SAP SE (SAP.DE) Stock Fundamental Analysis
Europe • Frankfurt Stock Exchange • FRA:SAP • DE0007164600
178.28 EUR
+3.36 (+1.92%)
Last: Feb 10, 2026, 07:00 PM
SAP gets a fundamental rating of 6 out of 10. The analysis compared the fundamentals against 122 industry peers in the Software industry. SAP scores excellent points on both the profitability and health parts. This is a solid base for a good stock. SAP has a decent growth rate and is not valued too expensively. These ratings could make SAP a good candidate for quality investing.
1. Profitability
1.1 Basic Checks
- In the past year SAP was profitable.
- SAP had a positive operating cash flow in the past year.
- In the past 5 years SAP has always been profitable.
- Each year in the past 5 years SAP had a positive operating cash flow.
1.2 Ratios
- SAP has a better Return On Assets (10.41%) than 75.41% of its industry peers.
- SAP's Return On Equity of 16.37% is fine compared to the rest of the industry. SAP outperforms 66.39% of its industry peers.
- SAP has a Return On Invested Capital of 13.43%. This is in the better half of the industry: SAP outperforms 79.51% of its industry peers.
- Measured over the past 3 years, the Average Return On Invested Capital for SAP is below the industry average of 13.45%.
- The 3 year average ROIC (10.61%) for SAP is below the current ROIC(13.43%), indicating increased profibility in the last year.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 10.41% | ||
| ROE | 16.37% | ||
| ROIC | 13.43% |
ROA(3y)7.87%
ROA(5y)6.83%
ROE(3y)12.49%
ROE(5y)11.34%
ROIC(3y)10.61%
ROIC(5y)9.31%
1.3 Margins
- The Profit Margin of SAP (19.91%) is better than 73.77% of its industry peers.
- SAP's Profit Margin has been stable in the last couple of years.
- With an excellent Operating Margin value of 28.17%, SAP belongs to the best of the industry, outperforming 83.61% of the companies in the same industry.
- SAP's Operating Margin has been stable in the last couple of years.
- With a Gross Margin value of 73.62%, SAP perfoms like the industry average, outperforming 50.82% of the companies in the same industry.
- SAP's Gross Margin has been stable in the last couple of years.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 28.17% | ||
| PM (TTM) | 19.91% | ||
| GM | 73.62% |
OM growth 3Y8.24%
OM growth 5Y1.17%
PM growth 3Y37.04%
PM growth 5Y1.13%
GM growth 3Y0.25%
GM growth 5Y0.42%
2. Health
2.1 Basic Checks
- SAP has a Return on Invested Capital (ROIC), which is just above the Cost of Capital (WACC), which means it is creating some value.
- Compared to 1 year ago, SAP has about the same amount of shares outstanding.
- Compared to 5 years ago, SAP has less shares outstanding
- SAP has a better debt/assets ratio than last year.
2.2 Solvency
- An Altman-Z score of 6.78 indicates that SAP is not in any danger for bankruptcy at the moment.
- SAP has a better Altman-Z score (6.78) than 81.15% of its industry peers.
- SAP has a debt to FCF ratio of 0.96. This is a very positive value and a sign of high solvency as it would only need 0.96 years to pay back of all of its debts.
- SAP has a Debt to FCF ratio of 0.96. This is in the better half of the industry: SAP outperforms 77.87% of its industry peers.
- SAP has a Debt/Equity ratio of 0.13. This is a healthy value indicating a solid balance between debt and equity.
- SAP has a Debt to Equity ratio of 0.13. This is in the better half of the industry: SAP outperforms 68.03% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.13 | ||
| Debt/FCF | 0.96 | ||
| Altman-Z | 6.78 |
ROIC/WACC1.59
WACC8.46%
2.3 Liquidity
- A Current Ratio of 1.17 indicates that SAP should not have too much problems paying its short term obligations.
- The Current ratio of SAP (1.17) is worse than 61.48% of its industry peers.
- SAP has a Quick Ratio of 1.17. This is a normal value and indicates that SAP is financially healthy and should not expect problems in meeting its short term obligations.
- With a Quick ratio value of 1.17, SAP perfoms like the industry average, outperforming 40.16% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 1.17 | ||
| Quick Ratio | 1.17 |
3. Growth
3.1 Past
- SAP shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 35.76%, which is quite impressive.
- SAP shows a small growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 2.60% yearly.
- Looking at the last year, SAP shows a small growth in Revenue. The Revenue has grown by 7.67% in the last year.
- Measured over the past years, SAP shows a small growth in Revenue. The Revenue has been growing by 6.12% on average per year.
