SAP SE

Name: SAP SE financial statements and ratios
Creator: Annalist

SAP · NYSE · Technology, software · Germany · IFRS · Fiscal year ends December

Latest report: FY2025, the fiscal year ended 31 December 2025, released 26 February 2026. Snapshot FY2025_40659a58.

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Overview

Revenue, fiscal year

+7.7% year on year

Operating profit, fiscal year

+106% year on year

Net income, fiscal year

+129% year on year

Diluted EPS, fiscal year

+130% year on year

Operating margin, fiscal year

+12.5pp year on year

Return on equity, fiscal year

+8.9pp year on year

Select a figure to see the document it came from.

Key Findings

Findings for the latest fiscal year, with their history over earlier years.

Revenue for the fiscal year ended 31 December 2025 was €36.8 billion, 7.7% higher than in the previous fiscal year.
Weakenedin FY2025 · stated since FY20237.7% from 9.5% in FY2024
Rule: Revenue against the previous fiscal year · Sources 20-F 2025-12
History of this finding, 3 records
1. FY2025 WeakenedRevenue for the fiscal year ended 31 December 2025 was €36.8 billion, 7.7% higher than in the previous fiscal year.Recorded from FY2025_40659a58 · data update
2. FY2024 StrengthenedRevenue for the fiscal year ended 31 December 2024 was €34.2 billion, 9.5% higher than in the previous fiscal year.Reconstructed · data update
3. FY2023 NewRevenue for the fiscal year ended 31 December 2023 was €31.2 billion, 5.7% higher than in the previous fiscal year.Reconstructed · initial
Net income attributable to the company for fiscal 2025 was €7.2 billion, 129.2% higher than in the previous fiscal year.
Newin FY2025 · first stated
Rule: Net income against the previous fiscal year · Sources 20-F 2025-12
History of this finding, 5 records
1. FY2025 NewNet income attributable to the company for fiscal 2025 was €7.2 billion, 129.2% higher than in the previous fiscal year.Recorded from FY2025_40659a58 · data update
2. FY2025 RetiredThe finding changed to higher than a year earlier.Recorded from FY2025_40659a58 · data update
3. FY2024 NewNet income attributable to the company for fiscal 2024 was €3.1 billion, 49.1% lower than in the previous fiscal year.Reconstructed · data update
4. FY2024 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
5. FY2023 NewNet income attributable to the company for fiscal 2023 was €6.1 billion, 168.8% higher than in the previous fiscal year.Reconstructed · initial
The operating margin for fiscal 2025 was 26.1%, 12.5 percentage points higher than a year earlier.
Newin FY2025 · first stated
Rule: Operating margin against a year earlier · Sources 20-F 2025-12
History of this finding, 4 records
1. FY2025 NewThe operating margin for fiscal 2025 was 26.1%, 12.5 percentage points higher than a year earlier.Recorded from FY2025_40659a58 · data update
2. FY2025 RetiredThe finding changed to higher than a year earlier.Recorded from FY2025_40659a58 · data update
3. FY2024 StrengthenedThe operating margin for fiscal 2024 was 13.6%, 4.9 percentage points lower than a year earlier.Reconstructed · data update
4. FY2023 NewThe operating margin for fiscal 2023 was 18.6%, 1.5 percentage points lower than a year earlier.Reconstructed · initial
Return on equity for fiscal 2025 was 15.9%, against 7.1% a year earlier.
Newin FY2025 · first stated
Rule: Return on equity against a year earlier · Sources 20-F 2025-12, 20-F 2024-12
History of this finding, 5 records
1. FY2025 NewReturn on equity for fiscal 2025 was 15.9%, against 7.1% a year earlier.Recorded from FY2025_40659a58 · data update
2. FY2025 RetiredThe finding changed to higher than a year earlier.Recorded from FY2025_40659a58 · data update
3. FY2024 NewReturn on equity for fiscal 2024 was 7.1%, against 14.7% a year earlier.Reconstructed · data update
4. FY2024 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
5. FY2023 NewReturn on equity for fiscal 2023 was 14.7%, against 5.8% a year earlier.Reconstructed · initial
Cash and short-term investments exceeded total debt by €386 million at 31 December 2025.
Newin FY2025 · first stated
Rule: Net debt or net cash · Sources 20-F 2025-12
History of this finding, 4 records
1. FY2025 NewCash and short-term investments exceeded total debt by €386 million at 31 December 2025.Recorded from FY2025_40659a58 · data update
2. FY2025 RetiredThe finding changed to net cash.Recorded from FY2025_40659a58 · data update
3. FY2024 StrengthenedNet debt was €1.5 billion at 31 December 2024, 0.3 times EBITDA for fiscal 2024.Reconstructed · data update
4. FY2023 NewNet debt was €1.3 billion at 31 December 2023, 0.2 times EBITDA for fiscal 2023.Reconstructed · initial

