SAP SE (SAP) 10-Year Financial Performance & Capital Metrics

SAP •

TechnologyApplication SoftwareVertical industry SaaS applications

AboutSAP SE, together with its subsidiaries, provides applications, technology, and services worldwide. It offers SAP S/4HANA that provides software capabilities for finance, risk and project management, procurement, manufacturing, supply chain and asset management, and research and development; SAP SuccessFactors solutions for human resources, including HR and payroll, talent and employee experience management, and people and workforce analytics; and spend management solutions that covers direct and indirect spend, travel and expense, and external workforce management. The company also provides SAP customer experience solutions; SAP Business Technology platform that enables customers and partners to build, integrate, and automate applications; and SAP Business Network, a business-to-business collaboration platform that helps digitalize key business processes across the supply chain and enables communication between trading partners. In addition, it offers SAP Signavio to help customers to discover, analyze, and understand their business process operations; SAP's industry cloud solutions that provides modular solutions addressing industry-specific functions; Taulia solutions for working capital management to help enable customers mitigate the effects of inflation by providing visibility into working capital and access to liquidity; and sustainability solutions and services. SAP SE was founded in 1972 and is headquartered in Walldorf, Germany.Show more

Revenue $35.35B +3.4%
EBITDA $11.15B +87.5%
Net Income $7.04B +125.3%
EPS (Diluted) 5.99 +126.0%
Gross Margin 73.48% +0.7%
EBITDA Margin 31.53% +81.3%
Operating Margin 27.97% +104.9%
Net Margin 19.91% +117.8%
ROE 15.46% +120.8%
ROIC 16.13% +109.6%
Debt/Equity 0.18 -23.3%
Interest Coverage 7.47 +65.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 9/9
✓FCF machine: 22.5% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Healthy 5Y average net margin of 15.2%

✗Weaknesses

✗Weak momentum: RS Rating 20 (bottom 20%)
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y5.45%

5Y5.27%

3Y6.19%

TTM7.41%

Profit (Net Income) CAGR

10Y8.67%

5Y6.47%

3Y45.52%

TTM133.98%

EPS CAGR

10Y8.87%

5Y6.61%

3Y45.37%

TTM133.83%

ROCE

10Y Avg12.94%

5Y Avg12.18%

3Y Avg12.52%

Latest18.29%

Peer Comparison

Vertical industry SaaS applications

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
AGYSAgilysys, Inc.	2.03B	72.17	88.01	16.07%	9.79%	9.72%	2.58%	0.18
TYLTyler Technologies, Inc.	15.26B	354.69	58.63	9.53%	13.53%	5.6%	3.96%	0.19
APPFAppFolio, Inc.	4.33B	177.76	45.81	19.72%	14.82%	25.97%	5.52%	0.06
DSGXThe Descartes Systems Group Inc.	5.7B	66.25	40.40	13.63%	22.1%	10%	3.73%	0.01
SAPSAP SE	234.7B	201.53	28.52	3.43%	19.91%	16.16%	3.99%	0.18
KAROKarooooo Ltd.	1.46B	47.22	25.30	8.61%	19.48%	31.6%	3.99%	0.22
YMMFull Truck Alliance Co. Ltd.	20B	9.38	21.89	33.22%	34.41%	10.5%	2.11%	0.00
BLKBBlackbaud, Inc.	2.27B	48.54	20.48	-2.35%	10.19%	135.24%	11.37%	13.16

