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

  • Looking at the Return On Assets, with a value of 10.41%, SAP is in the better half of the industry, outperforming 79.63% of the companies in the same industry.
  • 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.
  • SAP has a better Return On Invested Capital (13.43%) than 81.48% of its industry peers.
  • Measured over the past 3 years, the Average Return On Invested Capital 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

  • SAP has a Profit Margin of 19.91%. This is amongst the best in the industry. SAP outperforms 81.48% of its industry peers.
  • SAP's Profit Margin has been stable in the last couple of years.
  • With an excellent Operating Margin value of 28.17%, SAP belongs to the best of the industry, outperforming 85.19% of the companies in the same industry.
  • SAP's Operating Margin has been stable in the last couple of years.
  • With a Gross Margin value of 73.62%, SAP perfoms like the industry average, outperforming 52.78% of the companies in the same industry.
  • 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

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7

2. SAP.DE Health Analysis

2.1 Basic Checks

  • SAP has a Return on Invested Capital (ROIC), which is well above the Cost of Capital (WACC), which means it is creating value.
  • The number of shares outstanding for SAP remains at a similar level compared to 1 year ago.
  • The number of shares outstanding for SAP has been reduced compared to 5 years ago.
  • The debt/assets ratio for SAP has been reduced compared to a year ago.
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 5.96. This indicates that SAP is financially healthy and has little risk of bankruptcy at the moment.
  • With an excellent Altman-Z score value of 5.96, SAP belongs to the best 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 better Debt to FCF ratio (0.96) than 80.56% of its industry peers.
  • A Debt/Equity ratio of 0.13 indicates that SAP is not too dependend on debt financing.
  • Looking at the Debt to Equity ratio, with a value of 0.13, SAP is in the better half of the industry, outperforming 67.59% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.13
Debt/FCF 0.96
Altman-Z 5.96
ROIC/WACC1.85
WACC7.27%
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.
  • With a Current ratio value of 1.17, SAP is not doing good in the industry: 65.74% of the companies in the same industry are doing better.
  • 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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6

3. SAP.DE Growth Analysis

3.1 Past

  • The Earnings Per Share has grown by an impressive 35.76% over the past year.
  • 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.
  • The Revenue has been growing slightly by 7.67% in the past year.
  • 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

  • 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.
  • Based on estimates for the next years, SAP will show a quite strong growth in Revenue. The Revenue will grow by 13.18% on average per year.
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

  • The Price/Earnings ratio is 23.18, which indicates a rather expensive current valuation of SAP.
  • 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.
  • Compared to an average S&P500 Price/Earnings ratio of 24.88, SAP is valued at the same level.
  • Based on the Price/Forward Earnings ratio of 19.51, the valuation of SAP can be described as rather expensive.
  • Based on the Price/Forward Earnings ratio, SAP is valued a bit cheaper than 60.19% of the companies in the same industry.
  • SAP is valuated at similar levels of the S&P average when we compare the Price/Forward Earnings ratio to 22.19, which is the current average of the S&P500 Index.
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 14.15
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.
  • SAP's earnings are expected to grow with 16.97% in the coming years. This may justify a more expensive valuation.
PEG (NY)1.23
PEG (5Y)8.93
EPS Next 2Y17.92%
EPS Next 3Y16.97%

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7

5. SAP.DE Dividend Analysis

5.1 Amount

  • SAP has a Yearly Dividend Yield of 1.56%.
  • In the last 3 months the price of SAP has falen by -31.36%. A price decline artificially increases the dividend yield. It may be a sign investors do not expect the dividend to last.
  • SAP's Dividend Yield is rather good when compared to the industry average which is at 0.91. 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 1.90.
Industry RankSector Rank
Dividend Yield 1.56%

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 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.
  • SAP's earnings are growing more than its dividend. This makes the dividend growth 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 Target252.96 (77.44%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 1.56%
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)-1.84%
PT rev (3m)-13.41%
EPS NQ rev (1m)-0.4%
EPS NQ rev (3m)1.81%
EPS NY rev (1m)0.77%
EPS NY rev (3m)1.07%
Revenue NQ rev (1m)-0.02%
Revenue NQ rev (3m)-1.86%
Revenue NY rev (1m)-1.83%
Revenue NY rev (3m)-2.19%
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 14.15
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 5.96
F-Score9
WACC7.27%
ROIC/WACC1.85
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%.