SAP SE (SAP.DE) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-39.0%

€126.12

vs €206.65 price

Levered DCF

€169.92

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

6.72

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	33.18×	88.17×	26.67×	49.18×	27.39×	24.65×	42.97×	25.44×
P/B	5.43×	6.06×	3.77×	2.81×	3.79×	4.26×	4.67×	3.6×
P/S	6.6×	8.06×	5.22×	3.82×	5.47×	4.64×	5.21×	4.2×
EV / EBITDA	20.11×	41.97×	22.23×	18.48×	14.86×	14.55×	22.01×	14.44×
Gross margin	72.9%	73.0%	72.2%	72.8%	73.2%	71.2%	69.7%	69.8%
Operating margin	26.1%	13.6%	18.6%	20.0%	23.4%	24.2%	16.2%	23.1%
Net margin	19.5%	9.1%	19.7%	7.7%	19.5%	18.8%	12.1%	16.5%
Current ratio	1.17×	1.12×	1.41×	1.06×	1.24×	1.17×	1.05×	1.58×
Debt / equity	0.18×	0.23×	0.2×	0.33×	0.39×	0.52×	0.44×	0.39×
Interest coverage	19.55×	8.56×	9.08×	14.86×	21.68×	18.66×	7.59×	13.64×
Dividend yield	1.1%	0.9%	1.5%	2.5%	1.5%	1.5%	1.2%	1.6%
Payout ratio	38.3%	82.1%	39.0%	125.4%	41.5%	36.2%	53.9%	40.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	16.0%	6.9%	14.2%	5.7%	13.5%	17.3%	10.8%	14.2%
Return on invested capital	12.4%	5.2%	7.1%	6.8%	8.5%	10.2%	6.8%	10.0%
Return on assets	10.2%	4.2%	9.0%	3.2%	7.4%	8.8%	5.5%	7.9%
Free cash flow yield	3.5%	1.6%	3.4%	4.2%	3.7%	5.0%	1.9%	2.7%
Earnings yield	2.9%	1.1%	3.8%	2.0%	3.6%	4.1%	2.3%	3.9%
Enterprise value	€242.8B	€276.6B	€163.4B	€116.9B	€153.6B	€136.9B	€152B	€106.6B
Net debt / EBITDA	-0.01×	0.16×	0.09×	0.64×	0.6×	1.08×	1.21×	0.36×
Cash conversion cycle (days)	-17	4	8	-26	12	28	42	25