SAP (SAP.DE): analysis in plain words
Is SAP cheap or expensive? How it makes money, whether it grows and its risks, explained in plain words and with its official accounts.
SAP (SAP.DE) is listed on the Frankfurt Stock Exchange (Xetra) and we classify it in software and cloud. Below are its key dated figures, how it makes money, how it compares with its sector, what works for and against SAP according to those figures, and the questions people ask most about the stock. No buy or sell tips.
SAP (SAP.DE) key figures as of November 4, 2026
| Figure | Value | What it measures |
|---|---|---|
| Share price | €214.30 | Last price on November 4, 2026 |
| P/E ratio (TTM) | 31.0x | Price over earnings per share |
| Revenue growth | +13.2% | Latest quarter vs the same quarter a year earlier |
| Net margin (TTM) | 20.4% | Profit for every 100 of sales |
| Net debt / EBITDA | Net cash (more cash than debt) | Years of operating profit to repay debt |
| Dividend yield | 1.19% | Annual dividend over price |
| Market cap | €247.3 billion | What the stock market values it at |
The SAP figures come from Yahoo Finance, the same source the Fintols analysis uses, retrieved on November 4, 2026. Any SAP.DE figure that is not available shows as N/A: we do not estimate it.
How SAP makes money
SAP sells enterprise resource planning (ERP) software that runs companies' finance, procurement, HR and supply chains. It reports cloud revenue, now its largest and fastest-growing line, plus licenses and support for on-premise software and implementation services. Its customers are large and midsize businesses around the world.
Over the last 12 months, SAP brought in revenue of €39.4 billion. For every 100 it sells, SAP keeps 73.6 after the direct cost of what it sells (gross margin) and 29.5 after all operating costs (operating margin). With 113,076 full-time employees, that is about €348,000 of revenue per employee.
SAP against its sector
To know whether a SAP figure is high or low you have to put it next to similar companies. This table compares SAP with the median of the 19 software and cloud companies Fintols covers, with data as of November 4, 2026.
| Figure | SAP | software and cloud median |
|---|---|---|
| P/E | 31.0x | 29.0x (19) |
| Revenue growth | +13.2% | +20.5% (25) |
| Net margin | 20.4% | 16.0% (25) |
| Dividend yield | 1.19% | 0.00% (25) |
| Net debt / EBITDA | -0.0x | 0.1x (23) |
In short, against the typical software and cloud company, SAP grows more slowly, earns a wider margin and pays a higher dividend yield. By size, SAP ranks number 1 of 3 software and cloud companies quoted in EUR on Fintols.
The bull case for SAP
These are the strengths in the SAP figures as of November 4, 2026:
- Its net margin over the last 12 months is 20.4% (sector median: 16.0%): SAP turns a large share of its sales into profit.
- SAP holds more cash than debt (net cash), so it does not depend on lenders to keep investing and is better placed to ride out a bad year.
- Analysts expect SAP earnings to rise: its P/E on the next 12 months of estimated earnings is 25.3x, below the current 31.0x.
The main risk for SAP
The SAP figures as of November 4, 2026 show no clear red flag (no heavy debt, no losses, no falling sales). Its main risk is the one built into its business: a competitor or AI making what it sells cheaper and forcing price cuts.
Frequently asked questions about SAP
Is it a good time to buy SAP stock?
Fintols does not tell you whether to buy or sell SAP, and nobody knows what the price will do tomorrow. What we can show you is where it stands today. As of November 4, 2026, SAP stock trades at €214.30, 7% below its 52-week high (€229.95) and 68% above its low (€127.50). Its P/E is 31.0x against a software and cloud median of 29.0x, and 25.3x on the earnings analysts expect over the next 12 months. With SAP, as with any stock, timing matters less than understanding the business, investing for the long run and not betting everything on a single company.
Does SAP pay a dividend?
Yes. As of November 4, 2026, SAP pays €2.50 per share a year, which at today's price is a yield of 1.19%. It uses 36% of its profit to pay it, which leaves room to keep paying it if profit dips. Its average dividend yield over the last five years is 1.34%. The software and cloud median on Fintols is 0.00%.
Is SAP stock expensive?
It depends on what you compare it with. On P/E, SAP trades at 31.0x its last 12 months of earnings: in line with the software and cloud median (29.0x). Including its debt, SAP is valued at 20.1x its EBITDA (EV/EBITDA). A high P/E alone does not make SAP expensive: it can be justified if earnings grow fast, and a low one can reflect a business in trouble.
Who are SAP's competitors?
On Fintols we compare SAP with Amadeus, Wolters Kluwer and The Trade Desk, which are also in software and cloud. As of November 4, 2026, Amadeus is worth €25.0 billion and trades on a P/E of 19.7; Wolters Kluwer is worth €20.3 billion and trades on a P/E of 15.6; The Trade Desk is worth $6.3 billion and trades on a P/E of 15.9. Each has a side-by-side comparison with SAP below.
SAP competitors
- Amadeus (AMS) analysis · SAP vs Amadeus comparison
- Wolters Kluwer (WKL.AS) analysis · SAP vs Wolters Kluwer comparison
- The Trade Desk (TTD) analysis · SAP vs The Trade Desk comparison
To understand SAP better
- Economic Moats Explained: From Warren Buffett to AI
- P/E Ratio and EPS Explained: How to Read Them Without Traps
More companies like SAP: software and cloud stocks and Euro Stoxx 50 companies. Open the full SAP.DE analysis with its valuation and scenarios. Educational content about SAP, not investment advice.