SAP Technology

SAP SE

$230.31-1.42%

Price as of close on Nov 3, 2026 · Financials updated Oct 1, 2026

Basics

Sector: Technology
Industry: Software - Application
Country: Germany
Market cap: 265.8B USD
Enterprise value: 273.2B USD
Full-time employees: 112,019

Overall health

Drawback: less short-term liquidity (current ratio 1.16 vs a peer median of 1.83)less liquidity (current ratio 1.16 vs peers 1.83)
About average: valuation and risk (debt, liquidity and share-price swings)valuation and risk

Ranks #248 of 1,612 technology companies (top 16%)

See how it ranks against its peers

Worth knowing

Stock pay outran buybacks. Stock-based pay expense EUR 6.3B vs EUR 5.0B spent repurchasing shares over the 3 fiscal years to 2025.
Over three fiscal years SAP recorded EUR 6.3B of stock-based pay expense and spent EUR 5.0B repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years SAP recorded EUR 6.3B of stock-based pay expense and spent EUR 5.0B repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.
Operating margin at a 6-year high. 26% in 2025, the best of the last 6 years.
SAP kept 26% of revenue as operating profit in 2025, its highest in the 6 years of filings we have.
Profits growing faster than sales. Since 2022: revenue +25%, operating profit +63%.
Since 2022, SAP's revenue grew 25% while operating profit grew 63%: each extra dollar of sales is adding more profit.
Financials may be out of date. Latest financial period ended 10 months ago.
The latest financial period we have ended 10 months ago, so the scores may not reflect recent results.

StockQuotient Score

68/ 100

Oct 5 70 → Nov 4 68 (-2)

Valuation

Is the price right?

54/100

Moderate▼ 2 since Oct 27 close

3/3 inputs reported · High confidence

Since last year: No major changeValuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 56 → 54

Share price -2.3%+1
Peer companies moved-3

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Close to the peer norm on every measure.

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield2.8%

SEC filings (IFRS mapped) · 12 months to Dec 2025 · EUR→USD at the current rateReported value30% base weight · Z-score 0.26Sector median: 0.0225 · MAD: 0.0225

EBITDA yield5.1%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 months · EUR→USD convertedReported value50% base weight · Z-score 0.23Sector median: 0.0423 · MAD: 0.0361

Free cash flow yield3.3%

SEC filings (IFRS mapped) · 12 months to Dec 2025 · EUR→USD at the current rate · operating cash flow − capital spendingReported value20% base weight · Z-score 0.22Sector median: 0.0274 · MAD: 0.0274

Other data (not scored)

Book yield17.7%

SEC filings (IFRS mapped) · latest balance sheet · EUR→USD at the current rateReported valueInformational · 0% composite weightSector median: 0.3292 · MAD: 0.1754

Growth

Is it growing?

80/100

Strong

3/3 inputs reported · High confidence

Since last year: ▲ Stronger

12-month revenue up 7.7%

Why

Stronger than most peers on:

▲ EPS growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth129.2%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score 3.87Sector median: 0.1108 · MAD: 0.3050

3-year revenue growth7.6%

SEC filings (IFRS mapped) · 3 years to Dec 2025Reported value33% base weight · Z-score 0.35Sector median: 0.0483 · MAD: 0.0793

Revenue growth7.7%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score -0.08Sector median: 0.0853 · MAD: 0.1017

Profitability

Does it earn well?

86/100

Strong

3/3 inputs reported · High confidence

Since last year: ▲ Stronger

Operating margin rose 12.5 points to 26.1%

Why

Stronger than most peers on:

▲ Operating margin
▲ ROA
▲ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin26.1%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score 2.79Sector median: 0.0631 · MAD: 0.0710

Return on assets10.2%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score 2.00Sector median: 0.0293 · MAD: 0.0362

Return on invested capital17.9%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score 1.30Sector median: 0.0676 · MAD: 0.0857

Other data (not scored)

Gross margin72.9%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported valueInformational · 0% composite weightSector median: 0.3343 · MAD: 0.1632

