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

SAP • • Industrial / General

TechnologyApplication SoftwareArtificial Intelligence & AnalyticsAI Analytics Platforms

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 $34.18B +9.5%
EBITDA $5.95B -17.1%
Net Income $3.12B -49.1%
EPS (Diluted) 2.65 -49.0%
Gross Margin 72.95% +1.0%
EBITDA Margin 17.4% -24.3%
Operating Margin 13.65% -26.5%
Net Margin 9.14% -53.5%
ROE 7% -50.8%
ROIC 7.7% -19.5%
Debt/Equity 0.23 +14.8%
Interest Coverage 4.52 +2.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High quality earnings: Operating CF exceeds net income
✓Healthy 5Y average net margin of 15.0%

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y6.89%

5Y4.4%

3Y8.24%

TTM9.69%

Profit (Net Income) CAGR

10Y-0.49%

5Y-1.22%

3Y-15.92%

TTM149.72%

EPS CAGR

10Y-0.33%

5Y-1.1%

3Y-16.55%

TTM160.17%

ROCE

10Y Avg12.48%

5Y Avg11.25%

3Y Avg10.02%

Latest8.58%

Peer Comparison

AI Analytics Platforms

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
LYFTLyft, Inc.	7.69B	19.25	349.36	31.39%	2.4%	26.3%	9.97%	1.64
DDOGDatadog, Inc.	40.84B	125.50	246.08	26.12%	3.32%	3.1%	2.05%	0.68
MNDYmonday.com Ltd.	7.18B	139.22	224.55	33.21%	5.58%	5.13%	4.12%	0.10
PEGAPegasystems Inc.	9.77B	57.54	104.62	4.51%	16.05%	46.57%	3.46%	0.94
SAPSAP SE	287.77B	247.10	93.25	9.51%	19.41%	13.94%	1.54%	0.23
TYLTyler Technologies, Inc.	19.07B	443.14	73.25	9.53%	13.72%	8.75%	3.17%	0.19
FICOFair Isaac Corporation	38.48B	1623.18	61.16	15.91%	32.75%		2%
DSGXThe Descartes Systems Group Inc.	7.56B	87.93	53.62	13.63%	22.1%	10%	2.81%	0.01

