Reading the annual reports…
First time this company is opened: we are analysing its official reports. This can take up to a minute; after that the page loads instantly.
First time this company is opened: we are analysing its official reports. This can take up to a minute; after that the page loads instantly.
SAP · NYSE · United States · Services-Prepackaged Software
In shortSAP SE is profitable, generates cash and holds more cash than debt, with revenue growing (+7.7% last year).
Financial health
Strong
Built from five areas over the last five annual reports. Tap an area to see the figures behind it.
| Operating marginShare of each sale left after running the business, before interest and tax. | 26.1% | 100/100 |
|---|---|---|
| Net marginShare of each sale left as profit after every cost, interest and tax. | 19.5% | 98/100 |
| Return on equityProfit earned on the money shareholders put in. Above 15% is strong. | 15.9% | 80/100 |
| Return on invested capitalProfit earned on all the capital used (equity and debt). Above 10% usually means a real competitive edge. | 13.5% | 90/100 |
Weight in the score: 25%
| Current ratioShort-term assets divided by short-term debts. Below 1 can mean tight cash. | 1.16× | 30/100 |
|---|---|---|
| Debt / equityDebt compared with the shareholders' stake. Above 2 is heavily indebted. | 0.14× | 100/100 |
| Net debt / EBITDAYears of operating profit needed to repay net debt. Below 2 is comfortable. | Net cash | 100/100 |
| Interest coverageHow many times operating profit covers interest. Below 2 is risky. | 6.98× | 52/100 |
| Altman Z''Bankruptcy-risk model. Above 2.6 safe, below 1.1 distress. | 5.23 | 100/100 |
Weight in the score: 25%
| Free cash flow marginCash left from each sale after investments. The money that can pay dividends or reduce debt. | 24.9% | 100/100 |
|---|---|---|
| Free cash flow / net incomeHow much accounting profit turns into real cash. Near 1 or above is healthy. | 1.28× | 100/100 |
| Years with positive free cash flow (last 5) | 5 of 5 | 100/100 |
Weight in the score: 20%
| Profitable years (last 5) | 5 of 5 | 100/100 |
|---|---|---|
| Years of revenue decline (last 5) | 1 of 5 | 67/100 |
| Revenue growth volatility | 4.5% | 94/100 |
| Operating margin volatility | 4.8% | 66/100 |
Weight in the score: 20%
| Revenue growth, 3-year average | 7.6% | 59/100 |
|---|---|---|
| EPS growth, 3-year average | 46.5% | 100/100 |
Weight in the score: 10%
Fiscal year 2025 · change vs prior year
Annual figures as reported. Hover a bar or point for the exact value.
5 older years available with the 10-year history. Essential plan, from €8.25/month →
The last 5 fiscal years from the company's annual reports.
EUR millions; negative values in parentheses.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | 26,953 | 29,520 | 31,207 | 34,176 | 36,800 |
| Cost of revenue | 7,219 | 8,038 | 8,674 | 9,243 | 9,986 |
| Gross profit | 19,734 | 21,482 | 22,534 | 24,932 | 26,814 |
| Research & development | 5,270 | 6,080 | 6,324 | 6,514 | 6,633 |
| Operating income | 6,308 | 5,914 | 5,799 | 4,665 | 9,617 |
| Interest expense | 945 | 2,200 | 1,313 | 1,031 | 1,377 |
| Pre-tax income | 8,505 | 4,513 | 5,341 | 4,764 | 10,270 |
| Income tax | 1,682 | 1,446 | 1,741 | 1,614 | 2,944 |
| Net income | 5,256 | 2,284 | 6,139 | 3,124 | 7,161 |
| Diluted EPS | €4.46 | €1.94 | €5.20 | €2.65 | €6.10 |
| Diluted shares (millions) | 1,180 | 1,175 | 1,180 | 1,180 | 1,175 |
5 older years available with the 10-year history. Essential plan, from €8.25/month →
5.23 Safe zone
Estimates bankruptcy risk from working capital, retained earnings, operating profit and equity. Above 2.6 is considered safe, below 1.1 signals distress.
8/9
Nine yes-or-no tests on profitability, debt, liquidity and efficiency versus the prior year. 7 to 9 is strong, 0 to 3 is weak.
All figures: SEC EDGAR. Ratios and scores are computed by Scorvest (see how it works). Information only, not investment advice. How it works
Latest annual report: Dec 31, 2025 · Data updated Feb 26, 2026