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	22.06B	23.46B	24.71B	27.55B	27.34B	26.95B	29.52B	31.21B	34.18B	35.35B
Revenue Growth %	6.11%	6.34%	5.32%	11.51%	-0.78%	-1.41%	9.52%	5.72%	9.51%	3.43%
Cost of Goods Sold+	6.58B	7.05B	7.46B	8.36B	7.89B	7.22B	8.04B	8.67B	9.24B	9.37B
COGS % of Revenue	29.84%	30.05%	30.2%	30.32%	28.85%	26.78%	27.23%	27.79%	27.05%	26.52%
Gross Profit+	15.48B	16.41B	17.25B	19.2B	19.45B	19.73B	21.48B	22.53B	24.93B	25.97B
Gross Margin %	70.16%	69.95%	69.8%	69.68%	71.16%	73.22%	72.77%	72.21%	72.95%	73.48%
Gross Profit Growth %	6.4%	6.01%	5.09%	11.32%	1.32%	1.44%	8.86%	4.9%	10.64%	4.18%
Operating Expenses+	10.35B	11.53B	11.54B	14.72B	12.83B	13.43B	15.57B	16.73B	20.27B	16.09B
OpEx % of Revenue	46.89%	49.16%	46.72%	53.44%	46.93%	49.81%	52.74%	53.62%	59.3%	45.51%
Selling, General & Admin	7.27B	8B	7.88B	9.32B	8.46B	8.04B	9.23B	10.19B	10.53B	9.72B
SG&A % of Revenue	32.95%	34.09%	31.89%	33.83%	30.95%	29.84%	31.28%	32.66%	30.8%	27.5%
Research & Development	3.04B	3.35B	3.62B	4.29B	4.45B	5.27B	6.08B	6.32B	6.51B	6.37B
R&D % of Revenue	13.8%	14.29%	14.67%	15.58%	16.29%	19.55%	20.6%	20.26%	19.06%	18.01%
Other Operating Expenses	31M	182M	40M	1.11B	-87M	113M	252M	218M	3.23B	0
Operating Income+	5.13B	4.88B	5.7B	4.47B	6.62B	6.31B	5.91B	5.8B	4.67B	9.89B
Operating Margin %	23.27%	20.79%	23.08%	16.23%	24.23%	23.4%	20.03%	18.58%	13.65%	27.97%
Operating Income Growth %	20.77%	-5.02%	16.94%	-21.57%	48.07%	-4.76%	-6.25%	-1.94%	-19.56%	111.93%
EBITDA+	6.4B	6.15B	7.07B	6.34B	8.45B	7.84B	7.48B	7.17B	5.95B	11.15B
EBITDA Margin %	29.02%	26.21%	28.59%	23.03%	30.92%	29.11%	25.35%	22.98%	17.4%	31.53%
EBITDA Growth %	15.56%	-3.97%	14.9%	-10.19%	33.24%	-7.2%	-4.61%	-4.16%	-17.11%	87.49%
D&A (Non-Cash Add-back)	1.27B	1.27B	1.36B	1.87B	1.83B	1.54B	1.57B	1.37B	1.28B	1.26B
EBIT	5.13B	5.32B	6.02B	5.03B	7.58B	9.45B	6.71B	6.65B	5.79B	11.39B
Net Interest Income+	-193M	-194M	-274M	-247M	-242M	2.18B	-1.39B	-456M	398M	512.92M
Interest Income	66M	94M	144M	191M	113M	3.12B	811M	857M	1.43B	1.84B
Interest Expense	259M	288M	418M	438M	355M	945M	2.2B	1.31B	1.03B	1.32B
Other Income/Expense	-263M	152M	-103M	123M	597M	2.2B	-1.4B	-458M	99M	181.54M
Pretax Income+	4.87B	5.03B	5.6B	4.6B	7.22B	8.51B	4.51B	5.34B	4.76B	10.07B
Pretax Margin %	22.08%	21.44%	22.66%	16.68%	26.41%	31.55%	15.29%	17.11%	13.94%	28.48%
Income Tax+	1.24B	983M	1.51B	1.23B	1.94B	1.68B	1.45B	1.74B	1.61B	2.87B
Effective Tax Rate %	74.75%	79.7%	72.91%	72.26%	71.26%	61.8%	50.61%	114.94%	65.58%	69.9%
Net Income+	3.64B	4.01B	4.08B	3.32B	5.14B	5.26B	2.28B	6.14B	3.12B	7.04B
Net Margin %	16.51%	17.08%	16.53%	12.05%	18.82%	19.5%	7.74%	19.67%	9.14%	19.91%
Net Income Growth %	18.86%	10.05%	1.87%	-18.66%	54.92%	2.16%	-56.54%	168.78%	-49.11%	125.28%
Net Income (Continuing)	3.63B	4.05B	4.09B	3.37B	5.28B	6.82B	3.07B	3.6B	3.15B	7.2B
Discontinued Operations	0	0	0	0	0	-1.45B	-1.36B	2.36B	0	0
Minority Interest	21M	31M	45M	85.31M	211M	2.67B	2.72B	249M	368M	487.79M
EPS (Diluted)+	3.03	3.35	3.42	2.80	4.35	4.56	1.95	5.20	2.65	5.99
EPS Growth %	18.36%	10.56%	2.09%	-18.13%	55.36%	4.83%	-57.24%	166.67%	-49.04%	126.04%
EPS (Basic)	3.03	3.36	3.42	2.80	4.35	4.56	1.96	5.26	2.68	6.04
Diluted Shares Outstanding	1.2B	1.2B	1.19B	1.19B	1.18B	1.18B	1.18B	1.18B	1.18B	1.18B
Basic Shares Outstanding	1.2B	1.2B	1.19B	1.19B	1.18B	1.18B	1.17B	1.17B	1.17B	1.17B
Dividend Payout Ratio	37.84%	37.4%	40.93%	53.9%	36.23%	41.51%	125.44%	39.01%	82.11%	37.44%

