SAP SE (0NW4) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of SAP SE €99.04, price €188, upside -47.2%, quality 59 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 28, 2026.
How to read this chart
60‑month range €76.45 – €272.76 · fair‑value band €67.51 – €136.41 · the €187.70 price screens above the €99.04 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 28, 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.
Stock analysis
SAP SE (0NW4) currently trades at €187.70, while our model-based Fair Value estimate is €99.04, 47.2% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of €155.79 per share, and 1 of the 23 models we run sit above the €187.70 price.
Bear case: the Asset-Based group reads lowest at €35.86, and 22 of the 23 models stay below the price. Evidence for this calculation is low.
Scenario range: €67.51 (bear) to €136.41 (bull), the price of €187.70 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 59/100 (solid quality), in the Technology sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
SAP SE reported revenue of €27.8B in FY2021 versus €23.5B in FY2017, a compound +4.4%/yr. Reported net income was €5.3B in FY2021, compounding +7.0%/yr from FY2017.
Key figures
Market cap €137B · P/S ratio 3.58 · Dividend yield 1.3% · Net margin 18.9% · Return on equity 18.3% · Return on assets (EBIT) 9.6% · Operating margin 27.6% · Revenue (TTM) €38.2B.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).
What moves the price
The share trades about 21% below its 52-week high and 46% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at 10% fair-value upside, at −47%, 0NW4 screens richer than that median.
Fair Value models
Bear €67.51Fair Value €99.04Bull €136.41
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.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.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.69/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+1.8%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.1%
’17
’18
’19
’20
’21
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
20.8% (2017) → 16.7% (2021)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: no share-count history
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Software - Application · 684 stocks
Beats the industry median on 7/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score59 · Above median
Fair Value upside−53.7% · Below median
Profitability
Return on equity (TTM)18.3% · Top 25%
Return on assets9.5% · Top 25%
Net margin (TTM)20.4% · Top 25%
Operating margin (TTM)27.6% · Top 25%
Growth and dividend
Revenue growth9.4% · Above median
Dividend yield (TTM)1.3% · Below median
Balance sheet
Debt / equity0.28× · Highest 25%
Valuation Multiplesvs Software - Application median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "SAP SE Fair Value". https://www.fairvalue-calculator.com/stock/0NW4
Frequently asked questions
Is SAP SE (0NW4) overvalued or undervalued?
As of Sep 28, 2026, our model estimates a fair value of €99.04 versus a price of €187.70, about −47% upside (overvalued).
What is the fair value of 0NW4?
Our model-based fair value for SAP SE is €99.04 (as of Sep 28, 2026), built from audited fundamentals. The current price: €187.70.
What is the quality score of 0NW4?
SAP SE has a Quality Score of 59/100. 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 (0NW4)?
Our model-based price target is the fair value of €99.04 (as of Sep 28, 2026) from 23 valuation models. Cautious scenario €67.51, optimistic scenario €136.41. 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 €99.04, about −47% upside versus a price of €187.70 (overvalued). Cautious scenario €67.51, optimistic scenario €136.41. The calculation is refreshed regularly with new filings.
What is the revenue of SAP SE (0NW4)?
SAP SE reported trailing-twelve-month revenue of about €38.2B (latest available figure, as of Sep 28, 2026).
Does SAP SE pay a dividend?
SAP SE currently shows a dividend yield of about 1.33% relative to its recent price (as of Sep 28, 2026).
What is the intrinsic value of SAP SE (0NW4)?
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 €99.04 per share (as of Sep 28, 2026), against a price of €187.70. It is the blended result of 23 valuation models (cash flow, earnings, asset, dividend).
Is SAP SE stock overvalued or undervalued in 2026?
As of Sep 28, 2026, 0NW4 trades above its calculated fair value: price €187.70, fair value €99.04, a gap of about −47% (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 0NW4?
No. The price is what the market pays today (€187.70); the fair value is what the company's own numbers justify (€99.04). For SAP SE the two are €88.66 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 €137B (market capitalisation, as of Sep 28, 2026). Per share that is €187.70; our models calculate a fair value of €99.04 per share.
What do the bullish and bearish scenarios say about 0NW4?
Our models span a range for SAP SE: cautious scenario €67.51, base €99.04, optimistic €136.41 per share (as of Sep 28, 2026, price €187.70). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of SAP SE (0NW4)?
Balance-sheet figures for SAP SE (as of Sep 28, 2026): return on equity 18.3%, debt of 0.28 per unit of equity. They feed the Quality Score of 59/100, which measures business quality independently of the share price.
How far is 0NW4 from its 52-week high?
SAP SE trades at €187.70, about 21% below its 52-week high of €237.11 and 46% above the low of €128.51 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of €99.04 is for.
Which stocks are comparable to SAP SE?
From the same area (Technology) we also value Salesforce, Inc, Shopify Inc, ServiceNow, Inc, Uber Technologies, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is SAP SE stock attractive at the current price?
The data as of Sep 28, 2026: price €187.70, calculated fair value €99.04 (−47%), Quality Score 59/100, from 23 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 0NW4 calculated?
We run SAP SE through 23 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 €99.04, 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 (0NW4)?
The closing price on Oct 2, 2026 was €187.70. Our model-based fair value is €99.04, about −47% 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?
The price sits above even our optimistic bull case (€136.41). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (59/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (€67.51 to €136.41) leaves room in how you read the outcome.
Key figures of SAP SE
How large is the market capitalisation of SAP SE (0NW4)?
The market capitalisation of SAP SE is €137B. 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/S ratio of SAP SE (0NW4)?
The price-to-sales ratio of SAP SE is 3.58 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the dividend yield of SAP SE (0NW4)?
The dividend yield of SAP SE is 1.3%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of SAP SE (0NW4)?
The net margin of SAP SE is 18.9% (fiscal year 2021). 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 (0NW4)?
The return on equity (ROE) of SAP SE is 18.3% (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 (0NW4)?
On an EBIT basis the return on assets of SAP SE is 9.6% (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 (0NW4)?
The operating margin of SAP SE is 27.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at SAP SE (0NW4)?
Revenue at SAP SE is growing +9.4% versus a year earlier (3y avg +4.1%). 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 (0NW4)?
Earnings per share at SAP SE are growing +30.6% versus a year earlier. How much earnings per share grew versus a year earlier.
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