SAP SE is a US-listed company in the application software industry. Its financial year ends in December.
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~$56
Valuation models combined (2)
Base case. Range ~$54–$57. Weighted average of 2 models (residual income, justified price-to-book).
No Buy/Hold/Sell rating is issued: only 2 valuation models apply; a rating needs 3.
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months was $41.6bn, up 12.5% on a year earlier, faster than the 9.5% growth a quarter earlier. Operating margin widened to 26.1% from 23.4%. Against its peers on growth, profitability, cash generation and balance sheet, it grades B+. It passes 7 of our 7 financial-health checks. Our valuation models combined value is $53.61 a share, against a share price of $235.
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Where it stands out: operating margin of 26.1% ranks 18 of 181 application software companies we cover.
Current signal Revenue growth accelerating: TTM revenue growth rose to 12.5% (+3.0pp vs the prior quarter).
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
No recent updates are available for SAP from the sources we follow. See filings →
We value SAP SE as an operating company, with every model that fits that kind of business. Cost of equity 9.9%: the 10-year Treasury yield (4.9%) plus a beta of 1.1 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | ~$16 ~$110–$270 | Left out: out of range vs price (0.07x) |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | ~$54 ~$40–$74 | Included |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | ~$57 ~$50–$67 | Included |
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | — | Does not apply: revenue and margins don't support a positive value |
| Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. | — | Does not apply: earnings are positive: price-to-earnings is the better measure |
| Combined value Weighted average of the models that apply: the primary model (price-to-earnings vs peers) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$56 ~$54–$57 | 2 models |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare SAP SE with Application Software in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: High.
Next results: January 28, 2027, before the open.
No analyst estimates are published for SAP SE: too few analysts cover it.
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Sept 2026 | $2.09 | $2.12 | +1.7% |
| Jun 2026 | $2.00 | $1.81 | −9.8% |
| Mar 2026 | $1.92 | $2.01 | +5.0% |
| Dec 2025 | $1.72 | $1.93 | +12.1% |
Adjusted EPS as companies report it, against the average analyst estimate.
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY15 Q4 | $23.1B |
| FY16 Q4 | $24.4B |
| FY17 Q4 | $26.5B |
| FY18 Q4 | $29.2B |
| FY19 Q4 | $30.8B |
| FY20 Q4 | $31.2B |
| FY21 Q4 | $31.9B |
| FY22 Q4 | $31.1B |
| FY23 Q4 | $33.8B |
| FY24 Q4 | $37B |
| FY25 Q4 | $41.6B |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY16 Q4 | 5.9% |
| FY17 Q4 | 8.5% |
| FY18 Q4 | 10.1% |
| FY19 Q4 | 5.6% |
| FY20 Q4 | 1.1% |
| FY21 Q4 | 2.2% |
| FY22 Q4 | -2.5% |
| FY23 Q4 | 8.5% |
| FY24 Q4 | 9.5% |
| FY25 Q4 | 12.5% |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY15 Q4 | 20.4% |
| FY16 Q4 | 23.3% |
| FY17 Q4 | 20.8% |
| FY18 Q4 | 23.1% |
| FY19 Q4 | 16.2% |
| FY20 Q4 | 24.2% |
| FY21 Q4 | 23.4% |
| FY22 Q4 | 20.0% |
| FY23 Q4 | 18.6% |
| FY24 Q4 | 13.6% |
| FY25 Q4 | 26.1% |
Each dollar SAP SE took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.
