Roper Technologies (ROP) FY2021 results: revenue $4.8 billion, up 20.2% on the year

Roper Technologies Inc. (ROP) reported revenue of $4.8 billion for fiscal 2021, the year ended 31 December 2021, up 20.2% on the year before. Net income was $1.2 billion, up 21.4%, and diluted earnings per share $10.82. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2022.

Revenue

$4.8 billion

+20.2% on the year

FY2014FY2021

Operating margin

25.7%

26.9% a year earlier

FY2014FY2021

Net income

$1.2 billion

+21.4% on the year

FY2014FY2021

Diluted EPS

$10.82

+20.5% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	4,834	4,022	4,728	+20.2%
Cost of revenue	1,426	1,194	1,588	+19.4%
Gross profit	3,408	2,828	3,140	+20.5%
Gross margin	70.5%	70.3%	66.4%
Research and development	485	382	380	+26.8%
Selling, general and administrative	2,072	1,745	1,812	+18.7%
Operating income	1,241	1,083	1,328	+14.6%
Operating margin	25.7%	26.9%	28.1%
Interest expense	234	219	186	+6.9%
Pre-tax income	1,032	861	2,057	+19.8%
Income tax	227	188	417	+20.9%
Effective tax rate	22.0%	21.8%	20.3%
Net income	1,153	950	1,768	+21.4%
Net margin	23.8%	23.6%	37.4%
Diluted EPS	$10.82	$8.98	$16.82	+20.5%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	2,012	1,525	1,462	+31.9%
Cash from investing	-143	-6,074	-1,296
Cash from financing	-1,814	4,137	177
Depreciation and amortisation	616	492	409	+25.3%
Share-based compensation	123	108	101	+13.6%
Dividends paid	236	214	192	+10.4%
Dividend per share	$2.31	$2.10	$1.90	+10.0%
Diluted shares, weighted	106m	106m	105m	+0.8%
Shares outstanding at period end	106m	105m	104m	+0.6%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	11,564	10,480	9,492	+10.3%
Debt	7,922	9,566	5,275	-17.2%
Operating lease liabilities	157	193	220	-18.6%
Other liabilities	4,071	3,786	3,122	+7.5%
Total liabilities and equity	23,714	24,025	18,109	-1.3%
Fixed assets	82.7	127	140	-35.0%
Goodwill	13,476	13,338	10,387	+1.0%
Intangible assets	6,509	7,168	4,668	-9.2%
Cash and equivalents	352	308	710	+14.0%
Receivables	688	746	792	-7.8%
Inventory	69.2	165	199	-58.1%
Other assets	2,538	2,172	1,214	+16.8%
Total assets	23,714	24,025	18,109	-1.3%

10-K for the year ended 31 December 2021, filed 22 February 2022: the filing.