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	11.63B	11.93B	16.62B	17.08B	15.09B	20.04B	18.57B	20.57B	21.4B	20.25B
Cash & Short-Term Investments	4.83B	5B	9.07B	6.3B	6.95B	11.66B	9.86B	11.28B	11.24B	9.77B
Cash Only	3.7B	4.01B	8.63B	5.96B	5.31B	8.9B	9.01B	8.12B	9.61B	8.22B
Short-Term Investments	1.12B	990M	448M	333.38M	1.64B	2.76B	856M	3.16B	1.63B	1.55B
Accounts Receivable	5.82B	6.21B	6.66B	9.44B	6.8B	6.75B	6.24B	6.97B	7.74B	7.27B
Days Sales Outstanding	96.33	96.54	98.31	125.1	90.83	91.48	77.11	81.51	82.63	75.07
Inventory	0	0	0	0	0	588M	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	29.73	-	-	-	-
Other Current Assets	1.59B	1.36B	890M	1.33B	841M	457M	1.64B	1.48B	1.44B	3.21B
Total Non-Current Assets+	32.73B	30.57B	34.87B	50.51B	43.39B	51.13B	53.59B	51.01B	52.72B	50.08B
Property, Plant & Equipment	2.58B	2.97B	3.55B	6.17B	5.04B	4.98B	4.93B	4.28B	4.49B	4.5B
Fixed Asset Turnover	8.55x	7.91x	6.95x	4.47x	5.42x	5.42x	5.98x	7.30x	7.61x	7.86x
Goodwill	23.31B	21.27B	23.73B	32.73B	27.56B	31.09B	33.11B	29.09B	31.15B	29B
Intangible Assets	3.79B	2.97B	3.23B	5.04B	3.78B	3.97B	3.83B	2.5B	2.71B	2.28B
Long-Term Investments	1.36B	1.16B	1.54B	2.77B	3.51B	6.28B	5.63B	5.5B	7.35B	7.48B
Other Non-Current Assets	1.1B	1.18B	1.81B	2.4B	2.33B	3.04B	4.04B	5.45B	4.35B	4.66B
Total Assets+	44.35B	42.5B	51.49B	67.59B	58.48B	71.17B	72.16B	68.33B	74.12B	70.33B
Asset Turnover	0.50x	0.55x	0.48x	0.41x	0.47x	0.38x	0.41x	0.46x	0.46x	0.50x
Asset Growth %	7.16%	-4.19%	21.16%	31.27%	-13.49%	21.71%	1.39%	-5.3%	8.47%	-5.11%
Total Current Liabilities+	9.73B	10.21B	10.48B	16.23B	12.87B	16.14B	17.45B	14.64B	19.08B	17.24B
Accounts Payable	1.01B	1.15B	1.49B	1.77B	1.37B	1.58B	2.15B	1.78B	1.99B	2.43B
Days Payables Outstanding	56.28	59.58	72.93	77.53	63.27	79.89	97.45	75.03	78.58	94.62
Short-Term Debt	1.43B	1.3B	768M	3.28B	1.48B	3.76B	3.98B	1.14B	3.64B	2.05B
Deferred Revenue (Current)	2.43B	2.77B	3.03B	4.79B	4B	4.43B	5.31B	4.97B	5.98B	6.58B
Other Current Liabilities	1.29B	1.83B	5.2B	6.11B	999M	5.65B	846M	1.42B	1.65B	5.17B
Current Ratio	1.19x	1.17x	1.59x	1.05x	1.17x	1.24x	1.06x	1.40x	1.12x	1.17x
Quick Ratio	1.19x	1.17x	1.59x	1.05x	1.17x	1.21x	1.06x	1.40x	1.12x	1.17x
Cash Conversion Cycle	-	-	-	-	-	41.32	-	-	-	-
Total Non-Current Liabilities+	8.24B	6.75B	12.13B	16.76B	15.68B	13.51B	11.86B	12.29B	9.23B	7.87B
Long-Term Debt	6.45B	5B	10.54B	12.44B	11.86B	9.24B	6.96B	6.03B	5.3B	6.02B
Capital Lease Obligations	-1M	0	0	2.04B	1.74B	1.74B	1.79B	1.33B	1.42B	0
Deferred Tax Liabilities	424M	240M	97M	92.05M	158M	291M	242M	265M	215M	71.97M
Other Non-Current Liabilities	1.2B	1.43B	1.41B	2.09B	1.9B	2.22B	2.83B	4.64B	2.21B	1.64B
Total Liabilities	17.97B	16.96B	22.61B	32.99B	28.55B	29.65B	29.31B	24.93B	28.31B	25.11B
Total Debt+	8.29B	6.59B	11.3B	17.76B	15.46B	15.15B	13.09B	8.79B	10.65B	8.07B
Net Debt	4.59B	2.58B	2.68B	11.79B	10.15B	6.25B	4.08B	666M	1.04B	-148.94M
Debt / Equity	0.31x	0.26x	0.39x	0.51x	0.52x	0.36x	0.31x	0.20x	0.23x	0.18x
Debt / EBITDA	1.30x	1.07x	1.60x	2.80x	1.83x	1.93x	1.75x	1.23x	1.79x	0.72x
Net Debt / EBITDA	0.72x	0.42x	0.38x	1.86x	1.20x	0.80x	0.54x	0.09x	0.18x	-0.01x
Interest Coverage	19.83x	16.93x	13.64x	10.21x	18.66x	6.68x	2.69x	4.42x	4.52x	7.47x
Total Equity+	26.38B	25.54B	28.88B	34.6B	29.92B	41.52B	42.85B	43.41B	45.81B	45.22B
Equity Growth %	13.25%	-3.19%	13.07%	19.81%	-13.51%	38.76%	3.2%	1.29%	5.53%	-1.28%
Book Value per Share	22.00	21.32	24.19	28.98	25.32	35.20	36.47	36.78	38.82	38.49
Total Shareholders' Equity	26.36B	25.51B	28.83B	34.51B	29.71B	38.85B	40.13B	43.16B	45.44B	44.73B
Common Stock	1.23B	1.23B	1.23B	1.38B	1.23B	1.23B	1.23B	1.23B	1.23B	1.23B
Retained Earnings	22.29B	24.79B	27.41B	32.31B	32.02B	37.02B	36.37B	42.46B	42.91B	47.49B
Treasury Stock	-1.1B	-1.59B	-1.58B	-1.77B	-3.07B	-3.07B	-4.34B	-4.74B	-5.95B	-6.95B
Accumulated OCI	3.35B	507M	1.23B	1.99B	-1.01B	1.76B	3.8B	2.37B	4.69B	181.92M
Minority Interest	21M	31M	45M	85.31M	211M	2.67B	2.72B	249M	368M	487.79M