EPS 1Y (TTM)35.76%
EPS 3Y14.85%
EPS 5Y2.6%
EPS Q2Q%16.55%
Revenue 1Y (TTM)7.67%
Revenue growth 3Y7.62%
Revenue growth 5Y6.12%
Sales Q2Q%3.27%
3.2 Future
- SAP is expected to show quite a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 18.34% yearly.
- The Revenue is expected to grow by 13.09% on average over the next years. This is quite good.
EPS Next Y17.89%
EPS Next 2Y18.52%
EPS Next 3Y18.23%
EPS Next 5Y18.34%
Revenue Next Year10.48%
Revenue Next 2Y11.47%
Revenue Next 3Y13.9%
Revenue Next 5Y13.09%
3.3 Evolution
- When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
- When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
4. Valuation
4.1 Price/Earnings Ratio
- A Price/Earnings ratio of 28.99 indicates a quite expensive valuation of SAP.
- Compared to the rest of the industry, the Price/Earnings ratio of SAP indicates a somewhat cheap valuation: SAP is cheaper than 60.66% of the companies listed in the same industry.
- Compared to an average S&P500 Price/Earnings ratio of 28.03, SAP is valued at the same level.
- The Price/Forward Earnings ratio is 24.59, which indicates a rather expensive current valuation of SAP.
- SAP's Price/Forward Earnings is on the same level as the industry average.
- Compared to an average S&P500 Price/Forward Earnings ratio of 27.97, SAP is valued at the same level.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 28.99 | ||
| Fwd PE | 24.59 |
4.2 Price Multiples
- SAP's Enterprise Value to EBITDA is on the same level as the industry average.
- Based on the Price/Free Cash Flow ratio, SAP is valued a bit cheaper than 63.93% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 24.67 | ||
| EV/EBITDA | 17.17 |
4.3 Compensation for Growth
- The PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a correct valuation of the company.
- SAP has a very decent profitability rating, which may justify a higher PE ratio.
- SAP's earnings are expected to grow with 18.23% in the coming years. This may justify a more expensive valuation.
PEG (NY)1.62
PEG (5Y)11.16
EPS Next 2Y18.52%
EPS Next 3Y18.23%
5. Dividend
5.1 Amount
- With a Yearly Dividend Yield of 1.38%, SAP has a reasonable but not impressive dividend return.
- SAP's Dividend Yield is rather good when compared to the industry average which is at 0.67. SAP pays more dividend than 85.25% of the companies in the same industry.
- Compared to the average S&P500 Dividend Yield of 1.80, SAP is paying slightly less dividend.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 1.38% |
5.2 History
- The dividend of SAP is nicely growing with an annual growth rate of 8.40%!
Dividend Growth(5Y)8.4%
Div Incr Years1
Div Non Decr Years6
5.3 Sustainability
- SAP pays out 37.44% of its income as dividend. This is a sustainable payout ratio.
- SAP's earnings are growing more than its dividend. This makes the dividend growth sustainable.
DP37.44%
EPS Next 2Y18.52%
EPS Next 3Y18.23%
FRA:SAP (2/10/2026, 7:00:00 PM)
178.28
+3.36 (+1.92%)
Chartmill FA Rating
GICS SectorInformation Technology
GICS IndustryGroupSoftware & Services
GICS IndustrySoftware
Earnings (Last)01-29 2026-01-29/bmo
Earnings (Next)04-23 2026-04-23/amc
Inst Owners40.04%
Inst Owner ChangeN/A
Ins Owners8.07%
Ins Owner ChangeN/A
Market Cap207.63B
Revenue(TTM)36.80B
Net Income(TTM)7.33B
Analysts77.95
Price Target257.7 (44.55%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 1.38% |
Yearly Dividend2.35
Dividend Growth(5Y)8.4%
DP37.44%
Div Incr Years1
Div Non Decr Years6
Ex-DateN/A
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)3.87%
Min EPS beat(2)3.69%