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	20.79B	22.06B	23.46B	24.71B	27.55B	27.34B	26.95B	29.52B	31.21B	34.18B
Revenue Growth %	0.18%	0.06%	0.06%	0.05%	0.12%	-0.01%	-0.01%	0.1%	0.06%	0.1%
Cost of Goods Sold+	6.25B	6.58B	7.05B	7.46B	8.36B	7.89B	7.22B	8.04B	8.67B	9.24B
COGS % of Revenue	0.3%	0.3%	0.3%	0.3%	0.3%	0.29%	0.27%	0.27%	0.28%	0.27%
Gross Profit+	14.55B	15.48B	16.41B	17.25B	19.2B	19.45B	19.73B	21.48B	22.53B	24.93B
Gross Margin %	0.7%	0.7%	0.7%	0.7%	0.7%	0.71%	0.73%	0.73%	0.72%	0.73%
Gross Profit Growth %	0.16%	0.06%	0.06%	0.05%	0.11%	0.01%	0.01%	0.09%	0.05%	0.11%
Operating Expenses+	10.3B	10.35B	11.53B	11.54B	14.72B	12.83B	13.43B	15.57B	16.73B	20.27B
OpEx % of Revenue	0.5%	0.47%	0.49%	0.47%	0.53%	0.47%	0.5%	0.53%	0.54%	0.59%
Selling, General & Admin	6.83B	7.27B	8B	7.88B	9.32B	8.46B	8.04B	9.23B	10.19B	10.53B
SG&A % of Revenue	0.33%	0.33%	0.34%	0.32%	0.34%	0.31%	0.3%	0.31%	0.33%	0.31%
Research & Development	2.85B	3.04B	3.35B	3.62B	4.29B	4.45B	5.27B	6.08B	6.32B	6.51B
R&D % of Revenue	0.14%	0.14%	0.14%	0.15%	0.16%	0.16%	0.2%	0.21%	0.2%	0.19%
Other Operating Expenses	621M	31M	182M	40M	1.11B	-87M	113M	252M	218M	3.23B
Operating Income+	4.25B	5.13B	4.88B	5.7B	4.47B	6.62B	6.31B	5.91B	5.8B	4.67B
Operating Margin %	0.2%	0.23%	0.21%	0.23%	0.16%	0.24%	0.23%	0.2%	0.19%	0.14%
Operating Income Growth %	-0.02%	0.21%	-0.05%	0.17%	-0.22%	0.48%	-0.05%	-0.06%	-0.02%	-0.2%
EBITDA+	5.54B	6.4B	6.15B	7.07B	6.34B	8.45B	7.84B	7.48B	7.17B	5.95B
EBITDA Margin %	0.27%	0.29%	0.26%	0.29%	0.23%	0.31%	0.29%	0.25%	0.23%	0.17%
EBITDA Growth %	0.04%	0.16%	-0.04%	0.15%	-0.1%	0.33%	-0.07%	-0.05%	-0.04%	-0.17%
D&A (Non-Cash Add-back)	1.29B	1.27B	1.27B	1.36B	1.87B	1.83B	1.54B	1.57B	1.37B	1.28B
EBIT	4.24B	5.13B	5.32B	6.02B	5.03B	7.58B	9.45B	6.71B	6.65B	5.79B
Net Interest Income+	-5.09M	-193M	-194M	-274M	-247M	-242M	2.18B	-1.39B	-456M	398M
Interest Income	245.28M	66M	94M	144M	191M	113M	3.12B	811M	857M	1.43B
Interest Expense	250.36M	259M	288M	418M	438M	355M	945M	2.2B	1.31B	1.03B
Other Income/Expense	-261M	-263M	152M	-103M	123M	597M	2.2B	-1.4B	-458M	99M
Pretax Income+	3.99B	4.87B	5.03B	5.6B	4.6B	7.22B	8.51B	4.51B	5.34B	4.76B
Pretax Margin %	0.19%	0.22%	0.21%	0.23%	0.17%	0.26%	0.32%	0.15%	0.17%	0.14%
Income Tax+	935M	1.24B	983M	1.51B	1.23B	1.94B	1.68B	1.45B	1.74B	1.61B
Effective Tax Rate %	0.77%	0.75%	0.8%	0.73%	0.72%	0.71%	0.62%	0.51%	1.15%	0.66%
Net Income+	3.06B	3.64B	4.01B	4.08B	3.32B	5.14B	5.26B	2.28B	6.14B	3.12B
Net Margin %	0.15%	0.17%	0.17%	0.17%	0.12%	0.19%	0.2%	0.08%	0.2%	0.09%
Net Income Growth %	-0.07%	0.19%	0.1%	0.02%	-0.19%	0.55%	0.02%	-0.57%	1.69%	-0.49%
Net Income (Continuing)	3.06B	3.63B	4.05B	4.09B	3.37B	5.28B	6.82B	3.07B	3.6B	3.15B
Discontinued Operations	0	0	0	0	0	0	-1.45B	-1.36B	2.36B	0
Minority Interest	28M	21M	31M	45M	85.31M	211M	2.67B	2.72B	249M	368M
EPS (Diluted)+	2.56	3.03	3.35	3.42	2.80	4.35	4.56	1.95	5.20	2.65
EPS Growth %	-0.07%	0.18%	0.11%	0.02%	-0.18%	0.55%	0.05%	-0.57%	1.67%	-0.49%
EPS (Basic)	2.56	3.03	3.36	3.42	2.80	4.35	4.56	1.96	5.26	2.68
Diluted Shares Outstanding	1.2B	1.2B	1.2B	1.19B	1.19B	1.18B	1.18B	1.18B	1.18B	1.18B
Basic Shares Outstanding	1.2B	1.2B	1.2B	1.19B	1.19B	1.18B	1.18B	1.17B	1.17B	1.17B