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	4.63B	5.04B	4.3B	3.5B	7.2B	6.22B	5.65B	6.33B	5.22B	8.65B
Operating CF Margin %	20.98%	21.5%	17.42%	12.69%	26.32%	23.09%	19.13%	20.29%	15.27%	24.46%
Operating CF Growth %	27.21%	9.01%	-14.71%	-18.73%	105.75%	-13.51%	-9.27%	12.15%	-17.56%	65.65%
Net Income	3.62B	4.06B	4.09B	3.39B	5.28B	6.82B	2.28B	5.96B	3.12B	7.04B
Depreciation & Amortization	1.27B	1.27B	1.36B	1.87B	1.83B	1.54B	1.57B	1.37B	1.28B	1.26B
Stock-Based Compensation	785M	1.12B	830M	1.82B	1.08B	1.33B	1.43B	2.22B	0	0
Deferred Taxes	1.23B	970M	1.51B	1.23B	1.94B	1.68B	1.38B	1.74B	0	0
Other Non-Cash Items	78M	-220M	34M	-4.09B	-3.6B	-5.37B	-873M	-4.95B	223M	1.2B
Working Capital Changes	22M	411M	-853M	-722M	659M	213M	-143M	-17M	593M	-852.95M
Change in Receivables	-675M	-309M	136M	-1.47B	821M	497M	196M	-393M	-247M	-372.69M
Change in Inventory	0	0	0	1.47B	0	0	-149M	0	0	0
Change in Payables	530M	389M	93M	326M	293M	429M	154M	633M	603M	-500.44M
Cash from Investing+	-1.8B	-1.11B	-3.07B	-7.02B	-2.99B	-3.06B	667M	906M	-667M	-1.33B
Capital Expenditures	-1B	-1.27B	-1.46B	-817M	-816M	-701M	-874M	-785M	-797M	-709.83M
CapEx % of Revenue	4.54%	5.43%	5.9%	2.97%	2.98%	2.6%	2.96%	2.52%	2.33%	2.01%
Acquisitions	-106M	-291M	-2.04B	-6.15B	-459M	-1.1B	-390M	-1.16B	-1B	-558.07M
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	64M	96M	56M	72M	88M	-119M	61M	5.51B	1M	960.53K
Cash from Financing+	-2.7B	-3.41B	3.28B	101M	-4B	-56M	-6.34B	-7.73B	-3.4B	-7.85B
Debt Issued (Net)	-1.36B	-1.36B	4.96B	1.91B	-676M	-647M	-1.7B	-4.4B	1.27B	-3.06B
Equity Issued (Net)	1000K	-1000K	0	0	-1000K	0	-1000K	-1000K	-1000K	-1000K
Dividends Paid	-1.38B	-1.5B	-1.67B	-1.79B	-1.86B	-2.18B	-2.87B	-2.4B	-2.56B	-2.63B
Share Repurchases	0	-500M	0	0	-1.49B	0	-1.5B	-949M	-2.11B	-1.86B
Other Financing	0	-43M	-7M	-19M	35M	2.77B	-275M	10M	-2M	-290.08M
Net Change in Cash	291M	309M	4.62B	-3.31B	-3M	3.59B	110M	-884M	1.49B	-252.05M
Free Cash Flow+	3.63B	3.77B	2.85B	2.68B	6.38B	5.52B	4.77B	5.55B	4.42B	7.94B
FCF Margin %	16.44%	16.07%	11.51%	9.73%	23.33%	20.49%	16.17%	17.77%	12.94%	22.45%
FCF Growth %	20.82%	3.94%	-24.54%	-5.8%	137.99%	-13.42%	-13.58%	16.24%	-20.26%	79.45%
FCF per Share	3.03	3.15	2.38	2.24	5.40	4.68	4.06	4.70	3.75	6.75
FCF Conversion (FCF/Net Income)	1.27x	1.26x	1.05x	1.05x	1.40x	1.18x	2.47x	1.03x	1.67x	1.23x
Interest Paid	0	0	0	0	244M	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	14.66%	15.44%	15.01%	10.46%	15.95%	14.71%	5.41%	14.23%	7%	15.46%
Return on Invested Capital (ROIC)	12.83%	12.38%	14.33%	8.61%	11.49%	10.77%	9.37%	9.56%	7.7%	16.13%
Gross Margin	70.16%	69.95%	69.8%	69.68%	71.16%	73.22%	72.77%	72.21%	72.95%	73.48%
Net Margin	16.51%	17.08%	16.53%	12.05%	18.82%	19.5%	7.74%	19.67%	9.14%	19.91%
Debt / Equity	0.31x	0.26x	0.39x	0.51x	0.52x	0.36x	0.31x	0.20x	0.23x	0.18x
Interest Coverage	19.83x	16.93x	13.64x	10.21x	18.66x	6.68x	2.69x	4.42x	4.52x	7.47x
FCF Conversion	1.27x	1.26x	1.05x	1.05x	1.40x	1.18x	2.47x	1.03x	1.67x	1.23x
Revenue Growth	6.11%	6.34%	5.32%	11.51%	-0.78%	-1.41%	9.52%	5.72%	9.51%	3.43%

US Stock Screener

...

