SAP SE (SAP.DE) Stock Fundamental Analysis

FRA:SAP • DE0007164600

172.22 EUR
+5.44 (+3.26%)
Last: Feb 26, 2026, 05:36 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 112 industry peers in the Software industry. SAP gets an excellent profitability rating and is at the same time showing great financial health properties. SAP is not valued too expensively and it also shows a decent growth rate. These ratings would make SAP suitable 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.
  • In the past 5 years SAP has always been profitable.
  • In the past 5 years SAP always reported a positive cash flow from operatings.
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 has a better Return On Assets (10.41%) than 76.79% of its industry peers.
  • SAP has a better Return On Equity (16.37%) than 67.86% of its industry peers.
  • Looking at the Return On Invested Capital, with a value of 13.43%, SAP belongs to the top of the industry, outperforming 80.36% of the companies in the same industry.
  • SAP had an Average Return On Invested Capital over the past 3 years of 10.61%. This is below the industry average of 12.70%.
  • 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 Profit Margin of 19.91%. This is in the better half of the industry: SAP outperforms 77.68% of its industry peers.
  • SAP's Profit Margin has been stable in the last couple of years.
  • SAP's Operating Margin of 28.17% is amongst the best of the industry. SAP outperforms 84.82% of its industry peers.
  • In the last couple of years the Operating Margin of SAP has remained more or less at the same level.
  • SAP has a Gross Margin (73.62%) which is in line with 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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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.
  • 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.
  • 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

  • An Altman-Z score of 6.56 indicates that SAP is not in any danger for bankruptcy at the moment.
  • SAP has a Altman-Z score of 6.56. This is amongst the best in the industry. SAP outperforms 86.61% of its industry peers.
  • 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.
  • With a decent Debt to FCF ratio value of 0.96, SAP is doing good in the industry, outperforming 76.79% of the companies in the same industry.
  • SAP has a Debt/Equity ratio of 0.13. This is a healthy value indicating a solid balance between debt and equity.
  • Looking at the Debt to Equity ratio, with a value of 0.13, SAP is in the better half of the industry, outperforming 65.18% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.13
Debt/FCF 0.96
Altman-Z 6.56
ROIC/WACC1.77
WACC7.57%
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's Current ratio of 1.17 is on the low side compared to the rest of the industry. SAP is outperformed by 61.61% 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 41.07% 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

  • 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.
  • Looking at the last year, SAP shows a small growth in Revenue. The Revenue has grown by 7.67% in the last 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

  • 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.
  • When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
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

  • The Price/Earnings ratio is 28.00, which means the current valuation is very expensive for SAP.
  • SAP's Price/Earnings ratio is in line with the industry average.
  • SAP's Price/Earnings ratio indicates a similar valuation than the S&P500 average which is at 27.21.
  • A Price/Forward Earnings ratio of 23.75 indicates a rather expensive valuation of SAP.
  • The rest of the industry has a similar Price/Forward Earnings ratio as SAP.
  • The average S&P500 Price/Forward Earnings ratio is at 28.13. SAP is around the same levels.
Industry RankSector Rank
PE 28
Fwd PE 23.75
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.
  • 64.29% 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 23.83
EV/EBITDA 16.36
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

  • The 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)10.78
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.
  • Compared to an average industry Dividend Yield of 0.73, SAP pays a better dividend. On top of this SAP pays more dividend than 83.93% of the companies listed in the same industry.
  • Compared to the average S&P500 Dividend Yield of 1.80, SAP is paying slightly less dividend.
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 2026 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.
  • The dividend of SAP is growing, but earnings are growing more, so the dividend growth is 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 (2/26/2026, 5:36:15 PM)

172.22

+5.44 (+3.26%)

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 Cap200.57B
Revenue(TTM)36.80B
Net Income(TTM)7.33B
Analysts77.07
Price Target257.7 (49.63%)
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)-10.99%
PT rev (3m)-12.07%
EPS NQ rev (1m)2.41%
EPS NQ rev (3m)3.93%
EPS NY rev (1m)0%
EPS NY rev (3m)0.3%
Revenue NQ rev (1m)-1.76%
Revenue NQ rev (3m)-2.41%
Revenue NY rev (1m)0%
Revenue NY rev (3m)-0.38%
Valuation
Industry RankSector Rank
PE 28
Fwd PE 23.75
P/S 5.45
P/FCF 23.83
P/OCF 21.91
P/B 4.48
P/tB 14.91
EV/EBITDA 16.36
EPS(TTM)6.15
EY3.57%
EPS(NY)7.25
Fwd EY4.21%
FCF(TTM)7.23
FCFY4.2%
OCF(TTM)7.86
OCFY4.57%
SpS31.6
BVpS38.43
TBVpS11.55
PEG (NY)1.56
PEG (5Y)10.78
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 6.56
F-Score9
WACC7.57%
ROIC/WACC1.77
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 5Y17.07%
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%.