SAP SE (SAP) Financial Ratios
30 years of historical data (1996–2025) · Technology · Software - Application
EV/EBITDA
↑
15.35
↓-45% vs avg
5yr avg: 27.76
30Y Low11.1·High66.7
P/FCF
↑
21.57
↓-43% vs avg
5yr avg: 37.97
30Y Low17.8·High189.5
P/B Ratio
↑
3.82
↓-19% vs avg
5yr avg: 4.73
30Y Low2.8·High25.4
ROE
↑
15.5%
↓+36% vs avg
5yr avg: 11.4%
30Y Low5%·High32%
Debt/EBITDA
↓
0.72
↓-51% vs avg
5yr avg: 1.48
30Y Low0.0·High2.8
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
SAP Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
SAP SE trades at 24.5x earnings, 50% below its 5-year average of 49.4x, sitting at the 7th percentile of its historical range. Compared to the Technology sector median P/E of 26.7x, the stock trades at a discount of 8%. On a free-cash-flow basis, the stock trades at 21.6x P/FCF, 43% below the 5-year average of 38.0x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $200.9B | $285.4B | $290.5B | $182.4B | $121.2B | $165.3B | $154.1B | $160.0B | $118.9B | $134.6B | $103.6B |
| Enterprise Value | $200.7B | $285.3B | $291.6B | $183.1B | $125.3B | $171.5B | $164.3B | $171.8B | $121.5B | $137.2B | $108.2B |
| P/E Ratio → | 24.52 | 40.55 | 92.91 | 29.73 | 52.92 | 30.73 | 29.97 | 47.85 | 29.11 | 33.54 | 28.52 |
| P/S Ratio | 4.65 | 7.76 | 8.50 | 5.85 | 4.11 | 6.13 | 5.64 | 5.81 | 4.81 | 5.74 | 4.70 |
| P/B Ratio | 3.82 | 6.31 | 6.34 | 4.20 | 2.83 | 3.98 | 5.15 | 4.62 | 4.12 | 5.27 | 3.93 |
| P/FCF | 21.57 | 35.96 | 65.69 | 32.89 | 25.41 | 29.93 | 24.16 | 59.70 | 41.78 | 35.70 | 28.57 |
| P/OCF | 19.80 | 33.01 | 55.66 | 28.81 | 21.48 | 26.56 | 21.42 | 45.75 | 27.62 | 26.68 | 22.39 |
P/E links to full P/E history page with 30-year chart
SAP EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
SAP SE's enterprise value stands at 15.4x EBITDA, 45% below its 5-year average of 27.8x. The Technology sector median is 17.5x, placing the stock at a 12% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 7.75 | 8.53 | 5.87 | 4.25 | 6.36 | 6.01 | 6.23 | 4.92 | 5.85 | 4.91 |
| EV / EBITDA | 15.35 | 25.61 | 49.04 | 25.53 | 16.75 | 21.86 | 19.43 | 27.07 | 17.20 | 22.31 | 16.90 |
| EV / EBIT | 17.40 | 27.38 | 50.31 | 27.51 | 18.67 | 18.15 | 21.69 | 34.12 | 20.20 | 25.80 | 21.09 |
| EV / FCF | — | 35.94 | 65.92 | 33.01 | 26.26 | 31.06 | 25.76 | 64.10 | 42.72 | 36.39 | 29.84 |
SAP Profitability
Margins and return-on-capital ratios measuring operating efficiency
SAP SE earns an operating margin of 26.7%. Operating margins have expanded from 18.6% to 26.7% over the past 3 years, signaling improving operational efficiency. ROE of 15.5% indicates solid capital efficiency. ROIC of 16.0% represents solid returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 73.8% | 73.8% | 73.0% | 72.2% | 72.8% | 73.2% | 71.2% | 69.7% | 69.8% | 69.9% | 70.2% |
