SAP SE (SAP.DE) Stock Fundamental Analysis

FRA:SAP • DE0007164600

169.7 EUR
+0.7 (+0.41%)
Last: Feb 12, 2026, 07:00 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Analyst Ratings Earnings Estimates Financials Ownership
Fundamental Rating

6

Taking everything into account, SAP scores 6 out of 10 in our fundamental rating. SAP was compared to 122 industry peers in the Software industry. SAP has outstanding health and profitabily ratings, belonging to the best of the industry. This is a solid base for any company. SAP is not valued too expensively and it also shows a decent growth rate. These ratings could make SAP a good candidate for quality investing.


Dividend Valuation Growth Profitability Health

7

1. Profitability

1.1 Basic Checks

  • In the past year SAP was profitable.
  • SAP had a positive operating cash flow in the past year.
  • In the past 5 years SAP has always been profitable.
  • Each year in the past 5 years SAP had a positive operating cash flow.
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

  • SAP's Return On Assets of 10.41% is fine compared to the rest of the industry. SAP outperforms 76.23% of its industry peers.
  • SAP has a better Return On Equity (16.37%) than 67.21% of its industry peers.
  • With an excellent Return On Invested Capital value of 13.43%, SAP belongs to the best of the industry, outperforming 80.33% 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 13.45%.
  • 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

  • SAP has a Profit Margin of 19.91%. This is in the better half of the industry: SAP outperforms 74.59% of its industry peers.
  • SAP's Profit Margin has been stable in the last couple of years.
  • SAP has a better Operating Margin (28.17%) than 84.43% of its industry peers.
  • SAP's Operating Margin has been stable in the last couple of years.
  • SAP's Gross Margin of 73.62% is in line compared to the rest of the industry. SAP outperforms 51.64% of its industry peers.
  • 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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7

2. Health

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.
  • SAP has about the same amout of shares outstanding than it did 1 year ago.
  • The number of shares outstanding for SAP has been reduced compared to 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 6.62. This indicates that SAP is financially healthy and has little risk of bankruptcy at the moment.
  • SAP has a Altman-Z score of 6.62. This is amongst the best in the industry. SAP outperforms 81.15% of its industry peers.
  • The Debt to FCF ratio of SAP is 0.96, which is an excellent value as it means it would take SAP, only 0.96 years of fcf income to pay off all of its debts.
  • Looking at the Debt to FCF ratio, with a value of 0.96, SAP is in the better half of the industry, outperforming 78.69% of the companies in the same industry.
  • A Debt/Equity ratio of 0.13 indicates that SAP is not too dependend on debt financing.
  • SAP has a Debt to Equity ratio of 0.13. This is in the better half of the industry: SAP outperforms 68.85% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.13
Debt/FCF 0.96
Altman-Z 6.62
ROIC/WACC1.59
WACC8.46%
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

  • A Current Ratio of 1.17 indicates that SAP should not have too much problems paying its short term obligations.
  • SAP has a Current ratio of 1.17. This is in the lower half of the industry: SAP underperforms 60.66% 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 in line with its industry, outperforming 40.98% 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. Growth

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.
  • The Earnings Per Share has been growing slightly by 2.60% on average over the past years.
  • SAP shows a small growth in Revenue. In the last year, the Revenue has grown by 7.67%.
  • The Revenue has been growing slightly by 6.12% on average over the past years.
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

  • SAP is expected to show quite a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 18.34% yearly.
  • The Revenue is expected to grow by 13.09% on average over the next years. This is quite good.
EPS Next Y17.89%
EPS Next 2Y18.52%
EPS Next 3Y18.23%
EPS Next 5Y18.34%
Revenue Next Year10.48%
Revenue Next 2Y11.47%
Revenue Next 3Y13.9%
Revenue Next 5Y13.09%

3.3 Evolution

  • When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
  • 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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Find the best growth stocksShow best growing peers

4

4. Valuation

4.1 Price/Earnings Ratio

  • With a Price/Earnings ratio of 27.59, SAP can be considered very expensive at the moment.
  • Compared to the rest of the industry, the Price/Earnings ratio of SAP indicates a somewhat cheap valuation: SAP is cheaper than 60.66% of the companies listed in the same industry.
  • SAP is valuated at similar levels of the S&P average when we compare the Price/Earnings ratio to 27.67, which is the current average of the S&P500 Index.
  • SAP is valuated rather expensively with a Price/Forward Earnings ratio of 23.41.
  • Compared to the rest of the industry, the Price/Forward Earnings ratio of SAP is on the same level as its industry peers.
  • When comparing the Price/Forward Earnings ratio of SAP to the average of the S&P500 Index (27.69), we can say SAP is valued inline with the index average.
Industry RankSector Rank
PE 27.59
Fwd PE 23.41
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 40