SAP SE (SAP) 10-Year Financial Performance & Capital Metrics

SAP •

TechnologyApplication SoftwareVertical industry SaaS applications

Revenue $35.35B +3.4%
EBITDA $11.15B +87.5%
Net Income $7.04B +125.3%
EPS (Diluted) 5.99 +126.0%
Gross Margin 73.48% +0.7%
EBITDA Margin 31.53% +81.3%
Operating Margin 27.97% +104.9%
Net Margin 19.91% +117.8%
ROE 15.46% +120.8%
ROIC 16.13% +109.6%
Debt/Equity 0.18 -23.3%
Interest Coverage 7.47 +65.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 9/9
✓FCF machine: 22.5% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Healthy 5Y average net margin of 15.2%

✗Weaknesses

✗Weak momentum: RS Rating 20 (bottom 20%)
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y5.45%

5Y5.27%

3Y6.19%

TTM7.41%

Profit (Net Income) CAGR

10Y8.67%

5Y6.47%

3Y45.52%

TTM133.98%

EPS CAGR

10Y8.87%

5Y6.61%

3Y45.37%

TTM133.83%

ROCE

10Y Avg12.94%

5Y Avg12.18%

3Y Avg12.52%

Latest18.29%

Peer Comparison

Vertical industry SaaS applications

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
AGYSAgilysys, Inc.	2.03B	72.17	88.01	16.07%	9.79%	9.72%	2.58%	0.18
TYLTyler Technologies, Inc.	15.26B	354.69	58.63	9.53%	13.53%	5.6%	3.96%	0.19
APPFAppFolio, Inc.	4.33B	177.76	45.81	19.72%	14.82%	25.97%	5.52%	0.06
DSGXThe Descartes Systems Group Inc.	5.7B	66.25	40.40	13.63%	22.1%	10%	3.73%	0.01
SAPSAP SE	234.7B	201.53	28.52	3.43%	19.91%	16.16%	3.99%	0.18
KAROKarooooo Ltd.	1.46B	47.22	25.30	8.61%	19.48%	31.6%	3.99%	0.22
YMMFull Truck Alliance Co. Ltd.	20B	9.38	21.89	33.22%	34.41%	10.5%	2.11%	0.00
BLKBBlackbaud, Inc.	2.27B	48.54	20.48	-2.35%	10.19%	135.24%	11.37%	13.16

