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AI核心结论
Roper Technologies (ROP) delivered strong FY2025 revenue growth of 12.3% to $7.9B, driven by robust operating cash flow of $2.54B, though net income dipped slightly by 0.8% to $1.54B amid higher long-term debt and elevated operating expenses.
营业收入
$7.9B
同比 ++12.26%
每股收益（基本）
$14.30
同比 -1.17%
毛利率
69.2%
同比 -0.06%
营业利润
$2.24B
同比 ++11.95%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-K 原文
Roper Technologies (ROP) FY2025 营收 $7.9B，同比增长 12.3%。 净利润 $1.54B，同比下降 0.8%，稀释每股收益 $14.20。 毛利率 69.2%。
ROP achieved revenue of $7.90B in FY2025, up 12.3% from $7.04B in the prior year, reflecting continued momentum across its software and technology segments. The company's diversified business model supported broad-based top-line growth.
来源: Source: 10-K Income Statement, Financial Data
Operating cash flow grew 6.1% year-over-year to $2.54B, underscoring the high cash-generative nature of ROP's software-centric portfolio. D&A of $898.2M supported strong cash conversion relative to reported net income.
来源: Source: 10-K Cash Flow Statement, Financial Data
SG&A expenses rose 12.3% to $3.24B and R&D spending increased 14.0% to $852.5M, indicating continued investment in product development and go-to-market capabilities, which partially offset margin expansion from revenue growth.
来源: Source: 10-K Income Statement, Financial Data
Long-term debt rose 22.0% to $9.30B from $7.62B, likely reflecting acquisition financing activity consistent with ROP's M&A-driven growth strategy. Investing cash outflows of $3.39B further support this interpretation.
来源: Source: 10-K Balance Sheet & Cash Flow Statement, Financial Data
ROP paid $355M in dividends (up 10.3% YoY) and initiated $500M in share buybacks in FY2025 (versus $0 in the prior year), signaling management's confidence in the company's cash generation capacity and commitment to shareholder returns.
来源: Source: 10-K Cash Flow Statement, Financial Data
ROP's current ratio stands at approximately 0.52, meaning current liabilities of $3.73B significantly exceed current assets of $1.93B. This liquidity shortfall could create near-term refinancing or operational pressure if credit markets tighten or cash flows disappoint.
来源: Source: 10-K Balance Sheet, Financial Data
Long-term debt surged 22.0% to $9.30B in FY2025, increasing financial leverage and interest expense obligations. With a debt-to-equity ratio of approximately 0.74, continued acquisitions without proportional equity growth could strain the balance sheet.
来源: Source: 10-K Balance Sheet, Financial Data
Despite 12.3% revenue growth, net income fell 0.8% to $1.54B, suggesting that higher operating costs, interest expense on increased debt, or other below-the-line items are compressing bottom-line profitability. This divergence between top-line and bottom-line growth warrants monitoring.
来源: Source: 10-K Income Statement, Financial Data
SG&A expenses of $3.24B represent approximately 41% of revenue, a high ratio that reflects ROP's software business model but also limits operating leverage. Any slowdown in revenue growth could disproportionately impact operating income.
来源: Source: 10-K Income Statement, Financial Data
ROP's investing cash outflows of $3.39B in FY2025 indicate significant acquisition activity, which carries integration risk, potential goodwill impairment, and execution challenges. Total assets grew to $34.6B, implying a large intangible and goodwill base typical of serial acquirers.
来源: Source: 10-K Balance Sheet & Cash Flow Statement, Financial Data
FY2025 实际 EPS $5.21，分析师一致预期 $5.19，超预期 +0.4%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $7.9B | $7.04B | +12.26% |
营业成本 | $2.43B | $2.16B | +12.48% |
毛利润 | $5.47B | $4.88B | +12.17% |
营业利润 | $2.24B | $2B | +11.95% |
净利润 | $1.54B | $1.55B | -0.82% |
每股收益（基本） | $14.30 | $14.47 | -1.17% |
每股收益（稀释） | $14.20 | $14.35 | -1.05% |
研发费用 | $852.5M | $748.1M | +13.96% |
销售及管理费用 | $3.24B | $2.88B | +12.32% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $34.58B | $31.33B | +10.35% |
流动资产 | $1.93B | $1.54B | +24.98% |
总负债 | $14.7B | $12.47B | +17.87% |
流动负债 | $3.73B | $3.83B | -2.78% |
股东权益 | $19.88B | $18.87B | +5.37% |
现金及等价物 | $297.4M | $188.2M | +58.02% |
长期债务 | $9.3B | $7.62B | +22.01% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $2.54B | $2.39B | +6.15% |
投资活动现金流 | $-3.39B | $-3.47B | +2.32% |
筹资活动现金流 | $923.6M | $1.07B | -13.64% |
股息支出 | $355M | $321.9M | +10.28% |
股票回购 | $500M | $0 | — |
折旧及摊销 | $898.2M | $812.8M | +10.51% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
毛利率 | 69.2% | 69.3% | -0.06% |
营业利润率 | 28.3% | 28.4% | -0.08% |
净利率 | 19.4% | — | — |
净资产收益率 | 7.7% | — | — |
总资产收益率 | 4.4% | — | — |
流动比率 | $0.518 | — | — |
资产负债率 | $0.739 | — | — |
Electronic Equipment & Instruments 行业其他公司
Roper Technologies grew FY2025 revenue by 12.3% to $7.90B, up from $7.04B in the prior year. This growth was driven by the company's diversified software and technology portfolio, supported by both organic expansion and acquisition activity evidenced by $3.39B in investing cash outflows.
Despite 12.3% revenue growth, ROP's net income declined 0.8% to $1.54B in FY2025, likely due to higher interest expense from a 22% increase in long-term debt to $9.30B. Additionally, SG&A and R&D expenses grew at double-digit rates, compressing the conversion of revenue growth into bottom-line profit.
The key takeaways from ROP's FY2025 results are strong revenue growth of 12.3% to $7.9B, robust operating cash flow of $2.54B, and the initiation of $500M in share buybacks alongside a 10.3% dividend increase. However, net income dipped slightly and long-term debt rose significantly to $9.30B, reflecting the cost of the company's acquisition-driven growth strategy.
Based on the financial data, key risks for ROP include a low current ratio of 0.52 (current liabilities nearly double current assets), a 22% surge in long-term debt to $9.30B, and the integration and valuation risks associated with over $3.39B in acquisition-related investing outflows. These factors could pressure financial flexibility if operating cash flows were to weaken.
ROP's financial health is generally solid, supported by $2.54B in operating cash flow and a 69.2% gross margin, reflecting its high-quality software business model. However, the current ratio of 0.52 and long-term debt of $9.30B indicate the company relies heavily on its cash generation capacity to service obligations, and investors should monitor leverage trends as acquisitions continue.