Roper Technologies: 2Q Wrap and Model Update

研报英文原文证据摘录

Roper Technologies: 2Q Wrap and Model Update

J P M O R G A N North America Equity Research

28 July 2026

Roper Technologies Underweight

ROP, ROP US

2Q Wrap and Model Update Price (28 Jul 26):$390.92

▲Price Target (Dec-26):$415.00

Prior (Dec-26):$397.00

ROP reported a 2Q beat on ops, with organic growth beat driven by TEP, while NSS

came in softer overall. ROP raised the full year guide by ~30c at the midpoint with Electrical Equipment & Multi-

Industry~60c tailwind from lower share count offsetting ~60c headwind from higher

interest in our view, while 3Q was guided ~10c above the street with 4Q implied Chigusa Katoku AC

below as easier Neptune comp and NDI timing is driving LDD TEP organic growth (1-212) 622-0855

chigusa.katoku@jpmchase.com

in 3Q (JPMe 5% prior). Overall, there are some encouraging signs of stabilization

at Deltek (though not enough yet to change the outlook), DAT's freight market is Piyush Khaitan

(1-212) 622-0605

improving (now a modest benefit expected in '26, with the setup becoming piyush.khaitan@jpmchase.com

increasingly encouraging for '27), and Neptune's first-half performance was J.P. Morgan Securities LLC

stronger than expected, with 2Q expected to be the last negative quarter. ROP

sounded more positive on the deal pipeline “breaking loose”, although recent deals

have been mixed including Subsplash and Procare which are growth accretive but Key Changes (FYE Dec)

margin dilutive/work in progress, and Transact Campus requiring "cost synergies" Prev Cur Δ

Adj. EPS - 27E ($) 23.50 25.00 6.4%

to justify the returns, going against the traditional approach of running a

decentralized business model. Additionally, rolling up the recurring revenue Quarterly Forecasts (FYE Dec)

stream, above average organic growth, and durable FCF business model of Adj.