SAP changes
Pick any two versions below to diff them.
- Price
- $210.68 → $208.48(−1.0%)
- Discount
- 30.2% → 31.0%(+0.7 pts)
- Balance sheet
- SAP reports in euros and has more cash than debt. At June 30, 2026, group liquidity was €11.4 billion against financial debt of €8.6 billion, so net liquidity was €2.9 billion. The debt is almost all Eurobonds (nominal €8.05 billion), plus €500 million of commercial paper. €1.5 billion is due within 12 months, and SAP has no bank loans. This debt does not include leases of €1.7 billion. In the first half of 2026, SAP repaid €1.1 billion of bonds. In May, it issued €3.5 billion of new Eurobonds with tenors of two to seven years. It also drew and repaid €1.0 billion from a €2.0 billion bridge facility. Net interest paid was only €141 million in the first half of 2026, against IFRS operating profit of €5.4 billion. Free cash flow was €6.25 billion, helped by customers who pay cloud contracts in advance. Moody's rates SAP A1 and S&P rates it A+, both with stable outlooks (as stated by SAP in May 2026). Goodwill of €30.4 billion is the largest asset. Net liquidity fell from €3.4 billion at the end of 2025. SAP spent €2.6 billion on buybacks, €2.9 billion on dividends and €1.0 billion on acquisitions. In July 2026, it paid about €0.5 billion more in cash for Dremio. The balance sheet gives room to continue the €10 billion buyback program to the end of 2027. It also gives room for more small AI acquisitions without much new debt. As of 2026-06-30.
- Checkpoints
- Oct 21, 2026: Q3 2026 results: cloud growth and cloud backlog. Pending. Watch: Cloud revenue growth near 24% at constant currency and current cloud backlog growth near 25% or more pass; a clear slowdown in backlog growth or lower cloud guidance fails. Jan 2027 (estimate): Full-year 2026 results and 2027 outlook. Pending. Watch: A 2027 outlook with cloud growth that stays above 20% and growing AI revenue passes; lower cloud guidance tied to fewer user seats fails. Dec 31, 2027: End of mainstream maintenance for SAP ECC customers. Pending. Watch: Most large legacy customers that sign cloud contracts with SAP before this date pass; many customers that move to third-party support or rivals fail.