Return on equity16.1%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported valueInformational · 0% composite weightSector median: 0.0753 · MAD: 0.0889

Risk

Debt, liquidity, price swings

Moderate

Moderate relative risk

3/3 inputs reported · High confidence

Since last year: ▲ Stronger

Debt down 34%

Why

Mixed versus peers:

▲ Debt / equity
▼ Current ratio

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.78

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score 0.26Sector median: 0.8710 · MAD: 0.3700

Current ratio1.16×

SEC filings (IFRS mapped) · latest balance sheetReported value33% base weight · Z-score -0.97Sector median: 1.8295 · MAD: 0.6848

Debt / equity0.14×

SEC filings (IFRS mapped) · latest balance sheetReported value33% base weight · Z-score 0.49Sector median: 0.2495 · MAD: 0.2270

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about SAP

Is SAP getting weaker?: Its latest SEC filing (Feb 26, 2026) got stronger: operating margin rose 12.5 points to 26.1%; debt down 34%. Its overall score is unchanged at 68/100 since Oct 28, 2026.
How is SAP valued vs its peers?: Priced about in line with its peers. Valuation scores 54/100 against 1,711 technology peers.
Is SAP growing?: Yes, faster than most of its peers. Growth scores 80/100 against 1,711 technology peers. Earnings per share growth 129.2% vs a peer median of 11.1% (stronger than 87% of peers).Earnings per share growth 129.2% vs peers 11.1% (stronger than 87% of peers).
How profitable is SAP?: More profitable than most of its peers. Profitability scores 86/100 against 1,711 technology peers. Operating margin 26.1% vs a peer median of 6.3% (stronger than 92% of peers).Operating margin 26.1% vs peers 6.3% (stronger than 92% of peers).
How risky is SAP?: Moderate risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Debt / equity 0.14× vs a peer median of 0.25× (stronger than 62% of peers).Debt / equity 0.14× vs peers 0.25× (stronger than 62% of peers). Current ratio 1.16× vs a peer median of 1.83× (weaker than 81% of peers).Current ratio 1.16× vs peers 1.83× (weaker than 81% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Year ended Dec 31, 2025 · filed Feb 26, 2026 · compared with the year ended Dec 31, 2024

Got stronger

Operating margin rose 12.5 points to 26.1%
Debt down 34%

	Previous year	Latest year	Change
Revenue (12 months)	34.2B EUR	36.8B EUR	+7.7%
Net income (12 months)	3.1B EUR	7.2B EUR	+129.2%
Operating margin	13.6%	26.1%	+12.5 pts
Free cash flow (12 months)	4.4B EUR	8.4B EUR	+90.3%
Debt	9.4B EUR	6.2B EUR	−34.5%
Cash	9.6B EUR	8.2B EUR	−14.5%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one year at a time.

Financials

Fiscal years from SEC annual filings · change vs the prior year · amounts in EUR, as reported

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	73.2%	72.8%	72.2%	73.0%	72.9%	▼ 0.1 pts
Operating margin	23.4%	20.0%	18.6%	13.6%	26.1%	▲ 12 pts
Net margin	19.5%	7.7%	19.7%	9.1%	19.5%	▲ 10 pts
Return on assets (ROA)	7.4%	3.2%	9.0%	4.2%	10.2%	▲ 6.0 pts
Return on equity (ROE)	13.5%	5.7%	14.2%	6.9%	16.1%	▲ 9.2 pts
Free cash flow margin	20.5%	16.2%	17.5%	12.9%	22.9%	▲ 10.0 pts
Current ratio	1.24×	1.06×	1.41×	1.12×	1.16×	▲ 3.7%
Debt to equity	0.34×	0.29×	0.18×	0.21×	0.14×	▼ 33%
Interest coverage	6.68×	2.69×	9.08×	8.56×	19.55×	▲ 128%

SAP price history

Price history is added with the daily price update and will appear after the next one.