| Operating Margin | 26.7% | 26.7% | 13.6% | 18.6% | 20.0% | 23.4% | 24.2% | 16.2% | 23.1% | 20.8% | 23.3% |
| Net Profit Margin | 19.1% | 19.1% | 9.1% | 19.7% | 7.7% | 19.5% | 18.8% | 12.1% | 16.5% | 17.1% | 16.5% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 15.5% | 15.5% | 7.0% | 14.2% | 5.4% | 14.7% | 15.9% | 10.5% | 15.0% | 15.4% | 14.7% |
| ROA | 9.7% | 9.7% | 4.4% | 8.7% | 3.2% | 8.1% | 8.2% | 5.6% | 8.7% | 9.2% | 8.5% |
| ROIC | 16.0% | 16.0% | 7.7% | 9.6% | 9.4% | 10.8% | 11.5% | 8.6% | 14.3% | 12.4% | 12.8% |
| ROCE | 18.2% | 18.2% | 8.6% | 10.7% | 10.8% | 12.5% | 13.7% | 9.7% | 15.6% | 14.6% | 15.1% |
SAP Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
SAP SE carries a Debt/EBITDA ratio of 0.7x, which is very conservative (75% below the sector average of 2.9x). The company holds a net cash position — cash of $8.2B exceeds total debt of $8.1B, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns. Interest coverage of 7.9x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.18 | 0.18 | 0.23 | 0.20 | 0.31 | 0.36 | 0.52 | 0.51 | 0.39 | 0.26 | 0.31 |
| Debt / EBITDA | 0.72 | 0.72 | 1.79 | 1.23 | 1.75 | 1.93 | 1.83 | 2.80 | 1.60 | 1.07 | 1.30 |
| Net Debt / Equity | — | -0.00 | 0.02 | 0.02 | 0.10 | 0.15 | 0.34 | 0.34 | 0.09 | 0.10 | 0.17 |
| Net Debt / EBITDA | -0.01 | -0.01 | 0.18 | 0.09 | 0.54 | 0.80 | 1.20 | 1.86 | 0.38 | 0.42 | 0.72 |
| Debt / FCF | — | -0.02 | 0.24 | 0.12 | 0.85 | 1.13 | 1.59 | 4.40 | 0.94 | 0.69 | 1.27 |
| Interest Coverage | 7.88 | 7.88 | 5.62 | 5.07 | 3.05 | 10.00 | 21.34 | 11.49 | 14.40 | 18.46 | 19.81 |
Net cash position: cash ($8.2B) exceeds total debt ($8.1B)
SAP Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.17x means SAP SE can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has declined from 1.40x to 1.17x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.17 | 1.17 | 1.12 | 1.40 | 1.06 | 1.24 | 1.17 | 1.05 | 1.59 | 1.17 | 1.19 |
| Quick Ratio | 1.17 | 1.17 | 1.12 | 1.40 | 1.06 | 1.21 | 1.17 | 1.05 | 1.59 | 1.17 | 1.19 |
| Cash Ratio | 0.57 | 0.57 | 0.59 | 0.77 | 0.57 | 0.72 | 0.54 | 0.39 | 0.87 | 0.49 | 0.50 |
| Asset Turnover | — | 0.52 | 0.46 | 0.46 | 0.41 | 0.38 | 0.47 | 0.41 | 0.48 | 0.55 | 0.50 |
| Inventory Turnover | — | — | — | — | — | 12.28 | — | — | — | — | — |
| Days Sales Outstanding | — | 72.11 | 82.63 | 81.51 | 77.11 | 91.48 | 90.83 | 125.10 | 98.31 | 96.54 | 96.33 |
SAP Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
SAP SE returns 2.6% to shareholders annually — split between a 1.5% dividend yield and 1.1% buyback yield. The payout ratio of 37.4% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 4.1% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.5% | 0.9% | 0.9% | 1.3% | 2.4% | 1.3% | 1.2% | 1.1% | 1.4% | 1.1% | 1.3% |
