Salesforce, Inc. vs SAP SE, two Software stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Salesforce carries 1.15 of debt to equity and a current ratio below 0.8; SAP carries no debt and a tidy balance. The looser sheet belongs to the cheaper stock: Salesforce trades at 18.4 times earnings with a 10.6% free-cash yield, numbers the market usually reserves for businesses in decline, while SAP commands 23.3 times with a 5.5% yield. The operating economics run close, margins of 21.1% and 26.1%, gross margins in the mid-70s both. Two enterprise-software estates, one priced as an ex-growth cash machine under an AI cloud, the other as a steady annuity mid-transition. The free-cash spread says the market's pessimism is being paid for its trouble.
Comparison updated 2026-07-10.
| Metric | CRM | SAP |
|---|---|---|
| Price | $158.37 | $155.23 |
| Market cap | $137.9B | $181.0B |
| Sector | Software | Software |
| Stage | Mature | Mature |
| Implied growth (priced in) | +2.8% | — |
| P/E | 18.4 | 23.3 |
| P/B | 4.03 | 3.69 |
| P/S | 3.22 | 4.52 |
| EV/EBITDA | 13.4 | 16.5 |
| Revenue growth | +10.9% | +8.1% |
| Gross margin | 76.9% | 72.9% |
| Operating margin | 21.1% | 26.1% |
| Net margin | 15.6% | 19.9% |
| Return on equity | 19.5% | 16.3% |
| Return on assets | 6.2% | 10.4% |
| Return on invested capital | 9.2% | 15.2% |
| FCF yield | 10.6% | 5.5% |
| Debt / equity | 1.15 | 0.00 |
| Current ratio | 0.79 | 1.16 |
| Altman Z (solvency) | 1.86 | 5.92 |
| Piotroski F (quality) | 6 / 9 | 7 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.