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SAP SE Piotroski F-Score

: 8 (As of Today)
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Good Sign:

Piotroski F-Score is 8, indicating very healthy situation.

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

SAP SE has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.

The historical rank and industry rank for SAP SE's Piotroski F-Score or its related term are showing as below:

XTER:SAP' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Med: 6   Max: 8
Current: 8

3
8

During the past 13 years, the highest Piotroski F-Score of SAP SE was 8. The lowest was 3. And the median was 6.


SAP SE Piotroski F-Score Historical Data

The historical data trend for SAP SE's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

SAP SE Annual Data
Trend Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 6.00 7.00 5.00 7.00 -

SAP SE Quarterly Data
Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 7.00 8.00 8.00 8.00 -

Competitive Comparison

For the Software - Application subindustry, SAP SE's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

   

SAP SE Piotroski F-Score Distribution

For the Software industry and Technology sector, SAP SE's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where SAP SE's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Sep21) TTM:Last Year (Sep20) TTM:
Net Income was 1908 + 1040 + 1356 + 1406 = €5,710 Mil.
Cash Flow from Operations was 2100 + 3085 + 686 + 1183 = €7,054 Mil.
Revenue was 7539 + 6347 + 6670 + 6845 = €27,401 Mil.
Gross Profit was 5637 + 4464 + 4723 + 4887 = €19,711 Mil.
Average Total Assets from the begining of this year (Sep20)
to the end of this year (Sep21) was
(59278 + 58472 + 66495 + 63095 + 65030) / 5 = €62474 Mil.
Total Assets at the begining of this year (Sep20) was €59,278 Mil.
Long-Term Debt & Capital Lease Obligation was €11,342 Mil.
Total Current Assets was €16,927 Mil.
Total Current Liabilities was €14,511 Mil.
Net Income was 1620 + 814 + 866 + 1556 = €4,856 Mil.

Revenue was 8040 + 6521 + 6743 + 6536 = €27,840 Mil.
Gross Profit was 5855 + 4455 + 4716 + 4646 = €19,672 Mil.
Average Total Assets from the begining of last year (Sep19)
to the end of last year (Sep20) was
(59800 + 60212 + 62947 + 60709 + 59278) / 5 = €60589.2 Mil.
Total Assets at the begining of last year (Sep19) was €59,800 Mil.
Long-Term Debt & Capital Lease Obligation was €14,144 Mil.
Total Current Assets was €15,617 Mil.
Total Current Liabilities was €13,810 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

SAP SE's current Net Income (TTM) was 5,710. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

SAP SE's current Cash Flow from Operations (TTM) was 7,054. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Sep20)
=5710/59278
=0.09632579

ROA (Last Year)=Net Income/Total Assets (Sep19)
=4856/59800
=0.08120401

SAP SE's return on assets of this year was 0.09632579. SAP SE's return on assets of last year was 0.08120401. ==> This year is higher. ==> Score 1.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

SAP SE's current Net Income (TTM) was 5,710. SAP SE's current Cash Flow from Operations (TTM) was 7,054. ==> 7,054 > 5,710 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Sep21)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep20 to Sep21
=11342/62474
=0.18154752

Gearing (Last Year: Sep20)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep19 to Sep20
=14144/60589.2
=0.23344094

SAP SE's gearing of this year was 0.18154752. SAP SE's gearing of last year was 0.23344094. ==> This year is lower or equal to last year. ==> Score 1.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Sep21)=Total Current Assets/Total Current Liabilities
=16927/14511
=1.16649438

Current Ratio (Last Year: Sep20)=Total Current Assets/Total Current Liabilities
=15617/13810
=1.13084721

SAP SE's current ratio of this year was 1.16649438. SAP SE's current ratio of last year was 1.13084721. ==> This year's current ratio is higher. ==> Score 1.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

SAP SE's number of shares in issue this year was 1180. SAP SE's number of shares in issue last year was 1180. ==> There is smaller number of shares in issue this year, or the same. ==> Score 1.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=19711/27401
=0.71935331

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=19672/27840
=0.7066092

SAP SE's gross margin of this year was 0.71935331. SAP SE's gross margin of last year was 0.7066092. ==> This year's gross margin is higher. ==> Score 1.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Sep20)
=27401/59278
=0.46224569

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Sep19)
=27840/59800
=0.46555184

SAP SE's asset turnover of this year was 0.46224569. SAP SE's asset turnover of last year was 0.46555184. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+1+1+1+1+1+1+0
=8

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

SAP SE has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.

SAP SE  (XTER:SAP) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


SAP SE Piotroski F-Score Related Terms

Thank you for viewing the detailed overview of SAP SE's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.


SAP SE Business Description

SAP SE logo
Industry
Technology » Software NAICS : 541512 SIC : 7371
Address
Dietmar-Hopp-Allee 16, Walldorf, BW, DEU, 69190
Founded in 1972 by former IBM employees, SAP provides database technology and enterprise resource planning software to enterprises around the world. Across more than 180 countries, the company serves 440,000 customers, approximately 80% of which are small to medium-size enterprises.

SAP SE Headlines

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