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SAP SE (SAPP34) fair value: what the stock is really worth

As of Oct 2, 2026: fair value of SAP SE BRL 57.46, price BRL 77.04, upside -25.4%, quality 82 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? Yes
  3. Add to watchlist

Technology · BR · Home Germany

SS SAP SE logo Some data Sep 29, 2026

SAP SE

SAPP34 · SA

Great Company, Expensive PriceHigh Quality, but the stock trades above estimated Fair Value.

!Fair value R$57.46 · Overvalued (−25.4%)
✓Quality 82/100
✓Healthy Growth (revenue 5y +6.1 %/yr)
✓Solidly profitable · 19.6% net margin (TTM)
✓Low debt · generates free cash flow
✓0.3% dividend yield · Well covered
!Mixed vs. peers (6/11)
✓Wide moat 74/100
!Insider activity 40/100
!Evidence only medium, so the estimate is less certain
!Weak on valuation: 25 out of 100
!Weak on dividend: 6 out of 100
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

R$1,395 R$16.40 Fair Value R$57.46 Jun 2021 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 29, 2026.

How to read this chart

60‑month range R$16.40 – R$1,395 · fair‑value band R$37.73 – R$82.40 · the R$77.04 price screens above the R$57.46 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 29, 2026.

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Company profile

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 (SAPP34) currently trades at R$77.04, while our model-based Fair Value estimate is R$57.46, 25.4% 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 R$63.29 per share, and 1 of the 26 models we run sit above the R$77.04 price.

Bear case: the Asset-Based group reads lowest at R$10.92, and 25 of the 26 models stay below the price. Evidence for this calculation is medium.

Scenario range: R$37.73 (bear) to R$82.40 (bull), the price of R$77.04 sits inside 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 82/100 (high quality), in the Technology sector.

Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.

SAP SE reported revenue of €36.8B in FY2025 versus €27.8B in FY2021, a compound +7.2%/yr. Reported net income was €7.2B in FY2025, compounding +8.0%/yr from FY2021.

Key figures

Market cap R$924B (≈ $177B) · P/E ratio 21.5 · P/S ratio 4.18 · EPS (TTM) R$36.79 · Dividend yield 0.3% · Net margin 19.5% · Return on equity 16.4% · Return on assets (EBIT) 8.3%.

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 13% below its 52-week high and 60% 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 −25%, SAPP34 screens richer than that median.

Fair Value models

Bear R$37.73 Fair Value R$57.46 Bull R$82.40
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 (R$25.93 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 R$40.41 R$62.19 R$95.47 79
Growth DCF R$41.08 R$60.34 R$87.97 78
Owner Earnings R$37.57 R$57.76 R$88.61 76
All 26 models by family
DCF Models
FCF DCF R$40.41 R$62.19 R$95.47 79
Owner Earnings R$37.57 R$57.76 R$88.61 76
5Y Revenue Exit R$34.92 R$53.90 R$77.94 72
5Y EBITDA Exit R$46.32 R$75.25 R$108.97 75
5Y P/E Exit R$46.93 R$76.39 R$107.29 70
10Y Revenue Exit R$35.56 R$53.38 R$77.01 66
10Y EBITDA Exit R$43.81 R$68.21 R$100.72 68
10Y P/E Exit R$44.20 R$69.00 R$99.44 63
Earnings-Based
Graham-Dodd R$17.80 R$55.64 R$74.02 64
Lynch FV R$12.13 R$17.33 R$22.52 61
PEG = 1.0 R$12.13 R$17.33 R$22.52 57
EPV R$30.14 R$34.91 R$39.09 74
Dividend Discount
Gordon GGM R$9.21 R$19.14 R$30.36 66
DDM Multi-Stage R$9.21 R$15.25 R$20.09 66
Multiples
P/E Multiple R$54.96 R$73.28 R$91.60 63
P/S Multiple R$33.37 R$44.49 R$55.62 58
P/B Multiple R$33.37 R$44.49 R$55.62 55
EV/EBIT R$64.74 R$85.83 R$106.92 66
EV/EBITDA R$55.39 R$73.36 R$91.34 67
EV/Revenue R$33.46 R$47.17 R$60.87 54
Asset-Based
NCAV (Graham) R$8.15 R$10.92 R$16.30 54
Growth DCF
Growth DCF R$41.08 R$60.34 R$87.97 78
Rev-Margin DCF R$34.92 R$54.05 R$76.11 72
Economic Profit
Residual Income R$17.13 R$21.79 R$32.76 75
ROIC Compounder R$32.21 R$40.38 R$49.91 72
Growth Earnings
Growth-Adj P/E R$44.30 R$63.29 R$82.27 67

