Oracle Corporation vs SAP SE, two Software stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Oracle and SAP are the last two empires of old enterprise software, and they have chosen different second acts: Oracle is borrowing its way into the AI-infrastructure buildout, capex swinging its free-cash yield to negative 5.5%, while SAP farms its applications estate debt-free and yields a positive 5.5%, a clean eleven-point spread in cash posture between two companies priced within two multiple turns, 25.5 and 23.3 times. Oracle's operating margin still leads, 32% against 26.1%, and its 33.8% return on equity flatters against SAP's 16.3% (Oracle's equity is buyback-thinned; the 5.6% return on assets against SAP's 10.4% reverses the ranking). The pair prices a fork in strategy: one estate spending like a challenger, one harvesting like an incumbent, the market charging almost the same for both tickets.
Comparison updated 2026-07-10.
| Metric | ORCL | SAP |
|---|---|---|
| Price | $148.35 | $155.23 |
| Market cap | $432.0B | $181.0B |
| Sector | Software | Software |
| Stage | Growth | Mature |
| Implied growth (priced in) | +24.7% | — |
| P/E | 25.4 | 23.3 |
| P/B | 10.03 | 3.69 |
| P/S | 6.41 | 4.52 |
| EV/EBITDA | 18.6 | 16.5 |
| Revenue growth | +17.2% | +8.1% |
| Gross margin | — | 72.9% |
| Operating margin | 32.0% | 26.1% |
| Net margin | 21.6% | 19.9% |
| Return on equity | 33.8% | 16.3% |
| Return on assets | 5.5% | 10.4% |
| Return on invested capital | 32.4% | 15.2% |
| FCF yield | -5.5% | 5.5% |
| Dividend yield | 1.4% | — |
| Debt / equity | 0.17 | 0.00 |
| Current ratio | 1.12 | 1.16 |
| Altman Z (solvency) | 6.33 | 5.92 |
| Piotroski F (quality) | 7 / 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.