SAPGF (SAP SE) Beneish M-Score: -2.55 (As of Jun. 24, 2026)


SAPGF SAP SE SAPGF
77 GF Score
Price $152.71
GF Value $249.87
Valuation Significantly Undervalued
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What is SAP SE Beneish M-Score?

SAP SE SAPGF -0.45% 77 Beneish M-Score is -2.55 as of Jun. 24, 2026. GuruFocus rates SAPGF with a GF Score™ of 77/100 and a GF Value™ of $249.87 (Significantly Undervalued). Among 2,633 Software companies, SAP SE ranks better than 50.55% on this metric.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.55 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

SAPGF' s Beneish M-Score Range Over the Past 10 Years
Min: -2.92   Med: -2.47   Max: -1.88
Current: -2.55

During the past 13 years, the highest Beneish M-Score of SAP SE was -1.88. The lowest was -2.92. And the median was -2.47.

SAP SE Beneish M-Score Historical Data

* Premium members only.

The historical data trend for SAP SE's Beneish M-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.

SAP SE Beneish M-Score Chart

SAP SE Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.56 -2.61 -2.43 -2.33 -2.66

SAP SE Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial 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 -2.36 -2.49 -2.43 -2.66 -2.55

SAPGF vs CRM, SHOP, UBER: Beneish M-Score Comparison

For the Software - Application subindustry, SAP SE's Beneish M-Score, along with its competitors' market caps and Beneish M-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 Beneish M-Score vs Software Industry

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

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


SAPGF
77GF Score
SAP SE SAPGF
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

SAP SE Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of SAP SE for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 0.9893+0.528 * 1.0076+0.404 * 1.0192+0.892 * 1.1469+0.115 * 1.0254
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9363+4.679 * -0.033378-0.327 * 0.9769
=-2.48

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was $10,435 Mil.
Revenue was 11046.243 + 11339.578 + 10652.582 + 10411.765 = $43,450 Mil.
Gross Profit was 8061.272 + 8098.361 + 7829.812 + 7635.525 = $31,625 Mil.
Total Current Assets was $25,728 Mil.
Total Assets was $84,927 Mil.
Property, Plant and Equipment(Net PPE) was $5,176 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,474 Mil.
Selling, General, & Admin. Expense(SGA) was $12,124 Mil.
Total Current Liabilities was $24,069 Mil.
Long-Term Debt & Capital Lease Obligation was $5,824 Mil.
Net Income was 2233.526 + 1967.213 + 2352.113 + 1957.324 = $8,510 Mil.
Non Operating Income was 13.873 + 967.213 + 75.117 + -24.221 = $1,032 Mil.
Cash Flow from Operations was 4060.116 + 1518.735 + 1762.911 + 2971.165 = $10,313 Mil.
 Total Receivables was $9,197 Mil.
Revenue was 9743.784 + 9818.848 + 9400.666 + 8922.497 = $37,886 Mil.
Gross Profit was 7142.703 + 7269.11 + 6894.562 + 6476.857 = $27,783 Mil.
Total Current Assets was $25,911 Mil.
Total Assets was $81,761 Mil.
Property, Plant and Equipment(Net PPE) was $4,823 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,419 Mil.
Selling, General, & Admin. Expense(SGA) was $11,290 Mil.
Total Current Liabilities was $22,216 Mil.
Long-Term Debt & Capital Lease Obligation was $7,244 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(10434.682 / 43450.168) / (9196.757 / 37885.795)
=0.240153 / 0.242749
=0.9893

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(27783.232 / 37885.795) / (31624.97 / 43450.168)
=0.733342 / 0.727845
=1.0076

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (25728.324 + 5175.723) / 84927.168) / (1 - (25911.351 + 4822.703) / 81761.081)
=0.636111 / 0.624099
=1.0192

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=43450.168 / 37885.795
=1.1469

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(1418.929 / (1418.929 + 4822.703)) / (1474.337 / (1474.337 + 5175.723))
=0.227333 / 0.221703
=1.0254

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(12123.508 / 43450.168) / (11289.973 / 37885.795)
=0.279021 / 0.298
=0.9363

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((5824.277 + 24069.364) / 84927.168) / ((7244.324 + 22216.216) / 81761.081)
=0.351991 / 0.360325
=0.9769

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(8510.176 - 1031.982 - 10312.927) / 84927.168
=-0.033378

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

SAP SE has a M-score of -2.48 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.55 mean?
SAP SE (SAPGF) has a Beneish M-Score of -2.55 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on SAP SE and its competitors. According to the industry distribution chart, SAP SE ranks #1302 out of 2633 companies in the Software industry, placing it in the top 49.4%.
Is SAP SE's Beneish M-Score too high?
SAP SE's current Beneish M-Score is -2.55. Based on the distribution chart, SAP SE ranks #1302 out of 2633 companies in the Software industry, which is above the industry midpoint. Overall, SAP SE has a GF Score™ of 77/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does SAP SE's Beneish M-Score compare to CRM and SHOP?
According to the Software industry distribution chart, SAP SE ranks #1302 out of 2633 companies for Beneish M-Score. This puts SAP SE in the upper half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Software company?
A good Beneish M-Score depends on the Software industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on SAP SE and its competitors. SAP SE's current Beneish M-Score is -2.55. 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 (SAPGF) is currently considered Significantly Undervalued. The stock's GF Value™ is $249.87, compared to a current price of $152.71 — trading 38.9% below its estimated fair value. The current Beneish M-Score is -2.55. SAP SE's overall GF Score™ is 77/100. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For SAP SE (SAPGF), the current Beneish M-Score is -2.55 as of Jun. 24, 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 (SAPGF) Overvalued in 2026?

Based on GuruFocus' analysis, SAP SE stock appears to be undervalued. The current stock price of $152.71 is trading 38.9% below its estimated GF Value™ of $249.87. GuruFocus considers SAP SE to be Significantly Undervalued.

Key valuation signals for SAPGF:

  • Beneish M-Score: -2.55
  • GF Value™: $249.87 vs. price of $152.71 (38.9% below fair value)
  • GF Score™: 77/100

No single metric tells the full story. See the SAPGF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

SAP SE Business Description

Address Dietmar-Hopp-Allee 16, Walldorf, BW, DEU, 69190
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.
77GF Score

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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$152.71
Price
$249.87
GF Value