SAP SE key statistics and ratios

In fiscal 2025, SAP SE had return on equity of 16.3%, an operating margin of 26.1%, debt equal to 13.8% of equity and a current ratio of 1.16. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

SAP SE: financial ratios, annual
Fiscal year	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
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%
Return on equity	13.4%	15.2%	15.5%	15.1%	11.0%	16.6%	15.5%	5.5%	14.6%	7.1%	16.3%
Return on assets	—	8.6%	9.3%	8.8%	5.9%	8.4%	8.2%	3.1%	8.7%	4.4%	10.2%
Asset turnover	—	0.52	0.54	0.53	0.49	0.45	0.42	0.39	0.44	0.49	0.52
Current ratio	—	1.20	1.17	1.58	1.05	1.17	1.24	1.06	1.41	1.12	1.16
Debt to equity	0.0%	24.2%	24.5%	39.3%	44.5%	44.7%	33.7%	29.3%	18.0%	20.7%	13.8%
Interest cover (operating income ÷ interest)	—	—	—	—	81.3x	—	—	—	9.1x	8.6x	19.5x
Effective tax rate	23.4%	25.5%	19.5%	27.0%	26.7%	26.8%	19.8%	32.0%	32.6%	33.9%	28.7%
R&D as % of revenue	13.7%	13.8%	14.3%	14.7%	15.6%	16.3%	19.6%	20.6%	20.3%	19.1%	18.0%
Dividends ÷ net income	43.0%	37.8%	37.4%	40.9%	53.9%	—	—	—	—	—	—

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

7 of 7 checks passed · December 31, 2025

What it owns · $82.6bn

Short-term assets $23.8bnLonger-term assets $58.8bn

What it owes, and who funded it · $82.0bn

Short-term liabilities $20.4bnLonger-term liabilities $9.2bnShareholders' equity $52.3bn

Short-term assets cover short-term liabilities $23.8bn of assets due within a year against $20.4bn of liabilities due within a year.
Short-term assets cover long-term liabilities $23.8bn short-term assets against $9.2bn of longer-dated liabilities.
More cash than debt $9.6bn of cash against $5.3bn of debt.
Debt below 40% of shareholders' equity Debt is 10% of equity.
Debt burden no higher than five years ago Debt to equity moved from 40% to 10% over five years.
A year's operating cash flow covers at least 20% of debt $10.4bn of operating cash flow against $5.3bn of debt.
Operating profit covers interest at least five times over Operating income of $10.9bn against $556m of interest.

From SAP SE's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: High.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from SAP SE's SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to SAP SE.