Last 47 quarters of trend data · Technology · Software - Application
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
SAP SE's quarterly P/E stands at 38.7x, down 14.5% year-over-year — suggesting improving earnings relative to price. EV/EBITDA has compressed 19.9% YoY to 24.7x, reflecting multiple compression or accelerating EBITDA.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 24.63 | 38.68 | 39.07 | 52.80 | 44.44 | 45.26 | 46.19 | 66.35 | — | 38.26 | 29.94 | 12.76 | 77.16 |
| — | -14.5% | -15.4% | -20.4% | — | +18.3% | +54.3% | +419.9% | — | -30.3% | -16.0% | -84.2% | +75.2% | |
| P/S Ratio | 4.67 | 7.35 | 8.66 | 9.91 | 8.76 | 7.72 | 7.97 | 7.11 | 7.15 | 5.38 | 4.93 | 5.34 | 4.99 |
| — | -4.8% | +8.8% | +39.4% | +22.6% | +43.6% | +61.7% | +33.1% | +43.2% | +50.0% | +54.6% | +44.6% | +3.5% | |
| P/B Ratio | 3.83 | 6.30 | 7.27 | 8.65 | 6.35 | 6.32 | 6.51 | 5.62 | 5.31 | 4.20 | 3.53 | 3.50 | 3.46 |
| — | -0.4% | +11.8% | +53.8% | +19.6% | +50.7% | +84.4% | +60.4% | +53.6% | +58.6% | +70.5% | +40.8% | +12.7% | |
| P/FCF | 21.66 | 65.01 | 60.44 | 37.49 | 21.86 | — | 51.50 | 43.28 | 21.36 | 25.61 | 40.50 | 56.76 | 17.55 |
| — | — | +17.3% | -13.4% | +2.3% | — | +27.2% | -23.8% | +21.7% | +58.3% | -8.5% | -93.0% | +36.8% | |
| EV / EBITDA | 15.42 | 24.71 | 27.17 | 32.32 | 29.33 | 30.86 | 26.75 | 38.54 | 52.33 | 20.46 | 18.78 | 22.98 | 32.69 |
| — | -19.9% | +1.6% | -16.2% | -44.0% | +50.8% | +42.4% | +67.7% | +60.1% | +42.2% | +39.0% | +18.2% | +74.4% | |
| EV / EBIT | 17.47 | 26.83 | 25.02 | 32.38 | 28.62 | 28.92 | 28.30 | 36.32 | — | 22.95 | 18.88 | 27.15 | 39.36 |
| — | -7.2% | -11.6% | -10.9% | — | +26.0% | +49.9% | +33.8% | — | -33.5% | -9.7% | -3.8% | +63.6% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
SAP SE's operating margin was 26.4% in Q4 2025, down 1.0 pp QoQ and up 4.9 pp YoY.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 73.8% | 74.8% | 73.5% | 73.3% | 73.3% | 74.0% | 73.3% | 72.6% | 71.7% | 73.3% | 72.8% | 71.6% | 71.0% |
| — | +1.1% | +0.2% | +1.0% | +2.3% | +1.0% | +0.8% | +1.4% | +0.9% | +1.9% | +0.1% | -1.5% | -1.6% | |
| Operating Margin | 26.7% | 26.4% | 27.4% | 27.2% | 25.9% | 21.5% | 26.1% | 14.7% | 9.8% | 22.5% | 22.2% | 18.1% | 10.8% |
| — | +22.6% | +4.8% | +84.6% | +164.5% | -4.2% | +17.5% | -18.8% | -9.3% | +11.1% | +6.8% | +23.4% | -50.3% | |
| Net Margin | 19.1% | 16.1% | 22.1% | 18.8% | 19.7% | 17.1% | 17.3% | 10.7% | -10.3% | 15.5% | 16.5% | 41.8% | 5.5% |
| — | -5.8% | +27.8% | +75.5% | +291.8% | +10.1% | +4.7% | -74.4% | -288.3% | +141.8% | +84.4% | +802.7% | -63.8% |
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 15.5% | 3.5% | 4.7% | 3.7% | 3.7% | 3.7% | 3.5% | 2.1% | -1.9% | 3.0% | 2.9% | 7.1% | 0.9% |
