SAP SE vs Shopify Inc., two Software stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
The defining number is 114.4, Shopify's multiple, sitting five times above SAP's 23.3 for membership in the same software sector. The premium is a growth claim the trailing lines only hint at: Shopify's 12.1% operating margin is commerce infrastructure still scaling, SAP's 26.1% is an applications estate fully built. SAP converts 5.5% of its price into free cash, four times Shopify's 1.4%. Both are debt-free; Shopify's 6.2 current ratio is a cash pile against ambition. Returns on assets nearly tie, 9.4% and 10.4%, which is the quiet surprise: the mature estate and the growth story currently extract similar value from what they hold. The multiple gap is entirely about what happens next.
Comparison updated 2026-07-10.
| Metric | SAP | SHOP |
|---|---|---|
| Price | $155.23 | $116.68 |
| Market cap | $181.0B | $152.1B |
| Sector | Software | Software |
| Stage | Mature | Growth |
| P/E | 23.3 | 114.4 |
| P/B | 3.69 | 12.17 |
| P/S | 4.52 | 12.30 |
| EV/EBITDA | 16.5 | 89.6 |
| Revenue growth | +8.1% | +31.9% |
| Gross margin | 72.9% | 48.8% |
| Operating margin | 26.1% | 12.1% |
| Net margin | 19.9% | 10.8% |
| Return on equity | 16.3% | 10.7% |
| Return on assets | 10.4% | 9.4% |
| Return on invested capital | 15.2% | 10.4% |
| FCF yield | 5.5% | 1.4% |
| Debt / equity | 0.00 | 0.00 |
| Current ratio | 1.16 | 6.20 |
| Altman Z (solvency) | 5.92 | 7.80 |
| Piotroski F (quality) | 7 / 9 | 6 / 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.