SAP SE (SAP.DE) Fundamental Analysis & Valuation

FRA:SAP • DE0007164600

Current stock price

142.56 EUR
-2.08 (-1.44%)
Last:

This SAP.DE fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

7

1. SAP.DE Profitability Analysis

1.1 Basic Checks

  • In the past year SAP was profitable.
  • In the past year SAP had a positive cash flow from operations.
  • SAP had positive earnings in each of the past 5 years.
  • SAP had a positive operating cash flow in each of the past 5 years.
SAP.DE Yearly Net Income VS EBIT VS OCF VS FCFSAP.DE Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2B 4B 6B 8B 10B

1.2 Ratios

  • The Return On Assets of SAP (10.41%) is better than 79.63% of its industry peers.
  • Looking at the Return On Equity, with a value of 16.37%, SAP is in the better half of the industry, outperforming 71.30% of the companies in the same industry.
  • Looking at the Return On Invested Capital, with a value of 13.43%, SAP belongs to the top of the industry, outperforming 81.48% of the companies in the same industry.
  • The Average Return On Invested Capital over the past 3 years for SAP is below the industry average of 13.30%.
  • The last Return On Invested Capital (13.43%) for SAP is above the 3 year average (10.61%), which is a sign of increasing profitability.
Industry RankSector Rank
ROA 10.41%
ROE 16.37%
ROIC 13.43%
ROA(3y)7.87%
ROA(5y)6.83%
ROE(3y)12.49%
ROE(5y)11.34%
ROIC(3y)10.61%
ROIC(5y)9.31%
SAP.DE Yearly ROA, ROE, ROICSAP.DE Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 5 10 15

1.3 Margins

  • The Profit Margin of SAP (19.91%) is better than 81.48% of its industry peers.
  • SAP's Profit Margin has been stable in the last couple of years.
  • The Operating Margin of SAP (28.17%) is better than 85.19% of its industry peers.
  • In the last couple of years the Operating Margin of SAP has remained more or less at the same level.
  • Looking at the Gross Margin, with a value of 73.62%, SAP is in line with its industry, outperforming 52.78% of the companies in the same industry.
  • SAP's Gross Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 28.17%
PM (TTM) 19.91%
GM 73.62%
OM growth 3Y8.24%
OM growth 5Y1.17%
PM growth 3Y37.04%
PM growth 5Y1.13%
GM growth 3Y0.25%
GM growth 5Y0.42%
SAP.DE Yearly Profit, Operating, Gross MarginsSAP.DE Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 20 40 60

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ROAROEROICOperating and Profit MarginShow most profitable peers

7

2. SAP.DE Health Analysis

2.1 Basic Checks

  • The Return on Invested Capital (ROIC) is just above the Cost of Capital (WACC), so SAP is still creating some value.
  • The number of shares outstanding for SAP remains at a similar level compared to 1 year ago.
  • SAP has less shares outstanding than it did 5 years ago.
  • SAP has a better debt/assets ratio than last year.
SAP.DE Yearly Shares OutstandingSAP.DE Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 200M 400M 600M 800M 1B
SAP.DE Yearly Total Debt VS Total AssetsSAP.DE Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 20B 40B 60B

2.2 Solvency

  • SAP has an Altman-Z score of 5.90. This indicates that SAP is financially healthy and has little risk of bankruptcy at the moment.
  • Looking at the Altman-Z score, with a value of 5.90, SAP belongs to the top of the industry, outperforming 84.26% of the companies in the same industry.
  • SAP has a debt to FCF ratio of 0.96. This is a very positive value and a sign of high solvency as it would only need 0.96 years to pay back of all of its debts.
  • SAP has a Debt to FCF ratio of 0.96. This is amongst the best in the industry. SAP outperforms 80.56% of its industry peers.
  • SAP has a Debt/Equity ratio of 0.13. This is a healthy value indicating a solid balance between debt and equity.
  • SAP's Debt to Equity ratio of 0.13 is fine compared to the rest of the industry. SAP outperforms 67.59% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.13
Debt/FCF 0.96
Altman-Z 5.9
ROIC/WACC1.78
WACC7.53%
SAP.DE Yearly LT Debt VS Equity VS FCFSAP.DE Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10B 20B 30B 40B

