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Market Closed -
Xetra
19:38:19 29/10/2026 +03
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After hours 22:30:31 | |||
| 208.90 EUR | -1.09% |
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208.42 | -0.23% |
| 10-28 | SAP swaps costly AI models for cheaper alternatives, targets over EUR2 bln in gains | RE |
| 10-28 | SAP swaps costly AI models for cheaper alternatives, targets over EUR2 billion in gains | RE |
Projected Income Statement: SAP SE
| Fiscal Period: December | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 27,842 | 30,871 | 31,207 | 34,176 | 36,800 | 40,430 | 45,257 | 50,813 |
| Change | - | 10.88% | 1.09% | 9.51% | 7.68% | 9.86% | 11.94% | 12.28% |
| EBITDA 1 | 10,005 | 9,929 | 10,094 | 9,433 | 11,730 | 13,011 | 14,883 | 17,072 |
| Change | - | -0.76% | 1.66% | -6.55% | 24.35% | 10.92% | 14.39% | 14.71% |
| EBIT 1 | 8,230 | 8,033 | 8,721 | 8,153 | 10,419 | 11,832 | 13,735 | 16,013 |
| Change | - | -2.39% | 8.56% | -6.51% | 27.79% | 13.56% | 16.08% | 16.58% |
| Interest Paid 1 | 2,191 | -1,580 | -493 | 100 | -112 | -265.8 | -121.5 | -130 |
| Earnings before Tax (EBT) 1 | 6,850 | 3,092 | 5,292 | 4,764 | 10,482 | 11,768 | 13,420 | 15,750 |
| Change | - | -54.86% | 71.15% | -9.98% | 120.03% | 12.27% | 14.04% | 17.36% |
| Net income 1 | 5,383 | 1,714 | 3,564 | 3,124 | 7,492 | 8,432 | 9,428 | 11,123 |
| Change | - | -68.16% | 107.93% | -12.35% | 139.82% | 12.55% | 11.81% | 17.98% |
| Announcement Date | 1/27/22 A | 1/26/23 A | 1/23/24 A | 1/28/25 A | 1/29/26 A | - | - | - |
Forecast Balance Sheet: SAP SE
| Fiscal Period: December | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 3,914 | 4,509 | -1,792 | -1,695 | -3,381 | -2,226 | -4,765 | -12,252 |
| Change | - | 15.2% | -139.74% | 5.41% | -99.47% | 34.16% | -114.06% | -157.12% |
| Announcement Date | 1/27/22 A | 1/26/23 A | 1/23/24 A | 1/28/25 A | 1/29/26 A | - | - | - |
Cash Flow Forecast: SAP SE
| Fiscal Period: December | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 |
|---|---|---|---|---|---|---|---|---|
| CAPEX 1 | 825 | 874 | 785 | 797 | 739 | 795.3 | 993.1 | 1,117 |
| Change | - | 5.94% | -10.18% | 1.53% | -7.28% | 7.62% | 24.88% | 12.47% |
| Free Cash Flow (FCF) 1 | 5,010 | 4,348 | 5,530 | 4,113 | 8,239 | 10,065 | 11,524 | 13,079 |
| Change | - | -13.21% | 27.18% | -25.62% | 100.32% | 22.17% | 14.5% | 13.49% |
| Announcement Date | 1/27/22 A | 1/26/23 A | 1/23/24 A | 1/28/25 A | 1/29/26 A | - | - | - |
Forecast Financial Ratios: SAP SE
| Fiscal Period: December | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 |
|---|---|---|---|---|---|---|---|---|
Profitability | ||||||||
| EBITDA Margin (%) | 35.93% | 32.16% | 32.35% | 27.6% | 31.88% | 32.18% | 32.89% | 33.6% |
| EBIT Margin (%) | 29.56% | 26.02% | 27.95% | 23.86% | 28.31% | 29.27% | 30.35% | 31.51% |
| EBT Margin (%) | 24.6% | 10.02% | 16.96% | 13.94% | 28.48% | 29.11% | 29.65% | 31% |
| Net margin (%) | 19.33% | 5.55% | 11.42% | 9.14% | 20.36% | 20.86% | 20.83% | 21.89% |
| FCF margin (%) | 17.99% | 14.08% | 17.72% | 12.03% | 22.39% | 24.9% | 25.46% | 25.74% |
| FCF / Net Income (%) | 93.07% | 253.68% | 155.16% | 131.66% | 109.97% | 119.37% | 122.24% | 117.59% |
Profitability | ||||||||
| ROA | 12.87% | 6.35% | 8.32% | 7.42% | 9.91% | 11.04% | 11.62% | 12.56% |
| ROE | 24.3% | 11.52% | 14.03% | 11.93% | 15.89% | 18.09% | 19.74% | 21.15% |
Financial Health | ||||||||
| Leverage (Debt/EBITDA) | 0.39x | 0.45x | - | - | - | - | - | - |
| Debt / Free cash flow | 0.78x | 1.04x | - | - | - | - | - | - |
Capital Intensity | ||||||||
| CAPEX / Current Assets (%) | 2.96% | 2.83% | 2.52% | 2.33% | 2.01% | 1.97% | 2.19% | 2.2% |
| CAPEX / EBITDA (%) | 8.25% | 8.8% | 7.78% | 8.45% | 6.3% | 6.11% | 6.67% | 6.54% |
| CAPEX / FCF (%) | 16.47% | 20.1% | 14.2% | 19.38% | 8.97% | 7.9% | 8.62% | 8.54% |
Items per share | ||||||||
| Cash flow per share 1 | 5.261 | 4.805 | 5.352 | 4.477 | 7.792 | 9.318 | 10.85 | 12.62 |
| Change | - | -8.67% | 11.38% | -16.35% | 74.06% | 19.57% | 16.47% | 16.31% |
| Dividend per Share 1 | 1.95 | 2.05 | 2.2 | 2.35 | 2.5 | 2.688 | 3.02 | 3.397 |
| Change | - | 5.13% | 7.32% | 6.82% | 6.38% | 7.52% | 12.36% | 12.47% |
| Book Value Per Share 1 | 33.02 | 34.3 | 36.95 | 38.97 | 38.38 | 40.94 | 44.21 | 49.89 |
| Change | - | 3.9% | 7.7% | 5.48% | -1.51% | 6.67% | 7.98% | 12.84% |
| EPS 1 | 4.46 | 1.96 | 3.05 | 2.65 | 6.28 | 7.229 | 8.16 | 9.629 |
| Change | - | -56.05% | 55.61% | -13.11% | 136.98% | 15.1% | 12.89% | 17.99% |
| Nbr of stocks (in thousands) | 1,179,579 | 1,164,814 | 1,164,184 | 1,163,363 | 1,164,600 | 1,154,200 | 1,154,200 | 1,154,200 |
| Announcement Date | 1/27/22 A | 1/26/23 A | 1/23/24 A | 1/28/25 A | 1/29/26 A | - | - | - |
| 2026 * | 2027 * | |
|---|---|---|
| P/E | 29.2x | 25.9x |
| PBR | 5.16x | 4.78x |
| EV / Sales | 5.91x | 5.22x |
| Yield | 1.27% | 1.43% |
EPS & Dividend
Y-o-Y evolution of P/E
Year-on-year evolution of the Yield
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Quarterly revenue - Rate of surprise
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