Dividend Payout Ratio	0.43%	0.38%	0.37%	0.41%	0.54%	0.36%	0.42%	1.25%	0.39%	0.82%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	9.74B	11.63B	11.93B	16.62B	17.08B	15.09B	20.04B	18.57B	20.57B	21.4B
Cash & Short-Term Investments	3.44B	4.83B	5B	9.07B	6.3B	6.95B	11.66B	9.86B	11.28B	11.24B
Cash Only	3.41B	3.7B	4.01B	8.63B	5.96B	5.31B	8.9B	9.01B	8.12B	9.61B
Short-Term Investments	27M	1.12B	990M	448M	333.38M	1.64B	2.76B	856M	3.16B	1.63B
Accounts Receivable	5.82B	5.82B	6.21B	6.66B	9.44B	6.8B	6.75B	6.24B	6.97B	7.74B
Days Sales Outstanding	102.13	96.33	96.54	98.31	125.1	90.83	91.48	77.11	81.51	82.63
Inventory	361M	0	0	0	0	0	588M	0	0	0
Days Inventory Outstanding	21.1	-	-	-	-	-	29.73	-	-	-
Other Current Assets	251M	1.59B	1.36B	890M	1.33B	841M	457M	1.64B	1.48B	1.44B
Total Non-Current Assets+	31.65B	32.73B	30.57B	34.87B	50.51B	43.39B	51.13B	53.59B	51.01B	52.72B
Property, Plant & Equipment	2.19B	2.58B	2.97B	3.55B	6.17B	5.04B	4.98B	4.93B	4.28B	4.49B
Fixed Asset Turnover	9.49x	8.55x	7.91x	6.95x	4.47x	5.42x	5.42x	5.98x	7.30x	7.61x
Goodwill	22.69B	23.31B	21.27B	23.73B	32.73B	27.56B	31.09B	33.11B	29.09B	31.15B
Intangible Assets	4.28B	3.79B	2.97B	3.23B	5.04B	3.78B	3.97B	3.83B	2.5B	2.71B
Long-Term Investments	939M	1.36B	1.16B	1.54B	2.77B	3.51B	6.28B	5.63B	5.5B	7.35B
Other Non-Current Assets	1.1B	1.1B	1.18B	1.81B	2.4B	2.33B	3.04B	4.04B	5.45B	4.35B
Total Assets+	41.39B	44.35B	42.5B	51.49B	67.59B	58.48B	71.17B	72.16B	68.33B	74.12B
Asset Turnover	0.50x	0.50x	0.55x	0.48x	0.41x	0.47x	0.38x	0.41x	0.46x	0.46x
Asset Growth %	0.08%	0.07%	-0.04%	0.21%	0.31%	-0.13%	0.22%	0.01%	-0.05%	0.08%
Total Current Liabilities+	7.87B	9.73B	10.21B	10.48B	16.23B	12.87B	16.14B	17.45B	14.64B	19.08B
Accounts Payable	893M	1.01B	1.15B	1.49B	1.77B	1.37B	1.58B	2.15B	1.78B	1.99B
Days Payables Outstanding	52.19	56.28	59.58	72.93	77.53	63.27	79.89	97.45	75.03	78.58
Short-Term Debt	567M	1.43B	1.3B	768M	3.28B	1.48B	3.76B	3.98B	1.14B	3.64B
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	3B	1.29B	1.83B	5.2B	6.11B	999M	5.65B	846M	1.42B	1.65B
Current Ratio	1.24x	1.19x	1.17x	1.59x	1.05x	1.17x	1.24x	1.06x	1.40x	1.12x
Quick Ratio	1.19x	1.19x	1.17x	1.59x	1.05x	1.17x	1.21x	1.06x	1.40x	1.12x
Cash Conversion Cycle	71.04	-	-	-	-	-	41.32	-	-	-
Total Non-Current Liabilities+	10.23B	8.24B	6.75B	12.13B	16.76B	15.68B	13.51B	11.86B	12.29B	9.23B
Long-Term Debt	8.63B	6.45B	5B	10.54B	12.44B	11.86B	9.24B	6.96B	6.03B	5.3B
Capital Lease Obligations	0	-1M	0	0	2.04B	1.74B	1.74B	1.79B	1.33B	1.42B
Deferred Tax Liabilities	448M	424M	240M	97M	92.05M	158M	291M	242M	265M	215M
Other Non-Current Liabilities	1.05B	1.2B	1.43B	1.41B	2.09B	1.9B	2.22B	2.83B	4.64B	2.21B
Total Liabilities	18.09B	17.97B	16.96B	22.61B	32.99B	28.55B	29.65B	29.31B	24.93B	28.31B
Total Debt+	9.2B	8.29B	6.59B	11.3B	17.76B	15.46B	15.15B	13.09B	8.79B	10.65B
Net Debt	5.78B	4.59B	2.58B	2.68B	11.79B	10.15B	6.25B	4.08B	666M	1.04B
Debt / Equity	0.39x	0.31x	0.26x	0.39x	0.51x	0.52x	0.36x	0.31x	0.20x	0.23x
Debt / EBITDA	1.66x	1.30x	1.07x	1.60x	2.80x	1.83x	1.93x	1.75x	1.23x	1.79x
Net Debt / EBITDA	1.04x	0.72x	0.42x	0.38x	1.86x	1.20x	0.80x	0.54x	0.09x	0.18x
Interest Coverage	16.98x	19.83x	16.93x	13.64x	10.21x	18.66x	6.68x	2.69x	4.42x	4.52x
Total Equity+	23.3B	26.38B	25.54B	28.88B	34.6B	29.92B	41.52B	42.85B	43.41B	45.81B
Equity Growth %	0.19%	0.13%	-0.03%	0.13%	0.2%	-0.14%	0.39%	0.03%	0.01%	0.06%