2.3 Liquidity

  • SAP has a Current Ratio of 1.17. This is a normal value and indicates that SAP is financially healthy and should not expect problems in meeting its short term obligations.
  • SAP has a Current ratio of 1.17. This is in the lower half of the industry: SAP underperforms 65.74% of its industry peers.
  • SAP has a Quick Ratio of 1.17. This is a normal value and indicates that SAP is financially healthy and should not expect problems in meeting its short term obligations.
  • Looking at the Quick ratio, with a value of 1.17, SAP is doing worse than 62.96% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 1.17
Quick Ratio 1.17
SAP.DE Yearly Current Assets VS Current LiabilitesSAP.DE Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 5B 10B 15B 20B

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

6

3. SAP.DE Growth Analysis

3.1 Past

  • SAP shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 35.76%, which is quite impressive.
  • Measured over the past 5 years, SAP shows a small growth in Earnings Per Share. The EPS has been growing by 2.60% on average per year.
  • SAP shows a small growth in Revenue. In the last year, the Revenue has grown by 7.67%.
  • Measured over the past years, SAP shows a small growth in Revenue. The Revenue has been growing by 6.12% on average per year.
EPS 1Y (TTM)35.76%
EPS 3Y14.85%
EPS 5Y2.6%
EPS Q2Q%16.55%
Revenue 1Y (TTM)7.67%
Revenue growth 3Y7.62%
Revenue growth 5Y6.12%
Sales Q2Q%3.27%

3.2 Future

  • Based on estimates for the next years, SAP will show a quite strong growth in Earnings Per Share. The EPS will grow by 18.34% on average per year.
  • The Revenue is expected to grow by 13.18% on average over the next years. This is quite good.
EPS Next Y18.8%
EPS Next 2Y17.92%
EPS Next 3Y16.97%
EPS Next 5Y18.34%
Revenue Next Year8.93%
Revenue Next 2Y10.49%
Revenue Next 3Y10.89%
Revenue Next 5Y13.18%

3.3 Evolution

  • The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
  • The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
SAP.DE Yearly Revenue VS EstimatesSAP.DE Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 20B 40B 60B 80B
SAP.DE Yearly EPS VS EstimatesSAP.DE Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 5 10 15 20

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5

4. SAP.DE Valuation Analysis

4.1 Price/Earnings Ratio

  • SAP is valuated rather expensively with a Price/Earnings ratio of 23.18.
  • Based on the Price/Earnings ratio, SAP is valued a bit cheaper than the industry average as 69.44% of the companies are valued more expensively.
  • SAP's Price/Earnings ratio indicates a similar valuation than the S&P500 average which is at 24.89.
  • Based on the Price/Forward Earnings ratio of 19.51, the valuation of SAP can be described as rather expensive.
  • SAP's Price/Forward Earnings ratio is a bit cheaper when compared to the industry. SAP is cheaper than 60.19% of the companies in the same industry.
  • The average S&P500 Price/Forward Earnings ratio is at 22.19. SAP is around the same levels.
Industry RankSector Rank
PE 23.18
Fwd PE 19.51
SAP.DE Price Earnings VS Forward Price EarningsSAP.DE Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30

4.2 Price Multiples

  • Based on the Enterprise Value to EBITDA ratio, SAP is valued a bit cheaper than 61.11% of the companies in the same industry.
  • Based on the Price/Free Cash Flow ratio, SAP is valued a bit cheaper than the industry average as 69.44% of the companies are valued more expensively.
Industry RankSector Rank
P/FCF 19.73
EV/EBITDA 13.94
SAP.DE Per share dataSAP.DE EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 10 20 30

4.3 Compensation for Growth

  • SAP's PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a correct valuation of the company.
  • The decent profitability rating of SAP may justify a higher PE ratio.
  • A more expensive valuation may be justified as SAP's earnings are expected to grow with 16.97% in the coming years.
PEG (NY)1.23
PEG (5Y)8.93
EPS Next 2Y17.92%
EPS Next 3Y16.97%