4.2 Price Multiples

  • SAP's Enterprise Value to EBITDA ratio is in line with the industry average.
  • 65.57% of the companies in the same industry are more expensive than SAP, based on the Price/Free Cash Flow ratio.
Industry RankSector Rank
P/FCF 23.48
EV/EBITDA 16.58
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.
  • SAP has a very decent profitability rating, which may justify a higher PE ratio.
  • A more expensive valuation may be justified as SAP's earnings are expected to grow with 18.23% in the coming years.
PEG (NY)1.54
PEG (5Y)10.62
EPS Next 2Y18.52%
EPS Next 3Y18.23%

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

6

5. Dividend

5.1 Amount

  • With a Yearly Dividend Yield of 1.38%, SAP has a reasonable but not impressive dividend return.
  • SAP's Dividend Yield is rather good when compared to the industry average which is at 0.67. SAP pays more dividend than 84.43% of the companies in the same industry.
  • SAP's Dividend Yield is slightly below the S&P500 average, which is at 1.80.
Industry RankSector Rank
Dividend Yield 1.38%

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 0.5 1 1.5 2

5.3 Sustainability

  • 37.44% of the earnings are spent on dividend by SAP. This is a low number and sustainable payout ratio.
  • SAP's earnings are growing more than its dividend. This makes the dividend growth sustainable.
DP37.44%
EPS Next 2Y18.52%
EPS Next 3Y18.23%
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 SE

FRA:SAP (2/12/2026, 7:00:00 PM)

169.7

+0.7 (+0.41%)

Chartmill FA Rating
GICS IndustryGroupSoftware & Services
GICS IndustrySoftware
Earnings (Last)01-29
Earnings (Next)04-23
Inst Owners40.04%
Inst Owner ChangeN/A
Ins Owners8.07%
Ins Owner ChangeN/A
Market Cap197.63B
Revenue(TTM)36.80B
Net Income(TTM)7.33B
Analysts77.95
Price Target257.7 (51.86%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 1.38%
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)-11.79%
PT rev (3m)-12.07%
EPS NQ rev (1m)2.49%
EPS NQ rev (3m)4.16%
EPS NY rev (1m)-0.14%
EPS NY rev (3m)-1.34%
Revenue NQ rev (1m)-1.74%
Revenue NQ rev (3m)-2.31%
Revenue NY rev (1m)0%
Revenue NY rev (3m)-1.05%
Valuation
Industry RankSector Rank
PE 27.59
Fwd PE 23.41
P/S 5.37
P/FCF 23.48
P/OCF 21.59
P/B 4.42
P/tB 14.69
EV/EBITDA 16.58
EPS(TTM)6.15
EY3.62%
EPS(NY)7.25
Fwd EY4.27%
FCF(TTM)7.23
FCFY4.26%
OCF(TTM)7.86
OCFY4.63%
SpS31.6
BVpS38.43
TBVpS11.55
PEG (NY)1.54
PEG (5Y)10.62
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 6.62
F-Score9
WACC8.46%
ROIC/WACC1.59
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 Y17.89%
EPS Next 2Y18.52%
EPS Next 3Y18.23%
EPS Next 5Y18.34%
Revenue 1Y (TTM)7.67%
Revenue growth 3Y7.62%
Revenue growth 5Y6.12%
Sales Q2Q%3.27%
Revenue Next Year10.48%
Revenue Next 2Y11.47%
Revenue Next 3Y13.9%
Revenue Next 5Y13.09%
EBIT growth 1Y27.11%
EBIT growth 3Y16.49%
EBIT growth 5Y7.37%
EBIT Next Year28.66%
EBIT Next 3Y18.39%
EBIT Next 5Y16.94%
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 FAQ

What is the fundamental rating for SAP stock?

ChartMill assigns a fundamental rating of 6 / 10 to SAP.DE.


What is the valuation status for SAP stock?

ChartMill assigns a valuation rating of 4 / 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 17.89% in the next year.


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

The dividend rating of SAP SE (SAP.DE) is 6 / 10 and the dividend payout ratio is 37.44%.