SAP

Key Takeaways

- The decisive number is the cloud backlog: current cloud backlog reached about EUR 21.9 billion, up 25% at constant currencies, which is the contracted, recurring revenue that converts the elevated multiple from a hope into a schedule. - At about $155.41 the ADR trades near 32x company-wide operating income, a multiple only the relative-multiple and growth-DCF families reach. Asset and earnings-power methods, which ignore the recurring backlog, mark fair value far lower. - The cloud transition

Institutional ownership

834 institutional managers reported holding SAP in 13F filings for the quarter ended 2026-03-31. Together they hold about 7% of the company; the top 10 hold 4%. 86 opened new positions that quarter. Held by Fisher Investments, FMR (Fidelity), D. E. Shaw, among others. On the short side, 10.3M shares were sold short as of the 2026-06-15 count, about 0.9% of shares outstanding (3.1 days of typical volume to cover).

Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.

Capital returns

SAP has cut its share count 1.2% over the past five years. It pays a dividend, and has paid one every year in our records (11 and counting), raised 2 years straight. Cash returned over the past three years: $8.40B in dividends.

Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.

Compare SAP

APP vs SAPCDNS vs SAPCRM vs SAPGOOGL vs SAPMETA vs SAPMSFT vs SAP