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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. In the quarter to June 2026, revenue grew 12.1%, EPS grew 33.3%, free cash flow grew 15.7% and total debt rose 14.7%, each against the same quarter a year earlier. Dividend growth for three consecutive years, revenue growth for three.

224.29 0.71 −0.32%
Market cap
$259.7B
P/E
28.1×
Fwd P/E
22.7×
Dividend yield
1.31%
F-score
8/9
Altman Z
7.90
Beneish M
−2.54
Dividend safety
82/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 0.26%

Capital & Financial Ratios $m

Market Cap 259,690.00
Revenue 44,561.20
Net Income 9,095.37
Free Cash Flow 10,164.20
Net Debt (1,299.90)
Current Ratio 1.15
Debt/Equity 0.23 (at or below 0.5: strong)
P/E ratio 28.07
Fwd P/E 22.70
P/S ratio 5.80
P/B ratio 4.92
Past 5Y EPS Growth 7.27%
This Y EPS Growth 9.22%
Next Y EPS Growth 18.72% (at or above 15%: strong)
Next Y revenue growth 8.66%
Next 5Y EPS Growth 15.05% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 5.8×, 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 43.94%
10-year low 10-year high
P/S against its own 10 years 78.77%
10-year low 10-year high
P/B against its own 10 years 81.61%
10-year low 10-year high
EV/Sales against its own 10 years 77.66%
10-year low 10-year high
EV/FCF against its own 10 years 23.26%
10-year low 10-year high

Dividends

Payout Ratio 0.37
Annual Dividend Rate 2.93
Annual Dividend Yield 1.31%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 2.93
2.93
2025 2.63
2.63
2024 2.39
2.39
2023 2.23
2.23
2022 2.08
2.08
2021 2.26
2.26
2020 1.73
1.73
2019 1.67
1.67
2018 1.65
1.65
2017 1.37
1.37
2016 1.31
1.31
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 12,412 12,161 11,056 13,516
Receivables 6,842 7,330 7,552 8,227
Inventory — — — —
Other 3,010 3,667 4,311 4,589
22,264 23,158 22,918 26,334
2023 2024 2025 Q'26
Payables 1,930 2,153 2,750 3,194
ST’ Debt 1,878 4,628 2,319 2,286
Other 11,752 13,231 13,539 15,884
15,847 20,645 19,704 22,945

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%

Revenue $m

Mar Jun Sep Dec Year
’26 11,183 11,485 — — —
’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 — — —
’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 — — —
’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.

EPS $

Mar Jun Sep Dec Year
’26 1.94 2.19 — — —
’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 1.09 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.

Target Price Range

Analyst price targets

Recommendation Rating

1.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 71.39 85.49 94.81 95.45 90.90 120.08 78.22 103.28 148.38 233.51

