SAP SE (DE:SAP)
XETRA:SAP
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SAP SE
(XETRA:SAP)
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Rating:69Neutral
Price Target:
€161.00
▲(3.05% Upside)
Action:ReiteratedDate:04/25/26
The score is driven primarily by strong financial performance (notably improved margins and healthier leverage), tempered by weak technicals (below key moving averages and negative MACD). Valuation is supportive but not exceptionally cheap, with a moderate P/E and modest dividend yield.
Positive Factors
Recurring cloud subscription model
SAP's revenue mix is centered on cloud subscriptions and recurring support, providing contractually recurring cash flows and higher revenue visibility. That durable model supports retention, predictable renewal economics and steady upsell potential as customers expand cloud usage.
Negative Factors
Inconsistent revenue growth trend
The TTM growth rate looks unusually high compared with recent annual trends, signaling top-line inconsistency. Persistent variability in revenue expansion complicates forecasting, makes long-term capacity planning harder and raises execution risk for cloud-migration initiatives.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring cloud subscription model
SAP's revenue mix is centered on cloud subscriptions and recurring support, providing contractually recurring cash flows and higher revenue visibility. That durable model supports retention, predictable renewal economics and steady upsell potential as customers expand cloud usage.
Read all positive factors
SAP SE (SAP) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€169.88B
Dividend Yield1.13%
Average Volume (3M)1.54M
Price to Earnings (P/E)22.1
Beta (1Y)1.01
Revenue Growth6.24%
EPS Growth30.65%
CountryDE
Employees108,187
SectorGeneral
Sector StrengthN/A
IndustrySoftware - Application
Share Statistics
EPS (TTM)1.72
Shares Outstanding1,228,504,300
10 Day Avg. Volume1,114,652
30 Day Avg. Volume1,544,298
Financial Highlights & Ratios
PEG Ratio0.25
Price to Book (P/B)5.43
Price to Sales (P/S)6.60
P/FCF Ratio29.40
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€220.65Price Target Upside41.23% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering21
EPS Forecast (FY)7.21
Revenue Forecast (FY)€40.29B
SAP SE Business Overview & Revenue Model
Company 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...
How the Company Makes Money
SAP primarily generates revenue through (1) cloud subscription and support fees, and (2) software licenses and related support and services. Cloud revenue is largely recurring and comes from subscription contracts for SAP’s cloud applications and ...
SAP SE Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
82
Very Positive
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 37.34B | 36.80B | 34.18B | 31.21B | 29.52B | 26.95B |
| Gross Profit | 27.33B | 27.04B | 24.93B | 22.53B | 21.48B | 19.73B |
| EBITDA | 13.42B | 13.17B | 6.47B | 7.16B | 6.32B | 10.33B |
| Net Income | 7.48B | 7.33B | 3.12B | 6.14B | 2.28B | 5.26B |
Balance Sheet | ||||||
| Total Assets | 73.46B | 70.36B | 74.12B | 68.33B | 72.16B | 71.17B |
| Cash, Cash Equivalents and Short-Term Investments | 10.04B | 9.77B | 11.24B | 11.28B | 9.70B | 11.66B |
| Total Debt | 0.00 | 8.07B | 10.65B | 8.79B | 13.09B | 15.14B |
| Total Liabilities | 28.10B | 25.13B | 28.31B | 24.93B | 29.31B | 29.65B |
| Stockholders Equity | 44.86B | 44.75B | 45.44B | 43.16B | 40.19B | 38.85B |
Cash Flow | ||||||
| Free Cash Flow | 8.03B | 8.26B | 4.42B | 5.55B | 4.77B | 5.42B |
| Operating Cash Flow | 8.84B | 9.00B | 5.22B | 6.33B | 5.65B | 6.22B |
| Investing Cash Flow | -356.00M | -1.39B | -667.00M | 906.00M | 667.00M | -3.06B |
| Financing Cash Flow | -9.84B | -8.17B | -3.40B | -7.73B | -6.34B | -56.00M |
SAP SE Technical Analysis
Neutral
156.24
Price Trends
160.75
Negative
181.42
Negative
207.99
Negative
Market Momentum
-3.97
Negative
54.42
Neutral
73.53
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:SAP, the sentiment is Neutral. The current price of 156.24 is above the 20-day moving average (MA) of 147.76, below the 50-day MA of 160.75, and below the 200-day MA of 207.99, indicating a neutral trend. The MACD of -3.97 indicates Negative momentum. The RSI at 54.42 is Neutral, neither overbought nor oversold. The STOCH value of 73.53 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for DE:SAP.
SAP SE Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | €1.26B | 37.95 | 58.60% | 1.88% | 10.92% | 6.42% | |
69 Neutral | €169.88B | 22.11 | 17.25% | 1.13% | 6.24% | 30.65% | |
64 Neutral | €127.05M | 15.51 | 23.52% | 0.63% | 2.18% | -9.49% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
49 Neutral | €708.47M | -4.16 | -26.06% | ― | 9.19% | -37.73% |
* General Sector Average
DE:SAP
SAP SE
145.50
-118.41
-44.87%
DE:AOF
ATOSS Software
79.20
-52.40
-39.82%
DE:MSGL
msg life
3.86
0.42
12.21%
DE:PSAN
PSI AG fuer Produkte und Systeme der Informationstechnologie
45.20
13.40
42.14%
DE:SJJ
Serviceware SE
11.90
-3.15
-20.93%
DE:FAA
Fabasoft AG
11.55
-5.75
-33.23%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.