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Quality Score breakdown

Overall quality 82/100

Of which business quality 79 · Market factors (momentum, volatility) 55

Profitability 62
Margins and returns on capital today
Quality Growth 76
Are margins and returns improving?
Cashflow 81
Earnings quality: real cash, not paper profit
Fin. Strength 86
Balance sheet, leverage, solvency risk
Investment 94
Disciplined investing over empire-building
Low Volatility 41
Calm price path (market factor)
Momentum 69
Price trend over the last 3–12 months (market factor)
52W Momentum 48
Distance to the 52-week high (market factor)
Net Issuance 83
Share count: buybacks or dilution?

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Revenue & earnings trend

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. 81/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+7.7%
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.
+6.0%
Revenue growth 5 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.
+6.1%
Start year 2020 (pandemic)
Revenue growth 9 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.
+5.8%
What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+7.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+7.1%
Dividend (yield on the price)0.3%
Profit margin 2020 to 2025 ⓘ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.24% → 26%
2025 sits 130% above its own trend. The rate follows the median trend of the last 5 years, not that single year.

SAPP34 screens overvalued: fair value 25% below the price. Compare with Salesforce, Inc →

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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 · 685 stocks

Beats the industry median on 6/11 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 82 · Top 25%
Fair Value upside −6.2% · Below median
Profitability
Return on equity (TTM) 16.4% · Top 25%
Return on assets 9.1% · Top 25%
Net margin (TTM) 19.6% · Top 25%
Operating margin (TTM) 30.0% · Top 25%
Growth and dividend
Revenue growth 6.0% · Below median
Dividend yield (TTM) 0.3% · Bottom 25%
Balance sheet
Debt / equity 0.09× · Above median

Valuation Multiplesvs Software - Application median · lower = cheaper

P/E (TTM) 21.5× · Cheaper than median
PEG 1.34× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)25 · sector 27
FUTURE (revenue growth)30 · sector 42
PAST (return on equity)65 · sector 15
HEALTH (low debt)95 · sector 97
DIVIDEND (yield)6 · sector 32

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Software - Application stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Salesforce, Inc CRM $229.57 $342.73 +49%
Shopify Inc SHOP $144.01 $64.36 −55%
ServiceNow, Inc NOW $134.01 $147.41 +10%
Uber Technologies, Inc UBER $69.36 $103.69 +49%
Snowflake Inc SNOW $330.31 $74.36 −77%
Automatic Data Processing, Inc ADP $261.80 $150.01 −43%
Adobe Inc ADBE $239.94 $454.04 +89%
Datadog, Inc DDOG $268.70 $32.52 −88%
Cadence Design Systems, Inc CDNS $326.70 $225.48 −31%
Intuit Inc INTU $268.03 $459.14 +71%

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SAP SE · Fair Value
R$57.46 −25%Fair Value
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Cite: Fair Value Calculator (2026). "SAP SE Fair Value". https://www.fairvalue-calculator.com/stock/SAPP34

