The DivGro Weekly—11.04.25

189 Consecutive dividend increases

Weekly Dividend Progress

This week we received further real-time, tangible evidence of outstanding business progress when we received our quarterly dividend from FirstService and became entitled to our quarterly dividends from American Express, Roper, Mastercard and Intuit, all meaningfully higher than this time last year.

How We Are Tracking

Since DivGro's inception we have predicted and benefited from 189 consecutive dividend increases across our portfolio companies, with no decreases. The average rate of these dividend increases is 14.61%.

Roper Technologies

There are truisms, and then there are Buffettisms, and among them is the investing titan’s observation that seemingly mundane businesses can yield spectacular results. This is especially true of Roper Technologies, whose mission has been continuous business improvement for more than 130 years. From the outset, the company understood that the economics of dominating a narrow niche could be even more valuable than the absolute size or growth rate of said niche. Accordingly, it targeted industrial machinery applications, later migrating into medical machinery applications, then software applications and most recently, software networks. Each evolution presented a progressively higher margin profile, and as such Roper’s EBITDA margins have accelerated from circa 30% (very good) in its industrial and medical businesses to above 50% (exceedingly high) in its network software businesses. Roper’s playbook unfolds like this: it acquires the leader in a narrow niche, improves that business and acquires complementary capabilities, and over time upscales its margins and profitability. The net result? Roper has grown its dividend each year since 1993 above 15% per annum compounded, boasting a spectacular dividend growth record and powering an equally spectacular share price uplift.