Roper Technologies vs Zebra Technologies
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The short version
- Roper Technologies is the larger business, with $7.9B of revenue in fiscal 2025 against $5.4B for Zebra Technologies.
- Roper Technologies grew revenue faster (12.3%, against 8.3%).
- Roper Technologies kept more of each dollar of sales as operating profit (28.3% operating margin, against 13.0%).
- Roper Technologies turned more of its sales into free cash flow (31.6% FCF margin, against 15.4%).
- Zebra Technologies earned a higher return on the capital invested in it (9.7%, against 6.4%).
- Investors pay more for each dollar of Zebra Technologies’s earnings: a P/E of 35.3x against 18.2x for Roper Technologies.
| Latest fiscal year | ROP · FY25 | ZBRA · FY25 |
|---|---|---|
| Size | ||
| Market cap | $44.1B | $18.6B |
| Revenue | $7.9B | $5.4B |
| Free cash flow | $2.5B | $831M |
| Net income | $1.5B | $419M |
| Growth | ||
| Revenue growth | 12.3% | 8.3% |
| 5-year growth | 14.5% | 3.9% |
| Share count change | 0.2% | −1.3% |
| Profitability | ||
| Gross margin | 69.2% | 48.1% |
| Operating margin | 28.3% | 13.0% |
| Net margin | 19.4% | 7.8% |
| FCF margin | 31.6% | 15.4% |
| Return on capital | 6.4% | 9.7% |
| Return on equity | 7.9% | 11.7% |
| Balance sheet | ||
| Net debt | $9.0B | $2.4B |
| Net debt / EBITDA | 2.9x | 2.7x |
| Dividends and buybacks | $855M | $587M |
| Valuation & quality | ||
| P/E | 18.2x | 35.3x |
| Piotroski F-score | 5 | 4 |
Revenue
FY16
ROP $3.8B
ZBRA $3.6B
FY17
ROP $4.6B
ZBRA $3.7B
FY18
ROP $5.2B
ZBRA $4.2B
FY19
ROP $4.7B
ZBRA $4.5B
FY20
ROP $4.0B
ZBRA $4.4B
FY21
ROP $4.8B
ZBRA $5.6B
FY22
ROP $5.4B
ZBRA $5.8B
FY23
ROP $6.2B
ZBRA $4.6B
FY24
ROP $7.0B
ZBRA $5.0B
FY25
ROP $7.9B
ZBRA $5.4B
ROP
ZBRA
Operating margin
FY16
ROP 27.8%
ZBRA 2.2%
FY17
ROP 26.3%
ZBRA 8.7%
FY18
ROP 26.9%
ZBRA 14.5%
FY19
ROP 28.1%
ZBRA 15.4%
FY20
ROP 26.9%
ZBRA 14.6%
FY21
ROP 25.7%
ZBRA 17.4%
FY22
ROP 28.4%
ZBRA 9.2%
FY23
ROP 28.3%
ZBRA 10.5%
FY24
ROP 28.4%
ZBRA 14.9%
FY25
ROP 28.3%
ZBRA 13.0%
ROP
ZBRA
Free cash flow
FY16
ROP $927M
ZBRA $303M
FY17
ROP $1.2B
ZBRA $428M
FY18
ROP $1.4B
ZBRA $721M
FY19
ROP $1.4B
ZBRA $624M
FY20
ROP $1.5B
ZBRA $895M
FY21
ROP $2.0B
ZBRA $1.0B
FY22
ROP $695M
ZBRA $413M
FY23
ROP $2.0B
ZBRA −$91.0M
FY24
ROP $2.3B
ZBRA $954M
FY25
ROP $2.5B
ZBRA $831M
ROP
ZBRA
Return on capital
FY16
ROP 7.8%
ZBRA 1.8%
FY17
ROP 10.1%
ZBRA 5.2%
FY18
ROP 9.3%
ZBRA 16.8%
FY19
ROP 8.0%
ZBRA 25.4%
FY20
ROP 5.0%
ZBRA 22.1%
FY21
ROP 5.0%
ZBRA 24.7%
FY22
ROP 5.7%
ZBRA 10.9%
FY23
ROP 6.0%
ZBRA 8.7%
FY24
ROP 6.3%
ZBRA 12.4%
FY25
ROP 6.4%
ZBRA 9.7%
ROP
ZBRA
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.