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SAP SE

SAP Technology Software Application

SAP SE’s revenue for fiscal 2025 (year ended December 2025) was $41.6 billion, up 12.6% from fiscal 2024.

Revenue
+11.4%
EPS
+13.0%
Free cash flow
+12.2%
Total debt
+14.3%

Quarter to September 2026, against a year earlier

243.68 3.64 +1.52%
Market cap
$274.9B
P/E
29.5×
Fwd P/E
29.2×
Dividend yield
1.20%
F-score
8/9
Altman Z
7.90
Beneish M
−2.54
Dividend safety
82/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 1.74%

Capital & Financial Ratios $m

Size
Market Cap 274,940.00
Revenue ttm 45,773.03
Net income ttm 9,141.50
Free cash flow ttm 10,379.00
Net debt Q (470.76)
Valuation
P/E 29.53
Forward P/E 29.20
Price / sales 6.12
Forward P/S Powerpack
Price / FCF 27.00
Price / book 5.24
Financial health
Current ratio Q 1.16
Debt / equity Q 0.23 (at or below 0.5: strong)
Interest coverage Q 10.21
Growth
Revenue growth Q +11.42% (above 0%: growing)
Operating income growth Q +15.92% (above 0%: growing)
EPS, this year +8.23%
EPS, next year A +17.68% (at or above 15%: strong)
Revenue, next year A +7.89%
EPS, past 5 yrs +7.27%
EPS, next 5 yrs A +14.33%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 6.1×, against a ten-year median of 5.1×; over the ten years it ranged from 3.2× in 2022 to 9.3× in 2025.
P/E against its own 10 years 52.51%
10-year low 10-year high
P/S against its own 10 years 81.55%
10-year low 10-year high
P/B against its own 10 years 82.91%
10-year low 10-year high
EV/Sales against its own 10 years 80.01%
10-year low 10-year high
EV/FCF against its own 10 years 26.51%
10-year low 10-year high

Dividends raised 4 years running

Yield
1.20%
Annual rate
2.93
Payout ratio
35.7%
Growth, 2018–26
+7.40%/yr
  1. 1.65 ’18
  2. 1.67 ’19 +1
  3. 1.73 ’20 +4
  4. 2.26 ’21 +30
  5. 2.08 ’22 −8
  6. 2.23 ’23 +8
  7. 2.39 ’24 +7
  8. 2.63 ’25 +10
  9. 2.93 ’26 +11
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 12,412 12,161 11,056 12,658
Receivables 6,842 7,330 7,552 8,029
Inventory — — — —
Other 3,010 3,667 4,311 4,769
22,264 23,158 22,918 25,454
2023 2024 2025 Q'26
Payables 1,930 2,153 2,750 3,455
ST’ Debt 1,878 4,628 2,319 2,363
Other 11,752 13,231 13,539 14,369
15,847 20,645 19,704 21,996

Compound Annual Growth %

10y 5y 3y
Sales 6.07% 5.92% 8.58%
Cash Flow 9.87% 4.74% 20.30%
Earnings 9.05% 6.63% 49.88%
Book Value 7.02% 8.33% 4.15%

Earnings Trends EPS, adjusted, against the consensus

Sep 2026 Estimate 2.03 Actual 2.18

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Dec 2025 1.77 1.89 Beat by 0.12
Mar 2026 1.92 2.01 Beat by 0.09
Jun 2026 2.00 1.85 Miss by 0.15
Sep 2026 2.03 2.18 Beat by 0.15
Dec 2026 2.01 — Reports 4 February 2027

