SAP SE (SAP.DE) Stock Fundamental Analysis

FRA:SAP • DE0007164600

171.72 EUR
+2.02 (+1.19%)
Last: Feb 13, 2026, 07:00 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Analyst Ratings Earnings Estimates Financials Ownership
Fundamental Rating

6

We assign a fundamental rating of 6 out of 10 to SAP. 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 has a correct valuation and a medium 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

  • SAP had positive earnings in the past year.
  • SAP had a positive operating cash flow in the past year.
  • 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

  • SAP's Return On Assets of 10.41% is fine compared to the rest of the industry. SAP outperforms 75.41% of its industry peers.
  • With a decent Return On Equity value of 16.37%, SAP is doing good in the industry, outperforming 66.39% of the companies in the same industry.
  • With a decent Return On Invested Capital value of 13.43%, SAP is doing good in the industry, outperforming 79.51% 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 3 year average ROIC (10.61%) for SAP is below the current ROIC(13.43%), indicating increased profibility in the last year.
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 better Profit Margin (19.91%) than 73.77% of its industry peers.
  • In the last couple of years the Profit Margin of SAP has remained more or less at the same level.
  • SAP has a Operating Margin of 28.17%. This is amongst the best in the industry. SAP outperforms 83.61% of its industry peers.
  • SAP's Operating Margin has been stable in the last couple of years.
  • SAP has a Gross Margin (73.62%) which is in line with its industry peers.
  • In the last couple of years the Gross Margin of SAP has remained more or less at the same level.
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

More info and screens

ROAROEROICOperating and Profit MarginShow most profitable peers

7

2. Health

2.1 Basic Checks

  • SAP has a Return on Invested Capital (ROIC), which is just above the Cost of Capital (WACC), which means it is creating some value.
  • Compared to 1 year ago, SAP has about the same amount of shares outstanding.
  • Compared to 5 years ago, SAP has less shares outstanding
  • Compared to 1 year ago, SAP has an improved debt to assets ratio.
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 6.64. This indicates that SAP is financially healthy and has little risk of bankruptcy at the moment.
  • The Altman-Z score of SAP (6.64) is better than 82.79% 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.
  • SAP's Debt to FCF ratio of 0.96 is fine compared to the rest of the industry. SAP outperforms 77.87% 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.
  • With a decent Debt to Equity ratio value of 0.13, SAP is doing good in the industry, outperforming 68.03% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.13
Debt/FCF 0.96
Altman-Z 6.64
ROIC/WACC1.59
WACC8.45%
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 worse Current ratio (1.17) than 61.48% of its industry peers.
  • A Quick Ratio of 1.17 indicates that SAP should not have too much problems paying its short term obligations.
  • With a Quick ratio value of 1.17, SAP perfoms like the industry average, outperforming 40.16% 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

More info and screens

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.
  • The Revenue has been growing slightly by 7.67% in the past year.
  • 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 13.09% 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

More info and screens

Find the best growth stocksShow best growing peers

4

4. Valuation

4.1 Price/Earnings Ratio

  • With a Price/Earnings ratio of 27.92, SAP can be considered very expensive at the moment.
  • SAP's Price/Earnings is on the same level as the industry average.
  • SAP is valuated at similar levels of the S&P average when we compare the Price/Earnings ratio to 27.97, which is the current average of the S&P500 Index.
  • Based on the Price/Forward Earnings ratio of 23.68, the valuation of SAP can be described as rather expensive.
  • Compared to the rest of the industry, the Price/Forward Earnings ratio of SAP is on the same level as its industry peers.
  • SAP's Price/Forward Earnings ratio indicates a similar valuation than the S&P500 average which is at 27.96.
Industry RankSector Rank
PE 27.92
Fwd PE 23.68
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

  • The rest of the industry has a similar Enterprise Value to EBITDA ratio as SAP.
  • Based on the Price/Free Cash Flow ratio, SAP is valued a bit cheaper than the industry average as 63.11% of the companies are valued more expensively.
Industry RankSector Rank
P/FCF 23.76
EV/EBITDA 16.65
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 18.23% in the coming years.
PEG (NY)1.56
PEG (5Y)10.75
EPS Next 2Y18.52%
EPS Next 3Y18.23%

More info and screens

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

6

5. Dividend

5.1 Amount

  • SAP has a Yearly Dividend Yield of 1.38%. Purely for dividend investing, there may be better candidates out there.
  • SAP's Dividend Yield is rather good when compared to the industry average which is at 0.67. SAP pays more dividend than 85.25% of the companies in the same industry.
  • SAP's Dividend Yield is slightly below the S&P500 average, which is at 1.79.
Industry RankSector Rank
Dividend Yield 1.38%

5.2 History

  • On average, the dividend of SAP grows each year by 8.40%, which is quite nice.
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

  • SAP pays out 37.44% of its income as dividend. This is a 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

More info and screens

Find the best dividend stocksShow peers with best dividend

SAP SE

FRA:SAP (2/13/2026, 7:00:00 PM)

171.72

+2.02 (+1.19%)

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 Cap199.99B
Revenue(TTM)36.80B
Net Income(TTM)7.33B
Analysts77.95
Price Target257.7 (50.07%)
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 27.92
Fwd PE 23.68
P/S 5.43
P/FCF 23.76
P/OCF 21.84
P/B 4.47
P/tB 14.86
EV/EBITDA 16.65
EPS(TTM)6.15
EY3.58%
EPS(NY)7.25
Fwd EY4.22%
FCF(TTM)7.23
FCFY4.21%
OCF(TTM)7.86
OCFY4.58%
SpS31.6
BVpS38.43
TBVpS11.55
PEG (NY)1.56
PEG (5Y)10.75
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 6.64
F-Score9
WACC8.45%
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%.