SAP SE
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5-year stock timeline
2026 (full-year results and continued cloud acceleration)
SAP reported FY-2025 results showing continued strong cloud growth and raised multi-year cloud targets; management emphasized transformation to cloud ERP suite and operating leverage. Investor perception shifted from legacy on-premise dependency to a cloud-first growth story, with focus on Cloud ERP Suite adoption and margin improvement driving re-rating conversations.
Cloud revenue reached €21,023 million in FY-2025. Cloud ERP Suite revenue totaled €18,119 million. Combined cloud and software revenue was €32,538 million. Total revenue for the year came to €36,800 million [11][5].
2025 (results and guidance confirming scale of cloud business)
SAP published FY-2024 results and FY-2025 guidance showing cloud revenue up approximately 25% year-over-year, with guidance for continued high-teens to low-20s percent cloud growth for 2025. Market sentiment strengthened as SAP's cloud transition showed durable growth, and the narrative moved toward a large-cap cloud compounder with substantial recurring revenue replacing license volatility.
Cloud revenue in FY-2024 reached €17,141 million, up 25% versus 2023. Cloud and software revenue totaled €29,830 million. Total revenue for FY-2024 was €34,176 million. SAP issued FY-2025 cloud revenue guidance in the range of approximately €25.8–26.2 billion at constant currencies [2][3][5].
2024 (quarterly beats, Cloud ERP Suite momentum)
SAP reported multiple quarters in 2024 with outsized Cloud ERP Suite growth; full-year 2024 cloud revenue beat initial outlook and the company updated longer-term cloud metrics in investor materials. Investors increasingly credited SAP's ability to cross-sell S/4HANA Cloud and RISE deals, and sentiment improved as bookings and cloud ARR metrics validated the transition.
Cloud ERP Suite revenue in FY-2024 reached €14,166 million, up €3,540 million or 33% versus the prior year. Cloud revenue for FY-2024 totaled €17,141 million, up €3,477 million or 25% versus 2023 [3][4].
2023 H1–H2 (Qualtrics divestiture; simplification of portfolio)
SAP agreed in March 2023 to sell its entire 423 million-share stake in Qualtrics to Silver Lake and CPP for US$18.15 per share and completed the sale in June 2023. The Qualtrics exit was seen as portfolio simplification that freed capital and management focus for core cloud ERP expansion; investors viewed the deal positively for capital allocation and margin focus.
Transaction proceeds to SAP totaled approximately US$7.7 billion for its Qualtrics stake, with an announced purchase price of US$18.15 per Qualtrics share representing approximately US$12.5 billion equity value [9][13].
2022–2023 (cloud acceleration and S/4HANA migration progress)
SAP reported accelerating cloud revenue growth as customers migrated to S/4HANA Cloud and uptake of RISE with SAP increased; FY-2023 results showed significant cloud growth versus 2022. Market gradually reframed SAP from a legacy on-premises software vendor to a transitioning cloud software company, and skepticism about pace of migration diminished as cloud ARR and revenue signs improved.
Cloud revenue at constant currencies grew from €10.67 billion in 2022 to €14.06 billion in 2023 [12][15].
2021 (early cloud transition and pandemic recovery)
SAP continued to shift strategy toward cloud and subscription models while recovering from pandemic-era disruptions; leadership under CEO Christian Klein emphasized cloud ERP and customer value. Early years of the multi-year transformation generated mixed investor views — some saw a long runway for cloud conversion and durable recurring revenue, others warned of transition risks and execution complexity.
Total revenue for FY-2021 was €26,953 million. Cloud revenue reached €8,701 million. Cloud and software revenue totaled €23,361 million [4].
Key risks and downside factors
SAP competes in global enterprise applications and cloud ERP against large software vendors offering ERP, CRM, HCM and platform services. Competition centers on cloud migration capabilities, AI functionality, and industry-specific solutions. The company faces revenue pressure as customers transition from on-premise systems to S/4HANA and cloud alternatives, margin compression from subscription and cloud pricing models, and direct competition from Microsoft, Oracle, Salesforce, Workday, and ServiceNow alongside emerging vertical-focused vendors. SAP's exposure extends to regulatory and privacy requirements across geographies, plus macroeconomic sensitivity among its large enterprise customer base [1].
- Migration delays from legacy on-premise systems (ECC) to S/4HANA and cloud infrastructure may constrain revenue timing and push back the acceleration of recurring cloud subscription revenue.
- Aggressive product bundling and lower-priced cloud offerings from Microsoft, Oracle, Salesforce, and specialized ERP vendors present material competitive pressure that could erode market share and compress margins [8], [3], [21].
- The core risk sits in execution and R&D around AI and platform modernization. If the company fails to deliver differentiated AI capabilities, seamless integrations, or a meaningful partner ecosystem—and does so slower than competitors—large enterprise customers will find the product less compelling. That's a straightforward erosion of competitive position where timing matters as much as capability itself [1].
- Regulatory tightening around data localization, intensifying antitrust scrutiny, and macroeconomic softening in enterprise IT budgets represent material headwinds to sales velocity and renewal rates [1].
