Roper Technologies (ROP) FY2023 results: revenue $6.2 billion, up 15.0% on the year

Roper Technologies Inc. (ROP) reported revenue of $6.2 billion for fiscal 2023, the year ended 31 December 2023, up 15.0% on the year before. Net income was $1.4 billion, down 69.5%, and diluted earnings per share $12.89. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2024.

Revenue

$6.2 billion

+15.0% on the year

FY2016FY2023

Operating margin

28.2%

28.4% a year earlier

FY2016FY2023

Net income

$1.4 billion

-69.5% on the year

FY2016FY2023

Diluted EPS

$12.89

-69.7% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	6,178	5,372	4,834	+15.0%
Cost of revenue	1,871	1,619	1,426	+15.5%
Gross profit	4,307	3,753	3,408	+14.8%
Gross margin	69.7%	69.9%	70.5%
Research and development	646	530	485	+22.0%
Selling, general and administrative	2,562	2,228	2,072	+15.0%
Operating income	1,745	1,524	1,241	+14.5%
Operating margin	28.2%	28.4%	25.7%
Interest expense	165	192	234	-14.4%
Pre-tax income	1,743	1,282	1,032	+36.0%
Income tax	375	296	227	+26.4%
Effective tax rate	21.5%	23.1%	22.0%
Net income	1,384	4,545	1,153	-69.5%
Net margin	22.4%	84.6%	23.8%
Diluted EPS	$12.89	$42.55	$10.82	-69.7%

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	2,035	735	2,012	+177.0%
Cash from investing	-2,126	1,210	-143
Cash from financing	-500	-1,465	-1,814
Depreciation and amortisation	755	650	616	+16.2%
Share-based compensation	124	118	123	+4.2%
Buybacks	0.0	n/a	n/a
Dividends paid	290	262	236	+10.6%
Dividend per share	$2.80	$2.54	$2.31	+10.2%
Diluted shares, weighted	107m	107m	106m	+0.6%
Shares outstanding at period end	107m	106m	106m	+0.8%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	17,445	16,038	11,564	+8.8%
Debt	6,330	6,662	7,922	-5.0%
Operating lease liabilities	159	164	157	-3.3%
Other liabilities	4,234	4,117	4,071	+2.8%
Total liabilities and equity	28,168	26,981	23,714	+4.4%
Fixed assets	120	85.3	82.7	+40.2%
Goodwill	17,119	15,946	13,476	+7.4%
Intangible assets	8,212	8,031	6,509	+2.3%
Cash and equivalents	214	793	352	-73.0%
Receivables	830	724	688	+14.5%
Inventory	119	111	69.2	+6.6%
Other assets	1,554	1,290	2,538	+20.5%
Total assets	28,168	26,981	23,714	+4.4%

10-K for the year ended 31 December 2023, filed 22 February 2024: the filing.