SAP SE

SAP

Software - Application · Technology

Also trades as: SAP.DE

Price

$218.68

+1.59 (+0.73%)

Market Cap

$254.81B

Exchange

New York Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Exceptional

Growth

Strong

Cash Flow

Exceptional

Stability

Mixed

Valuation

Good

Dividends

Good

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Winston Score History

The full picture

SAP SE is a German software company that makes tools to help large businesses manage their operations. Its main product is called ERP software — this stands for "enterprise resource planning," which basically means software that tracks everything a company does, from paying employees to managing inventory to processing orders. SAP's customers are mostly large corporations and governments across nearly every industry, and it is the largest ERP software provider in the world.

SAP makes money primarily by selling software licenses and, increasingly, cloud subscriptions where customers pay a recurring fee to use SAP's software over the internet. The company operates globally, with strong presence in Europe, North America, and Asia, and generates over $30 billion in annual revenue. SAP's main competitive advantage is how deeply its software becomes embedded in a customer's daily operations, making it very costly and disruptive to switch to a competitor. The key growth driver is its ongoing shift from traditional on-premise software to its cloud-based platform, called RISE with SAP.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+9.4% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+30.3% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

€6.6B/ year

→ Flat (+2% vs prior year)

18.0% of revenue

In line with sector average (15%)

Steady R&D investment year-over-year

Insider Activity

0.9%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Position

Cash flow positive

€19.7B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

SAP SE is growing revenue at 9% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

−0.4% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 1.18B (2021) → 1.18B (2025)

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

73.2%

Premium pricing power — 73.2% gross margin

Profit after running costs

Operating Margin

26.8%

Excellent — 26.8% operating margin

Return on the money invested

ROCE

22.9%

Exceptional — 22.9% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+6.4%

Slow sales growth (+6.4% YoY)

Profit growth

EPS YoY

+22.3%

Earnings growing fast (+22.3% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

121%

Turns 121% of profit into real cash

Spare cash per sale

FCF Margin

22.8%

Converts sales into free cash efficiently (22.8%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

7.36x

Adequate interest coverage (7.4x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

31.9x

Pricey — P/E 31.9

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+13.7

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (31.9 → 18.2)

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Dividends

Dividend

Dividend Yield

1.56%

Small dividend — 1.56% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+23.2%

Dividend growing fast (23.2% YoY)

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