EPS $

Mar Jun Sep Dec Year
’26 1.94 2.19 2.26 — —
’25 1.59 1.63 2.00 1.83 7.06
’24 (0.76) 0.81 1.36 1.46 2.90
’23 0.44 3.10 1.18 0.89 5.60
’22 0.71 0.30 0.57 0.48 2.05
’21 1.06 1.39 1.40 1.42 5.28
’20 0.75 0.80 1.54 1.93 4.97
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 11,183 11,485 11,821 — —
’25 9,495 10,247 10,609 11,284 41,636
’24 8,730 8,925 9,314 10,013 36,982
’23 7,987 8,237 8,429 9,123 33,775
’22 7,942 8,000 7,897 8,687 32,526
’21 7,653 8,035 8,072 9,180 32,940
’20 7,194 7,425 7,639 8,970 31,228
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 4,112 3,639 2,132 — —
’25 3,982 3,234 1,970 1,173 10,359
’24 2,993 1,634 1,719 (698) 5,649
’23 2,547 986 1,217 2,103 6,853
’22 2,785 141 697 2,326 5,950
’21 3,719 824 1,298 1,521 7,362
’20 3,292 861 1,802 2,263 8,218
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 3,871 3,532 1,978 — —
’25 3,845 3,053 1,763 998 9,660
’24 2,820 1,474 1,561 (936) 4,918
’23 2,297 832 1,051 1,930 6,111
’22 2,568 (72) 456 2,141 5,092
’21 3,560 617 1,102 1,244 6,524
’20 2,951 698 1,617 2,120 7,386
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 23,280 28,205 29,180 30,859 31,228 32,940 32,526 33,775 36,982 41,636 45,773 +6.7% 44,922 50,286 56,459 +10.7%
Gross margin, % 70.16 69.95 69.80 69.68 71.16 71.46 71.06 72.20 72.95 72.86 72.69 +2.7 pt
EBT 5,131 6,043 6,614 5,148 8,247 8,101 3,256 5,781 5,155 11,619 13,135 +9.5%
EBT margin, % 22.04 21.43 22.66 16.68 26.41 24.59 10.01 17.11 13.94 27.91 28.70 +5.9 pt
Net income 3,834 4,876 4,828 3,774 6,035 6,360 1,800 6,455 3,409 8,289 9,141 +8.9%
Per share, $
Per share, $ Revenue 19.43 23.56 24.44 25.85 26.42 27.92 27.80 28.94 31.72 35.71 39.80 +7.0%
Earnings 3.35 3.80 4.04 3.14 4.97 5.28 2.07 5.66 2.90 7.10 8.25 +8.7%
Cash flow 4.08 5.07 4.26 3.28 6.95 6.24 5.09 5.87 4.84 8.88 9.61 +9.0%
Capex (0.83) (1.18) (1.39) (0.70) (0.70) (0.71) (0.73) (0.64) (0.63) (0.60) (0.59) (3.5%)
Free cash flow 3.25 3.88 2.87 2.58 6.25 5.53 4.35 5.24 4.22 8.28 9.03 +11.0%
Book value 23.25 25.65 28.56 28.91 28.92 41.63 38.59 40.26 42.51 43.74 46.50 +7.3%
Shares, m 1,198 1,197 1,194 1,194 1,182 1,180 1,170 1,167 1,166 1,166 1,158 (0.3%)
Valuation, ×
Valuation, × P/E 25.92 29.12 24.83 43.08 25.97 26.59 50.23 26.54 85.49 34.21 29.53 37.2
P/S 4.44 4.77 4.07 5.18 4.94 5.02 3.74 5.19 7.76 6.80 6.12 5.2
P/B 3.71 4.38 3.49 4.63 4.51 3.37 2.69 3.73 5.79 5.55 5.24 4.2
EV/Sales 4.60 4.84 4.18 5.57 5.26 5.16 3.89 5.13 7.77 6.76 6.11 5.3
EV/FCF 27.48 29.36 35.58 55.79 22.26 26.05 24.82 28.37 58.42 29.12 26.95 33.7
Cash, $m
Cash, $m Operating cash flow 4,884 6,065 5,082 3,916 8,218 7,362 5,950 6,853 5,649 10,359 11,055 +8.7%
Capex (989) (1,417) (1,655) (836) (832) (839) (858) (742) (730) (699) (676) (3.8%)
Free cash flow 3,895 4,648 3,427 3,080 7,386 6,524 5,092 6,111 4,918 9,660 10,379 +10.6%
Balance, $m
Balance, $m Working capital 1,993 2,068 7,250 841 2,544 4,624 1,126 6,417 2,513 3,213 3,459 +5.5%
Net debt 3,660 1,916 3,074 11,855 10,289 4,631 4,735 (1,939) 225 (1,925) (471) n/m
Shareholders’ equity 27,854 30,704 34,104 34,521 34,187 49,126 45,145 46,978 49,569 50,996 53,477 +7.0%
Returns, %
Returns, % ROA 8.30 9.88 8.62 5.80 8.76 8.24 3.00 8.86 4.39 10.14 11.13 +1.8 pt
ROIC 10.74 11.24 11.32 6.75 10.63 6.40 6.17 8.69 6.34 13.86 14.60 +3.1 pt
ROE 14.32 16.50 14.88 10.84 17.11 14.93 5.11 14.42 7.00 16.11 17.96 +1.8 pt
People
People Employees 84,183 88,543 96,498 100,330 102,430 107,415 111,961 107,602 109,973 110,650 — +3.1%
Revenue/emp, $m 0.28 0.32 0.30 0.31 0.30 0.31 0.29 0.31 0.34 0.38 — +3.5%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

