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Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
SAP SESAP -0.88%86 Intrinsic Value: Projected FCF is $99.71 as of Sep. 06, 2026. GuruFocus rates SAP with a GF Score™ of 86/100 and a GF Value™ of $258.43 (Modestly Undervalued). Among 1,474 Software companies, SAP SE ranks worse than 64.59% on this metric.
Since the intrinsic value calculations based on Discounted Cash Flow Intrinsic Value: DCF (FCF Based), or Discounted Earnings Intrinsic Value: DCF (Earnings Based) cannot be applied to companies without consistent revenue and earnings, GuruFocus developed a valuation model based on normalized Free Cash Flow and Book Value of the company. The details of how we calculate the intrinsic value of stocks are described in detail here.
As of today (2026-09-06), SAP SE's Intrinsic Value: Projected FCF is $99.71. The stock price of SAP SE is $215.11. Therefore, SAP SE's Price-to-Intrinsic-Value-Projected-FCF of today is 2.2.
The historical rank and industry rank for SAP SE's Intrinsic Value: Projected FCF or its related term are showing as below:
SAP'
s Price-to-Projected-FCF Range Over the Past 10 Years
Min: 1.27 Med: 1.94 Max: 3.64
Current: 2.16
During the past 13 years, the highest Price-to-Intrinsic-Value-Projected-FCF of SAP SE was 3.64. The lowest was 1.27. And the median was 1.94.
SAP's Price-to-Projected-FCF is ranked worse than 64.59% of 1474
companies
in the Software industry
Industry Median: 1.44
vs SAP: 2.16
SAP SE (NYSE:SAP) Intrinsic Value: Projected FCF Explanation
The growth multiple is capped between 8.35 and 17.74.
Total Stockholders Equity weighting is more art than science and it should always be revisited in more detail when researching a company. Weightings from 0% to 100% to more than 100% are possible. 80% was chosen as a happy median after taking the above ideas into consideration.
SAP SE's Price-to-Intrinsic-Value-Projected-FCF for today is calculated as
Price-to-Intrinsic-Value-Projected-FCF
=
Share Price
/
Intrinsic Value: Projected FCF
=
215.11
/
96.53838063835
=
2.23
* 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.
SAP SE Intrinsic Value: Projected FCF Related Terms
SAP SE Intrinsic Value: Projected FCF Historical Data
* Premium members only.
The historical data trend for SAP SE's Intrinsic Value: Projected FCF 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.
SAP vs CRM, SHOP, UBER: Intrinsic Value: Projected FCF Comparison
For the Software - Application subindustry, SAP SE's Price-to-Projected-FCF, along with its competitors' market caps and Price-to-Projected-FCF 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 Price-to-Projected-FCF vs Software Industry
For the Software industry and Technology sector, SAP SE's Price-to-Projected-FCF distribution charts can be found below:
* The bar in red indicates where SAP SE's Price-to-Projected-FCF falls into.
Since the intrinsic value calculations based on Discounted Cash Flow Intrinsic Value: DCF (FCF Based), or Discounted Earnings Intrinsic Value: DCF (Earnings Based) cannot be applied to companies without consistent revenue and earnings, GuruFocus developed a valuation model based on normalized Free Cash Flow and Book Value of the company.
The details of how we calculate the intrinsic value of stocks are described in detail here.
This method smooths out the free cash flow over the past 6-7 years, multiplies the results by a growth multiple, and adds a portion of Total Stockholders Equity.
* 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.
What does a Intrinsic Value: Projected FCF of $99.71 mean?
SAP SE (SAP) has a Intrinsic Value: Projected FCF of $99.71 as of Sep. 06, 2026. Intrinsic Value: Projected FCF is the stock value based on a projected free cash flow model. View historical data on SAP SE and its competitors. According to the industry distribution chart, SAP SE ranks #952 out of 1474 companies in the Software industry, placing it in the top 64.6%.
Is SAP SE's Intrinsic Value: Projected FCF too high?
SAP SE's current Intrinsic Value: Projected FCF is $99.71. The Software industry median Intrinsic Value: Projected FCF is 1.44. SAP SE's value of $99.71 is 6824.3% above this industry median. Based on the distribution chart, SAP SE ranks #952 out of 1474 companies in the Software industry, which is below the industry midpoint. Overall, SAP SE has a GF Score™ of 86/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does SAP SE's Intrinsic Value: Projected FCF compare to CRM and SHOP?
According to the Software industry distribution chart, SAP SE ranks #952 out of 1474 companies for Intrinsic Value: Projected FCF. This places SAP SE in the lower half of its industry. The industry median Intrinsic Value: Projected FCF is 1.44. SAP SE's value of $99.71 is 6824.3% above this benchmark. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Intrinsic Value: Projected FCF for a Software company?
The median Intrinsic Value: Projected FCF among Software companies is 1.44, based on 1,474 companies in the industry. Companies in the top quartile (top 25%) have a Intrinsic Value: Projected FCF significantly above this median, while those in the bottom quartile fall well below. However, Intrinsic Value: Projected FCF should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. SAP SE's current Intrinsic Value: Projected FCF of $99.71 is 6824.3% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Intrinsic Value: Projected FCF mean?
A high Intrinsic Value: Projected FCF can signal that a stock is expensive relative to its fundamentals. Intrinsic Value: Projected FCF is the stock value based on a projected free cash flow model. View historical data on SAP SE and its competitors. For the Software industry, the median Intrinsic Value: Projected FCF is 1.44 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. SAP SE's current Intrinsic Value: Projected FCF is $99.71. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is SAP SE stock overvalued right now?
Based on GuruFocus' analysis, SAP SE (SAP) is currently considered Modestly Undervalued. The stock's GF Value™ is $258.43, compared to a current price of $215.11 — trading 16.8% below its estimated fair value. The current Intrinsic Value: Projected FCF is $99.71 and 6824.3% above the Software industry median of 1.44. SAP SE's overall GF Score™ is 86/100. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Intrinsic Value: Projected FCF calculated?
Intrinsic Value: Projected FCF is calculated from a company's financial statements. For SAP SE (SAP), the current Intrinsic Value: Projected FCF is $99.71 as of Sep. 06, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is SAP SE (SAP) Overvalued in 2026?
Based on GuruFocus' analysis, SAP SE stock appears to be undervalued.
The current stock price of $215.11 is trading 16.8% below its estimated GF Value™ of $258.43.
GuruFocus considers SAP SE to be Modestly Undervalued.
Key valuation signals for SAP:
Intrinsic Value: Projected FCF: $99.71
GF Value™: $258.43 vs. price of $215.11 (16.8% below fair value)
Industry Position: 6824.3% above the Software median (#952 of 1474)
No single metric tells the full story. See the SAP stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Founded in Germany in 1972 by former IBM employees, SAP is the world's largest provider of enterprise application software. Known as the leader in enterprise resource planning software, SAP's portfolio also includes software for supply chain management, procurement, travel and expense management, and customer relationship management, among others. The company operates in more than 180 countries and has more than 400,000 customers, approximately 80% of which are small to medium-size enterprises.
86GF Score
Get the complete analysis for SAP
Intrinsic Value: Projected FCF is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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