Records before FY2025 are reconstructed from the latest snapshot. Ledger: findings.json.

Credit, liquidity, earnings quality and score findings: Analysis.

Data

Source documents5 documents, latest 20-F for the year to 31 December 2025List

DownloadsExcel workbook · JSON · Brief for AI

SnapshotFY2025_40659a58

Corporate Events

Corporate events are listed for companies whose figures come from 10-K and 10-Q filings; none are listed for this company.

Earnings, Returns and Balance Sheet

Revenue

By fiscal year, euros

Operating Profit

By fiscal year, euros

Profit Attributable to Owners of the Parent

By fiscal year, euros

Margins

By fiscal year, per cent

Returns

By fiscal year, per cent

Net Debt

Total debt less cash and short-term investments, at fiscal year end, euros

Diluted Earnings per Share

By fiscal year, as reported

Financial Statements

Figures as filed. Select a figure for its source document and method; a small d marks a figure derived from other figures of the same report.

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Ratios

Select a ratio for its formula and the figures it uses, each with its document; (i) gives its definition.

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Analysis

Credit update

FY2025

20-F for the year to 31 December 2025, filed 26 February 2026. Changes are against the previous report, and each figure shows its period.

0changes0thresholds crossed

Changes in This Report 0

No finding changed its state in the latest report.

Thresholds Crossed 0

No published finding crosses a threshold.

Fiscal years, with balances at each fiscal year end. Select a value for its formula and the figures it uses.

Credit MetricsDebt to EBITDA 0.62x, FFO to debt 126% · FY2025

Lease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

Lease-adjusted debt was 0.6 times adjusted EBITDA for fiscal 2025, and funds from operations equalled 125.7% of that debt. Both ratios are within the minimal band of the S&P standard volatility table.
Interpretation. Debt to EBITDA shows how many years of EBITDA the debt equals, and FFO to debt the share of the debt that 1 year of cash flow after interest and taxes would repay. The S&P table sorts both into 6 bands; the minimal band is number 1 of 6, and a higher number means more debt against earnings.
Confirmedin FY2025 · stated since FY20230.62x from 1.33x in FY2024
Rule: Debt against the S&P benchmark bands · Sources 20-F 2025-12
History of this finding, 3 records
1. FY2025 ConfirmedLease-adjusted debt was 0.6 times adjusted EBITDA for fiscal 2025, and funds from operations equalled 125.7% of that debt. Both ratios are within the minimal band of the S&P standard volatility table.Recorded from FY2025_40659a58 · data update
2. FY2024 ConfirmedLease-adjusted debt was 1.3 times adjusted EBITDA for fiscal 2024, and funds from operations equalled 49.6% of that debt. Debt to EBITDA is within the minimal band of the S&P standard volatility table and FFO to debt within the modest band.Reconstructed · data update
3. FY2023 NewLease-adjusted debt was 1.0 times adjusted EBITDA for fiscal 2023, and funds from operations equalled 72.9% of that debt. Both ratios are within the minimal band of the S&P standard volatility table.Reconstructed · initial

Position in the S&P Standard Volatility Table, Fiscal 2025

S&P sorts companies into 6 bands by debt against earnings and cash flow, from the least debt to the most.