SAP SE vs peers in Software Application (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
SAP SAP SE $274.9B 29.5× 29.2× +11.42% (above 0%: growing) +12.99% (above 0%: growing) +12.18% (above 0%: growing) 73.12% 28.52%
SHOP Shopify Inc. $184.9B 87.9× 97.3× +31.58% (above 0%: growing) +79.50% (above 0%: growing) +60.95% (above 0%: growing) 47.59% 15.18% Compare
CRM Salesforce, Inc. $183.0B 20.2× 21.9× +10.83% (above 0%: growing) +118.27% (above 0%: growing) +81.49% (above 0%: growing) 76.65% 20.55% Compare
UBER Uber Technologies, Inc. $140.5B 39.7× 20.5× +9.65% (above 0%: growing) −91.22% (below 0%: shrinking) +13.68% (above 0%: growing) 43.46% 9.80% Compare
ADP Automatic Data Processing, Inc. $121.3B 27.1× 23.8× +6.10% (above 0%: growing) +13.51% (above 0%: growing) −4.05% (below 0%: shrinking) 46.00% 26.64% Compare
NOW ServiceNow, Inc. $106.3B 73.1× 73.2× +20.52% (above 0%: growing) −44.21% (below 0%: shrinking) +31.46% (above 0%: growing) 70.51% 9.38% Compare
ADBE Adobe Inc. $95.9B 13.7× 13.7× +12.89% (above 0%: growing) +10.77% (above 0%: growing) +14.68% (above 0%: growing) 88.71% 34.82% Compare
SNOW Snowflake Inc. $95.1B — (loss-making) — (loss-making) +35.09% (above 0%: growing) n/m +47.23% (above 0%: growing) 67.02% (17.00%) Compare
INTU Intuit Inc. $94.8B 21.4× 16.8× +13.65% (above 0%: growing) −1.47% (below 0%: shrinking) +253.37% (above 0%: growing) 78.11% 10.91% Compare
Median of peers $113.8B 27.1× 21.9× +13.27% +10.77% +39.34% 68.77% 13.05%

All 230 Software Application stocks →

SAP SE (SAP) Latest News

29 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · GlobeNewswire

27 Oct

Impact 4 · · PR Newswire
Impact 4 · · PR Newswire
Impact 3 · · PR Newswire

26 Oct

Impact 4 ·
Impact 4 · · PR Newswire
Impact 4 · · PR Newswire
Impact 4 · · PR Newswire
Impact 3 · · Insider Monkey

24 Oct

Impact 4 · · The Motley Fool

22 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · ACCESS Newswire
Impact 4 · · Proactive Investors earnings

21 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · MarketBeat
Impact 4 · · PR Newswire
Impact 4 · · PR Newswire
Impact 4 · · Investing.com
Impact 4 · · PR Newswire
Impact 3 · · MarketBeat
Impact 3 · · Business Wire
Impact 3 · · PR Newswire
Impact 3 · · PR Newswire

20 Oct

Impact 4 · · PR Newswire
Impact 4 · · 24/7 Wall St.

19 Oct

Impact 3 · · Zacks

15 Oct

Impact 3 · · ACCESS Newswire

13 Oct

Impact 3 · · Simply Wall St.
Impact 3 · · Insider Monkey

SAP metrics, ten years each

stockrow.com/SAP · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com