Adobe vs SAP
SAP is the larger business, with $41.61bn of revenue in fiscal 2025 against $23.77bn for Adobe (1.8 times as much). SAP grew faster (12.5% against 10.5%). Adobe kept more of each dollar of sales as profit: a net margin of 30.0% against 19.5%. SAP carries less debt relative to equity (13.8% against 53.4%).
| Latest fiscal year | AdobeADBE, 2025 | SAPSAP, 2025 |
|---|---|---|
| Revenue | $23.77bn | $41.61bn |
| Revenue growth | 10.5% | 12.5% |
| Net income | $7.13bn | $8.10bn |
| Operating margin | 36.6% | 26.1% |
| Net margin | 30.0% | 19.5% |
| Return on equity | 55.4% | 16.3% |
| Free cash flow | $9.85bn | — |
| Cash | $5.43bn | $9.65bn |
| Total debt | $6.21bn | $7.22bn |
| Debt to equity | 53.4% | 13.8% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | $11.28bn | $2.19bn |
| Employees | 31,360 | — |
| Market value | $96.53bn | $271.78bn |
| Price vs our value range | Below our value range | — |
| Moat score | 78 (Strong) | — |
| Insider trades, 12 months | 1 buys, 19 sales | 0 buys, 0 sales |