Competitive landscape
SAP competes in enterprise application software, cloud ERP, analytics and customer experience platforms against large cloud providers and legacy vendors offering comparable ERP, human capital management and business-process suites. The company faces pressure from cloud migration toward subscription models, the need to differentiate through platform capabilities and AI, and customer churn to specialized vendors focused on vertical markets or mid-market segments. Revenue and margins remain exposed to regulatory and privacy requirements, along with cyclical patterns in enterprise IT spending.
| Company | Ticker |
|---|---|
| Oracle Corporation | ORCL.NYSE |
| Microsoft Corporation | MSFT.NASDAQ |
| Salesforce, Inc. | CRM.NYSE |
| Workday, Inc. | WDAY.NASDAQ |
| ServiceNow, Inc. | NOW.NYSE |
| Adobe Inc. | ADBE.NASDAQ |
Private competitors
- Infor (private, Golden Gate/KKR portfolio historically; enterprise vertical ERP focus)
- IFS (private; ERP for asset-intensive industries)
- Odoo (privately held; modular open-source ERP for SMBs)
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Start Free TrialPerformance Figures of SAP SE
Relative Performance vs Benchmarks
| Period | SAP SE | vs DAX | vs S&P 500 (SPY) |
|---|---|---|---|
| 1M | +3.17% | +6.50% | +1.76% |
| 3M | +36.92% | +36.83% | +33.02% |
| 6M | +37.61% | +31.99% | +22.37% |
| 1Y | -18.38% | -21.48% | -36.07% |
| 3Y | +58.61% | -6.47% | -29.47% |
| 5Y | +74.39% | +9.05% | -15.85% |
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Start Free TrialHistorical valuation trends
How the company’s key valuation ratios (P/E, P/S, P/B and P/CF) have evolved over time compared to today.
| Period | P/E Ratio | P/S Ratio | P/B Ratio | P/CF Ratio |
|---|---|---|---|---|
| Current | 28.0 | 5.7 | 4.8 | 23.1 |
| 1Y ago | 38.5 | 7.5 | 6.6 | 37.3 |
| 3Y ago | 49.4 | 4.7 | 3.4 | 22.7 |
| 5Y ago | 24.0 | 5.0 | 3.9 | 19.5 |
Frequently Asked Questions
Where is the SAP SE stock traded?
What does SAP SE do?
What are the key metrics for SAP.XETRA?
How has SAP SE's stock price performed?
How is SAP.XETRA valued?
Does SAP.XETRA pay dividends?
What are the key risks when investing in SAP.XETRA?
- Migration delays from legacy on-premise systems (ECC) to S/4HANA and cloud infrastructure may constrain revenue timing and push back the acceleration of recurring cloud subscription revenue.
- Aggressive product bundling and lower-priced cloud offerings from Microsoft, Oracle, Salesforce, and specialized ERP vendors present material competitive pressure that could erode market share and compress margins [8, 3, 21].
- The core risk sits in execution and R&D around AI and platform modernization. If the company fails to deliver differentiated AI capabilities, seamless integrations, or a meaningful partner ecosystem—and does so slower than competitors—large enterprise customers will find the product less compelling. That's a straightforward erosion of competitive position where timing matters as much as capability itself [1].
- Regulatory tightening around data localization, intensifying antitrust scrutiny, and macroeconomic softening in enterprise IT budgets represent material headwinds to sales velocity and renewal rates [1].
Who are the main competitors of SAP SE?
- Oracle Corporation (ORCL.NYSE)
- Microsoft Corporation (MSFT.NASDAQ)
- Salesforce, Inc. (CRM.NYSE)
- Workday, Inc. (WDAY.NASDAQ)
- ServiceNow, Inc. (NOW.NYSE)
- Adobe Inc. (ADBE.NASDAQ)
When does SAP SE report earnings?
Key Metrics
Valuation Metrics
Profitability Metrics
Growth Metrics
Dividend history
Long-term record of paid dividends (amount per share and dividend yield at the time of payment).
| Year | Dividend | Yield at payment | Avg. yield |
|---|---|---|---|
| 2026 | 2.50 EUR | 1.67% | 1.56% |
| 2025 | 2.35 EUR | 0.90% | |
| 2024 | 2.20 EUR | 1.25% | |
| 2023 | 2.05 EUR | 1.68% | |
| 2022 | 2.45 EUR | 2.68% | |
| 2021 | 1.85 EUR | 1.64% | |
| 2020 | 1.58 EUR | 1.43% | |
| 2019 | 1.50 EUR | 1.33% | |
| 2018 | 1.40 EUR | 1.44% | |
| 2017 | 1.25 EUR | 1.32% | |
| 2016 | 1.15 EUR | 1.68% | |
| 2015 | 1.10 EUR | 1.59% | |
| 2014 | 1.00 EUR | 1.80% | |
| 2013 | 0.85 EUR | 1.45% | |
| 2012 | 0.75 EUR | 1.58% |
Earnings history & estimates
Historical earnings performance shows how consistently the company meets or exceeds analyst expectations. Forward estimates provide insight into expected profitability and growth trajectory.
Historical earnings performance
Upcoming earnings report
Analyst estimates for upcoming periods
Key financial figures
Selected income statement, balance sheet and cash flow figures. Annual and quarterly, based on reported IFRS/GAAP financials.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Revenue | 36.80B | 34.18B | 31.21B | 30.87B | 26.95B |
| Operating income (EBIT) | 9.62B | 4.67B | 6.58B | 4.67B | 6.31B |
| Net income | 7.16B | 3.12B | 3.60B | 3.28B | 5.26B |
| Free cash flow | 8.42B | 4.41B | 5.46B | 4.77B | 5.42B |
| Total assets | 70.36B | 74.12B | 68.33B | 72.16B | 71.17B |
| Equity | 44.75B | 45.44B | 43.16B | 40.19B | 38.85B |
| Net debt | -149.00M | 1.04B | 667.00M | 4.08B | 6.25B |
PWP Leeway UG (haftungsbeschränkt)