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	22.06B	23.46B	24.71B	27.55B	27.34B	26.95B	29.52B	31.21B	34.18B	35.35B
Revenue Growth %	6.11%	6.34%	5.32%	11.51%	-0.78%	-1.41%	9.52%	5.72%	9.51%	3.43%
Cost of Goods Sold+	6.58B	7.05B	7.46B	8.36B	7.89B	7.22B	8.04B	8.67B	9.24B	9.37B
COGS % of Revenue	29.84%	30.05%	30.2%	30.32%	28.85%	26.78%	27.23%	27.79%	27.05%	26.52%
Gross Profit+	15.48B	16.41B	17.25B	19.2B	19.45B	19.73B	21.48B	22.53B	24.93B	25.97B
Gross Margin %	70.16%	69.95%	69.8%	69.68%	71.16%	73.22%	72.77%	72.21%	72.95%	73.48%
Gross Profit Growth %	6.4%	6.01%	5.09%	11.32%	1.32%	1.44%	8.86%	4.9%	10.64%	4.18%
Operating Expenses+	10.35B	11.53B	11.54B	14.72B	12.83B	13.43B	15.57B	16.73B	20.27B	16.09B
OpEx % of Revenue	46.89%	49.16%	46.72%	53.44%	46.93%	49.81%	52.74%	53.62%	59.3%	45.51%
Selling, General & Admin	7.27B	8B	7.88B	9.32B	8.46B	8.04B	9.23B	10.19B	10.53B	9.72B
SG&A % of Revenue	32.95%	34.09%	31.89%	33.83%	30.95%	29.84%	31.28%	32.66%	30.8%	27.5%
Research & Development	3.04B	3.35B	3.62B	4.29B	4.45B	5.27B	6.08B	6.32B	6.51B	6.37B
R&D % of Revenue	13.8%	14.29%	14.67%	15.58%	16.29%	19.55%	20.6%	20.26%	19.06%	18.01%
Other Operating Expenses	31M	182M	40M	1.11B	-87M	113M	252M	218M	3.23B	0
Operating Income+	5.13B	4.88B	5.7B	4.47B	6.62B	6.31B	5.91B	5.8B	4.67B	9.89B
Operating Margin %	23.27%	20.79%	23.08%	16.23%	24.23%	23.4%	20.03%	18.58%	13.65%	27.97%
Operating Income Growth %	20.77%	-5.02%	16.94%	-21.57%	48.07%	-4.76%	-6.25%	-1.94%	-19.56%	111.93%
EBITDA+	6.4B	6.15B	7.07B	6.34B	8.45B	7.84B	7.48B	7.17B	5.95B	11.15B
EBITDA Margin %	29.02%	26.21%	28.59%	23.03%	30.92%	29.11%	25.35%	22.98%	17.4%	31.53%
EBITDA Growth %	15.56%	-3.97%	14.9%	-10.19%	33.24%	-7.2%	-4.61%	-4.16%	-17.11%	87.49%
D&A (Non-Cash Add-back)	1.27B	1.27B	1.36B	1.87B	1.83B	1.54B	1.57B	1.37B	1.28B	1.26B
EBIT	5.13B	5.32B	6.02B	5.03B	7.58B	9.45B	6.71B	6.65B	5.79B	11.39B
Net Interest Income+	-193M	-194M	-274M	-247M	-242M	2.18B	-1.39B	-456M	398M	512.92M
Interest Income	66M	94M	144M	191M	113M	3.12B	811M	857M	1.43B	1.84B
Interest Expense	259M	288M	418M	438M	355M	945M	2.2B	1.31B	1.03B	1.32B
Other Income/Expense	-263M	152M	-103M	123M	597M	2.2B	-1.4B	-458M	99M	181.54M
Pretax Income+	4.87B	5.03B	5.6B	4.6B	7.22B	8.51B	4.51B	5.34B	4.76B	10.07B
Pretax Margin %	22.08%	21.44%	22.66%	16.68%	26.41%	31.55%	15.29%	17.11%	13.94%	28.48%
Income Tax+	1.24B	983M	1.51B	1.23B	1.94B	1.68B	1.45B	1.74B	1.61B	2.87B
Effective Tax Rate %	74.75%	79.7%	72.91%	72.26%	71.26%	61.8%	50.61%	114.94%	65.58%	69.9%
Net Income+	3.64B	4.01B	4.08B	3.32B	5.14B	5.26B	2.28B	6.14B	3.12B	7.04B
Net Margin %	16.51%	17.08%	16.53%	12.05%	18.82%	19.5%	7.74%	19.67%	9.14%	19.91%
Net Income Growth %	18.86%	10.05%	1.87%	-18.66%	54.92%	2.16%	-56.54%	168.78%	-49.11%	125.28%
Net Income (Continuing)	3.63B	4.05B	4.09B	3.37B	5.28B	6.82B	3.07B	3.6B	3.15B	7.2B
Discontinued Operations	0	0	0	0	0	-1.45B	-1.36B	2.36B	0	0
Minority Interest	21M	31M	45M	85.31M	211M	2.67B	2.72B	249M	368M	487.79M
EPS (Diluted)+	3.03	3.35	3.42	2.80	4.35	4.56	1.95	5.20	2.65	5.99
EPS Growth %	18.36%	10.56%	2.09%	-18.13%	55.36%	4.83%	-57.24%	166.67%	-49.04%	126.04%
EPS (Basic)	3.03	3.36	3.42	2.80	4.35	4.56	1.96	5.26	2.68	6.04
Diluted Shares Outstanding	1.2B	1.2B	1.19B	1.19B	1.18B	1.18B	1.18B	1.18B	1.18B	1.18B
Basic Shares Outstanding	1.2B	1.2B	1.19B	1.19B	1.18B	1.18B	1.17B	1.17B	1.17B	1.17B
Dividend Payout Ratio	37.84%	37.4%	40.93%	53.9%	36.23%	41.51%	125.44%	39.01%	82.11%	37.44%