Frequently asked questions

Is SAP SE (SAPP34) overvalued or undervalued?
As of Sep 29, 2026, our model estimates a fair value of R$57.46 versus a price of R$77.04, about −25% upside (overvalued).
What is the fair value of SAPP34?
Our model-based fair value for SAP SE is R$57.46 (as of Sep 29, 2026), built from audited fundamentals. The current price: R$77.04.
What is the quality score of SAPP34?
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 (SAPP34)?
Our model-based price target is the fair value of R$57.46 (as of Sep 29, 2026) from 26 valuation models. Cautious scenario R$37.73, optimistic scenario R$82.40. 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 R$57.46, about −25% upside versus a price of R$77.04 (overvalued). Cautious scenario R$37.73, optimistic scenario R$82.40. The calculation is refreshed regularly with new filings.
What is the revenue of SAP SE (SAPP34)?
SAP SE reported trailing-twelve-month revenue of about €37.3B (latest available figure, as of Sep 29, 2026).
Does SAP SE pay a dividend?
SAP SE currently shows a dividend yield of about 0.31% relative to its recent price (as of Sep 29, 2026).
What is the intrinsic value of SAP SE (SAPP34)?
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 R$57.46 per share (as of Sep 29, 2026), against a price of R$77.04. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is SAP SE stock overvalued or undervalued in 2026?
As of Sep 29, 2026, SAPP34 trades above its calculated fair value: price R$77.04, fair value R$57.46, a gap of about −25% (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 SAPP34?
No. The price is what the market pays today (R$77.04); the fair value is what the company's own numbers justify (R$57.46). For SAP SE the two are R$19.58 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 R$924B (market capitalisation, as of Sep 29, 2026). Per share that is R$77.04; our models calculate a fair value of R$57.46 per share.
What do the bullish and bearish scenarios say about SAPP34?
Our models span a range for SAP SE: cautious scenario R$37.73, base R$57.46, optimistic R$82.40 per share (as of Sep 29, 2026, price R$77.04). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of SAPP34?
SAP SE trades at a price-to-earnings ratio of 21.5 (as of Sep 29, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of R$57.46 is built from several models across several years. Other multiples: PEG 1.3.
What is the PEG ratio of SAPP34?
The PEG ratio of SAP SE is 1.34 (P/E divided by earnings growth, as of Sep 29, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of SAP SE (SAPP34)?
Balance-sheet figures for SAP SE (as of Sep 29, 2026): return on equity 16.4%, debt of 0.09 per unit of equity. They feed the Quality Score of 82/100, which measures business quality independently of the share price.
How far is SAPP34 from its 52-week high?
SAP SE trades at R$77.04, about 13% below its 52-week high of R$88.70 and 60% above the low of R$48.13 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of R$57.46 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 29, 2026: price R$77.04, calculated fair value R$57.46 (−25%), Quality Score 82/100, from 26 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 SAPP34 calculated?
We run SAP SE through 26 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 R$57.46, 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 (SAPP34)?
The closing price on Oct 2, 2026 was R$77.04. Our model-based fair value is R$57.46, about −25% 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. A fairly wide model range (R$37.73 to R$82.40) leaves room in how you read the outcome.

Key figures of SAP SE

How large is the market capitalisation of SAP SE (SAPP34)?
The market capitalisation of SAP SE is R$924B (≈ $177B). 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 (SAPP34)?
The price-to-sales ratio of SAP SE is 4.18 (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 (SAPP34)?
Earnings per share at SAP SE are R$36.79 (price ÷ EPS = P/E 21.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of SAP SE (SAPP34)?
The dividend yield of SAP SE is 0.3% (payout 0.6%). 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 (SAPP34)?
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 (SAPP34)?
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 (SAPP34)?
On an EBIT basis the return on assets of SAP SE is 8.3% (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 (SAPP34)?
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 (SAPP34)?
Revenue at SAP SE is growing +6.0% versus a year earlier (3y avg +6.0%). 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 (SAPP34)?
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 free cash flow does SAP SE (SAPP34) generate?
The free cash flow of SAP SE is €8.4B (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does SAP SE (SAPP34) 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.
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