Debt equals 0.6 years of adjusted EBITDA; a year of funds from operations equals 125.7% of it.

Band	Minimal	Modest	Intermediate	Significant	Aggressive	Highly leveraged
Debt to EBITDA	0.62xbelow 1.5x	1.5x to 2x	2x to 3x	3x to 4x	4x to 5x	5x and above
FFO to debt	126%60% and above	45% to 60%	30% to 45%	20% to 30%	12% to 20%	below 12%

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Lease-adjusted debtBorrowings plus the obligations of long-term leases, such as rents of stores, offices and warehouses, which credit analysts count as debt.Total debt: borrowings + lease liabilities, or the lines that present them together; IFRS 16 puts every lease on the balance sheet
Adjusted EBITDAOperating profit before depreciation, amortisation, the impairment reported with them and pay in shares: the earnings that credit analysts set against debt.EBIT + depreciation and amortisation, with the impairment that the company reports together with them, + share-based payments; depreciation includes that of right-of-use assets, so no lease cost is added
Funds from operationsAdjusted EBITDA less interest and tax paid in cash: the cash the business produces each year for investment, dividends and debt repayment.Adjusted EBITDA - cash interest - cash taxes; cash interest includes the interest on lease liabilities
Debt to EBITDALease-adjusted debt measured in years of adjusted EBITDA. A figure of 3 means debt equals 3 years of those earnings; a lower figure means less debt against earnings.Lease-adjusted debt / adjusted EBITDA	modest	modest	minimal	minimal	minimal
FFO to debtFunds from operations as a share of lease-adjusted debt. A figure of 25% means a year of those funds equals a quarter of the debt; a higher figure means less debt.Funds from operations / lease-adjusted debt	modest	modest	minimal	modest	minimal
Net debt to adjusted EBITDADebt to EBITDA after cash and short-term investments are set against the debt.(Lease-adjusted debt - cash - short-term investments) / adjusted EBITDA
Operating cash flow to debtOperating cash flow after interest paid, as a share of debt with lease liabilities. A higher share means the debt could be repaid sooner from operating cash.Operating cash flow after interest paid / lease-adjusted debt; interest paid that the company classifies as financing activities is deducted
Retained cash flow to net debtFunds from operations left after dividends, as a share of debt net of cash.(FFO - dividends) / (lease-adjusted debt - cash - short-term investments)					n/a
FFO cash interest coverThe number of times cash earnings cover cash interest, lease interest included.(FFO + cash interest) / cash interest; cash interest includes the interest on lease liabilities
EBITDA interest coverThe number of times adjusted EBITDA covers interest, lease interest included.Adjusted EBITDA / finance costs, which include the interest on lease liabilities
Liquid assets to debtCash and short-term investments as a share of lease-adjusted debt: the part of the debt that cash on hand could repay at once.(Cash + short-term investments) / lease-adjusted debt

Reconciliation of the Credit Figures

Item	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Borrowings	€13.1bn	€11.8bn	€7.8bn	€9.4bn	€6.2bn
Lease liabilities	€2.1bn	€2.1bn	€1.6bn	€1.7bn	€1.7bn
Borrowings and lease liabilities presented as one line	€0	€0	€0	€0	€0
Lease-adjusted debt	€15.2bn	€13.9bn	€9.4bn	€11.1bn	€7.8bn
EBIT	€6.3bn	€5.9bn	€5.8bn	€4.7bn	€9.6bn
Depreciation and amortisation, with the impairment reported with them	€1.5bn	€1.6bn	€1.4bn	€1.3bn	€1.3bn
Share-based payments	€1.3bn	€1.4bn	€2.2bn	€2.4bn	€1.7bn
Adjusted EBITDA	€9.2bn	€8.9bn	€9.4bn	€8.3bn	€12.6bn
Cash interest	−€198m	−€244m	−€393m	−€550m	−€574m
Cash taxes	−€2.0bn	−€1.6bn	−€2.2bn	−€2.3bn	−€2.2bn
Funds from operations	€6.9bn	€7.0bn	€6.8bn	€5.5bn	€9.9bn

