- Price
- $210.46 → $214.78(+2.1%)
- Discount
- 30.3% → 28.9%(−1.4 pts)
- Balance sheet
- Cash: €11.4B
Debt: €8.6B
Net cash: €2.9B
Interest cover: 38×
Debt due within 12 months: €1.5B
Ratings: Moody's A1 (stable outlook), S&P A+ (stable outlook)
SAP reports in euros and has more cash than debt. At June 30, 2026, group liquidity was €11.4 billion against financialIts 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. ThisCash is group liquidity, and 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. NetInterest cover uses net interest paid wasof only €141 million in the first half of 2026, against IFRS operating profit of €5.4 billion in the first half of 2026. 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 (The ratings are 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.