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Investment Highlights Market Valuation Price Chart Business Description Interactive Breakdown Latest Trefis Analyses Better Bets vs. SAP Recent Active Movers More From Trefis Peer Financials Peer Growth & Margins Peer Valuation Peer Returns Peer Analyses FDIC Bank Data Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Insider Activity Industry Resource Links External Quote Links

SAP (SAP)

Market Price (9/15/2025): $258.0 | Market Cap: $300.8 Bil
Sector: Information Technology | Industry: Application Software

SAP (SAP)

Market Price (9/15/2025): $258.0
Market Cap: $300.8 Bil
Sector: Information Technology
Industry: Application Software

Investment Highlights

0 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 26%		  Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.3%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 20%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 18%, CFO LTM is 7.2 Bil, FCF LTM is 6.4 Bil		  
2 Low stock price volatility
Vol 12M is 28%		  
0 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 26%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 20%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 18%, CFO LTM is 7.2 Bil, FCF LTM is 6.4 Bil
2 Low stock price volatility
Vol 12M is 28%
3 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.3%

Market Valuation

 9/15/252024202320222021
Share Price CYE$258.00$244.08$151.35$99.37$131.17
Market Cap CYE ($ Bil)300.8283.9171.2115.7154.8
Total Debt ($ Bil)8.710.78.813.115.1
Total Cash ($ Bil)10.211.211.59.911.7
Enterprise Value ($ Bil)299.4294.6180.0128.8169.9
Valuation Ratios     
P/S TTM8.48.45.84.16.1
P/EBIT TTM28.949.527.118.017.5
P/E TTM46.091.929.452.931.5
Sector Ratios     
P/S TTM (Sector)3.23.12.82.55.0
P/EBIT TTM (Sector)4.0-0.0-0.1-0.51.9
P/E TTM (Sector)-0.4-0.3-0.4-0.50.1
 9/15/2520242023
Share Price CYE$258.00$244.08$151.35
Market Cap CYE ($ Bil)300.8283.9171.2
Total Debt ($ Bil)8.710.78.8
Total Cash ($ Bil)10.211.211.5
Enterprise Value ($ Bil)299.4294.6180.0
Valuation Ratios   
P/S TTM8.48.45.8
P/EBIT TTM28.949.527.1
P/E TTM46.091.929.4
Sector Ratios   
P/S TTM (Sector)3.23.12.8
P/EBIT TTM (Sector)4.0-0.0-0.1
P/E TTM (Sector)-0.4-0.3-0.4

Market Cap Chart

Business Description

SAP SE, together with its subsidiaries, operates as an enterprise application software company worldwide. The company operates through three segments: Applications, Technology & Support; Qualtrics; and Services. It offers SAP S/4HANA, an ERP suite with intelligent technologies, such as artificial intelligence, machine learning, and advanced analytics; SAP SuccessFactors Human Experience Management provides cloud-based solutions, such as a human resources management system for core HR and payroll, talent management, employee experience management, and people analytics; and intelligent spend management solutions, including products branded under the SAP Ariba, SAP Concur, and SAP Fieldglass names. Show more

Price Returns Compared

Expand for Detailed View

 202020212022202320242025Total [1]
Returns
SAP Return-1%9%-24%52%61%5%112%
Peers Return31%27%-22%57%23%13%183%
S&P 500 Return16%27%-19%24%23%12%104%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: MSFT, ORCL, CRM, IBM, ADBE. See SAP Returns vs. Peers.
[3] 2025 data is for the year up to 9/12/2025 (YTD)

