(SAP) SAP SE - Ratings and Ratios
ERP, Cloud, HCM, Analytics, Platform
EPS (Earnings per Share)
Revenue
| Risk via 10d forecast | |
|---|---|
| Volatility | 29.7% |
| Value at Risk 5%th | 46.5% |
| Relative Tail Risk | -4.94% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | -0.25 |
| Alpha | -14.14 |
| Character TTM | |
|---|---|
| Hurst Exponent | 0.355 |
| Beta | 0.172 |
| Beta Downside | 0.281 |
| Drawdowns 3y | |
|---|---|
| Max DD | 26.20% |
| Mean DD | 4.80% |
| Median DD | 2.69% |
Description: SAP SAP SE September 24, 2025
SAP SE (XETRA: SAP) delivers a portfolio of enterprise-software and cloud-based business solutions that span core ERP (S/4HANA), human-capital management (SuccessFactors), spend management, customer experience, and a suite of platform and network services (Business Technology Platform, Business Network, Signavio, LeanIX, WalkMe, Enable Now, and Taulia). The offerings are designed to digitize finance, supply-chain, HR, and IT operations while providing analytics, automation, and sustainability tools.
Key growth levers include the shift of legacy on-premise licenses to subscription-based cloud contracts, which drove FY 2023 cloud revenue to €7.2 billion-a 20 % year-over-year increase-while overall revenue reached €27.8 billion. Cloud-margin expansion (cloud operating margin ≈ 30 %) is a primary profitability driver, offsetting slower growth in traditional licensing.
Macro-level, SAP’s performance is tied to global enterprise IT spend, particularly in digital transformation and ESG reporting. A 2024 Gartner forecast expects worldwide ERP cloud adoption to grow at a CAGR of ~ 13 %, positioning SAP to capture a larger share of the European and North-American markets, though a prolonged macro-economic slowdown could temper corporate capex.
Sector-specific dynamics such as the rise of composable enterprise architectures and the demand for real-time analytics reinforce the relevance of SAP’s Business Technology Platform and Business Network, which together enable customers to integrate third-party applications and streamline B2B collaborations.
For analysts seeking a deeper quantitative view of SAP’s valuation metrics and scenario analysis, a quick look at ValueRay’s interactive dashboards can provide the granular data needed to test assumptions and refine investment theses.
SAP Stock Overview
| Market Cap in USD | 294,689m |
| Sub-Industry | Application Software |
| IPO / Inception | 1998-04-09 |
| Return 12m vs S&P 500 | -18.1% |
| Analyst Rating | - |
SAP Dividends
| Metric | Value |
|---|---|
| Dividend Yield | 1.15% |
| Yield on Cost 5y | 2.60% |
| Yield CAGR 5y | 8.63% |
| Payout Consistency | 98.9% |
| Payout Ratio | 39.1% |
SAP Growth Ratios
| Metric | Value |
|---|---|
| CAGR 3y | 27.38% |
| CAGR/Max DD Calmar Ratio | 1.04 |
| CAGR/Mean DD Pain Ratio | 5.71 |
| Current Volume | 1520.7k |
| Average Volume | 1208k |
Piotroski VR‑10 (Strict, 0-10) 6.5
| Net Income (7.08b TTM) > 0 and > 6% of Revenue (6% = 2.19b TTM) |
| FCFTA 0.09 (>2.0%) and ΔFCFTA -0.82pp (YES ≥ +1.0pp, WARN ≥ +0.5pp) |
| NWC/Revenue 4.92% (prev 5.56%; Δ -0.64pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp) |
| CFO/TA 0.11 (>3.0%) and CFO 7.28b > Net Income 7.08b (YES >=105%, WARN >=100%) |
| Net Debt (1.04b) to EBITDA (8.43b) ratio: 0.12 <= 3.0 (WARN <= 3.5) |
| Current Ratio 1.10 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active) |
| Outstanding Shares last Quarter (1.16b) change vs 12m ago -1.14% (target <= -2.0% for YES) |
| Gross Margin 73.61% (prev 72.74%; Δ 0.87pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0) |
| Asset Turnover 52.87% (prev 47.77%; Δ 5.11pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0) |
| Interest Coverage Ratio 6.37 (EBITDA TTM 8.43b / Interest Expense TTM 1.17b) >= 6 (WARN >= 3) |
Altman Z'' 4.98
| (A) 0.03 = (Total Current Assets 18.91b - Total Current Liabilities 17.11b) / Total Assets 68.40b |
| (B) 0.67 = Retained Earnings (Balance) 45.67b / Total Assets 68.40b |
| (C) 0.11 = EBIT TTM 7.43b / Avg Total Assets 69.02b |
| (D) 1.82 = Book Value of Equity 45.67b / Total Liabilities 25.16b |
| Total Rating: 4.98 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D) |
ValueRay F-Score (Strict, 0-100) 78.97
| 1. Piotroski 6.50pt |
| 2. FCF Yield 2.52% |
| 3. FCF Margin 17.68% |
| 4. Debt/Equity 0.25 |
| 5. Debt/Ebitda 0.12 |
| 6. ROIC - WACC (= 5.15)% |
| 7. RoE 16.19% |
| 8. Rev. Trend 79.37% |
| 9. EPS Trend 61.89% |
What is the price of SAP shares?
