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STOCK COMPARISON

iShares MSCI USA Quality Factor ETF vs SAP: Fair Value & Quality

Both stocks run through our valuation models. Here is how iShares MSCI USA Quality Factor ETF (QUAL) and SAP (SAP) compare, as of Aug 11, 2026.

As of Aug 11, 2026, Fair Value Calculator sees SAP as the less overvalued of the two: iShares MSCI USA Quality Factor ETF trades at €1.31 versus a fair value of €0.33 (-75%), while SAP trades at €179 versus €126 (-30%).
iShares MSCI USA Quality Factor ETF
QUAL.AT · EUR · Information Technology
-75%
upside to fair value
overvalued
Price€1.31
Fair Value€0.33
Quality35/100
SAP
SAP.XETRA · EUR · Information Technology
-30%
upside to fair value
overvalued
Price€179
Fair Value€126
Quality81/100

Head-to-head numbers

Green value = the better side for that row (for valuation multiples: lower = cheaper).

iShares MSCI USA Quality Factor ETFSAP
Valuation
62.5×P/E (TTM)22.1×
2.43×P/S (TTM)4.98×
8.62×P/B4.16×
16.8×EV/EBITDA15.7×
PEG1.37×
Dividend yield1.8%
Dividend per share€2.50
Profitability
3%Net margin20%
4%Operating margin30%
13%Return on equity16%
5%Return on assets9%
Growth
23%Revenue growth (YoY)6%
48.2%Avg. growth/yr (3Y)6.0%
48.5%Avg. growth/yr (5Y)6.1%
Balance & size
0.12×Debt / equity0.09×
$51MMarket cap$186B
expensiveGrowth qualityhealthy

SAP leads: 4 to 8 metric wins.

Dash = not meaningfully computable, for example with negative equity.

Quality in detail

The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.

iShares MSCI USA Quality Factor ETFof which business quality 34 · market factors 54 SAPof which business quality 78 · market factors 42
ProfitabilityMargins and returns on capital today
35
62
Quality GrowthAre margins and returns improving?
51
76
CashflowEarnings quality: real cash, not paper profit
2
80
Fin. StrengthBalance sheet, leverage, solvency risk
32
79
InvestmentDisciplined investing over empire-building
24
94
Low VolatilityCalm price path (market factor)
71
60
MomentumPrice trend over the last 3–12 months (market factor)
45
42
52W MomentumDistance to the 52-week high (market factor)
52
20
Net IssuanceBuybacks instead of dilution
77
84

What the models say

The median fair value (base case) per model family, each in the currency of its trading venue. Green = above the current price, red = below.

iShares MSCI USA Quality Factor ETF

DCF Models€0.28
Earnings-Based€0.56
Multiples€0.61
Asset-Based€0.11
Economic Profit€0.37
Growth Earnings€0.73

15 of 15 models see the stock below the current price.

SAP

DCF Models€134
Earnings-Based€60.32
Dividend Discount€41.03
Multiples€116
Asset-Based€25.68
Growth DCF€116
Economic Profit€69.81
Growth Earnings€116

26 of 26 models see the stock below the current price.

Scenario ranges

From our cautious bear case to the optimistic bull case. The white tick is the current price: left of fair value means room to run.

iShares MSCI USA Quality Factor ETF
Bear €0.25Fair Value €0.33Bull €0.41
€1.31 = current price (white tick)
SAP
Bear €89.01Fair Value €126Bull €157
€179 = current price (white tick)

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Ranked within their sector

Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.

iShares MSCI USA Quality Factor ETF · Information Technology

Quality score35 · bottom 25%
Fair value upside-75% · bottom 25%

SAP · Information Technology

Quality score81 · Top 25%
Fair value upside-30% · above median

Bottom line

As of Aug 11, 2026, Fair Value Calculator sees SAP as the less overvalued of the two: iShares MSCI USA Quality Factor ETF trades at €1.31 versus a fair value of €0.33 (-75%), while SAP trades at €179 versus €126 (-30%).

SAP has the higher quality score (81/100).

See the full analysis →

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A model-based valuation snapshot from 21 models. Values change with price and fundamentals; the date shown above applies.