| Payout Ratio | 37.4% | 37.4% | 82.1% | 39.0% | 125.4% | 41.5% | 36.2% | 53.9% | 40.9% | 37.4% | 37.8% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.1% | 2.5% | 1.1% | 3.4% | 1.9% | 3.3% | 3.3% | 2.1% | 3.4% | 3.0% | 3.5% |
| FCF Yield | 4.6% | 2.8% | 1.5% | 3.0% | 3.9% | 3.3% | 4.1% | 1.7% | 2.4% | 2.8% | 3.5% |
| Buyback Yield | 1.1% | 0.7% | 0.7% | 0.5% | 1.2% | 0.0% | 1.0% | 0.0% | 0.0% | 0.4% | 0.0% |
| Total Shareholder Yield | 2.6% | 1.6% | 1.6% | 1.8% | 3.6% | 1.3% | 2.2% | 1.1% | 1.4% | 1.5% | 1.3% |
| Shares Outstanding | — | $1.2B | $1.2B | $1.2B | $1.2B | $1.2B | $1.2B | $1.2B | $1.2B | $1.2B | $1.2B |
Peer Comparison
Compare SAP with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 SAPYou | $201B | 24.5 | 15.4 | 21.6 | 73.8% | 26.7% | 15.5% | 16.0% | 0.7 |
 ORCL | $533B | 42.7 | 26.3 | — | 70.5% | 30.8% | 82.4% | 12.8% | 4.4 |
 MSFT | $3.1T | 30.2 | 19.3 | 42.7 | 68.8% | 45.6% | 33.3% | 24.9% | 0.7 |
 NOW | $95B | 55.1 | 37.0 | 20.8 | 77.5% | 13.7% | 15.5% | 12.4% | 1.3 |
 INTU | $111B | 29.1 | 20.1 | 18.3 | 80.8% | 26.1% | 20.3% | 16.5% | 1.2 |
 ADSK | $53B | 47.7 | 34.1 | 22.2 | 96.8% | 23.3% | 39.7% | 33.3% | 1.7 |
 CRM | $180B | 24.0 | 20.1 | 12.5 | 77.7% | 21.5% | 12.4% | 10.9% | 0.8 |
 WDAY | $34B | 50.0 | 24.3 | 12.2 | 75.7% | 10.7% | 8.2% | 8.5% | 0.6 |
 CDNS | $98B | 87.1 | 51.6 | 61.5 | 86.4% | 31.1% | 21.9% | 25.9% | 1.3 |
 VEEV | $28B | 31.5 | 28.9 | 19.7 | 75.5% | 28.7% | 13.9% | 12.9% | 0.1 |
 HUBS | $13B | 286.1 | 69.8 | 17.9 | 83.8% | 0.4% | 2.3% | 0.4% | 2.8 |
| Technology Median | — | 26.7 | 17.5 | 19.5 | 48.9% | -0.6% | 2.5% | 3.0% | 2.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Includes 30+ ratios · 30 years · Updated daily
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Start ComparisonSAP — Frequently Asked Questions
Quick answers to the most common questions about buying SAP stock.
What is SAP SE's P/E ratio?
SAP SE's current P/E ratio is 24.5x. The historical average is 43.8x. This places it at the 7th percentile of its historical range.
What is SAP SE's EV/EBITDA?
SAP SE's current EV/EBITDA is 15.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 24.7x.
What is SAP SE's ROE?
SAP SE's return on equity (ROE) is 15.5%. The historical average is 20.9%.
Is SAP stock overvalued?
Based on historical data, SAP SE is trading at a P/E of 24.5x. This is at the 7th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is SAP SE's dividend yield?
SAP SE's current dividend yield is 1.53% with a payout ratio of 37.4%.
What are SAP SE's profit margins?
SAP SE has 73.8% gross margin and 26.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does SAP SE have?
SAP SE's Debt/EBITDA ratio is 0.7x, indicating low leverage. A ratio below 2x is generally considered financially healthy.