SAP · NYSE
Software - Application · Germany
Snapshot 2026-11-11 · Latest financial period 2026-09-30 · Yahoo Finance. Quotes may be delayed; reporting periods can differ.
Next earnings: 2027-01-28 (provider estimate; issuer confirmation unavailable here).
SAP SE, together with its subsidiaries, provides enterprise application and business solutions worldwide. It offers SAP Business AI; SAP S/4HANA that provides software capabilities for finance, risk and project management, procurement, manufacturing, supply chain and asset management, and research and development; SAP SuccessFactors solutions for human resources, including HR, time, payroll, talent and employee experience management, and analytics and planning; and spend management solutions that covers direct and indirect spend, travel and expense, and external workforce management. The company also provides SAP customer experience solutions; SAP Business Technology platform that enables customers and partners to build, integrate, and automate applications; and SAP Business Network, a business-to-business collaboration platform that helps digitalize key business processes across the supply chain and enables communication between trading partners. In addition, it offers SAP Signavio to help customers to discover, analyze, and understand business process operations; industry solutions that provide customers and partners with industry-specific solutions; and SAP LeanIX to visualize enterprise architecture, assess interdependencies and the potential impact of IT modernization, and manage the transition toward the target landscape. Further, the company provides WalkMe to execute workflows; SAP Enable Now, which offers e-learning content embedded in SAP workflows; Taulia solutions for working capital management; and sustainability solutions and services. Additionally, it provides services and support solutions. The company has a strategic collaboration with Fresenius SE & Co. KGaA and Avelios Medical GmbH for the development of a cloud-native, hospital information system that enables digitalization of clinical and administrative processes with AI integration. SAP SE was founded in 1972 and is headquartered in Walldorf, Germany.
Company websiteQ3 2026
Published 2026-10-23
Q3 2026 REPORT HIGHLIGHTS
Strong cloud growth meets lower cloud gross margin and a valuation that requires durable cash conversion.
Cloud revenue rose to €6.668B, offsetting shrinking support and license revenue.
IFRS cloud gross margin fell to 73.9% despite higher sales.
Nine-month distributions totaled €7.007B against €7.968B of issuer free cash flow, before separate acquisition outlays.
Non-IFRS basic EPS of €1.89 is below IFRS basic EPS of €1.96 after financial adjustments.
Our $220 value rests on explicit cash growth, with substantial terminal-value sensitivity.
Comparable businesses
Same business group first, then company size. Preferred market cap: 0.5–2x; extended range: one-third–3x. Outside that range, industry benchmarks are labeled separately and excluded from peer medians.
No suitable peers with fresh, comparable size data are available. We have not substituted unrelated companies.
| Metric | SAPSAP SESnapshot 2026-11-11Financial period: 2026-09-30 |
|---|---|
| Market capMarket value, converted to USD | US$270.20B |
| Forward P/EProvider forward earnings estimate | 24.56x |
| EV / EBITDAEnterprise value / trailing EBITDA | — |
| Revenue growthLatest quarter vs prior-year quarter | 13.2% |
| Operating marginLatest reported quarter | 29.1% |
| Free cash flow yieldTrailing cash flow / market cap | — |
| Net debt / EBITDANet debt / trailing EBITDA | -0.03x |
| Debt / equityTotal debt / positive book equity | 0.23x |
| Trailing P/ETrailing twelve-month earnings | 29.15x |
| Price / bookPrice / positive book equity per share | 73.46x |
| EV / salesEnterprise value / trailing revenue | — |
| Earnings growthLatest quarter vs prior-year quarter | 13.4% |
| Gross marginTrailing twelve months | 73.6% |
| Net marginTrailing twelve months | 20.4% |
| Return on equityProvider trailing return; positive equity only | 18.2% |
| Free cash flow marginTrailing free cash flow / revenue | 25.5% |
| Dividend yieldIndicated annual dividend / price | 1.3% |
| Earnings payoutProvider trailing dividend payout | 36.5% |
| Current ratioCurrent assets / current liabilities | 1.16x |
| BetaProvider historical market sensitivity | 0.70 |
Reviewed operating groups override broad sector classifications. Other companies are matched only within a sufficiently specific provider industry. Business mix, geography and accounting standards can still differ. Market caps are converted to USD using exchange rates captured during the snapshot refresh. Financial ratios that would mix currencies are omitted. Snapshots must be at most 14 days old and no more than seven days apart for automatic selection.
Peer medians require at least two valid similar-size peers for each metric. Negative earnings, nonpositive equity, missing data and irrelevant bank ratios are not presented as attractive valuations. A higher or lower number is not automatically a better investment. Financial statement periods are not calendar-aligned across companies.
Reported performance
Periods are grouped by their ending calendar year or quarter, not identical fiscal calendars. Exact period-end dates appear in tooltips and reported figures. When reporting currencies differ and a recent captured FX rate is available, money and EPS are normalized to USD for comparison. This is not a historical FX restatement. Gaps are not estimated.
Financial statements load separately from the research page.
Source: . Window ends at the latest available reporting period.
Standalone charts use the stated reporting currency. When a chart comparison spans currencies, money and EPS can be normalized to USD using a recent captured FX snapshot; this is for comparison only, not a historical FX restatement. Stock-based compensation is noncash. Free cash flow is operating cash flow less capital spending, which may include capitalized software. Missing metrics are not estimated or assumed to be zero. Banking and insurance ratios require industry-specific interpretation. Latest restatements may differ from figures in older episodes.
Market context
Price history loads separately.
Illustrative price = your earnings-per-share assumption × your P/E assumption. This is not a price target or a complete valuation model.
Starting assumptions, when available, use provider forward estimates as of 2026-11-11. Negative earnings require a different valuation method. This calculation omits balance-sheet, dilution and execution risks.
THE RESEARCH RECORD
FREE RESEARCH PACKET · Q3 2026
Strong cloud growth meets lower cloud gross margin and a valuation that requires durable cash conversion.
Research published October 23, 2026 · Download original report
Read Research PacketPresentation · 2026-10-23 · YouTube
Presentation · 2026-07-23 · YouTube
Verify material figures against company filings. Market data and AI-assisted analysis may contain errors.