Analyst estimates 2026–2028

Powerpack
High 92.76 116.90 127.16 140.62 169.30 151.48 141.69 160.35 256.13 313.28
People
People Employees 84,183 88,543 96,498 100,330 102,430 107,415 111,961 107,602 109,973 110,650
Revenue/emp, $m 0.28 0.32 0.30 0.31 0.30 0.31 0.29 0.31 0.34 0.38
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
Gross margin, % 70.16 69.95 69.80 69.68 71.16 71.46 71.06 72.20 72.95 72.86
EBT 5,131 6,043 6,614 5,148 8,247 8,101 3,256 5,781 5,155 11,619
EBT margin, % 22.04 21.43 22.66 16.68 26.41 24.59 10.01 17.11 13.94 27.91
Net income 3,834 4,876 4,828 3,774 6,035 6,360 1,800 6,455 3,409 8,289
Depreciation 1,338 1,529 1,609 2,097 2,092 2,100 1,998 1,486 1,385 1,483
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
Earnings 3.35 3.80 4.04 3.14 4.97 5.28 2.07 5.66 2.90 7.10
Cash flow 4.08 5.07 4.26 3.28 6.95 6.24 5.09 5.87 4.84 8.88
Capex (0.83) (1.18) (1.39) (0.70) (0.70) (0.71) (0.73) (0.64) (0.63) (0.60)
Free cash flow 3.25 3.88 2.87 2.58 6.25 5.53 4.35 5.24 4.22 8.28
Book value 23.25 25.65 28.56 28.91 28.92 41.63 38.59 40.26 42.51 43.74
Shares, m 1,198 1,197 1,194 1,194 1,182 1,180 1,170 1,167 1,166 1,166
Valuation, ×
Valuation, × P/E 25.92 29.12 24.83 43.08 25.97 26.59 50.23 25.63 85.49 34.21
P/S 4.44 4.77 4.07 5.18 4.94 5.02 3.74 5.19 7.76 6.80
P/B 3.71 4.38 3.49 4.63 4.51 3.37 2.69 3.73 5.79 5.55
EV/Sales 4.60 4.84 4.18 5.57 5.26 5.16 3.89 5.13 7.77 6.76
EV/FCF 27.48 29.36 35.58 55.79 22.26 26.05 24.82 28.37 58.42 29.12
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
Capex (989) (1,417) (1,655) (836) (832) (839) (858) (742) (730) (699)
Free cash flow 3,895 4,648 3,427 3,080 7,386 6,524 5,092 6,111 4,918 9,660
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
Total debt 8,752 7,928 13,792 18,140 18,223 18,421 15,124 10,472 12,386 9,132
Net debt 3,660 1,916 3,074 11,855 10,289 4,631 4,735 (1,939) 225 (1,925)
Shareholders’ equity 27,854 30,704 34,104 34,521 34,187 49,126 45,145 46,978 49,569 50,996
Returns, %
Returns, % ROA 8.30 9.88 8.62 5.80 8.76 8.24 3.00 8.86 4.39 10.14
ROIC 10.74 11.24 11.32 6.75 10.63 6.40 6.17 8.69 6.34 13.86
ROE 14.32 16.50 14.88 10.84 17.11 14.93 5.11 14.42 7.00 16.11
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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 $259.7B 28.1× 22.7× +12.08% (above 0%: growing) +33.33% (above 0%: growing) +15.69% (above 0%: growing) 73.17% 26.77%
SHOP Shopify Inc. $229.2B 114× 123× +33.69% (above 0%: growing) +65.71% (above 0%: growing) +54.98% (above 0%: growing) 47.67% 13.62% Compare
CRM Salesforce, Inc. $203.1B 21.9× 22.8× +10.83% (above 0%: growing) +118.27% (above 0%: growing) +81.49% (above 0%: growing) 76.65% 20.55% Compare
NOW ServiceNow, Inc. $153.6B 88.0× 56.5× +24.01% (above 0%: growing) −22.04% (below 0%: shrinking) −10.08% (below 0%: shrinking) 70.68% 4.06% Compare
UBER Uber Technologies, Inc. $145.6B 15.2× 24.0× +12.17% (above 0%: growing) +81.54% (above 0%: growing) +12.81% (above 0%: growing) 44.93% 13.32% Compare
SNOW Snowflake Inc. $118.2B — (loss-making) — (loss-making) +35.09% (above 0%: growing) n/m +47.23% (above 0%: growing) 67.02% (17.00%) Compare
ADP Automatic Data Processing, Inc. $113.2B 26.3× 19.0× +6.77% (above 0%: growing) +9.37% (above 0%: growing) −5.49% (below 0%: shrinking) 45.88% 23.00% Compare
ADBE Adobe Inc. $98.0B 13.7× 13.8× +12.89% (above 0%: growing) +10.77% (above 0%: growing) +14.68% (above 0%: growing) 88.71% 34.82% Compare
DDOG Datadog, Inc. $95.6B 485× 420× +35.64% (above 0%: growing) +1,610.53% (above 0%: growing) +68.55% (above 0%: growing) 78.59% 0.49% Compare
Median of peers $131.9B 26.3× 24.0× +18.45% +65.71% +30.96% 68.85% 13.47%

All 237 Software Application stocks →

SAP SE (SAP) key facts

  • Strength: SAP SE’s revenue for fiscal 2025 (year ended December 2025) was $41.6 billion, up 12.6% from fiscal 2024.
  • SAP SE (SAP) is a Software Application company in the Technology sector, traded in the US as an ADR.
  • As of October 16, 2026, SAP traded at $224.29, a market capitalization of $259.7 billion.
  • SAP SE pays an annual dividend of $2.93 per share, a yield of 1.31%, with a payout ratio of 36.8%.
  • Return on equity was 16.1% and debt-to-equity 0.23.
  • Its Piotroski F-score is 8 out of 9 and its Altman Z-score is 7.90 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

SAP SE (SAP) Latest News

24 Apr

Impact 5 ·
stockrow.com/SAP · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com