Max EPS beat(2)4.05%
EPS beat(4)4
Avg EPS beat(4)4.8%
Min EPS beat(4)1.63%
Max EPS beat(4)9.81%
EPS beat(8)5
Avg EPS beat(8)-1.12%
EPS beat(12)8
Avg EPS beat(12)13.78%
EPS beat(16)8
Avg EPS beat(16)6.36%
Revenue beat(2)0
Avg Revenue beat(2)-1.88%
Min Revenue beat(2)-1.96%
Max Revenue beat(2)-1.8%
Revenue beat(4)0
Avg Revenue beat(4)-1.77%
Min Revenue beat(4)-1.96%
Max Revenue beat(4)-1.6%
Revenue beat(8)1
Avg Revenue beat(8)-0.88%
Revenue beat(12)3
Avg Revenue beat(12)-0.79%
Revenue beat(16)3
Avg Revenue beat(16)-1.45%
PT rev (1m)-11.79%
PT rev (3m)-12.07%
EPS NQ rev (1m)2.49%
EPS NQ rev (3m)4.16%
EPS NY rev (1m)-0.14%
EPS NY rev (3m)-1.34%
Revenue NQ rev (1m)-1.74%
Revenue NQ rev (3m)-2.31%
Revenue NY rev (1m)0%
Revenue NY rev (3m)-1.05%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 28.99 | ||
| Fwd PE | 24.59 | ||
| P/S | 5.64 | ||
| P/FCF | 24.67 | ||
| P/OCF | 22.68 | ||
| P/B | 4.64 | ||
| P/tB | 15.43 | ||
| EV/EBITDA | 17.17 |
EPS(TTM)6.15
EY3.45%
EPS(NY)7.25
Fwd EY4.07%
FCF(TTM)7.23
FCFY4.05%
OCF(TTM)7.86
OCFY4.41%
SpS31.6
BVpS38.43
TBVpS11.55
PEG (NY)1.62
PEG (5Y)11.16
Graham Number72.92
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 10.41% | ||
| ROE | 16.37% | ||
| ROCE | 19.52% | ||
| ROIC | 13.43% | ||
| ROICexc | 16.45% | ||
| ROICexgc | 59.21% | ||
| OM | 28.17% | ||
| PM (TTM) | 19.91% | ||
| GM | 73.62% | ||
| FCFM | 22.87% |
ROA(3y)7.87%
ROA(5y)6.83%
ROE(3y)12.49%
ROE(5y)11.34%
ROIC(3y)10.61%
ROIC(5y)9.31%
ROICexc(3y)13.63%
ROICexc(5y)11.8%
ROICexgc(3y)62.47%
ROICexgc(5y)55.44%
ROCE(3y)15.47%
ROCE(5y)13.63%
ROICexgc growth 3Y5.44%
ROICexgc growth 5Y0.02%
ROICexc growth 3Y18.72%
ROICexc growth 5Y5.54%
OM growth 3Y8.24%
OM growth 5Y1.17%
PM growth 3Y37.04%
PM growth 5Y1.13%
GM growth 3Y0.25%
GM growth 5Y0.42%
F-Score9
Asset Turnover0.52
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.13 | ||
| Debt/FCF | 0.96 | ||
| Debt/EBITDA | 0.52 | ||
| Cap/Depr | 56.37% | ||
| Cap/Sales | 2.01% | ||
| Interest Coverage | 18.06 | ||
| Cash Conversion | 78.41% | ||
| Profit Quality | 114.88% | ||
| Current Ratio | 1.17 | ||
| Quick Ratio | 1.17 | ||
| Altman-Z | 6.78 |
F-Score9
WACC8.46%
ROIC/WACC1.59
Cap/Depr(3y)58.6%
Cap/Depr(5y)53.4%
Cap/Sales(3y)2.29%
Cap/Sales(5y)2.54%
Profit Quality(3y)115.61%
Profit Quality(5y)131.78%
High Growth Momentum
Growth
EPS 1Y (TTM)35.76%
EPS 3Y14.85%
EPS 5Y2.6%
EPS Q2Q%16.55%
EPS Next Y17.89%
EPS Next 2Y18.52%
EPS Next 3Y18.23%
EPS Next 5Y18.34%
Revenue 1Y (TTM)7.67%
Revenue growth 3Y7.62%
Revenue growth 5Y6.12%
Sales Q2Q%3.27%
Revenue Next Year10.48%
Revenue Next 2Y11.47%
Revenue Next 3Y13.9%
Revenue Next 5Y13.09%
EBIT growth 1Y27.11%
EBIT growth 3Y16.49%
EBIT growth 5Y7.37%
EBIT Next Year28.66%
EBIT Next 3Y18.39%
EBIT Next 5Y16.94%
FCF growth 1Y90.3%
FCF growth 3Y20.83%
FCF growth 5Y5.71%
OCF growth 1Y75.4%
OCF growth 3Y17.49%
OCF growth 5Y4.94%
SAP SE / SAP.DE FAQ
What is the fundamental rating for SAP stock?
ChartMill assigns a fundamental rating of 6 / 10 to SAP.DE.
What is the valuation status for SAP stock?
ChartMill assigns a valuation rating of 4 / 10 to SAP SE (SAP.DE). This can be considered as Fairly Valued.
Can you provide the profitability details for SAP SE?
SAP SE (SAP.DE) has a profitability rating of 7 / 10.
What is the expected EPS growth for SAP SE (SAP.DE) stock?
The Earnings per Share (EPS) of SAP SE (SAP.DE) is expected to grow by 17.89% in the next year.
How sustainable is the dividend of SAP SE (SAP.DE) stock?
The dividend rating of SAP SE (SAP.DE) is 6 / 10 and the dividend payout ratio is 37.44%.