Book Value per Share	19.44	22.00	21.32	24.19	28.98	25.32	35.20	36.47	36.78	38.82
Total Shareholders' Equity	23.27B	26.36B	25.51B	28.83B	34.51B	29.71B	38.85B	40.13B	43.16B	45.44B
Common Stock	1.23B	1.23B	1.23B	1.23B	1.38B	1.23B	1.23B	1.23B	1.23B	1.23B
Retained Earnings	20.04B	22.29B	24.79B	27.41B	32.31B	32.02B	37.02B	36.37B	42.46B	42.91B
Treasury Stock	-1.12B	-1.1B	-1.59B	-1.58B	-1.77B	-3.07B	-3.07B	-4.34B	-4.74B	-5.95B
Accumulated OCI	2.56B	3.35B	507M	1.23B	1.99B	-1.01B	1.76B	3.8B	2.37B	4.69B
Minority Interest	28M	21M	31M	45M	85.31M	211M	2.67B	2.72B	249M	368M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	3.64B	4.63B	5.04B	4.3B	3.5B	7.19B	6.22B	5.65B	6.33B	5.22B
Operating CF Margin %	0.17%	0.21%	0.22%	0.17%	0.13%	0.26%	0.23%	0.19%	0.2%	0.15%
Operating CF Growth %	0.02%	0.27%	0.09%	-0.15%	-0.19%	1.06%	-0.13%	-0.09%	0.12%	-0.18%
Net Income	3.06B	3.62B	4.06B	4.09B	3.39B	5.14B	6.82B	2.28B	5.96B	3.12B
Depreciation & Amortization	1.29B	1.27B	1.27B	1.36B	1.87B	1.83B	1.54B	1.57B	1.37B	1.28B
Stock-Based Compensation	724M	785M	1.12B	830M	1.82B	1.08B	1.33B	1.43B	2.22B	0
Deferred Taxes	935M	1.23B	970M	1.51B	1.23B	0	1.68B	1.38B	1.74B	0
Other Non-Cash Items	5M	78M	-220M	34M	-4.09B	-1.1B	-5.37B	-873M	-4.95B	223M
Working Capital Changes	-137M	22M	411M	-853M	-722M	238M	213M	-143M	-17M	593M
Change in Receivables	-844M	-675M	-309M	136M	-1.47B	821M	497M	196M	-393M	-247M
Change in Inventory	0	0	0	0	1.47B	0	0	-149M	0	0
Change in Payables	757M	530M	389M	93M	326M	0	429M	154M	633M	603M
Cash from Investing+	-334M	-1.8B	-1.11B	-3.07B	-7.02B	-2.99B	-3.06B	667M	906M	-667M
Capital Expenditures	-636M	-1B	-1.27B	-1.46B	-817M	-816M	-701M	-874M	-785M	-797M
CapEx % of Revenue	0.03%	0.05%	0.05%	0.06%	0.03%	0.03%	0.03%	0.03%	0.03%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	66M	64M	96M	56M	72M	-1.51B	-119M	61M	5.51B	1M
Cash from Financing+	-3.36B	-2.7B	-3.41B	3.28B	101M	-4B	-56M	-6.34B	-7.73B	-3.4B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-1.32B	-1.38B	-1.5B	-1.67B	-1.79B	-1.86B	-2.18B	-2.87B	-2.4B	-2.56B
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	0	0	-43M	-7M	-19M	35M	2.77B	-275M	10M	-2M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	3B	3.63B	3.77B	2.85B	2.68B	6.38B	5.52B	4.77B	5.55B	4.42B
FCF Margin %	0.14%	0.16%	0.16%	0.12%	0.1%	0.23%	0.2%	0.16%	0.18%	0.13%
FCF Growth %	0.06%	0.21%	0.04%	-0.25%	-0.06%	1.38%	-0.13%	-0.14%	0.16%	-0.2%
FCF per Share	2.51	3.03	3.15	2.38	2.24	5.40	4.68	4.06	4.70	3.75
FCF Conversion (FCF/Net Income)	1.19x	1.27x	1.26x	1.05x	1.05x	1.40x	1.18x	2.47x	1.03x	1.67x
Interest Paid	0	0	0	0	0	244M	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	14.29%	14.66%	15.44%	15.01%	10.46%	15.95%	14.71%	5.41%	14.23%	7%
Return on Invested Capital (ROIC)	11.22%	12.83%	12.38%	14.33%	8.61%	11.49%	10.77%	9.37%	9.56%	7.7%
Gross Margin	69.97%	70.16%	69.95%	69.8%	69.68%	71.16%	73.22%	72.77%	72.21%	72.95%
Net Margin	14.74%	16.51%	17.08%	16.53%	12.05%	18.82%	19.5%	7.74%	19.67%	9.14%
Debt / Equity	0.39x	0.31x	0.26x	0.39x	0.51x	0.52x	0.36x	0.31x	0.20x	0.23x
Interest Coverage	16.98x	19.83x	16.93x	13.64x	10.21x	18.66x	6.68x	2.69x	4.42x	4.52x
FCF Conversion	1.19x	1.27x	1.26x	1.05x	1.05x	1.40x	1.18x	2.47x	1.03x	1.67x
Revenue Growth	18.41%	6.11%	6.34%	5.32%	11.51%	-0.78%	-1.41%	9.52%	5.72%	9.51%