| Revenue | $41.6B | |
|---|---|---|
| Other income | $552M | 1.3% of revenue |
| Cost of revenue | $11.3B | 27.1% of revenue |
| Gross profit | $30.3B | 72.9% of revenue |
| Research and development | $7.5B | 18.0% of revenue |
| Selling, general and admin | $1.8B | 4.4% of revenue |
| Other operating costs | $10.1B | 24.3% of revenue |
| Operating income | $10.9B | 26.1% of revenue |
| Income tax | $3.3B | 8.0% of revenue |
| Net income | $8.1B | 19.5% of revenue |
| Fiscal year | 2015 Dec 2015 | 2016 Dec 2016 | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income | |||||||||||
| Revenue | 23.1 | 24.4 | 26.5 | 29.2 | 30.8 | 31.2 | 31.9 | 31.1 | 33.8 | 37.0 | 41.6 |
| Gross profit | 16.1 | 17.1 | 18.5 | 20.4 | 21.5 | 22.2 | 23.3 | 22.6 | 24.4 | 27.0 | 30.3 |
| Operating income | 4.7 | 5.7 | 5.5 | 6.7 | 5.0 | 7.6 | 7.5 | 6.2 | 6.3 | 5.0 | 10.9 |
| Net income | 3.4 | 4.0 | 4.5 | 4.8 | 3.7 | 5.9 | 6.2 | 2.4 | 6.6 | 3.4 | 8.1 |
| Diluted EPS | $2.84 | $3.37 | $3.79 | $4.04 | $3.11 | $4.96 | $5.28 | $2.04 | $5.62 | $2.87 | $6.90 |
| Growth (year on year) | |||||||||||
| Revenue | — | +5.9% | +8.5% | +10.1% | +5.6% | +1.1% | +2.2% | −2.5% | +8.5% | +9.5% | +12.5% |
| Operating income | — | +20.5% | −3.1% | +22.3% | −25.7% | +50.9% | −1.2% | −16.5% | +0.7% | −19.5% | +115.4% |
| Net income | — | +18.6% | +12.3% | +6.5% | −22.9% | +57.9% | +5.9% | −61.3% | +176.0% | −49.1% | +139.5% |
| Diluted EPS | — | +18.5% | +12.5% | +6.8% | −23.0% | +59.5% | +6.3% | −61.3% | +175.2% | −49.0% | +140.5% |
| Margins | |||||||||||
| Gross margin | 70.0% | 70.2% | 69.9% | 69.8% | 69.7% | 71.2% | 73.2% | 72.8% | 72.2% | 73.0% | 72.9% |
| Operating margin | 20.4% | 23.3% | 20.8% | 23.1% | 16.2% | 24.2% | 23.4% | 20.0% | 18.6% | 13.6% | 26.1% |
| Net margin | 14.7% | 16.5% | 17.1% | 16.5% | 12.1% | 18.8% | 19.5% | 7.7% | 19.7% | 9.1% | 19.5% |
| Cash flow | |||||||||||
| Cash from operations | 4.0 | 5.1 | 5.7 | 5.1 | 3.9 | 8.2 | 7.4 | 5.9 | 6.8 | 5.6 | 10.4 |
| Stock-based pay | — | — | 1.3 | 1.0 | 2.1 | 1.2 | 1.6 | 1.5 | 2.4 | 2.6 | 1.9 |
| Balance sheet | |||||||||||
| Cash | 3.7 | 3.9 | 4.8 | 9.9 | 6.0 | 6.5 | 10.1 | 9.6 | 9.0 | 9.9 | 9.6 |
| Total debt | 0.0 | 6.7 | 7.5 | 13.0 | 15.3 | 16.2 | 14.8 | 12.6 | 8.6 | 9.7 | 7.2 |
| Net debt (negative = net cash) | −3.7 | 2.8 | 2.7 | 3.1 | 9.4 | 9.7 | 4.7 | 2.9 | −0.4 | −0.2 | −2.4 |
| Diluted shares | 1,198m | 1,199m | 1,198m | 1,194m | 1,194m | 1,182m | 1,180m | 1,175m | 1,180m | 1,180m | 1,175m |
| Returned to shareholders | |||||||||||
| Dividends | 1.5 | 1.5 | 1.7 | 2.0 | 2.0 | — | — | — | — | — | — |
| Buybacks | 0.0 | 0.0 | 0.6 | 0.0 | 0.0 | 1.7 | 0.0 | 1.6 | 1.0 | 2.3 | 2.2 |
| Total returned | 1.5 | 1.5 | 2.3 | 2.0 | 2.0 | 1.7 | 0.0 | 1.6 | 1.0 | 2.3 | 2.2 |
| Last 12 months unless stated | SAP | CRM | ADBE | ORCL | INTU | WDAY | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $41.6bn | $43.9bn | $26.0bn | $71.8bn | $21.4bn | $10.2bn | $482m |
