SAP SE (SAP.DE) Stock Fundamental Analysis

FRA:SAP • DE0007164600

173.38 EUR
+3.74 (+2.2%)
Last: Feb 18, 2026, 07:00 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Analyst Ratings Earnings Estimates Financials Ownership
Fundamental Rating

6

SAP gets a fundamental rating of 6 out of 10. The analysis compared the fundamentals against 117 industry peers in the Software industry. SAP has an excellent profitability rating, but there are some minor concerns on its financial health. SAP is not valued too expensively and it also shows a decent growth rate.


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.
  • Each year in the past 5 years SAP has 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's Return On Assets of 10.41% is fine compared to the rest of the industry. SAP outperforms 76.07% 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 66.67% 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 79.49% 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 13.32%.
  • 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

  • With a decent Profit Margin value of 19.91%, SAP is doing good in the industry, outperforming 76.07% of the companies in the same industry.
  • In the last couple of years the Profit Margin of SAP has remained more or less at the same level.
  • The Operating Margin of SAP (28.17%) is better than 83.76% 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's Gross Margin of 73.62% is in line compared to the rest of the industry. SAP outperforms 49.57% of 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

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ROAROEROICOperating and Profit MarginShow most profitable peers

6

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.
  • 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

  • An Altman-Z score of 6.64 indicates that SAP is not in any danger for bankruptcy at the moment.
  • SAP has a Altman-Z score of 6.64. This is amongst the best in the industry. SAP outperforms 85.47% 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 has a better Debt to FCF ratio (0.96) than 76.92% 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 has a better Debt to Equity ratio (0.13) than 66.67% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.13
Debt/FCF 0.96
Altman-Z 6.64
ROIC/WACC1.68
WACC8.01%
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's Current ratio of 1.17 is on the low side compared to the rest of the industry. SAP is outperformed by 62.39% of its industry peers.
  • A Quick Ratio of 1.17 indicates that SAP should not have too much problems paying its short term obligations.
  • SAP has a Quick ratio of 1.17. This is in the lower half of the industry: SAP underperforms 60.68% of its industry peers.
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.
  • The Earnings Per Share has been growing slightly by 2.60% on average over the past years.
  • Looking at the last year, SAP shows a small growth in Revenue. The Revenue has grown by 7.67% in the last 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

  • The Earnings Per Share is expected to grow by 18.34% on average over the next years. This is quite good.
  • 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

  • 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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Find the best growth stocksShow best growing peers

4

4. Valuation

4.1 Price/Earnings Ratio

  • SAP is valuated quite expensively with a Price/Earnings ratio of 28.19.
  • Compared to the rest of the industry, the Price/Earnings ratio of SAP is on the same level as its industry peers.
  • When comparing the Price/Earnings ratio of SAP to the average of the S&P500 Index (27.27), we can say SAP is valued inline with the index average.
  • A Price/Forward Earnings ratio of 23.91 indicates a rather expensive valuation of SAP.
  • The rest of the industry has a similar Price/Forward Earnings ratio as SAP.
  • SAP is valuated at similar levels of the S&P average when we compare the Price/Forward Earnings ratio to 28.16, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 28.19
Fwd PE 23.91
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.
  • SAP's Price/Free Cash Flow ratio is a bit cheaper when compared to the industry. SAP is cheaper than 65.81% of the companies in the same industry.
Industry RankSector Rank
P/FCF 23.99
EV/EBITDA 16.64
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.
  • 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)1.58
PEG (5Y)10.85
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 0.69. SAP pays more dividend than 84.62% of the companies in the same industry.
  • Compared to the average S&P500 Dividend Yield of 1.84, 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 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 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 (2/18/2026, 7:00:00 PM)

173.38

+3.74 (+2.2%)

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 Cap201.92B
Revenue(TTM)36.80B
Net Income(TTM)7.33B
Analysts77.07
Price Target257.7 (48.63%)
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)-11.79%
PT rev (3m)-12.07%
EPS NQ rev (1m)2.27%
EPS NQ rev (3m)3.93%
EPS NY rev (1m)-0.14%
EPS NY rev (3m)0.3%
Revenue NQ rev (1m)-1.84%
Revenue NQ rev (3m)-2.41%
Revenue NY rev (1m)0%
Revenue NY rev (3m)-0.38%
Valuation
Industry RankSector Rank
PE 28.19
Fwd PE 23.91
P/S 5.49
P/FCF 23.99
P/OCF 22.05
P/B 4.51
P/tB 15.01
EV/EBITDA 16.64
EPS(TTM)6.15
EY3.55%
EPS(NY)7.25
Fwd EY4.18%
FCF(TTM)7.23
FCFY4.17%
OCF(TTM)7.86
OCFY4.53%
SpS31.6
BVpS38.43
TBVpS11.55
PEG (NY)1.58
PEG (5Y)10.85
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
WACC8.01%
ROIC/WACC1.68
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%.