Interactive Breakdown

SAP Interactive Breakdown Analysis

Latest Trefis Analyses

TitleTopicDate
0DASHBOARDS  
1SAP Drops 5.1% in a Day, But Does ADBE Offer Better Fundamentals?Counter-Intuitive Comparisons 
2SAP Lost 7.8% In A Month. Do You Buy Or Wait?Return 
3[7/17/2025] Better Bet Than SAP Stock: Pay Less Than SAP To Get More From Industry Peers GRND, IDCC, PEGA, YOU Actionable 
4SAP Dip Buy Analysis  
5Wait For A Dip To Buy SAP StockBuy or Fear 
6SAP (SAP) Valuation Ratios ComparisonFinancials 
7SAP Total Shareholder Return (TSR): 61.3% in 2024 and 23.0% 3-yr compounded annual returns (above peer average)  
8SAP (SAP) Operating Cash Flow ComparisonFinancials 
9SAP (SAP) Net Income ComparisonFinancials 
10SAP (SAP) Operating Income ComparisonFinancials 
11ARTICLES  
12SAP Drops 5.1% in a Day, But Does ADBE Offer Better Fundamentals? July 24th, 2025
13SAP Dropped 5.1% In A Day. Just a Blip, or the Start? July 24th, 2025
14Better Bet Than SAP Stock: Pay Less To Get More From PEGA, IDCC July 17th, 2025
15Flush With Cash Following Qualtrics Deal, Is SAP Stock A Buy? May 19th, 2023
16With Enterprise Spending Slowing, Is SAP Stock Still A Good Buy? February 1st, 2023
Title
0DASHBOARDS
1SAP Drops 5.1% in a Day, But Does ADBE Offer Better Fundamentals?
2SAP Dropped 5.1% In A Day. Just a Blip, or the Start?
3Better Bet Than SAP Stock: Pay Less To Get More From PEGA, IDCC
4Flush With Cash Following Qualtrics Deal, Is SAP Stock A Buy?
5With Enterprise Spending Slowing, Is SAP Stock Still A Good Buy?
6ARTICLES
7SAP Drops 5.1% in a Day, But Does ADBE Offer Better Fundamentals?
8SAP Lost 7.8% In A Month. Do You Buy Or Wait?
9[7/17/2025] Better Bet Than SAP Stock: Pay Less Than SAP To Get More From Industry Peers GRND, IDCC, PEGA, YOU 
10SAP Dip Buy Analysis
11Wait For A Dip To Buy SAP Stock
12SAP (SAP) Valuation Ratios Comparison
13SAP Total Shareholder Return (TSR): 61.3% in 2024 and 23.0% 3-yr compounded annual returns (above peer average)
14SAP (SAP) Operating Cash Flow Comparison
15SAP (SAP) Net Income Comparison
16SAP (SAP) Operating Income Comparison

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1OCTOEightco900.0%562.1%
2QMMMQMMM875.3%5698.4%
3WLDSWearable Devices780.4%8.0%
4CWDCaliberCos268.8%-45.1%
5AIREReAlpha Tech257.5%-49.8%
6PTNMPitanium154.0% 
7OPIOffice Properties Income Trust144.0%-42.6%
8HYPDHyperion DeFi144.0% 
9ISPCiSpecimen128.4%-26.6%
10EDHLEverbright Digital127.6% 

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1DGNXDiginex-85.6% 
2LGCLLucas GC-69.1%-76.6%
3YYGHYY-68.7%-76.6%
4BINIBollinger Innovations-61.6%-100.0%
5IPDNProfessional Diversity Network-54.5%-41.4%
6INHDInno-53.4%-4.4%
7CDTCDT Equity-49.2%-99.4%
8NFENew Fortress Energy-46.5%-91.3%
9TGHLGrowhub-44.8% 
10SLXNSilexion Therapeutics-43.1%-86.5%

1 Month Top Gainers

#TickerCompany1M RtnYTD Rtn
1PMIPicard Medical11249.2%11249.2%
2GIBOGIBO7400.0% 
3LNZALanzaTech Global4710.5%-85.8%
4CHSNChanson International3717.0%-99.3%
5QMMMQMMM2669.4%5698.4%
6VTAKCatheter Precision1332.7%-71.4%
7CURXCuranex Pharmaceuticals1309.0%1309.0%
8OCTOEightco811.9%562.1%
9WLDSWearable Devices708.6%8.0%
10PTNMPitanium423.7% 

1 Month Top Losers

#TickerCompany1M RtnYTD Rtn
1BINIBollinger Innovations-93.4%-100.0%
2ETSElite Express-92.8%-92.8%
3CJETChijet Motor-92.7%-94.6%
4ELPWElong Power-91.7%-75.8%
5STFSStar Fashion Culture-91.4%-97.8%
6JEM707 Cayman-90.4%-98.0%
7FLYEFly-E-90.4%-82.8%
8NXTTNext Technology-89.3%-93.8%
9NUTRNusaTrip-87.2%-87.2%
10CUPRCuprina-84.3% 

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1OCTOEightco900.0%562.1%
2QMMMQMMM875.3%5698.4%
3WLDSWearable Devices780.4%8.0%
4CWDCaliberCos268.8%-45.1%
5AIREReAlpha Tech257.5%-49.8%
6PTNMPitanium154.0% 
7OPIOffice Properties Income Trust144.0%-42.6%
8HYPDHyperion DeFi144.0% 
9ISPCiSpecimen128.4%-26.6%
10EDHLEverbright Digital127.6% 

