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SAP SE (SAPGF) stock analysis

SAPGFOTCServices-Prepackaged SoftwareFiscal year ends December 31Also trades as SAP
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Feb 26, 2026Score 12/30
$225.00+4.24 (+1.92%)

Close on Oct 19, 2026Market cap $276.41BP/E 33.0Yield 1.17%

StockData Score

Prices as of Nov 4, 2026How the score works

Value0Growth2Performance5Health5Dividend0

Mixed12 of 30 checks passed

SAP passes 12 of the 30 checks behind our score; 13 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.

Valuation
0/6
Growth
2/6
Past performance
5/6
Financial health
5/6
Dividend
0/6

What stands out

  • Return on capital over 10%

    Return on invested capital was 15.6%, above the 10% that usually covers the cost of capital.

  • Low debt

    Debt is 13.8% of shareholders' equity, under the 40% we consider low.

  • Earnings grew over 5 years

    Net income grew 6.8% a year on average over the last five fiscal years.

  • EPS growing 10%+ a year

    Diluted EPS grew 46.5% a year over the last three fiscal years.

What to watch

  • Return on equity under 15%

    Return on equity was 15.9% over the last twelve months and averaged 11.8% over five years; we look for 15% on both.

  • Revenue growing under 10% a year

    Revenue grew 7.6% a year over the last three fiscal years, short of the 10% we look for.

  • Growing slower than the industry

    Revenue grew 7.7% over the last twelve months; the Computer Programming, Data Processing, and Other Computer Related Services median is 10.2%.

  • Gross margin slipping

    Gross margin was 72.9% over the last twelve months, against 73.0% a year earlier.

Valuation0/6

  • P/E against its history

    Not enough price and earnings history to compare.

  • P/E against the industry

    Needs positive earnings and enough profitable companies in the industry.

  • EV/EBITDA against its history

    Needs positive EBITDA and price history.

  • P/B against the industry

    Needs positive book value.

  • Price against fair value

    We could not estimate a fair value: it needs at least two valuation methods with positive inputs.

  • Margin of safety

    Depends on the fair value estimate.

Growth2/6

  • Revenue growing under 10% a year

    Revenue grew 7.6% a year over the last three fiscal years, short of the 10% we look for.

  • EPS growing 10%+ a year

    Diluted EPS grew 46.5% a year over the last three fiscal years.

  • Earnings growth accelerating

    Net income grew 129% over the last twelve months, against a 5-year average of 6.8% a year.

  • Growing slower than the industry

    Revenue grew 7.7% over the last twelve months; the Computer Programming, Data Processing, and Other Computer Related Services median is 10.2%.

  • Company guidance

    No outlook found in earnings releases from the last twelve months.

  • Gross margin slipping

    Gross margin was 72.9% over the last twelve months, against 73.0% a year earlier.

Past performance5/6

  • Return on equity under 15%

    Return on equity was 15.9% over the last twelve months and averaged 11.8% over five years; we look for 15% on both.

  • Return on capital over 10%

    Return on invested capital was 15.6%, above the 10% that usually covers the cost of capital.

  • Return on equity above the industry

    SAP's return on equity of 15.9% is above the Computer Programming, Data Processing, and Other Computer Related Services median of -0.9%.

  • Earnings grew over 5 years

    Net income grew 6.8% a year on average over the last five fiscal years.

  • Net margin above its 5-year average

    Net margin was 19.5% over the last twelve months, against a 5-year average of 15.1%.

  • Net margin above the industry

    SAP's net margin of 19.5% is above the Computer Programming, Data Processing, and Other Computer Related Services median of -5.0%.

Financial health5/6

  • Low debt

    Debt is 13.8% of shareholders' equity, under the 40% we consider low.

  • Debt falling against equity

    Debt to equity fell from 44.7% five years ago to 13.8%.

  • Debt covered by cash flow

    Operating cash flow over the last twelve months equals 149% of total debt.

  • Interest well covered

    Operating income covers interest expense 7.0 times.

  • Short-term assets cover short-term debts

    Current assets are 1.16 times current liabilities.

  • Bankruptcy risk (Altman Z)

    Needs market value, working capital and retained earnings.

Dividend0/6

  • No dividend

    SAP has not paid a dividend in the last twelve months.

  • Yield against Treasuries

    No dividend.

  • Yield against the market

    No dividend.

  • Dividend stability

    No dividend.

  • Earnings cover

    No dividend.

  • Cash-flow cover

    No dividend.

Scores of similar companies

Fair value

How we estimate it

We don't publish a fair value for SAP. It needs a US-dollar share price, at least two valuation methods with positive inputs (earnings, EBITDA, book value or sales) and, for companies with several share classes, classes that trade at the same price.

An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.

Market risk

From the past year of daily prices.

Liquidity

Low risk

Average value traded per day
$515.07M
Value traded per 1% price move
$378.66M

Downside

Medium risk

Typical loss in a bad month
18.1%
Volatility (annualized)
39%
Sharpe ratio, 1 year
-0.35
Beta to the S&P 500 (5Y)
0.99

Typical bad-month loss, week by week

25%: high

Margins

Share of revenue, fiscal years 2014 to 2025

Gross margin

72.9%+1.7 pts over 5 years

Operating margin

26.1%+1.9 pts over 5 years

Net margin

19.5%+0.6 pts over 5 years

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