SAP SE
5-year stock timeline
SAP's share price of 141.22 as of May 2026 reflects six years of strategic repositioning. Between 2020 and 2026, the company's valuation was shaped primarily by its shift from on-premise licensing toward cloud and subscription models (RISE), the S/4HANA product evolution, selective acquisitions like Signavio, and an expanding narrative around AI and sustainability capabilities.
Strategic turning points
The 2021 launch of RISE with SAP marked a deliberate pivot to subscription-based cloud ERP, with the Signavio acquisition reinforcing SAP's process-intelligence ambitions. This reset investor expectations around the revenue mix and long-term growth profile. Parallel to this, changes to S/4HANA's release cadence and support windows (moving toward biennial releases) altered customer migration timing and affected how investors modeled revenue recognition and vendor economics.
From 2023 onward, SAP introduced Datasphere and Joule as data and AI products, alongside sustainability tools like Green Ledger. Leadership changes and reporting-framework updates increased transparency on cloud ERP metrics and strategic intent, shifting the conversation from abstract transformation to measurable execution.
How sentiment evolved
Early in the period (2020–2021), investors treated SAP as a cloud-transition growth story, pricing in long-term subscription upside as customers migrated to S/4HANA and RISE. By 2022, that narrative fractured. Execution risk, support timelines, migration delays and the cost dynamics of the transition created friction. Margin concerns and extended-support economics weighed on sentiment through periods of notable volatility.
From 2023 into 2026, the framing matured. The focus shifted to product-led growth—AI, data, sustainability—paired with clearer cloud-revenue disclosures. When execution matched guidance, investor sentiment turned constructive.
Price action in context
The 2020–2021 period saw pronounced upside as tech recovered and SAP's cloud narrative expanded multiples. Calendar 2022 delivered a significant correction as the market repriced execution risk and migration timing, compounded by macro headwinds and sector rotation. From 2023 through mid-2026, the stock moved through recovery attempts and range expansion tied to product announcements and reporting clarity, with periodic breakouts and retests as investors re-rated growth prospects in line with improving visibility.
Key risks and downside factors
SAP operates in direct competition with Oracle, Microsoft, Salesforce, and Workday across ERP, cloud platforms, and HCM. The company maintains a substantial enterprise installed base through S/4HANA and legacy on-premise systems, though it contends with growing pressure from cloud-native and modular competitors. The strategic landscape presents real friction points: S/4HANA migrations remain operationally complex, data integration failures carry meaningful risk, security vulnerabilities can emerge during cloud transitions, and customers are increasingly pushing back on pricing and renewal terms.
- S/4HANA migrations carry real risks: cost overruns, extended timelines, and operational friction, largely because data migration and custom-code remediation tend to be messier than planned [15][13].
- Intense competition from Oracle, Microsoft, Salesforce, and Workday in cloud ERP and CRM creates real pressure on pricing, renewals, and market share.
- Cloud and hybrid deployments widen the attack surface, creating real exposure to data breaches and regulatory compliance friction—both during the move and once you're running there.
- Vendor lock-in and the high total cost of ownership tied to S/4HANA and its ecosystem services can constrain how flexibly customers operate, while simultaneously raising the risk they'll eventually leave for alternatives.
Competitive landscape
SAP competes in a crowded enterprise-software landscape alongside Microsoft, Oracle, Salesforce, and Workday, all pursuing the same large-enterprise customers [2]. The market moves on cloud migration, cheaper and more specialized ERP alternatives, and a sprawling network of consulting partners. That creates real execution risks—regulatory and data-privacy requirements tighten the margins, and dependence on a handful of large customers means stumbles compound quickly [3][4].
| Company | Ticker |
|---|---|
| Microsoft Corporation | MSFT.NASDAQ |
| Oracle Corporation | ORCL.NYSE |
| Salesforce, Inc. | CRM.NYSE |
| Workday, Inc. | WDAY.NASDAQ |
Private competitors
- Infor
- IFS
- Odoo
- Acumatica
- Epicor
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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 | +6.11% | +5.87% | +2.58% |
| 3M | -6.65% | -4.38% | -14.14% |
| 6M | -22.25% | -28.24% | -34.22% |
| 1Y | -39.88% | -41.71% | -65.06% |
| 3Y | +30.83% | -19.55% | -51.31% |
| 5Y | +48.14% | -10.41% | -41.19% |
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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 | 24.5 | 4.9 | 4.1 | 20.7 |
| 1Y ago | 54.5 | 8.9 | 6.8 | 50.0 |
| 3Y ago | 74.9 | 4.8 | 3.6 | 26.4 |
| 5Y ago | 25.4 | 5.0 | 4.1 | 18.7 |
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?
- S/4HANA migrations carry real risks: cost overruns, extended timelines, and operational friction, largely because data migration and custom-code remediation tend to be messier than planned [web:15][web:13].
- Intense competition from Oracle, Microsoft, Salesforce, and Workday in cloud ERP and CRM creates real pressure on pricing, renewals, and market share.
- Cloud and hybrid deployments widen the attack surface, creating real exposure to data breaches and regulatory compliance friction—both during the move and once you're running there.
- Vendor lock-in and the high total cost of ownership tied to S/4HANA and its ecosystem services can constrain how flexibly customers operate, while simultaneously raising the risk they'll eventually leave for alternatives.
Who are the main competitors of SAP SE?
- Microsoft Corporation (MSFT.NASDAQ)
- Oracle Corporation (ORCL.NYSE)
- Salesforce, Inc. (CRM.NYSE)
- Workday, Inc. (WDAY.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) | 10.29B | 5.19B | 6.58B | 4.67B | 6.31B |
| Net income | 7.33B | 3.12B | 3.60B | 3.28B | 5.26B |
| Free cash flow | 8.26B | 4.42B | 5.55B | 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)