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	11.63B	11.93B	16.62B	17.08B	15.09B	20.04B	18.57B	20.57B	21.4B	20.25B
Cash & Short-Term Investments	4.83B	5B	9.07B	6.3B	6.95B	11.66B	9.86B	11.28B	11.24B	9.77B
Cash Only	3.7B	4.01B	8.63B	5.96B	5.31B	8.9B	9.01B	8.12B	9.61B	8.22B
Short-Term Investments	1.12B	990M	448M	333.38M	1.64B	2.76B	856M	3.16B	1.63B	1.55B
Accounts Receivable	5.82B	6.21B	6.66B	9.44B	6.8B	6.75B	6.24B	6.97B	7.74B	7.27B
Days Sales Outstanding	96.33	96.54	98.31	125.1	90.83	91.48	77.11	81.51	82.63	75.07
Inventory	0	0	0	0	0	588M	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	29.73	-	-	-	-
Other Current Assets	1.59B	1.36B	890M	1.33B	841M	457M	1.64B	1.48B	1.44B	3.21B
Total Non-Current Assets+	32.73B	30.57B	34.87B	50.51B	43.39B	51.13B	53.59B	51.01B	52.72B	50.08B
Property, Plant & Equipment	2.58B	2.97B	3.55B	6.17B	5.04B	4.98B	4.93B	4.28B	4.49B	4.5B
Fixed Asset Turnover	8.55x	7.91x	6.95x	4.47x	5.42x	5.42x	5.98x	7.30x	7.61x	7.86x
Goodwill	23.31B	21.27B	23.73B	32.73B	27.56B	31.09B	33.11B	29.09B	31.15B	29B
Intangible Assets	3.79B	2.97B	3.23B	5.04B	3.78B	3.97B	3.83B	2.5B	2.71B	2.28B
Long-Term Investments	1.36B	1.16B	1.54B	2.77B	3.51B	6.28B	5.63B	5.5B	7.35B	7.48B
Other Non-Current Assets	1.1B	1.18B	1.81B	2.4B	2.33B	3.04B	4.04B	5.45B	4.35B	4.66B
Total Assets+	44.35B	42.5B	51.49B	67.59B	58.48B	71.17B	72.16B	68.33B	74.12B	70.33B
Asset Turnover	0.50x	0.55x	0.48x	0.41x	0.47x	0.38x	0.41x	0.46x	0.46x	0.50x
Asset Growth %	7.16%	-4.19%	21.16%	31.27%	-13.49%	21.71%	1.39%	-5.3%	8.47%	-5.11%
Total Current Liabilities+	9.73B	10.21B	10.48B	16.23B	12.87B	16.14B	17.45B	14.64B	19.08B	17.24B
Accounts Payable	1.01B	1.15B	1.49B	1.77B	1.37B	1.58B	2.15B	1.78B	1.99B	2.43B
Days Payables Outstanding	56.28	59.58	72.93	77.53	63.27	79.89	97.45	75.03	78.58	94.62
Short-Term Debt	1.43B	1.3B	768M	3.28B	1.48B	3.76B	3.98B	1.14B	3.64B	2.05B
Deferred Revenue (Current)	2.43B	2.77B	3.03B	4.79B	4B	4.43B	5.31B	4.97B	5.98B	6.58B
Other Current Liabilities	1.29B	1.83B	5.2B	6.11B	999M	5.65B	846M	1.42B	1.65B	5.17B
Current Ratio	1.19x	1.17x	1.59x	1.05x	1.17x	1.24x	1.06x	1.40x	1.12x	1.17x
Quick Ratio	1.19x	1.17x	1.59x	1.05x	1.17x	1.21x	1.06x	1.40x	1.12x	1.17x
Cash Conversion Cycle	-	-	-	-	-	41.32	-	-	-	-
Total Non-Current Liabilities+	8.24B	6.75B	12.13B	16.76B	15.68B	13.51B	11.86B	12.29B	9.23B	7.87B
Long-Term Debt	6.45B	5B	10.54B	12.44B	11.86B	9.24B	6.96B	6.03B	5.3B	6.02B
Capital Lease Obligations	-1M	0	0	2.04B	1.74B	1.74B	1.79B	1.33B	1.42B	0
Deferred Tax Liabilities	424M	240M	97M	92.05M	158M	291M	242M	265M	215M	71.97M
Other Non-Current Liabilities	1.2B	1.43B	1.41B	2.09B	1.9B	2.22B	2.83B	4.64B	2.21B	1.64B
Total Liabilities	17.97B	16.96B	22.61B	32.99B	28.55B	29.65B	29.31B	24.93B	28.31B	25.11B
Total Debt+	8.29B	6.59B	11.3B	17.76B	15.46B	15.15B	13.09B	8.79B	10.65B	8.07B
Net Debt	4.59B	2.58B	2.68B	11.79B	10.15B	6.25B	4.08B	666M	1.04B	-148.94M
Debt / Equity	0.31x	0.26x	0.39x	0.51x	0.52x	0.36x	0.31x	0.20x	0.23x	0.18x
Debt / EBITDA	1.30x	1.07x	1.60x	2.80x	1.83x	1.93x	1.75x	1.23x	1.79x	0.72x
Net Debt / EBITDA	0.72x	0.42x	0.38x	1.86x	1.20x	0.80x	0.54x	0.09x	0.18x	-0.01x
Interest Coverage	19.83x	16.93x	13.64x	10.21x	18.66x	6.68x	2.69x	4.42x	4.52x	7.47x
Total Equity+	26.38B	25.54B	28.88B	34.6B	29.92B	41.52B	42.85B	43.41B	45.81B	45.22B
Equity Growth %	13.25%	-3.19%	13.07%	19.81%	-13.51%	38.76%	3.2%	1.29%	5.53%	-1.28%
Book Value per Share	22.00	21.32	24.19	28.98	25.32	35.20	36.47	36.78	38.82	38.49
Total Shareholders' Equity	26.36B	25.51B	28.83B	34.51B	29.71B	38.85B	40.13B	43.16B	45.44B	44.73B
Common Stock	1.23B	1.23B	1.23B	1.38B	1.23B	1.23B	1.23B	1.23B	1.23B	1.23B
Retained Earnings	22.29B	24.79B	27.41B	32.31B	32.02B	37.02B	36.37B	42.46B	42.91B	47.49B
Treasury Stock	-1.1B	-1.59B	-1.58B	-1.77B	-3.07B	-3.07B	-4.34B	-4.74B	-5.95B	-6.95B
Accumulated OCI	3.35B	507M	1.23B	1.99B	-1.01B	1.76B	3.8B	2.37B	4.69B	181.92M
Minority Interest	21M	31M	45M	85.31M	211M	2.67B	2.72B	249M	368M	487.79M

