SAP SE
Explore by topic
5-year stock timeline
SAP: A Decade of Cloud Transition
2021: The Pivot
SAP launched RISE with SAP and announced the Signavio acquisition in January 2021, marking a deliberate shift from legacy ERP vendor toward cloud-native transformation. The market repriced accordingly—investors began discounting faster recurring revenue and subscription visibility. AppGyver followed in February as a tactical no-code addition to the Business Technology Platform. Through Q1–Q3, strong cloud acceleration across S/4HANA Cloud drove repeated guidance raises. The narrative solidified: a large incumbent successfully migrating its customer base to cloud, with genuine growth embedded in the transition. Momentum built steadily into late 2021.
2022: Validation, Then Compression
Q4 2021 results validated the RISE strategy at scale. S/4HANA Cloud had achieved material traction. Early 2022 trading remained constructive around earnings prints. The Taulia acquisition closed in March, extending the Business Network into working-capital and supply-chain finance—a logical vertical expansion. But the second half of 2022 brought macro headwinds. Global rate hikes and tech multiple compression hit the entire software sector. SAP tracked the pullback, retracing much of the 2021 gains as the narrative shifted from "growth story" to "transition with valuation risk."
2023: Simplification and Recovery
SAP sold its Qualtrics stake through a transaction with Silver Lake and CPP Investments in the first half of 2023. The market rewarded the move as portfolio simplification and capital redeployment. In September, SAP announced the LeanIX acquisition to build an end-to-end transformation suite with AI-driven process optimization. Both moves signaled renewed strategic focus and contributed to a multi-month recovery from 2022 lows.
2024–2026: Selective M&A, Steady Execution
The WalkMe acquisition (announced June 2024, closed September) for approximately $1.5 billion brought digital adoption capabilities into the fold—a pragmatic extension of the adoption and user-value capture theme. The company later reported WalkMe contributed roughly one percentage point to growth. In August 2025, SAP announced the SmartRecruiters acquisition to deepen SuccessFactors capabilities. The pattern remained consistent: targeted tuck-ins into process, adoption, and enterprise architecture to fill functionality gaps while the core cloud subscription business drove underlying momentum.
By mid-2026, SAP had evolved into a more mature cloud and subscription compounder. The equity trades in a stabilized uptrend from 2022 lows, with the current price of 140.06 reflecting years of cloud transition progress, successful customer migrations, and strategic M&A that expanded addressable value in digital adoption and transformation services. Investors balance the quality of recurring revenue against ongoing execution and integration risk—a fair trade for a company that genuinely executed its transformation.
Key risks and downside factors
SAP operates in a densely populated enterprise applications landscape where it faces competition from both broad-platform vendors—Oracle, Microsoft, Salesforce, Workday, ServiceNow, IBM—and specialized, private ERP players like Infor, IFS, Unit4, Epicor, and Visma. The company is shifting its business model from on-premise licensing and maintenance toward cloud subscription revenue via S/4HANA Cloud, a transition that pressures both execution capability and margins while it works to retain its installed base of large enterprise customers. The principal vulnerabilities are migration execution risk, pricing pressure from competitors, exposure to macroeconomic and currency fluctuations, and regulatory and cybersecurity liabilities.
- Intense competition from Oracle, Microsoft, Salesforce, Workday, ServiceNow, and IBM is pressuring pricing, accelerating churn, and dampening cloud bookings growth.
- Migration to S/4HANA and cloud infrastructure carries execution risk. Delays, implementation failures, or slower-than-expected SaaS adoption could compress both license revenue and maintenance margins.
- Macroeconomic and currency exposure: enterprise IT spending tends to contract during downturns, while EUR/USD volatility can materially compress both revenue and profitability.
- Regulatory, data-privacy, and cybersecurity risks pose material threats. GDPR enforcement and antitrust scrutiny can trigger substantial fines and litigation. Major breaches or cloud outages carry reputational consequences alongside direct financial exposure [8, 3, 21].
Competitive landscape
SAP operates across enterprise resource planning, customer relationship management, human capital management, and cloud platforms—competing directly against established public companies like Oracle, Microsoft, Salesforce, Workday, ServiceNow, and IBM, while contending with mid-market specialists such as Sage and private vendors including Infor, IFS, Unit4, and Epicor that target specific verticals. The market is consolidating around cloud-native SaaS, hyperscaler infrastructure, and AI-driven services, which compounds pressure on SAP's traditional on-premise licensing model and its ongoing transition to S/4HANA and cloud offerings. The company faces material headwinds: displacement by cloud and hyperscaler alternatives, execution risk in migrating customers to S/4HANA and RISE, regulatory and compliance complexity around data and AI, potential antitrust scrutiny, and vulnerabilities in cybersecurity or its partner ecosystem [company profiles and market data].
| Company | Ticker |
|---|---|
| Oracle Corporation | ORCL.NYSE |
| Microsoft Corporation | MSFT.NASDAQ |
| Salesforce, Inc. | CRM.NYSE |
| Workday, Inc. | WDAY.NASDAQ |
| ServiceNow, Inc. | NOW.NYSE |
| International Business Machines Corporation (IBM) | IBM.NYSE |
Private competitors
- Infor
- IFS
- Unit4
- Epicor
Get More Stock Analyses Like This
Receive hand-picked stock recommendations with detailed analyses every week
Start Free TrialPerformance Figures of SAP SE
Relative Performance vs Benchmarks
| Period | SAP SE | vs DAX | vs S&P 500 (SPY) |
|---|---|---|---|
| 1M | -8.98% | -10.69% | -10.39% |
| 3M | +4.90% | -0.27% | -5.36% |
| 6M | -31.08% | -30.20% | -39.38% |
| 1Y | -44.60% | -48.03% | -66.47% |
| 3Y | +23.13% | -37.34% | -53.85% |
| 5Y | +25.29% | -34.31% | -58.40% |
Get More Stock Analyses Like This
Receive hand-picked stock recommendations with detailed analyses every week
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 | 22.5 | 4.5 | 3.7 | 19.0 |
| 1Y ago | 46.8 | 8.5 | 7.5 | 42.2 |
| 3Y ago | 61.1 | 4.6 | 3.4 | 23.4 |
| 5Y ago | 25.1 | 5.4 | 4.5 | 20.4 |
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?
- Intense competition from Oracle, Microsoft, Salesforce, Workday, ServiceNow, and IBM is pressuring pricing, accelerating churn, and dampening cloud bookings growth.
- Migration to S/4HANA and cloud infrastructure carries execution risk. Delays, implementation failures, or slower-than-expected SaaS adoption could compress both license revenue and maintenance margins.
- Macroeconomic and currency exposure: enterprise IT spending tends to contract during downturns, while EUR/USD volatility can materially compress both revenue and profitability.
- Regulatory, data-privacy, and cybersecurity risks pose material threats. GDPR enforcement and antitrust scrutiny can trigger substantial fines and litigation. Major breaches or cloud outages carry reputational consequences alongside direct financial exposure [8, 3, 21].
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)
- International Business Machines Corporation (IBM) (IBM.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)