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1DGNXDiginex-85.6% 
2LGCLLucas GC-69.1%-76.6%
3YYGHYY-68.7%-76.6%
4BINIBollinger Innovations-61.6%-100.0%
5IPDNProfessional Diversity Network-54.5%-41.4%
6INHDInno-53.4%-4.4%
7CDTCDT Equity-49.2%-99.4%
8NFENew Fortress Energy-46.5%-91.3%
9TGHLGrowhub-44.8% 
10SLXNSilexion Therapeutics-43.1%-86.5%

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for SAP

Financials

SAPMSFTORCLCRMIBMADBEMedian
NameSAP MicrosoftOracle Salesfor.Internat.Adobe  
Mkt Price257.16509.90292.18242.76253.44349.36274.67
Mkt Cap299.83,788.6820.1232.1235.9149.5267.9
Rev LTM35,887281,72457,39939,50264,03822,60148,450
Op Inc LTM9,309128,52818,0528,38110,9298,22110,119
FCF LTM6,39971,611-39412,49711,6469,43710,542
FCF 3Y Avg6,13268,3866,62810,50611,3467,7439,124
CFO LTM7,189136,16220,82113,16913,2829,61513,226
CFO 3Y Avg6,935114,09718,88611,21413,1048,02012,159

Growth & Margins

SAPMSFTORCLCRMIBMADBEMedian
NameSAP MicrosoftOracle Salesfor.Internat.Adobe  
Rev Chg LTM10.3%14.9%8.4%8.3%2.7%10.6%9.3%
Rev Chg 3Y Avg8.7%12.5%10.7%10.5%2.4%10.6%10.5%
Rev Chg Q8.9%18.1%11.3%9.8%7.7%10.6%10.2%
QoQ Delta Rev Chg LTM2.1%4.3%2.9%2.4%1.9%2.6%2.5%
Op Mgn LTM25.9%45.6%31.5%21.2%17.1%36.4%28.7%
Op Mgn 3Y Avg22.1%44.0%29.8%17.8%15.9%35.1%25.9%
QoQ Delta Op Mgn LTM1.2%0.4%-0.4%0.7%0.7%0.1%0.5%
CFO/Rev LTM20.0%48.3%36.3%33.3%20.7%42.5%34.8%
CFO/Rev 3Y Avg21.0%46.0%35.3%30.6%21.0%39.1%33.0%
FCF/Rev LTM17.8%25.4%-0.7%31.6%18.2%41.8%21.8%
FCF/Rev 3Y Avg18.6%27.9%12.9%28.6%18.2%37.7%23.2%

Valuation

SAPMSFTORCLCRMIBMADBEMedian
NameSAP MicrosoftOracle Salesfor.Internat.Adobe  
Mkt Cap299.83,788.6820.1232.1235.9149.5267.9
P/S8.413.414.35.93.76.67.5
P/EBIT28.830.146.227.729.217.529.0
P/E45.837.265.934.840.421.838.8
P/CFO41.727.839.417.617.815.622.8
Total Yield2.2%3.3%2.1%3.4%5.1%4.6%3.3%
Dividend Yield0.0%0.6%0.6%0.5%2.6%0.0%0.5%
FCF Yield 3Y Avg2.6%2.2%1.9%4.4%6.8%3.9%3.2%
D/E0.00.00.10.00.30.00.0
Net D/E-0.0-0.00.1-0.00.20.00.0

Returns

SAPMSFTORCLCRMIBMADBEMedian
NameSAP MicrosoftOracle Salesfor.Internat.Adobe  
1M Rtn-7.4%-2.0%17.7%0.1%5.7%-1.5%-0.7%
3M Rtn-12.3%7.5%36.0%-6.1%-8.0%-10.8%-7.0%
6M Rtn-1.7%31.7%96.9%-12.8%3.4%-11.5%0.9%
12M Rtn17.2%19.3%82.2%-4.1%21.3%-34.9%18.3%
3Y Rtn216.4%113.0%333.2%58.2%126.8%13.0%119.9%
1M Excs Rtn-9.6%-3.7%17.8%0.6%3.7%-2.3%-0.9%
3M Excs Rtn-23.7%-2.3%37.6%-18.0%-18.1%-24.5%-18.0%
6M Excs Rtn-17.6%15.8%79.8%-29.6%-14.8%-26.8%-16.2%
12M Excs Rtn1.5%4.2%69.6%-20.6%7.1%-59.0%2.8%
3Y Excs Rtn146.6%37.0%243.0%-5.7%57.4%-73.4%47.2%