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

7

5. SAP.DE Dividend Analysis

5.1 Amount

  • With a Yearly Dividend Yield of 1.73%, SAP has a reasonable but not impressive dividend return.
  • The stock price of SAP dropped by -31.36% in the last 3 months. With lower prices the dividend yield is higher, but it may be a sign investors do not trust the long term dividend.
  • SAP's Dividend Yield is rather good when compared to the industry average which is at 0.83. SAP pays more dividend than 84.26% of the companies in the same industry.
  • SAP's Dividend Yield is comparable with the S&P500 average which is at 1.89.
Industry RankSector Rank
Dividend Yield 1.73%

5.2 History

  • The dividend of SAP is nicely growing with an annual growth rate of 8.40%!
Dividend Growth(5Y)8.4%
Div Incr Years1
Div Non Decr Years6
SAP.DE Yearly Dividends per shareSAP.DE Yearly Dividends per shareYearly Dividends per share 2019 2020 2021 2022 2023 2024 2025 2026 0.5 1 1.5 2

5.3 Sustainability

  • SAP pays out 37.44% of its income as dividend. This is a sustainable payout ratio.
  • The dividend of SAP is growing, but earnings are growing more, so the dividend growth is sustainable.
DP37.44%
EPS Next 2Y17.92%
EPS Next 3Y16.97%
SAP.DE Yearly Income VS Free CF VS DividendSAP.DE Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2B 4B 6B 8B
SAP.DE Dividend Payout.SAP.DE Dividend Payout, showing the Payout Ratio.SAP.DE Dividend Payout.PayoutRetained Earnings

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SAP.DE Fundamentals: All Metrics, Ratios and Statistics

SAP SE

FRA:SAP (3/27/2026, 7:00:00 PM)

142.56

-2.08 (-1.44%)