Revenue by Segment

	2017	2018	2019	2020	2021	2022	2024
Cloud	-	-	-	-	-	-	17.1B
Cloud Growth	-	-	-	-	-	-	-
Services	-	-	-	-	-	-	4.3B
Services Growth	-	-	-	-	-	-	-
Operatings	23.4B	24.39B	-	-	-	-	-
Operatings Growth	-	4.20%	-	-	-	-	-
Other Revenue	62M	356M	-	-	-	-	-
Other Revenue Growth	-	474.19%	-	-	-	-	-

Revenue by Geography

	2017	2018	2019	2020	2021	2022	2024
EMEA	-	-	-	-	-	11.24B	15.57B
EMEA Growth	-	-	-	-	-	-	38.62%
Americas	-	9.71B	9.17B	9.24B	9.35B	11.33B	13.81B
Americas Growth	-	-	-5.57%	0.73%	1.18%	21.23%	21.84%
APJ	-	-	-	-	3.8B	3.95B	4.79B
APJ Growth	-	-	-	-	-	4.05%	21.28%
EMEA.	-	-	-	-	10.93B	-	-
EMEA. Growth	-	-	-	-	-	-	-
U.S.	-	-	-	-	8.87B	-	-
U.S. Growth	-	-	-	-	-	-	-
Europe Middle East And Africa	10.41B	-	10.21B	10.36B	-	-	-
Europe Middle East And Africa Growth	-	-	-	1.50%	-	-	-
Country Of Domicile	3.35B	-	3.95B	4.01B	-	-	-
Country Of Domicile Growth	-	-	-	1.70%	-	-	-
Asia Pacific	-	-	3.63B	3.63B	-	-	-
Asia Pacific Growth	-	-	-	-0.11%	-	-	-
Americas Excluding United States	1.91B	-	2.11B	2B	-	-	-
Americas Excluding United States Growth	-	-	-	-5.36%	-	-	-
Ifrs Americas	9.35B	-	-	-	-	-	-
Ifrs Americas Growth	-	-	-	-	-	-	-
Ifrs Asia Pacific	3.7B	-	-	-	-	-	-
Ifrs Asia Pacific Growth	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

SAP SE (SAP) has a price-to-earnings (P/E) ratio of 93.2x. This suggests investors expect higher future growth.

Growth & Financials

SAP SE (SAP) reported $36.49B in revenue for fiscal year 2024. This represents a 156% increase from $14.23B in 2011.

SAP SE (SAP) grew revenue by 9.5% over the past year. This is steady growth.

Yes, SAP SE (SAP) is profitable, generating $7.08B in net income for fiscal year 2024 (9.1% net margin).

Dividend & Returns

Yes, SAP SE (SAP) pays a dividend with a yield of 0.88%. This makes it attractive for income-focused investors.

SAP SE (SAP) has a return on equity (ROE) of 7.0%. This is below average, suggesting room for improvement.

SAP SE (SAP) generated $6.48B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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