Method

Total debt is borrowings and lease liabilities, current and non-current, before the deduction of cash. Under IFRS 16 every lease is on the balance sheet, depreciation includes that of right-of-use assets and finance costs include the interest on lease liabilities, so no lease cost or lease interest is added.
Adjusted EBITDA adds share-based payments, and the impairment that the company reports with depreciation and amortisation, to EBIT and depreciation and amortisation. FFO deducts cash interest and cash taxes.
S&P applies its table to its own adjusted figures, which also deduct surplus cash and adjust for pensions and other items, so the band of an S&P calculation can differ.

Liquidity and MaturitiesCash and operating cash flow against debt due within 12 months, capital expenditure and dividends.

Cash and operating cash flow against debt due within 12 months, capital expenditure and dividends.

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Debt due within 12 monthsBorrowings and lease liabilities due within the next 12 months, which the company must repay or refinance.Current borrowings + current lease liabilities, or the current line that presents them together

Method

Debt due within 12 months is current borrowings and current lease liabilities.
Capital expenditure and dividends of the fiscal year are taken as those of the next 12 months. Undrawn credit facilities are not included.

Earnings QualityCash-flow accruals −2.8%, Operating cash flow to EBITDA 0.84x · FY2025

Accruals and the cash backing of reported earnings.

Operating cash flow for fiscal 2025 exceeded net income attributable to the company by an amount equal to 2.8% of average total assets.
Interpretation. The profit came in as cash: operating cash flow was larger than net income. Profit backed by cash tends to repeat more than profit made of accounting entries (Sloan, 1996).
Confirmedin FY2025 · stated since FY2023−2.8% from −2.9% in FY2024
Rule: Cash backing of earnings · Sources 20-F 2025-12
History of this finding, 3 records
1. FY2025 ConfirmedOperating cash flow for fiscal 2025 exceeded net income attributable to the company by an amount equal to 2.8% of average total assets.Recorded from FY2025_40659a58 · data update
2. FY2024 StrengthenedOperating cash flow for fiscal 2024 exceeded net income attributable to the company by an amount equal to 2.9% of average total assets.Reconstructed · data update
3. FY2023 NewOperating cash flow for fiscal 2023 exceeded net income attributable to the company by an amount equal to 0.2% of average total assets.Reconstructed · initial

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Cash-flow accrualsNet income less operating cash flow, against average assets: the part of profit not received in cash in the same period. Research associates high accruals with lower earnings in later years; a negative figure means cash exceeded profit.(Net income attributable to the company - operating cash flow) / average total assets
Balance sheet accrualsThe same gap between profit and cash, measured from the changes in the balance sheet (Sloan, 1996).[(Change in current assets - change in cash) - (change in current liabilities - change in short-term debt - change in taxes payable) - depreciation and amortisation] / average total assets (Sloan, 1996)
Total accrualsAccruals that also cover long-term operating and financial assets and liabilities (Richardson, Sloan, Soliman and Tuna, 2005). Acquisitions raise the figure.Change in net operating working capital, net non-current operating assets and net financial assets / average total assets (Richardson, Sloan, Soliman and Tuna, 2005)
Operating cash flow to EBITDAOperating cash flow against EBITDA: the part of operating profit before depreciation that turns into cash after interest, tax and changes in stock, receivables and payables.Operating cash flow / (operating income + depreciation and amortisation)

Method

Cash-flow accruals are net income attributable to the company less operating cash flow, over average total assets. Balance sheet accruals follow Sloan (1996) and total accruals Richardson, Sloan, Soliman and Tuna (2005).
Balance sheet and total accruals include the assets and liabilities that acquisitions bring in and disposals take out; cash-flow accruals exclude them.

Forensic and Distress ScoresAltman Z'' 5.25, Beneish −2.53 · Piotroski 7 of 9 · FY2025

Published distress and misstatement models, with their original coefficients and thresholds.