| — | -4.1% | +35.0% | +78.7% | +295.1% | +21.1% | +22.6% | -70.7% | -308.1% | +157.1% | +90.0% | +807.4% | -59.7% | |
| ROA | 9.7% | 2.2% | 2.9% | 2.3% | 2.3% | 2.2% | 2.1% | 1.2% | -1.2% | 1.9% | 1.8% | 4.2% | 0.5% |
| — | +0.8% | +40.2% | +82.5% | +294.9% | +15.6% | +17.8% | -70.7% | -320.2% | +180.6% | +103.9% | +861.3% | -59.1% | |
| ROIC | 16.0% | 4.8% | 4.9% | 4.1% | 3.7% | 3.4% | 3.9% | 2.1% | 1.3% | 3.2% | 3.0% | 2.3% | 1.2% |
| — | +41.7% | +24.5% | +91.7% | +172.9% | +5.6% | +32.0% | -7.3% | +8.7% | +34.3% | +34.1% | +43.9% | -40.9% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
SAP SE's Debt/EBITDA ratio is 2.8x — at a moderate level that warrants monitoring.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.18 | 0.18 | — | 0.21 | 0.22 | 0.23 | 0.26 | 0.21 | 0.22 | 0.20 | 0.25 | 0.26 | 0.30 |
| — | -23.3% | — | +1.7% | -1.0% | +14.8% | +4.6% | -20.8% | -26.3% | -33.7% | -36.2% | -18.7% | -25.6% | |
| Debt / EBITDA | 0.72 | 2.80 | — | 3.16 | 4.07 | 4.52 | 4.31 | 5.69 | 8.73 | 3.94 | 5.30 | 7.04 | 11.07 |
| — | -38.1% | — | -44.5% | -53.4% | +14.9% | -18.7% | -19.2% | -21.2% | -38.7% | -42.7% | -26.2% | +19.2% | |
| Current Ratio | 1.17 | 1.17 | 1.10 | 1.03 | 1.17 | 1.12 | 1.10 | 1.12 | 1.25 | 1.40 | 1.55 | 1.42 | 1.41 |
| — | +4.7% | +0.5% | -7.9% | -6.5% | -20.2% | -29.3% | -21.2% | -11.3% | +40.2% | +50.9% | +47.6% | +26.5% | |
| Quick Ratio | 1.17 | 1.17 | 1.10 | 1.03 | 1.17 | 1.12 | 1.10 | 1.12 | 1.25 | 1.40 | 1.55 | 1.42 | 1.01 |
| — | +4.7% | +0.5% | -7.9% | -6.5% | -20.2% | -29.3% | -21.2% | +22.9% | +40.2% | +50.9% | +47.6% | -8.7% | |
| Interest Coverage | 7.88 | 5.73 | 9.80 | 10.34 | 9.81 | 8.24 | 9.93 | 6.73 | -3.02 | 10.45 | 7.31 | 4.01 | 3.31 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 47 years · Updated daily
Analyst consensus, bull case, AI-generated risk factors, and peer comparison — all in one place.
Bull case, key risks, Wall St analyst verdict, and what council investors are saying — updated daily.
Price is only half the story. See total return with reinvested dividends.
Launch CalculatorDCF intrinsic value, peer multiples, and analyst estimates — see what the stock is really worth.
View ValuationCompare business quality, growth, and profitability against top sector peers.
Start ComparisonQuick answers to the most common questions about buying SAP stock.
SAP SE's current P/E is 24.6x. The average P/E over the last 4 quarters is 43.7x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
SAP SE's current operating margin is 26.7%. Margins have been expanding over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking SAP SE's business trajectory between earnings reports.