Financials

$ Mil | FY: 12/312025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q22023Q12022Q42022Q3
Period End6/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/20236/30/20233/31/202312/31/20229/30/2022
Filing Date7/25/20254/25/20252/27/202510/23/20247/24/20244/24/20242/29/202410/20/20237/25/20234/24/20233/2/202310/26/2022
Key Financials Quarterly            
Total Revenue9,0279,0139,3778,4708,2898,0418,4687,7447,5557,4418,0637,477
Ebitda3,0893,0972,8492,7091,942-4232,5182,3681,8051,3352,4482,072
Operating Income2,4742,3332,3392,1631,8541,4551,8961,6871,3681,0641,8511,548
Net Income1,6971,7801,6011,463888-8281,2221,2783,161407541669
EPS1.451.521.371.250.76-0.711.021.092.700.410.470.57
Key Financials TTM            
Total Revenue TTM35,88735,14934,17733,26832,54231,80831,20830,80330,53630,18729,51928,547
Ebitda TTM11,74410,5977,0776,7466,4056,2688,0267,9567,6607,4718,28110,008
Operating Income TTM9,3098,6897,8117,3686,8926,4066,0155,9705,8315,6536,0497,320
Net Income TTM6,5415,7323,1242,7452,5604,8336,0685,3874,7781,9512,5673,480
Growth Rates Quarterly            
Total Revenue Growth8.9%12.1%10.7%9.4%9.7%8.1%5.0%3.6%4.8%9.9%13.7%9.2%
EBITDA Growth59.1%832.2%13.1%14.4%7.6%-131.7%2.9%14.3%11.7%-37.8%-41.4%-14.3%
Operating Income Growth33.4%60.3%23.4%28.2%35.5%36.7%2.4%9.0%15.0%-27.1%-40.7%25.2%
Net Income Growth91.1%315.0%31.0%14.5%-71.9%-303.4%125.9%91.0%846.4%-60.2%-62.8%-52.4%
Margins Quarterly            
EBITDA Margin34.2%34.4%30.4%32.0%23.4%-5.3%29.7%30.6%23.9%17.9%30.4%27.7%
Operating Income Margin27.4%25.9%24.9%25.5%22.4%18.1%22.4%21.8%18.1%14.3%23.0%20.7%
Net Income Margin18.8%19.7%17.1%17.3%10.7%-10.3%14.4%16.5%41.8%5.5%6.7%8.9%
Cash & Debt            
Total Cash10,17812,98311,23812,07211,67813,60711,46812,42814,6229,8909,8618,822
Total Debt8,74610,10710,65110,9039,5929,5998,79110,86812,23712,92813,08518,144
Net Debt / (Cash)-1,432-2,876-587-1,169-2,086-4,008-2,677-1,560-2,3853,0383,2249,322
Cash Flows Quarterly            
FCF from Operations2,5763,781-5501,3821,5102,8781,9681,1248662,3742,045850
Cash Flows TTM            
FCF from Operations TTM7,1896,1235,2207,7387,4806,8366,3326,4096,1355,5375,6474,872
Returns to Shareholders Quarterly            
Dividends2,7430002,5650000000
Share Repurchases1,508125481650543432231718-0-0-0500
Return on Invested Capital (ROIC) Quarterly            
ROIC---------83.4%131.4%36.7%
Return on Invested Capital (ROIC) TTM            
ROIC TTM---------119.3%127.5%45.8%

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
Single segment31,20729,52026,170  
Adjustment for currency impact  0  
Other revenue  783319405
Adjustment of revenue under fair value accounting   -5-81
Applications, Technology & Support (ATS)   22,96521,664
Qualtrics   681508
Services   3,3793,447
Concur    1,609
Total31,20729,52026,95327,33927,552


Price Behavior

SAP Betas & Captures as of 8/31/2025

 1M2M3M6M1Y3Y
Beta0.320.100.640.800.820.96
Up Beta-0.74-0.86-0.010.820.771.02
Down Beta0.720.781.090.690.690.82
Up Capture15%-17%24%74%104%144%
Bmk +ve Days10223571142415
Stock +ve Days9193064127403
Down Capture126%120%152%94%96%97%
Bmk -ve Days11192754106334
Stock -ve Days12223261121346

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Short Interest

Short Interest: As Of Date8292025
Short Interest: Shares Quantity1,991,554
Short Interest: % Change Since 8152025-26.4%
Average Daily Volume1,396,605
Days-to-Cover Short Interest1.43
Basic Shares Quantity1,166,000,000
Short % of Basic Shares0.2%

Returns Analyses

Insider Activity

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External Quote Links


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