Munger Mode rating: 4 out of 5 — Buy. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Current Price: ~$375 (market cap ~$37.1B on 98.9M shares) A wonderful collection of toll roads for niche industries, run by disciplined operators, available at a fair price for the first time in a decade — because the market is frightened of a ghost it cannot measure. We have watched Roper for a long time, and for most of that time we admired it the way one admires a beautiful house in a neighborhood one cannot afford. The market always priced it at 28 to 35 times earnings, and we don't pay those prices, however lovely the compounding machine. Something changed this past year: the stock has fallen roughly 36% from its 52-week high of $584 to about $375, while the business itself grew revenue 8.5% and raised full-year guidance. When a business improves and its price collapses, one of two things is true — the market has spotted a genuine impairment of the franchise, or Mr.
Recent filings analysed: 10-Q (2026-07-31), 8-K (2026-07-23), 8-K (2026-05-19), 10-Q (2026-05-01).
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