The Altman Z'' score for fiscal 2025 was 5.25, above the safe threshold of 2.60.
Interpretation. By this model, the balance sheet and earnings look like those of companies that did not go bankrupt in its original study: above 2.60 means safe, below 1.10 distress.
Strengthenedin FY2025 · stated since FY20235.25 from 4.20 in FY2024
Rule: Altman Z'' zone · Sources 20-F 2025-12
History of this finding, 3 records
1. FY2025 StrengthenedThe Altman Z'' score for fiscal 2025 was 5.25, above the safe threshold of 2.60.Recorded from FY2025_40659a58 · data update
2. FY2024 WeakenedThe Altman Z'' score for fiscal 2024 was 4.20, above the safe threshold of 2.60.Reconstructed · data update
3. FY2023 NewThe Altman Z'' score for fiscal 2023 was 4.99, above the safe threshold of 2.60.Reconstructed · initial
The Beneish M-score for fiscal 2021 was minus 2.53, below the model threshold of minus 1.78.
Interpretation. The model finds no sign of earnings manipulation. Beneish (1999) set a threshold of minus 1.78, above which a company resembles the companies that manipulated their earnings.
Newin FY2021 · first stated
Rule: Beneish M-score against its threshold · Sources 20-F 2021-12, 20-F 2022-12, 20-F 2023-12
History of this finding, 1 record
1. FY2021 NewThe Beneish M-score for fiscal 2021 was minus 2.53, below the model threshold of minus 1.78.Reconstructed · initial
The Piotroski F-score for fiscal 2025 was 7 of 9. The 2 signals not met were margin higher than a year earlier and asset turnover higher than a year earlier.
Interpretation. The score counts how many of 9 tests of profit, debt, liquidity and efficiency the company passes. A score of 7 to 9 is the strongest group: Piotroski (2000) placed 0 to 3 in the weakest.
Confirmedin FY2025 · stated since FY20237.00 from 7.00 in FY2024
Rule: Piotroski F-score · Sources 20-F 2024-12, 20-F 2025-12
History of this finding, 3 records
1. FY2025 ConfirmedThe Piotroski F-score for fiscal 2025 was 7 of 9. The 2 signals not met were margin higher than a year earlier and asset turnover higher than a year earlier.Recorded from FY2025_40659a58 · data update
2. FY2024 WeakenedThe Piotroski F-score for fiscal 2024 was 7 of 9. The 2 signals not met were return on assets higher than a year earlier and current ratio higher than a year earlier.Reconstructed · data update
3. FY2023 NewThe Piotroski F-score for fiscal 2023 was 8 of 9. The signal not met was margin higher than a year earlier.Reconstructed · initial

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Altman Z'' scoreA measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.6.56 x working capital / total assets + 3.26 x retained earnings / total assets + 6.72 x EBIT / total assets + 1.05 x total equity / total liabilities (Altman, 1995); distress zone below 1.10, safe zone above 2.60	safe zone	safe zone	safe zone	safe zone	safe zone
Beneish M-scoreA screen for earnings manipulation, built from 8 changes in the accounts, such as receivables growing faster than sales. Above minus 1.78 the model groups a company with the companies in the Beneish sample that manipulated their earnings.-4.84 + 0.920 DSRI + 0.528 GMI + 0.404 AQI + 0.892 SGI + 0.115 DEPI - 0.172 SGAI + 4.679 TATA - 0.327 LVGI (Beneish, 1999); model threshold -1.78	below threshold	n/a	n/a	n/a	n/a
Dechow F-scoreThe probability of a material misstatement in the accounts, estimated from accruals, receivables, stock, cash sales, profitability and new financing, against the average. A score of 1 means average risk and 2 means twice the average.Predicted probability of a misstatement (model 1 of Dechow, Ge, Larson and Sloan, 2011) / 0.0037, the unconditional probability; 1 equals the base rate	n/a
Piotroski F-scoreA count of 9 yes or no tests on profitability, cash flow, debt, liquidity, new shares, margins and the use of assets. A score of 7 to 9 indicates improving strength and 0 to 3 indicates weakness.Number of 9 binary signals met on profitability, cash flow, debt, liquidity, equity issuance, margin and asset turnover (Piotroski, 2000)	n/a

Altman Z'' Score

fiscal 2025

A measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.

