White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
SAP SE, together with its subsidiaries, provides enterprise application and business solutions worldwide.
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SAP SE, together with its subsidiaries, provides enterprise application and business solutions worldwide. It offers SAP Business AI; SAP S/4HANA that provides software capabilities for finance, risk and project management, procurement, manufacturing, supply chain and asset management, and research and development; SAP SuccessFactors solutions for human resources, including HR, time, payroll, talent and employee experience management, and analytics and planning; and spend management solutions that covers direct and indirect spend, travel and expense, and external workforce management. The company also provides SAP customer experience solutions; SAP Business Technology platform that enables customers and partners to build, integrate, and automate applications; and SAP Business Network, a business-to-business collaboration platform that helps digitalize key business processes across the supply chain and enables communication between trading partners. In addition, it offers SAP Signavio to help customers to discover, analyze, and understand business process operations; industry solutions that provide customers and partners with industry-specific solutions; and SAP LeanIX to visualize enterprise architecture, assess interdependencies and the potential impact of IT modernization, and manage the transition toward the target landscape. Further, the company provides WalkMe to execute workflows; SAP Enable Now, which offers e-learning content embedded in SAP workflows; Taulia solutions for working capital management; and sustainability solutions and services. Additionally, it provides services and support solutions. The company has a strategic collaboration with Fresenius SE & Co. KGaA and Avelios Medical GmbH for the development of a cloud-native, hospital information system that enables digitalization of clinical and administrative processes with AI integration. SAP SE was founded in 1972 and is headquartered in Walldorf, Germany.
SAP SE (0A2W) currently trades at $172.23, while our model-based Fair Value estimate is $136.73, 20.6% below the price, so the stock looks overvalued today.
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then ($4.20 per share) are deliberately not added.
Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.
Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
FCF DCF
$98.49
$153.51
$236.87
76
Growth DCF
$99.25
$146.60
$213.28
75
Owner Earnings
$91.15
$141.89
$218.77
72
All 24 models by family
DCF Models
FCF DCF
$98.49
$153.51
$236.87
76
Owner Earnings
$91.15
$141.89
$218.77
72
5Y Revenue Exit
$75.93
$115.78
$166.56
69
5Y EBITDA Exit
$96.90
$155.98
$225.73
71
5Y P/E Exit
$97.37
$156.87
$220.43
67
10Y Revenue Exit
$81.46
$119.84
$171.76
64
10Y EBITDA Exit
$96.52
$147.48
$216.93
65
10Y P/E Exit
$96.82
$148.10
$212.88
61
Earnings-Based
Graham-Dodd
$46.99
$164.19
$220.74
62
Lynch FV
$38.21
$54.59
$70.97
58
PEG = 1.0
$38.21
$54.59
$70.97
55
EPV
$70.56
$81.08
$90.16
71
Multiples
P/E Multiple
$103.65
$138.21
$172.76
63
P/S Multiple
$66.58
$88.78
$110.97
58
P/B Multiple
$88.11
$117.47
$146.84
55
EV/EBIT
$129.21
$170.98
$212.76
66
EV/EBITDA
$106.73
$141.01
$175.29
67
EV/Revenue
$66.03
$92.66
$119.30
54
Asset-Based
NCAV (Graham)
$21.51
$28.83
$43.02
54
Growth DCF
Growth DCF
$99.25
$146.60
$213.28
75
Rev-Margin DCF
$75.93
$116.19
$164.17
69
Economic Profit
Residual Income
$43.91
$56.44
$85.62
71
ROIC Compounder
$75.81
$95.24
$118.32
69
Growth Earnings
Growth-Adj P/E
$89.88
$128.41
$166.93
65
Open the full fair value analysis →
Overall quality
82/100
Of which business quality 77
· Market factors (momentum, volatility) 26
Profitability
62
Margins and returns on capital today
Quality Growth
68
Are margins and returns improving?
Cashflow
81
Earnings quality: real cash, not paper profit
Fin. Strength
82
Balance sheet, leverage, solvency risk
Investment
94
Disciplined investing over empire-building
Low Volatility
67
Calm price path (market factor)
Momentum
13
Price trend over the last 3–12 months (market factor)
52W Momentum
1
Distance to the 52-week high (market factor)
Net Issuance
83
Share count: buybacks or dilution?
Open the full quality analysis →
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Is SAP SE (0A2W) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $136.73 versus the last price from Aug 3, 2026 of $172.23, about −21% upside (overvalued).
What is the fair value of 0A2W?
Our model-based fair value for SAP SE is $136.73 (as of Sep 24, 2026), built from audited fundamentals. Last price (from Aug 3, 2026): $172.23.
What is the quality score of 0A2W?
