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SAP

SAP SE

Technology · $244.0B market cap

Verdict

Share price

$208.57

close of Oct 3, 2026

Fair value

$182.45

Sticker Price

Payback Price

$72.98

buy price

Overpriced

SAP is Overpriced: at $208.57 it trades 14% above its fair value of $182.45. Its buy price (Payback Price) is $72.98, 65% below today's price. Business quality is limited: only 1 of 5 key numbers clears the 10% bar.

How we valued it

Free Cash Flow. Sales grew 8% a year over the last 3 years, below the 15% we look for in a fast grower, so we value it on its free cash flow instead of an earnings forecast.

Business quality

1 of 5 clear the 10% bar. What are the Big Five?

Earnings per share growth7.1% a year✗
Equity per share growth12.3% a year✓
Sales growth7.4% a year✗
Free cash flow growth6.7% a year✗
Return on invested capital8.1%✗

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Superinvestors

6 of the investors we track hold SAP. In Q2 2026, 2 opened a position, 3 added and 1 trimmed. Who we track

Ruane Cunniff LP

Ruane Cunniff LP · as of Q2 2026

$190.6M

1,236,546 shares

Sarah Ketterer

Causeway Capital Management · as of Q2 2026

$97.1M

629,801 shares

First Pacific Advisors

First Pacific Advisors · as of Q2 2026

$85.6M

555,426 shares

Polen Capital Management

Polen Capital Management · as of Q2 2026

$4.4M

28,773 shares

Richard Pzena

Pzena Investment Management · as of Q2 2026

$1.0M

6,554 shares

Show all 6 holders

Bill Nygren

Oakmark Funds · as of Q2 2026

$258K

1,673 shares

Moves in Q2 2026

New position: First Pacific Advisors, Richard Pzena

Added: Ruane Cunniff LP, Bill Nygren, Sarah Ketterer

Trimmed: Polen Capital Management

About SAP SE

SAP SE, founded in Walldorf, Germany, in 1972, is a global provider of diverse software applications, technology, and services. The company's core enterprise resource planning (ERP) platform, SAP S/4HANA, offers robust functionalities for finance, risk management, project execution, procurement, manufacturing, supply chain optimization, asset management, and research and development. For human resources, SAP…

Software - Application

Fair value and Payback Price are estimates from the company's reported financials, not investment advice. Prices as of the close of Oct 3, 2026. How the Payback Price works