Financials SAP SE

Equities

SAP

DE0007164600

Software

Market Closed - Xetra Other stock markets 11:38:11 2026-01-22 am EST			After hours 02:58:51 pm
189.84 ^EUR	-0.63%		192.24	+1.26%

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Projected Income Statement: SAP SE

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	27,343	27,842	30,871	31,207	34,176	37,041	41,061	46,346
Change	-	1.82%	10.88%	1.09%	9.51%	8.38%	10.85%	12.87%
EBITDA ¹	10,114	10,005	9,929	10,094	9,433	11,491	13,251	15,340
Change	-	-1.08%	-0.76%	1.66%	-6.55%	21.82%	15.32%	15.77%
EBIT ¹	8,283	8,230	8,033	8,721	8,153	10,304	11,970	14,035
Change	-	-0.64%	-2.39%	8.56%	-6.51%	26.38%	16.17%	17.25%
Interest Paid ¹	597	2,191	-1,580	-493	100	-172	-140.5	-35
Earnings before Tax (EBT) ¹	7,218	6,850	3,092	5,292	4,764	10,071	11,654	13,871
Change	-	-5.1%	-54.86%	71.15%	-9.98%	111.41%	15.71%	19.03%
Net income ¹	5,280	5,383	1,714	3,564	3,124	7,077	7,982	9,465
Change	-	1.95%	-68.16%	107.93%	-12.35%	126.53%	12.8%	18.57%
Announcement Date	1/29/21	1/27/22	1/26/23	1/23/24	1/28/25	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3
Net sales ¹	7,541	6,350	6,669	6,845	7,981	7,077	7,517	7,841	8,436	7,441	7,554	7,744	8,468	8,041	8,288	8,470	9,377	9,013	9,027	9,076	9,754	9,733	9,957	10,201	10,862	10,906	11,157	11,434
Change	-	-15.79%	5.02%	2.64%	16.6%	-11.33%	6.22%	4.31%	7.59%	-11.79%	1.52%	2.52%	9.35%	-5.04%	3.07%	2.2%	10.71%	-3.88%	0.16%	0.54%	7.47%	-0.21%	2.3%	2.45%	6.48%	0.4%	2.3%	2.48%
EBITDA ¹	3,230	2,177	2,357	2,539	2,935	2,137	2,153	2,586	3,052	2,240	2,407	2,606	2,841	1,846	2,253	2,561	2,773	2,682	2,887	2,884	2,942	2,939	3,096	3,341	3,641	3,287	3,435	4,051
Change	-	-32.6%	8.27%	7.72%	15.6%	-27.19%	0.75%	20.11%	18.02%	-26.61%	7.46%	8.27%	9.02%	-35.02%	22.05%	13.67%	8.28%	-3.28%	7.64%	-0.1%	2.01%	-0.1%	5.32%	7.91%	8.98%	-9.71%	4.51%	17.91%
EBIT ¹	2,768	1,741	1,922	2,100	2,468	1,677	1,680	2,094	2,581	1,875	2,058	2,278	2,510	1,533	1,940	2,244	2,436	2,455	2,568	2,566	2,754	2,720	2,852	2,958	3,276	3,208	3,289	3,494
Change	-	-37.1%	10.4%	9.26%	17.52%	-32.05%	0.18%	24.64%	23.26%	-27.35%	9.76%	10.69%	10.18%	-38.92%	26.55%	15.67%	8.56%	0.78%	4.6%	-0.08%	7.34%	-1.26%	4.87%	3.7%	10.78%	-2.09%	2.53%	6.24%
Charge d'intérêts ¹	49	315	853	484	494	-56	-118	-389	-948	-112	-175	-75	-140	-193	-242	-1	-	-73	46	212	-57	-52	-41	-30	-19	-	-	-
Earnings before Tax (EBT) ¹	2,705	1,337	1,804	1,749	1,960	945	538	850	759	677	1,093	1,761	1,761	-980	1,387	2,151	2,207	2,468	2,502	2,745	2,567	2,602	2,708	2,744	3,165	3,306	3,159	3,086
Change	-	-50.57%	34.93%	-3.05%	12.06%	-51.79%	-43.07%	57.99%	-10.71%	-10.8%	61.45%	61.12%	0%	-155.65%	241.53%	55.08%	2.6%	11.83%	1.38%	9.71%	-6.47%	1.36%	4.07%	1.3%	15.37%	4.44%	-4.45%	-2.31%
Net income ¹	1,932	1,040	1,356	1,420	1,447	632	203	547	332	407	728	1,272	1,185	-828	888	1,463	1,601	1,780	1,697	2,051	1,605	1,738	1,834	1,921	2,140	2,046	2,068	2,231
Change	-	-46.17%	30.38%	4.72%	1.9%	-56.32%	-67.88%	169.46%	-39.31%	22.59%	78.87%	74.73%	-6.84%	-169.87%	207.25%	64.75%	9.43%	11.18%	-4.66%	20.86%	-21.74%	8.27%	5.55%	4.74%	11.37%	-4.36%	1.03%	7.89%
Announcement Date	1/29/21	4/22/21	7/21/21	10/12/21	1/27/22	4/22/22	7/21/22	10/25/22	1/26/23	4/21/23	7/20/23	10/18/23	1/23/24	4/22/24	7/22/24	10/21/24	1/28/25	4/22/25	7/22/25	10/22/25	-	-	-	-	-	-	-	-

¹EUR in Million

Estimates

Forecast Balance Sheet: SAP SE

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	9,008	3,914	4,509	-1,792	-1,695	-3,914	-9,368	-15,754
Change	-	-56.55%	15.2%	-139.74%	5.41%	-130.91%	-139.35%	-68.17%
Announcement Date	1/29/21	1/27/22	1/26/23	1/23/24	1/28/25	-	-	-

¹EUR in Million

Estimates

Cash Flow Forecast: SAP SE

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	816	825	874	785	797	809.1	1,012	1,126
Change	-	1.1%	5.94%	-10.18%	1.53%	1.51%	25.14%	11.21%
Free Cash Flow (FCF) ¹	6,000	5,010	4,348	5,530	4,113	8,177	9,489	11,154
Change	-	-16.5%	-13.21%	27.18%	-25.62%	98.8%	16.05%	17.55%
Announcement Date	1/29/21	1/27/22	1/26/23	1/23/24	1/28/25	-	-	-

¹EUR in Million

Estimates

Forecast Financial Ratios: SAP SE

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	36.99%	35.93%	32.16%	32.35%	27.6%	31.02%	32.27%	33.1%
EBIT Margin (%)	30.29%	29.56%	26.02%	27.95%	23.86%	27.82%	29.15%	30.28%
EBT Margin (%)	26.4%	24.6%	10.02%	16.96%	13.94%	27.19%	28.38%	29.93%
Net margin (%)	19.31%	19.33%	5.55%	11.42%	9.14%	19.1%	19.44%	20.42%
FCF margin (%)	21.94%	17.99%	14.08%	17.72%	12.03%	22.07%	23.11%	24.07%
FCF / Net Income (%)	113.64%	93.07%	253.68%	155.16%	131.66%	115.54%	118.88%	117.85%
Profitability
ROA	10.77%	12.87%	6.35%	8.32%	7.42%	10.18%	11.03%	11.92%
ROE	21.14%	24.3%	11.52%	14.03%	11.93%	15.92%	17.23%	18.65%
Financial Health
Leverage (Debt/EBITDA)	0.89x	0.39x	0.45x	-	-	-	-	-
Debt / Free cash flow	1.5x	0.78x	1.04x	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	2.98%	2.96%	2.83%	2.52%	2.33%	2.18%	2.47%	2.43%
CAPEX / EBITDA (%)	8.07%	8.25%	8.8%	7.78%	8.45%	7.04%	7.64%	7.34%
CAPEX / FCF (%)	13.6%	16.47%	20.1%	14.2%	19.38%	9.89%	10.67%	10.09%
Items per share
Cash flow per share ¹	6.085	5.261	4.805	5.352	4.477	7.901	8.929	10.56
Change	-	-13.55%	-8.67%	11.38%	-16.35%	76.5%	13%	18.26%
Dividend per Share ¹	1.85	1.95	2.05	2.2	2.35	2.458	2.693	3.069
Change	-	5.41%	5.13%	7.32%	6.82%	4.58%	9.58%	13.97%
Book Value Per Share ¹	25.14	33.02	34.3	36.95	38.97	39.56	43.54	48.59
Change	-	31.34%	3.9%	7.7%	5.48%	1.52%	10.05%	11.6%
EPS ¹	4.35	4.46	1.96	3.05	2.65	6.054	6.843	8.214
Change	-	2.53%	-56.05%	55.61%	-13.11%	128.46%	13.03%	20.03%
Nbr of stocks (in thousands)	1,190,824	1,179,579	1,164,814	1,164,184	1,163,363	1,164,600	1,164,600	1,164,600
Announcement Date	1/29/21	1/27/22	1/26/23	1/23/24	1/28/25	-	-	-