SAP SE (SAP) - Net Assets

Latest as of March 2026: €45.37 Billion EUR ≈ $53.04 Billion USD

Based on the latest financial reports, SAP SE (SAP) has net assets worth €45.37 Billion EUR (≈ $53.04 Billion USD) as of March 2026. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (€73.46 Billion ≈ $85.88 Billion USD) and total liabilities (€28.10 Billion ≈ $32.85 Billion USD). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check SAP intangible-adjusted equity ratio to evaluate the tangible quality of the company's equity base.

Key Net Assets Metrics

Metric	Value
Current Net Assets	€45.37 Billion
% of Total Assets	61.75%
Annual Growth Rate	8.99%
5-Year Change	8.55%
10-Year Change	70.75%
Growth Volatility	11.9

SAP SE - Net Assets Trend (2013–2025)

This chart illustrates how SAP SE's net assets have evolved over time, based on quarterly financial data. See SAP SE liquidity coverage in days to measure how many days the company can operate on defensive assets alone.

Annual Net Assets for SAP SE (2013–2025)

The table below shows the annual net assets of SAP SE from 2013 to 2025. For live valuation and market cap data, see SAP SE stock valuation.

Year	Net Assets	Change
2025-12-31	€45.07 Billion ≈ $52.70 Billion	-1.60%
2024-12-31	€45.81 Billion ≈ $53.55 Billion	+5.53%
2023-12-31	€43.41 Billion ≈ $50.75 Billion	+1.29%
2022-12-31	€42.85 Billion ≈ $50.10 Billion	+3.20%
2021-12-31	€41.52 Billion ≈ $48.54 Billion	+38.76%
2020-12-31	€29.92 Billion ≈ $34.98 Billion	-2.91%
2019-12-31	€30.82 Billion ≈ $36.03 Billion	+6.74%
2018-12-31	€28.88 Billion ≈ $33.76 Billion	+13.07%
2017-12-31	€25.54 Billion ≈ $29.86 Billion	-3.25%
2016-12-31	€26.40 Billion ≈ $30.86 Billion	+13.32%
2015-12-31	€23.30 Billion ≈ $27.23 Billion	+19.26%
2014-12-31	€19.53 Billion ≈ $22.84 Billion	+21.72%
2013-12-31	€16.05 Billion ≈ $18.76 Billion	--

Equity Component Analysis

This analysis shows how different components contribute to SAP SE's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.

Equity Composition Insights

Retained earnings have grown by 191.2% over the analyzed period, indicating profitable operations and earnings retention.

Current Equity Component Breakdown (December 2025)

Component	Amount	Percentage
Retained Earnings	€47.34 Billion	106.19%
Total Equity	€44.59 Billion	100.00%

SAP SE Competitors by Market Cap

The table below lists competitors of SAP SE ranked by their market capitalization.

Company	Market Cap
The TJX Companies Inc NYSE:TJX	$169.59 Billion
Arista Networks NYSE:ANET	$171.79 Billion
Walt Disney Company NYSE:DIS	$172.59 Billion
Corning Incorporated NYSE:GLW	$172.78 Billion
Hermes International SCA PA:RMS	$168.42 Billion
Banco Santander SA ADR NYSE:SAN	$167.40 Billion
Verizon Communications Inc. F:BAC	$166.83 Billion
Reliance Industries Limited F:RLI	$166.45 Billion

Equity Growth Attribution

This analysis shows how different factors contributed to changes in SAP SE's equity between the two most recent reporting periods.

Equity Growth Insights

From 2024 to 2025, total equity changed from 45,440,000,000 to 44,586,000,000, a change of -854,000,000 (-1.9%).
Net income of 7,161,000,000 contributed positively to equity growth.
Dividend payments of 2,743,000,000 reduced retained earnings.
Share repurchases of 1,937,000,000 reduced equity.
Other factors decreased equity by 3,335,000,000.

Equity Change Factors (2024 to 2025)

Factor	Impact	Contribution
Net Income	€7.16 Billion	+16.06%
Dividends Paid	€2.74 Billion	-6.15%
Share Repurchases	€1.94 Billion	-4.34%
Other Changes	€-3.33 Billion	-7.48%
Total Change	€-	-1.88%

Book Value vs Market Value Analysis

This analysis compares SAP SE's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.

