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Roper Is 77.11% Software, but an $835.2M Indicor Gain and a $2B Revolver Draw Shape 2026
Roper's Q2 2026 revenue was $2.11B, with software at $1.63B. Revenue grew 8.50%.
FinTech & Vertical SaaS
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Roper Technologies, Inc. (ROP) operates in FinTech & Vertical SaaS within our 130-company software coverage universe. ROP's Golden Door Quality Rating, 4-pillar universe percentile ranks, and archived equity research are unlocked with Full Access. Ratings and research summaries stay free for everyone.
Roper's Q2 2026 revenue was $2.11B, with software at $1.63B. Revenue grew 8.50%.
Equity markets price Dropbox for a 22.9% annual revenue collapse, ignoring $652.7M in SBC-burdened Owner FCF and relentless share cannibalization that cut diluted float by 42.7% since FY2021.
Anthropic's new sheets still send serious work back to Excel, but owner cash after capex and stock pay fell 46.64% in two years and the market value assumes about 57% yearly growth. Avoid, conviction 3 of 5.
Post-reset Vector ad-network gains lifted TTM revenue +13.6% to $2.03B, yet $616.0M in GAAP operating losses, $341.9M in SBC, and 55.2% multi-year share expansion cap DCF fair value at $9.13.
Conversational voice-agent enthusiasm masks a 16.0% multi-year revenue drop since FY2021, five straight GAAP operating losses (-6.7% FY2025 margin), and $80.3M in annual R&D spend against $0.57 DCF fair value.
$WK holds 97.4% of revenue from existing customers each year, yet net retention has fallen three quarters running to 109.6% as regulators in the US and Europe loosen the reporting calendar its pricing follows. After stock pay, the deferred-revenue build and interest on its cash pile, owners kept $3.04M over the last twelve months, and the market value of $3,714.90M sits between a bear value of $1,761.57M and a base value of $4,526.38M.
$ANT has set a marketed range that values the fully diluted equity at $1,332.96B at the midpoint, our calculation. Revenue was $16.96B in the third quarter of 2026 and the company-defined run-rate reached about $81B on Oct 31, yet owner cash on the house definition was -$3,715M over nine months, and the company has committed about $900.9B to compute and infrastructure against $13.8B of contracted customer backlog.
The headline metric in Anthropic's S-1 is Net Revenue Retention of approximately 900%. Read with its definition, a one-quarter base, a $1 entry bar and revenue growth of 1,300%, it mostly measures how fast the whole business grew, not how firmly customers are committed.
AppFolio sells property management software, but most revenue is Value Added Services: payments, tenant screening and risk mitigation. Q3 revenue grew 18.58% to $295.69M, units grew 8% to 9.8M and GAAP operating income rose 64%.
Anthropic's S-1 shows $16.29B of first-half revenue, $3.45B of free cash flow and $1.26B left after stock pay. It also caps public holders at 49.9% of the vote, sets price and share count at pricing, and names about $637.00B of compute commitments.
Zoom's core grows about 5% and faces tougher meeting rivals, yet it throws off real owner cash. On a strict basis that ignores more than $10B of securities and strategic stakes, including Anthropic preferred shares, enterprise value is 20.53x GAAP EBITDA and 32.41x owner cash.
Anthropic's Claude Design makes decks, mockups and marketing visuals from a prompt, which pressures Adobe Express and light Creative Cloud seats more than the professional core. Adobe's revenue is still growing 13%, and the reported numbers show no damage yet.
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| FinTech & Vertical SaaS · 2026-06 | Locked | Locked | Locked | Locked | Locked | 2026-06 | ||