SAP SE
5-year stock timeline
SAP (XETRA) last price: 151.78 (2026-05-23).
Major events
Between 2020 and early 2021, SAP redirected its go-to-market strategy toward cloud subscriptions and launched RISE with SAP in January 2021, alongside the Signavio acquisition to deepen business-process intelligence and accelerate S/4HANA Cloud adoption.
In 2023, SAP refreshed its mid-term Ambition 2025 roadmap and announced a €5 billion share-repurchase program. The company also completed the divestiture of its Qualtrics stake mid-year—both moves strengthened cash flow and expanded capital-return capacity.
Through 2024 and into 2025, SAP expanded AI capabilities and released new cloud application packages at Sapphire 2025, shipping several AI enhancements for S/4HANA. In September 2025, the European Commission opened an antitrust investigation, introducing regulatory risk to the investment thesis.
Narrative evolution
During 2020 and 2021, investor focus shifted from legacy-ERP concerns toward a cloud-transition and transformation story as RISE adoption and bundled offerings generated visible customer wins.
From 2022 through 2023, the conversation moved to execution, predictability and shareholder returns amid macro uncertainty. The €5 billion repurchase program and Qualtrics proceeds repositioned SAP as a cash-generative, growth-at-scale company.
By 2024 through 2026, sentiment coalesced around an enterprise AI and product-led growth thesis following AI product releases. Late-2025 regulatory scrutiny, however, introduced a more mixed risk-reward perspective among investors.
Key technical phases
A sharp COVID-era shock in 2020 gave way to recovery and multi-quarter uptrend as cloud momentum and RISE wins were priced in.
Through 2022, the stock endured material drawdown and extended volatility amid global tightening and sector multiple compression, settling into a sideways-to-weak phase as transition and macro concerns weighed.
From 2023 through mid-2025, a renewed breakout and rally took hold, driven by improving cloud gross profit dynamics, stronger guidance and capital returns. Late-2025 brought heightened volatility and retests of key levels after the antitrust probe emerged.
Key risks and downside factors
SAP operates in a crowded competitive landscape. Oracle, Microsoft, Salesforce, ServiceNow, and Workday all press into its core territories—enterprise resource planning, customer relationship management, analytics, and cloud infrastructure. The competitive pressure centers on SaaS and platform-based models that increasingly challenge SAP's traditional on-premise stronghold and its cloud expansion. Several structural risks merit attention. Rivals are aggressive on cloud pricing, which creates migration pressure on SAP's installed base. The company carries meaningful customer concentration risk, and large implementations remain inherently complex. Regulatory and data-privacy requirements continue to tighten. And like most enterprise software vendors, SAP's growth tracks closely with IT spending cycles—when budgets contract, it feels it.
- Cloud competition and pricing pressure that compress margins and demand accelerated investment in cloud infrastructure.
- Concentration risk in large deals, compounded by execution challenges on complex enterprise deployments.
- Regulatory, data residency, and privacy constraints that complicate cross-border cloud offerings.
- Exposure to macroeconomic weakness and foreign exchange volatility, both of which can suppress enterprise IT spending.
Competitive landscape
SAP operates across ERP, CRM, HCM and industry clouds where it faces entrenched competition from Oracle, Microsoft and Salesforce, alongside specialists like Workday and ServiceNow. The real pressures are straightforward: platform-level competition that doesn't let up, pricing that gets squeezed from all sides, customers stuck between on-premises systems and cloud migration with all the friction that entails. There's also the execution question—whether SAP can keep pace on AI and integrations—plus the usual headwinds of regulatory complexity, data privacy, and currency exposure across a genuinely global operation.
| Company | Ticker |
|---|---|
| Oracle Corporation | ORCL.NYSE |
| Microsoft Corporation | MSFT.NASDAQ |
| Salesforce, Inc. | CRM.NYSE |
| Workday, Inc. | WDAY.NASDAQ |
| ServiceNow, Inc. | NOW.NYSE |
Private competitors
- Infor
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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 | +2.46% | -1.80% | -2.99% |
| 3M | -10.77% | -9.81% | -20.47% |
| 6M | -26.85% | -31.91% | -37.29% |
| 1Y | -42.06% | -46.24% | -71.21% |
| 3Y | +27.89% | -29.09% | -57.78% |
| 5Y | +41.50% | -19.86% | -49.80% |
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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 | 23.4 | 4.7 | 3.9 | 19.8 |
| 1Y ago | 54.5 | 8.9 | 6.8 | 50.1 |
| 3Y ago | 73.8 | 4.7 | 3.6 | 26.0 |
| 5Y ago | 25.8 | 5.1 | 4.1 | 19.0 |
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?
- Cloud competition and pricing pressure that compress margins and demand accelerated investment in cloud infrastructure.
- Concentration risk in large deals, compounded by execution challenges on complex enterprise deployments.
- Regulatory, data residency, and privacy constraints that complicate cross-border cloud offerings.
- Exposure to macroeconomic weakness and foreign exchange volatility, both of which can suppress enterprise IT spending.
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)
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)