| Revenue growth, last 12 months | 12.5% | 11.2% | 12.0% | 21.6% | 13.9% | 13.3% | 12.0% |
| Revenue growth, 3-year average | — | 9.9% | 11.2% | 12.1% | 14.3% | 14.8% | 11.1% |
| Revenue growth, latest quarter | — | 10.8% | 12.9% | 29.6% | 13.7% | 12.8% | 11.9% |
| Gross margin | 72.9% | 77.3% | 89.3% | 61.5% | 82.1% | 61.1% | 69.2% |
| Operating margin | 26.1% | 19.9% | 35.7% | 32.1% | 27.4% | 10.7% | 1.1% |
| Operating margin, 3-year average | 23.4% | 19.4% | 34.4% | 30.8% | 25.3% | 7.0% | −0.8% |
| Net margin | 19.5% | 22.0% | 28.0% | 26.4% | 21.3% | 12.3% | 2.1% |
| Cash from operations / revenue | 24.9% | 35.8% | 41.6% | 65.4% | 41.2% | 30.3% | 18.2% |
| Free-cash-flow margin | — | 34.5% | 40.8% | −40.0% | 40.4% | 28.0% | 15.0% |
| Free-cash-flow margin, 3-year average | — | 32.5% | 37.8% | −9.7% | 33.9% | 27.3% | 16.2% |
| Stock pay / revenue | 4.6% | 8.3% | 8.0% | 6.7% | 9.6% | 16.2% | 9.3% |
| Change in share count | −0.4% | −7.4% | −6.2% | 2.0% | −2.1% | −4.3% | 2.2% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 12.5% | 12.0% | 90 of 184 |
| Change in growth rate Growth | +3.0pp | +0.2pp | 43 of 184 |
| Gross margin Profitability | 72.9% | 69.8% | 66 of 160 |
| Operating margin Profitability | 26.1% | 1.1% | 18 of 181 |
| Net margin Profitability | 19.5% | 2.1% | 30 of 185 |
| Stock pay as % of revenue Cash generation | 4.6% | 9.3% | 40 of 177 |
| Long-term debt as % of assets Balance sheet | 6.5% | 16.9% | 28 of 98 |
| Change in share count Balance sheet | -0.4% | 1.7% | 59 of 163 |
| Days sales outstanding Balance sheet | 69 days | 57 days | 105 of 162 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Fisher Asset Management, LLC | $2.3B | 14.9M | 17.7% | ▲ 2.7% |
| Eagle Capital Management LLC | $1.3B | 8.6M | 10.3% | ▲ 10.1% |
| Goldman Sachs Group Inc | $928M | 6.0M | 7.2% | ▲ 82.5% |
| Capital International Investors | $877M | 5.7M | 6.8% | ▲ 13.4% |
| Morgan Stanley | $844M | 5.5M | 6.5% | ▲ 51.4% |
| Windacre Partnership LLC | $678M | 4.4M | 5.2% | ▲ 59.3% |
| Hotchkis & Wiley Capital Management LLC | $387M | 2.5M | 3.0% | ▲ 878.1% |
| Bank Of America Corp | $369M | 2.4M | 2.8% | ▲ 18.5% |
| FMR LLC | $307M | 2.0M | 2.4% | ▼ 69.7% |
| D. E. Shaw & Co., Inc. | $223M | 1.5M | 1.7% | ▼ 65.9% |
| Blackrock, Inc. | $193M | 1.2M | 1.5% | ▲ 8.4% |
| Ruane, Cunniff & Goldfarb L.P. | $191M | 1.2M | 1.5% | ▲ 64.9% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not SAP SE's complete shareholder register. Values are as reported by the filers ; 5 inconsistently scaled filing rows were excluded.
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
In the last 12 months, 1 member of Congress disclosed 0 purchases and 1 sale of SAP SE shares.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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