Valuation Insights

Current price-to-book ratio: 4.08x
The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
The price-to-book ratio has decreased from 7.30x to 4.08x over the analyzed period, indicating reduced market premium.

Historical Price-to-Book Ratios

Date	Book Value per Share	Market Price	P/B Ratio
2017-12-31	€21.37	€156.14	x
2018-12-31	€24.15	€156.14	x
2019-12-31	€25.76	€156.14	x
2020-12-31	€25.19	€156.14	x
2021-12-31	€32.94	€156.14	x
2022-12-31	€34.39	€156.14	x
2023-12-31	€36.97	€156.14	x
2024-12-31	€38.95	€156.14	x
2025-12-31	€38.28	€156.14	x

Capital Efficiency Dashboard

This dashboard shows how efficiently SAP SE utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.

Capital Efficiency Insights

Current Return on Equity (ROE): 16.06%
The company demonstrates strong efficiency in generating profits from shareholder equity.
DuPont Analysis Breakdown:
• Net Profit Margin: 19.46%
• Asset Turnover: 0.52x
• Equity Multiplier: 1.58x
Recent ROE (16.06%) is above the historical average (13.83%), indicating improving capital efficiency.

Historical Capital Efficiency Metrics

Year	Return on Equity	Net Profit Margin	Asset Turnover	Equity Multiplier	Economic Value Added
2013	20.74%	19.78%	0.62x	1.69x	€1.72 Billion
2014	16.82%	18.68%	0.46x	1.98x	€1.33 Billion
2015	13.17%	14.74%	0.50x	1.78x	€737.30 Million
2016	13.82%	16.53%	0.50x	1.68x	€1.01 Billion
2017	15.75%	17.13%	0.55x	1.67x	€1.47 Billion
2018	14.16%	16.53%	0.48x	1.79x	€1.20 Billion
2019	10.80%	12.05%	0.46x	1.96x	€246.40 Million
2020	17.77%	19.31%	0.47x	1.97x	€2.31 Billion
2021	13.85%	19.32%	0.39x	1.83x	€1.49 Billion
2022	5.71%	7.42%	0.43x	1.80x	€-1.72 Billion
2023	14.22%	19.67%	0.46x	1.58x	€1.82 Billion
2024	6.88%	9.14%	0.46x	1.63x	€-1.42 Billion
2025	16.06%	19.46%	0.52x	1.58x	€2.70 Billion

Industry Comparison

This section compares SAP SE's net assets metrics with peer companies in the Software - Application industry.

Industry Context

Industry: Software - Application
Average net assets among peers: $272,608,156
Average return on equity (ROE) among peers: -269.31%

Peer Company Comparison

Company	Net Assets	Return on Equity	Debt-to-Equity	Market Cap
SAP SE (SAP)	€45.37 Billion	20.74%	0.62x	$168.70 Billion
Materialise NV (06MA)	$142.67 Million	1.15%	1.45x	$301.24 Million
Patriot One Technologies Inc (0PL)	$33.53 Million	-35.74%	0.02x	$84.72 Million
AXWAY SOFTWARE EO 2 (1XV)	$327.82 Million	-12.22%	0.74x	$1.09 Billion
Spyrosoft Spólka Akcyjna (2NP)	$108.85 Million	18.11%	0.82x	$111.02 Million
WEIMOB INC. DL-0001 (36W)	$1.99 Billion	15.68%	0.66x	$681.82 Million
ROUTE1 INC. (3R6N)	$2.73 Million	8.15%	4.53x	$2.46 Million
INSURAGUEST TECHN. INC. (4JG)	$-267.38K	0.00%	0.00x	$99.69K
LIQUID AVATAR TECHNO.INC. (4T5)	$424.39K	-2677.70%	5.96x	$1.33 Million
Envirosuite Limited (57P)	$125.72 Million	-10.50%	0.20x	$67.90 Million
SPROUT AI INC. (5AU)	$-5.20 Million	0.00%	0.00x	$3.09 Million

About SAP SE

F:SAP Germany Software - Application

Market Cap

$213.13 Billion

€182.30 Billion EUR

Market Cap Rank

#136 Global

#21 in Germany

Share Price

€156.14

Change (1 day)

-4.93%

52-Week Range

€138.00 - €271.35

All Time High

€280.30