SAP SE has a Quality Score of 82/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for SAP SE (0A2W)?
Our model-based price target is the fair value of $136.73 (as of Sep 24, 2026) from 24 valuation models. Cautious scenario $97.17, optimistic scenario $171.39. It is a calculation from audited fundamentals, not an analyst target.
What is the SAP SE stock forecast for 2026?
Our models put fair value at $136.73, about −21% upside versus the last price from Aug 3, 2026 of $172.23 (overvalued). Cautious scenario $97.17, optimistic scenario $171.39. The calculation is refreshed regularly with new filings.
What is the revenue of SAP SE (0A2W)?
SAP SE reported trailing-twelve-month revenue of about €37.3B (latest available figure, as of Sep 24, 2026).
What growth is priced into SAP SE (0A2W)?
For today's price to be fair in a discounted-cash-flow model, SAP SE would have to grow free cash flow by +10.1 % per year for five years (discount rate 9.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 4 years revenue grew +8.1 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 0A2W use?
Our models discount SAP SE at 9.6 %: a base by market capitalisation (unknown), damped by beta 0.74, country premium for United Kingdom. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For SAP SE that is +10.1 % per year a year over ten years, using the same discount rate (9.6 %) and the same formula as our fair value.
How much growth has SAP SE (0A2W) delivered so far?
Over the past 4 years revenue at SAP SE grew +8.1 % a year. The price currently implies +10.1 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
What is the free cash flow yield of SAP SE (0A2W)?
The free-cash-flow yield on the price is 4.72 %: that much free cash flow SAP SE produces per unit of market value. When it exceeds the discount rate of our models (9.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of SAP SE (0A2W)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For SAP SE it is $136.73 per share (as of Sep 24, 2026), against a price of $172.23. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is SAP SE stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 0A2W trades above its calculated fair value: price $172.23, fair value $136.73, a gap of about −21% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 0A2W?
No. The price is what the market pays today ($172.23); the fair value is what the company's own numbers justify ($136.73). For SAP SE the two are $35.50 per share apart. That gap is exactly why we show both numbers side by side.
How much is SAP SE worth?
The market values SAP SE at about $201B (market capitalisation, as of Sep 24, 2026). Per share that is $172.23; our models calculate a fair value of $136.73 per share.
What do the bullish and bearish scenarios say about 0A2W?
Our models span a range for SAP SE: cautious scenario $97.17, base $136.73, optimistic $171.39 per share (as of Sep 24, 2026, price $172.23). The range comes from different growth and margin assumptions, not from analyst opinions.
How far is 0A2W from its 52-week high?
SAP SE trades at $172.23, about 38% below its 52-week high of $278.41 and 2% above the low of $169.29 (as of Aug 3, 2026). Distance from the high says nothing about value: that is what the fair value of $136.73 is for.
Is SAP SE stock attractive at the current price?
The data as of Sep 24, 2026: price $172.23, calculated fair value $136.73 (−21%), Quality Score 82/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 0A2W calculated?
We run SAP SE through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $136.73, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. SAP SE itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on
is it worth investing now.
What is the share price of SAP SE (0A2W)?
The latest price we hold is from Aug 3, 2026 and stands at $172.23. Our model-based fair value is $136.73, about −21% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with SAP SE right now?
A high-quality business (quality 82/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety. The price sits above our optimistic bull case: the favourable scenario is already priced in. The data supports the verdict: every model runs on fully documented inputs.
Key figures of SAP SE
How large is the market capitalisation of SAP SE (0A2W)?
The market capitalisation of SAP SE is $201B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/E ratio of SAP SE (0A2W)?
The price-to-earnings ratio of SAP SE is 0.3 (as of Jul 24, 2026). Price to earnings: how many years of current profit you pay for the stock. A P/E of 10 means ten years of profit.
What is the P/S ratio of SAP SE (0A2W)?
The price-to-sales ratio of SAP SE is 0.06 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of SAP SE (0A2W)?
Earnings per share at SAP SE are $5.55 (price ÷ EPS = P/E 0.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of SAP SE (0A2W)?
The net margin of SAP SE is 19.5% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of SAP SE (0A2W)?
The return on equity (ROE) of SAP SE is 16.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of SAP SE (0A2W)?
On an EBIT basis the return on assets of SAP SE is 10.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of SAP SE (0A2W)?
The operating margin of SAP SE is 30.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at SAP SE (0A2W)?
Revenue at SAP SE is growing +6.0% versus a year earlier (3y avg +7.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at SAP SE (0A2W)?
Earnings per share at SAP SE are growing +9.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does SAP SE (0A2W) carry?
The net debt of SAP SE is €1.9B (fiscal year 2022, ≈ 0.2 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