Similar companies

Sector leaderboards

LEENO Industrial Inc.058470.KQ97/ 100

Transcend Information, Inc.2451.TW94/ 100

Joint Stock Company Kaspi.kzKSPI93/ 100

Bringing the fundamentals into focus…

Overall health

Drawback: less short-term liquidity (current ratio 1.16 vs a peer median of 1.83)less liquidity (current ratio 1.16 vs peers 1.83)

About average: valuation and risk (debt, liquidity and share-price swings)valuation and risk

Ranks #248 of 1,612 technology companies (top 16%)

See how it ranks against its peers

Worth knowing

Stock pay outran buybacks. Stock-based pay expense EUR 6.3B vs EUR 5.0B spent repurchasing shares over the 3 fiscal years to 2025.

Over three fiscal years SAP recorded EUR 6.3B of stock-based pay expense and spent EUR 5.0B repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years SAP recorded EUR 6.3B of stock-based pay expense and spent EUR 5.0B repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.

Operating margin at a 6-year high. 26% in 2025, the best of the last 6 years.

SAP kept 26% of revenue as operating profit in 2025, its highest in the 6 years of filings we have.

Profits growing faster than sales. Since 2022: revenue +25%, operating profit +63%.

Since 2022, SAP's revenue grew 25% while operating profit grew 63%: each extra dollar of sales is adding more profit.

Financials may be out of date. Latest financial period ended 10 months ago.

The latest financial period we have ended 10 months ago, so the scores may not reflect recent results.

Questions investors ask about SAP

Is SAP getting weaker?

Its latest SEC filing (Feb 26, 2026) got stronger: operating margin rose 12.5 points to 26.1%; debt down 34%. Its overall score is unchanged at 68/100 since Oct 28, 2026.

How is SAP valued vs its peers?

Priced about in line with its peers. Valuation scores 54/100 against 1,711 technology peers.

Is SAP growing?

Yes, faster than most of its peers. Growth scores 80/100 against 1,711 technology peers. Earnings per share growth 129.2% vs a peer median of 11.1% (stronger than 87% of peers).Earnings per share growth 129.2% vs peers 11.1% (stronger than 87% of peers).

How profitable is SAP?

More profitable than most of its peers. Profitability scores 86/100 against 1,711 technology peers. Operating margin 26.1% vs a peer median of 6.3% (stronger than 92% of peers).Operating margin 26.1% vs peers 6.3% (stronger than 92% of peers).

How risky is SAP?

Moderate risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Debt / equity 0.14× vs a peer median of 0.25× (stronger than 62% of peers).Debt / equity 0.14× vs peers 0.25× (stronger than 62% of peers). Current ratio 1.16× vs a peer median of 1.83× (weaker than 81% of peers).Current ratio 1.16× vs peers 1.83× (weaker than 81% of peers). A relative measure, not a bankruptcy probability.

Previous year

Latest year

Change

Revenue (12 months)

34.2B EUR

36.8B EUR

+7.7%

Net income (12 months)

3.1B EUR

7.2B EUR

+129.2%

Operating margin

13.6%

26.1%

+12.5 pts

Free cash flow (12 months)

4.4B EUR

8.4B EUR

+90.3%

Debt

9.4B EUR

6.2B EUR

−34.5%

Cash

9.6B EUR

8.2B EUR

−14.5%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

73.2%

72.8%

72.2%

73.0%

72.9%

▼ 0.1 pts

Operating margin

23.4%

20.0%

18.6%

13.6%

26.1%

▲ 12 pts

Net margin

19.5%

7.7%

19.7%

9.1%

19.5%

▲ 10 pts

Return on assets (ROA)

7.4%

3.2%

9.0%

4.2%

10.2%

▲ 6.0 pts

Return on equity (ROE)

13.5%

5.7%

14.2%

6.9%

16.1%

▲ 9.2 pts

Free cash flow margin

20.5%

16.2%

17.5%

12.9%

22.9%

▲ 10.0 pts

Current ratio

1.24×

1.06×

1.41×

1.12×

1.16×

▲ 3.7%

Debt to equity

0.34×

0.29×

0.18×

0.21×

0.14×

▼ 33%

Interest coverage

6.68×

2.69×

9.08×

8.56×

19.55×

▲ 128%