Distress zone, below 1.10

Grey zone, 1.10 to 2.60

5.25Safe zone, above 2.60

The score of 5.25 is in the safe zone of the model, above 2.60. The largest part is retained earnings, at 2.19.

Part	Value	Coefficient	Contribution
Working capital / total assetsCurrent assets less current liabilities, against total assets: the short-term funds available for operations.	0.040	6.560	0.265
Retained earnings / total assetsProfits kept in the business over its life, against total assets.	0.673	3.260	2.194
EBIT / total assetsOperating profit against total assets: the earning power of the assets.	0.137	6.720	0.918
Total equity / total liabilitiesBook equity against liabilities: how far the assets could fall in value before liabilities exceed them.	1.782	1.050	1.872
Score			5.248

Altman, Hartzell and Peck (1995), for non-manufacturing companies. The model omits the ratio of sales to total assets of the 1968 model and uses book equity. Working capital below zero and equity reduced by share repurchases lower the score.

Beneish M-score

fiscal 2021

A screen for earnings manipulation, built from 8 changes in the accounts, such as receivables growing faster than sales. Above minus 1.78 the model groups a company with the companies in the Beneish sample that manipulated their earnings.

−2.53Below the threshold, −1.78 and below

Above the threshold, above −1.78

The score of minus 2.53 is below the model threshold of minus 1.78.

Part	Value	Coefficient	Contribution
Intercept			−4.840
Days sales in receivables indexReceivables against sales, against a year earlier. A rise can mean sales recorded before customers pay.	0.977	0.920	0.899
Gross margin indexGross margin a year earlier against the current gross margin. Above 1, margins fell, which the model treats as a risk factor.	0.972	0.528	0.513
Asset quality indexAssets other than current assets and property, plant and equipment, as a share of total assets, against a year earlier. A rise can mean more costs recorded as assets.	0.988	0.404	0.399
Sales growth indexSales against a year earlier. The model treats fast growth as a risk factor.	0.986	0.892	0.879
Depreciation indexThe rate of depreciation a year earlier against the current rate. Above 1, depreciation slowed, which raises profit.	1.129	0.115	0.130
Selling, general and administrative expenses indexOverheads against sales, against a year earlier.	1.000	−0.172	−0.172
Total accruals to total assetsNet income less operating cash flow, against total assets: profit not backed by cash. It carries the largest coefficient in the model.	−0.014	4.679	−0.064
Leverage indexDebt against total assets, against a year earlier.	0.847	−0.327	−0.277
Score			−2.532

Beneish (1999), estimated on 74 companies identified as earnings manipulators in SEC enforcement releases and the press for 1982 to 1992, against 2,332 Compustat companies. The model classes a score above minus 1.78 with the first group. An index whose inputs are not reported counts as 1.

Dechow F-score

fiscal 2025

The probability of a material misstatement in the accounts, estimated from accruals, receivables, stock, cash sales, profitability and new financing, against the average. A score of 1 means average risk and 2 means twice the average.

A score of 0.56 means a probability of a misstatement 0.56 times the average rate in the Dechow sample: 0.21% against 0.37%.

