2020 (4.14 billion), which closely align with the periods of peak investing activity. This indicates a reliance on external financing to fund major strategic expansions. Conversely, periods of net outflows in financing, such as in 2017, 2018, 2021, and 2022, suggest phases of debt reduction or shareholder returns.
The data for 2022 reveals a critical shift in the cash flow profile, characterized by the simultaneous occurrence of a steep decline in operating cash flow and a high level of investment spending. This combination, paired with significant outflows in financing activities, indicates a period of heightened liquidity pressure compared to the historical norms established between 2005 and 2021.
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Per Share Data
Roper Technologies Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2022 | 42.92 | 42.55 | 2.54 |
| Dec 31, 2021 | 10.95 | 10.82 | 2.31 |
| Dec 31, 2020 | 9.08 | 8.98 | 2.10 |
| Dec 31, 2019 | 17.02 | 16.82 | 1.90 |
| Dec 31, 2018 | 9.15 | 9.05 | 1.70 |
| Dec 31, 2017 | 9.51 | 9.39 | 1.46 |
| Dec 31, 2016 | 6.50 | 6.43 | 1.25 |
| Dec 31, 2015 | 6.92 | 6.85 | 1.05 |
| Dec 31, 2014 | 6.47 | 6.40 | 0.85 |
| Dec 31, 2013 | 5.43 | 5.37 | 0.70 |
| Dec 31, 2012 | 4.95 | 4.86 | 0.58 |
| Dec 31, 2011 | 4.45 | 4.34 | 0.47 |
| Dec 31, 2010 | 3.42 | 3.34 | 0.40 |
| Dec 31, 2009 | 2.64 | 2.58 | 0.34 |
| Dec 31, 2008 | 3.20 | 3.06 | 0.30 |
| Dec 31, 2007 | 2.83 | 2.68 | 0.27 |
| Dec 31, 2006 | 2.23 | 2.13 | 0.24 |
| Dec 31, 2005 | 1.79 | 1.74 | 0.22 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
The financial per-share performance from 2005 to 2022 is characterized by significant long-term growth in profitability and a disciplined, consistent increase in shareholder distributions.
- Earnings Per Share (EPS) Trends
- Basic and diluted earnings per share exhibit a strong upward trajectory over the observed period. From 2005 to 2018, EPS grew steadily, moving from 1.79 to 9.15. A period of heightened volatility emerged between 2019 and 2022; earnings peaked at 17.02 in 2019, experienced a sharp contraction to 9.08 in 2020, and subsequently accelerated to a peak of 42.92 by the end of 2022.
- Dividend Distribution Patterns
- Dividend per share demonstrates a linear and uninterrupted growth pattern. Payments increased every year without exception, rising from 0.22 in 2005 to 2.54 in 2022. This consistency indicates a stable capital return policy that remains independent of the volatility observed in annual earnings.
- Dilution Analysis
- The variance between basic and diluted earnings per share remains minimal throughout the entire period. For example, in 2022, the difference was only 0.37 (42.92 basic versus 42.55 diluted), suggesting a stable share structure with limited impact from convertible securities or stock options.
- Profitability and Distribution Correlation
- While earnings per share experienced non-linear growth and significant fluctuations in the latter years of the period, the dividend growth remained constant. This suggests that dividend increases are managed based on long-term financial health rather than short-term fluctuations in per-share profitability.
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