Over the past week, the price has changed by -2.89%, over one month by -14.73%, over three months by -11.70% and over the past year by -7.94%.
Is SAP a buy, sell or hold?
What are the forecasts/targets for the SAP price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 288.7 | 40.8% |
| Analysts Target Price | - | - |
| ValueRay Target Price | 244.7 | 19.4% |
SAP Fundamental Data Overview November 18, 2025
Market Cap EUR = 254.35b (254.35b EUR * 1.0 EUR.EUR)
P/E Trailing = 34.9503
P/E Forward = 28.8184
P/S = 6.9696
P/B = 5.7432
P/EG = 1.0172
Beta = 0.813
Revenue TTM = 36.49b EUR
EBIT TTM = 7.43b EUR
EBITDA TTM = 8.43b EUR
Long Term Debt = 5.30b EUR (from longTermDebt, last fiscal year)
Short Term Debt = 3.93b EUR (from shortTermDebt, last fiscal year)
Debt = 10.65b EUR (from shortLongTermDebtTotal, last fiscal year)
Net Debt = 1.04b EUR (from netDebt column, last fiscal year)
Enterprise Value = 256.45b EUR (254.35b + Debt 10.65b - CCE 8.55b)
Interest Coverage Ratio = 6.37 (Ebit TTM 7.43b / Interest Expense TTM 1.17b)
FCF Yield = 2.52% (FCF TTM 6.45b / Enterprise Value 256.45b)
FCF Margin = 17.68% (FCF TTM 6.45b / Revenue TTM 36.49b)
Net Margin = 19.41% (Net Income TTM 7.08b / Revenue TTM 36.49b)
Gross Margin = 73.61% ((Revenue TTM 36.49b - Cost of Revenue TTM 9.63b) / Revenue TTM)
Gross Margin QoQ = 73.50% (prev 73.60%)
Tobins Q-Ratio = 3.75 (Enterprise Value 256.45b / Total Assets 68.40b)
Interest Expense / Debt = 2.93% (Interest Expense 312.0m / Debt 10.65b)
Taxrate = 25.28% (694.0m / 2.75b)
NOPAT = 5.55b (EBIT 7.43b * (1 - 25.28%))
Current Ratio = 1.10 (Total Current Assets 18.91b / Total Current Liabilities 17.11b)
Debt / Equity = 0.25 (Debt 10.65b / totalStockholderEquity, last quarter 42.81b)
Debt / EBITDA = 0.12 (Net Debt 1.04b / EBITDA 8.43b)
Debt / FCF = 0.16 (Net Debt 1.04b / FCF TTM 6.45b)
Total Stockholder Equity = 43.74b (last 4 quarters mean from totalStockholderEquity)
RoA = 10.35% (Net Income 7.08b / Total Assets 68.40b)
RoE = 16.19% (Net Income TTM 7.08b / Total Stockholder Equity 43.74b)
RoCE = 15.14% (EBIT 7.43b / Capital Employed (Equity 43.74b + L.T.Debt 5.30b))
RoIC = 11.62% (NOPAT 5.55b / Invested Capital 47.75b)
WACC = 6.47% (E(254.35b)/V(265.00b) * Re(6.65%) + D(10.65b)/V(265.00b) * Rd(2.93%) * (1-Tc(0.25)))
Discount Rate = 6.65% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 8.05%
Shares Correlation 3-Years: -100.0 | Cagr: -0.57%
[DCF Debug] Terminal Value 79.14% ; FCFE base≈6.73b ; Y1≈7.14b ; Y5≈8.54b
Fair Price DCF = 128.3 (DCF Value 149.43b / Shares Outstanding 1.16b; 5y FCF grow 6.81% → 3.0% )
EPS Correlation: 61.89 | EPS CAGR: 21.80% | SUE: 3.12 | # QB: 1
Revenue Correlation: 79.37 | Revenue CAGR: 2.69% | SUE: -0.10 | # QB: 0