Chartmill FA Rating
GICS IndustryGroupSoftware & Services
GICS IndustrySoftware
Earnings (Last)01-29
Earnings (Next)04-23
Inst Owners40.01%
Inst Owner ChangeN/A
Ins Owners8.07%
Ins Owner ChangeN/A
Market Cap166.03B
Revenue(TTM)36.80B
Net Income(TTM)7.33B
Analysts77.56
Price Target246.22 (72.71%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 1.73%
Yearly Dividend2.35
Dividend Growth(5Y)8.4%
DP37.44%
Div Incr Years1
Div Non Decr Years6
Ex-DateN/A
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)3.87%
Min EPS beat(2)3.69%
Max EPS beat(2)4.05%
EPS beat(4)4
Avg EPS beat(4)4.8%
Min EPS beat(4)1.63%
Max EPS beat(4)9.81%
EPS beat(8)5
Avg EPS beat(8)-1.12%
EPS beat(12)8
Avg EPS beat(12)13.78%
EPS beat(16)8
Avg EPS beat(16)6.36%
Revenue beat(2)0
Avg Revenue beat(2)-1.88%
Min Revenue beat(2)-1.96%
Max Revenue beat(2)-1.8%
Revenue beat(4)0
Avg Revenue beat(4)-1.77%
Min Revenue beat(4)-1.96%
Max Revenue beat(4)-1.6%
Revenue beat(8)1
Avg Revenue beat(8)-0.88%
Revenue beat(12)3
Avg Revenue beat(12)-0.79%
Revenue beat(16)3
Avg Revenue beat(16)-1.45%
PT rev (1m)-4.45%
PT rev (3m)-15.72%
EPS NQ rev (1m)0.05%
EPS NQ rev (3m)2.1%
EPS NY rev (1m)0.77%
EPS NY rev (3m)0.63%
Revenue NQ rev (1m)0.01%
Revenue NQ rev (3m)-1.83%
Revenue NY rev (1m)0%
Revenue NY rev (3m)-1.83%
Valuation
Industry RankSector Rank
PE 23.18
Fwd PE 19.51
P/S 4.51
P/FCF 19.73
P/OCF 18.13
P/B 3.71
P/tB 12.34
EV/EBITDA 13.94
EPS(TTM)6.15
EY4.31%
EPS(NY)7.31
Fwd EY5.12%
FCF(TTM)7.23
FCFY5.07%
OCF(TTM)7.86
OCFY5.51%
SpS31.6
BVpS38.43
TBVpS11.55
PEG (NY)1.23
PEG (5Y)8.93
Graham Number72.92
Profitability
Industry RankSector Rank
ROA 10.41%
ROE 16.37%
ROCE 19.52%
ROIC 13.43%
ROICexc 16.45%
ROICexgc 59.21%
OM 28.17%
PM (TTM) 19.91%
GM 73.62%
FCFM 22.87%
ROA(3y)7.87%
ROA(5y)6.83%
ROE(3y)12.49%
ROE(5y)11.34%
ROIC(3y)10.61%
ROIC(5y)9.31%
ROICexc(3y)13.63%
ROICexc(5y)11.8%
ROICexgc(3y)62.47%
ROICexgc(5y)55.44%
ROCE(3y)15.47%
ROCE(5y)13.63%
ROICexgc growth 3Y5.44%
ROICexgc growth 5Y0.02%
ROICexc growth 3Y18.72%
ROICexc growth 5Y5.54%
OM growth 3Y8.24%
OM growth 5Y1.17%
PM growth 3Y37.04%
PM growth 5Y1.13%
GM growth 3Y0.25%
GM growth 5Y0.42%
F-Score9
Asset Turnover0.52
Health
Industry RankSector Rank
Debt/Equity 0.13
Debt/FCF 0.96
Debt/EBITDA 0.52
Cap/Depr 56.37%
Cap/Sales 2.01%
Interest Coverage 18.06
Cash Conversion 78.41%
Profit Quality 114.88%
Current Ratio 1.17
Quick Ratio 1.17
Altman-Z 5.9
F-Score9
WACC7.53%
ROIC/WACC1.78
Cap/Depr(3y)58.6%
Cap/Depr(5y)53.4%
Cap/Sales(3y)2.29%
Cap/Sales(5y)2.54%
Profit Quality(3y)115.61%
Profit Quality(5y)131.78%
High Growth Momentum
Growth
EPS 1Y (TTM)35.76%
EPS 3Y14.85%
EPS 5Y2.6%
EPS Q2Q%16.55%
EPS Next Y18.8%
EPS Next 2Y17.92%
EPS Next 3Y16.97%
EPS Next 5Y18.34%
Revenue 1Y (TTM)7.67%
Revenue growth 3Y7.62%
Revenue growth 5Y6.12%
Sales Q2Q%3.27%
Revenue Next Year8.93%
Revenue Next 2Y10.49%
Revenue Next 3Y10.89%
Revenue Next 5Y13.18%
EBIT growth 1Y27.11%
EBIT growth 3Y16.49%
EBIT growth 5Y7.37%
EBIT Next Year29.34%
EBIT Next 3Y19.55%
EBIT Next 5Y17.76%
FCF growth 1Y90.3%
FCF growth 3Y20.83%
FCF growth 5Y5.71%
OCF growth 1Y75.4%
OCF growth 3Y17.49%
OCF growth 5Y4.94%

SAP SE / SAP.DE Fundamental Analysis FAQ

What is the fundamental rating for SAP stock?

ChartMill assigns a fundamental rating of 7 / 10 to SAP.DE.


What is the valuation status for SAP stock?

ChartMill assigns a valuation rating of 5 / 10 to SAP SE (SAP.DE). This can be considered as Fairly Valued.


Can you provide the profitability details for SAP SE?

SAP SE (SAP.DE) has a profitability rating of 7 / 10.


What is the expected EPS growth for SAP SE (SAP.DE) stock?

The Earnings per Share (EPS) of SAP SE (SAP.DE) is expected to grow by 18.8% in the next year.


How sustainable is the dividend of SAP SE (SAP.DE) stock?

The dividend rating of SAP SE (SAP.DE) is 7 / 10 and the dividend payout ratio is 37.44%.