Part	Value	Coefficient	Contribution
Intercept			−7.893
Total accruals (Richardson, Sloan, Soliman and Tuna)Total accruals: the growth of operating and financial assets net of liabilities, against average assets.	0.009	0.790	0.007
Change in receivables / average total assetsThe growth of receivables against average assets.	−0.001	2.518	−0.003
Change in inventories / average total assetsThe growth of stock against average assets.	0.000	1.191	0.000
Assets other than cash and property, plant and equipment / total assetsAssets other than cash and property, plant and equipment, as a share of total assets: assets whose value depends more on judgement.	0.883	1.979	1.748
Change in cash salesThe growth of sales collected in cash.	0.094	0.171	0.016
Change in return on assetsThe change in return on assets against a year earlier. A fall raises the score.	0.055	−0.932	−0.051
Debt or equity issued in the year, 1 or 01 when the company issued shares or debt in the year.	0.000	1.029	0.000
Predicted value			−6.177
Probability of a misstatement			0.21%

Model 1 of Dechow, Ge, Larson and Sloan (2011), estimated on misstatements named in SEC Accounting and Auditing Enforcement Releases. The score is the predicted probability of a misstatement over 0.37%, the unconditional probability in their sample, so 1.00 equals that base rate.

Piotroski F-score

fiscal 2025

A count of 9 yes or no tests on profitability, cash flow, debt, liquidity, new shares, margins and the use of assets. A score of 7 to 9 indicates improving strength and 0 to 3 indicates weakness.

7 of the 9 tests are met, in the high group of 7 to 9.

Signal	FY2025	FY2024
Return on assets above zero	Met	Met
Operating cash flow above zero	Met	Met
Return on assets higher than a year earlier	Met	Not met
Operating cash flow above net income	Met	Met
Long-term debt to assets lower than a year earlier	Met	Met
Current ratio higher than a year earlier	Met	Not met
No common equity issued	Met	Met
Margin higher than a year earlier	Not met	Met
Asset turnover higher than a year earlier	Not met	Met

Piotroski (2000), 9 signals on profitability, funding and operating efficiency, designed for companies with high book-to-market ratios. Piotroski grouped scores of 8 and 9 as high and 0 and 1 as low; the findings group 7 to 9 and 0 to 3.

Source Documents

Documents of this snapshot, latest first.

Document	Date	Id
20-F for the year to 31 December 2025	26 Feb 2026	20-F:0001104659-26-020058
20-F for the year to 31 December 2024	27 Feb 2025	20-F:0001104659-25-017815
20-F for the year to 31 December 2023	29 Feb 2024	20-F:0001104659-24-029038
20-F for the year to 31 December 2022	2 Mar 2023	20-F:0001104659-23-027626
20-F for the year to 31 December 2021	3 Mar 2022	20-F:0001104659-22-029675

Checks

196196 checks, all passed

Fiscal calendar11 passedFiscal years last 350 to 380 days, and each starts on the day after the one before. Checked at error level.

Coverage2 passedThe latest fiscal year gives total assets and a profit figure. Checked at error level.

Balance sheet identity6 passedTotal assets equal total liabilities and equity at each balance sheet date. Checked at error level.

Gross profit6 passedRevenue less cost of sales equals the gross profit that the company presents. A gross profit that differs is withheld, and so is a cost of sales that the company gives without gross profit. Checked at warning level.

Earnings per share6 passedProfit divided by earnings per share gives a number of shares in line with the other years. Checked at warning level.

Agreement between annual reports165 passedA value of a year that the annual report of the year and that of the next year give in the same amount. A value that the later report gives differently is listed as a restatement, and the later value is used. Checked at warning level.

Data Quality

How many values of this snapshot the checks prove, and how many Annalist derives, withholds and tracks as restated. Every company.

Values published	281
Confirmed by other figures	65.1%, 183 values
Confirmed by a second document	58.7%, 165 values
Derived from reported figures	0.0%, 0 values
Values withheld	0
Restated figures tracked	60
Changes compared on one basis	4
Company lines mapped	0 of 0 reviewed

Citation

Annalist, SAP SE, snapshot sap/FY2025_40659a58 (as of FY2025); <item label>, <period>; source <document id> (<document url>)

Snapshot FY2025_40659a58 · dataset SHA-256 40659a58b6552000383bf1804e1dfdb10b22a0e5485dea08118343052309ac8a · findings rules 0.5

Data: info.json · dataset.json · validation.json · documents.json