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	4.63B	5.04B	4.3B	3.5B	7.2B	6.22B	5.65B	6.33B	5.22B	8.65B
Operating CF Margin %	20.98%	21.5%	17.42%	12.69%	26.32%	23.09%	19.13%	20.29%	15.27%	24.46%
Operating CF Growth %	27.21%	9.01%	-14.71%	-18.73%	105.75%	-13.51%	-9.27%	12.15%	-17.56%	65.65%
Net Income	3.62B	4.06B	4.09B	3.39B	5.28B	6.82B	2.28B	5.96B	3.12B	7.04B
Depreciation & Amortization	1.27B	1.27B	1.36B	1.87B	1.83B	1.54B	1.57B	1.37B	1.28B	1.26B
Stock-Based Compensation	785M	1.12B	830M	1.82B	1.08B	1.33B	1.43B	2.22B	0	0
Deferred Taxes	1.23B	970M	1.51B	1.23B	1.94B	1.68B	1.38B	1.74B	0	0
Other Non-Cash Items	78M	-220M	34M	-4.09B	-3.6B	-5.37B	-873M	-4.95B	223M	1.2B
Working Capital Changes	22M	411M	-853M	-722M	659M	213M	-143M	-17M	593M	-852.95M
Change in Receivables	-675M	-309M	136M	-1.47B	821M	497M	196M	-393M	-247M	-372.69M
Change in Inventory	0	0	0	1.47B	0	0	-149M	0	0	0
Change in Payables	530M	389M	93M	326M	293M	429M	154M	633M	603M	-500.44M
Cash from Investing+	-1.8B	-1.11B	-3.07B	-7.02B	-2.99B	-3.06B	667M	906M	-667M	-1.33B
Capital Expenditures	-1B	-1.27B	-1.46B	-817M	-816M	-701M	-874M	-785M	-797M	-709.83M
CapEx % of Revenue	4.54%	5.43%	5.9%	2.97%	2.98%	2.6%	2.96%	2.52%	2.33%	2.01%
Acquisitions	-106M	-291M	-2.04B	-6.15B	-459M	-1.1B	-390M	-1.16B	-1B	-558.07M
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	64M	96M	56M	72M	88M	-119M	61M	5.51B	1M	960.53K
Cash from Financing+	-2.7B	-3.41B	3.28B	101M	-4B	-56M	-6.34B	-7.73B	-3.4B	-7.85B
Debt Issued (Net)	-1.36B	-1.36B	4.96B	1.91B	-676M	-647M	-1.7B	-4.4B	1.27B	-3.06B
Equity Issued (Net)	1000K	-1000K	0	0	-1000K	0	-1000K	-1000K	-1000K	-1000K
Dividends Paid	-1.38B	-1.5B	-1.67B	-1.79B	-1.86B	-2.18B	-2.87B	-2.4B	-2.56B	-2.63B
Share Repurchases	0	-500M	0	0	-1.49B	0	-1.5B	-949M	-2.11B	-1.86B
Other Financing	0	-43M	-7M	-19M	35M	2.77B	-275M	10M	-2M	-290.08M
Net Change in Cash	291M	309M	4.62B	-3.31B	-3M	3.59B	110M	-884M	1.49B	-252.05M
Free Cash Flow+	3.63B	3.77B	2.85B	2.68B	6.38B	5.52B	4.77B	5.55B	4.42B	7.94B
FCF Margin %	16.44%	16.07%	11.51%	9.73%	23.33%	20.49%	16.17%	17.77%	12.94%	22.45%
FCF Growth %	20.82%	3.94%	-24.54%	-5.8%	137.99%	-13.42%	-13.58%	16.24%	-20.26%	79.45%
FCF per Share	3.03	3.15	2.38	2.24	5.40	4.68	4.06	4.70	3.75	6.75
FCF Conversion (FCF/Net Income)	1.27x	1.26x	1.05x	1.05x	1.40x	1.18x	2.47x	1.03x	1.67x	1.23x
Interest Paid	0	0	0	0	244M	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	14.66%	15.44%	15.01%	10.46%	15.95%	14.71%	5.41%	14.23%	7%	15.46%
Return on Invested Capital (ROIC)	12.83%	12.38%	14.33%	8.61%	11.49%	10.77%	9.37%	9.56%	7.7%	16.13%
Gross Margin	70.16%	69.95%	69.8%	69.68%	71.16%	73.22%	72.77%	72.21%	72.95%	73.48%
Net Margin	16.51%	17.08%	16.53%	12.05%	18.82%	19.5%	7.74%	19.67%	9.14%	19.91%
Debt / Equity	0.31x	0.26x	0.39x	0.51x	0.52x	0.36x	0.31x	0.20x	0.23x	0.18x
Interest Coverage	19.83x	16.93x	13.64x	10.21x	18.66x	6.68x	2.69x	4.42x	4.52x	7.47x
FCF Conversion	1.27x	1.26x	1.05x	1.05x	1.40x	1.18x	2.47x	1.03x	1.67x	1.23x
Revenue Growth	6.11%	6.34%	5.32%	11.51%	-0.78%	-1.41%	9.52%	5.72%	9.51%	3.43%

SAP SE (SAP) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare SAP vs Peers

vs UBER

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Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios

SAP SE (SAP) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare SAP vs Peers

vs UBER

vs YMM

Compare Top 5

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios