Sap Se (SAP) intrinsic value & 10-year financials
Sap Se (SAP) has a Graham intrinsic value of €128.94 per share. Over the last 10 fiscal years revenue grew 5.8% a year to €36.8B, with an average return on invested capital of 11.0%.
- Graham intrinsic value
- €128.94
- Revenue (FY2025)
- €36.8B
- Revenue growth (10-yr CAGR)
- 5.8%
- ROIC (10-yr avg)
- 11.0%
- Free cash flow (FY2025)
- —
SAP 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | €36.8B | €7.3B | €6.10 | — | 26.1% | 15.5% |
| FY2024 | €34.2B | €3.1B | €2.65 | — | 13.6% | 7.0% |
| FY2023 | €31.2B | €6.0B | €5.20 | — | 18.5% | 10.1% |
| FY2022 | €30.9B | €1.7B | €1.94 | — | 15.1% | 5.7% |
| FY2021 | €27.8B | €5.4B | €4.46 | — | 16.7% | 8.7% |
| FY2020 | €27.3B | €5.3B | €4.35 | — | 24.2% | 12.6% |
| FY2019 | €27.6B | €3.4B | €2.78 | — | 16.2% | 9.3% |
| FY2018 | €24.7B | €4.1B | €3.42 | — | 23.1% | 14.0% |
| FY2017 | €23.5B | €4.1B | €3.35 | — | 20.8% | 13.8% |
| FY2016 | €22.1B | €3.6B | €3.04 | — | 23.3% | 13.2% |
Source: annual 10-K filings on SEC EDGAR. Figures in EUR.
Executive summary
SAP SE has demonstrated mature, steady growth, with revenue compounding at 5.8% annually over the past decade.
SAP SE returns on capital have been average, hovering around 11.0% ROIC over the decade.
SAP SE has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, SAP SE is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $128.94 per share.