Question 1

What is SAP's P/FCF ratio?

Accepted Answer

SAP (SAP) P/FCF ratio is 23.1× as of June 5, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for SAP?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For SAP specifically, the relevant sector benchmark is the current sector median of 21.6×.

Question 5

Is SAP's P/FCF ratio high or low?

Accepted Answer

SAP's P/FCF ratio of 23.1× is below its own 5-year average of 31.2× and above the sector median of 21.6×. That places the current reading at the 32th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is SAP's historical P/FCF ratio range?

Accepted Answer

In the available daily series, SAP (SAP) P/FCF ratio has ranged from a low of 10.8× in 2013 to a high of 70.2× in 2012. The 5-year average is 31.2× and the 5-year median is 29.7×.

Question 7

What was SAP's P/FCF ratio in 2025?

Accepted Answer

SAP (SAP) P/FCF ratio at the end of 2025 was 30.4×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does SAP's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$283.15B	$9.31B	30.4×	-27.5×	Dec 31, 2025
2024	$286.83B	$4.95B	57.9×	+27.8×	Dec 31, 2024
2023	$179.99B	$5.98B	30.1×	+7.6×	Dec 31, 2023
2022	$120.23B	$5.34B	22.5×	-2.1×	Dec 31, 2022
2021	$165.45B	$6.73B	24.6×	+3.4×	Dec 31, 2021
2020	$154.04B	$7.28B	21.1×	-31.7×	Dec 31, 2020
2019	$160.09B	$3.03B	52.8×	+18.3×	Dec 31, 2019
2018	$118.62B	$3.44B	34.5×	+2.0×	Dec 31, 2018
2017	$134.19B	$4.12B	32.5×	+6.6×	Dec 31, 2017
2016	$103.50B	$4.00B	25.9×	-2.3×	Dec 31, 2016
2015	$94.79B	$3.36B	28.2×	+6.0×	Dec 31, 2015
2014	$83.21B	$3.75B	22.2×	-1.8×	Dec 31, 2014
2013	$104.22B	$4.34B	24.0×	+0.6×	Dec 31, 2013
2012	$95.73B	$4.09B	23.4×	+9.7×	Dec 31, 2012
2011	$63.01B	$4.61B	13.7×	-3.7×	Dec 31, 2011
2010	$60.13B	$3.46B	17.4×	+2.8×	Dec 31, 2010
2009	$55.66B	$3.82B	14.6×	-1.2×	Dec 31, 2009
2008	$42.91B	$2.72B	15.8×	-13.3×	Dec 31, 2008
2007	$61.04B	$2.10B	29.0×	-6.1×	Dec 31, 2007
2006	$64.34B	$1.83B	35.1×	+2.2×	Dec 31, 2006
2005	$55.63B	$1.69B	32.9×	+5.9×	Dec 31, 2005
2004	$54.72B	$2.03B	27.0×	-10.2×	Dec 31, 2004
2003	$50.74B	$1.36B	37.2×	—	Dec 31, 2003
2002	$24.28B	—	—	—	Dec 31, 2002
2001	$39.70B	—	—	—	Dec 31, 2001


Intuit (INTU)	13.9×
Okta (OKTA)	13.8×
EPAM Systems (EPAM)	13.4×
Zebra Technologies (ZBRA)	12.2×
Skyworks Solutions (SWKS)	11.9×
Cognizant (CTSH)	11.8×
NetApp (NTAP)	11.5×
Duolingo (DUOL)	11.1×
Block (XYZ)	11.0×
QUALCOMM (QCOM)	10.8×
Workday (WDAY)	10.5×
Salesforce (CRM)	10.5×
Qorvo (QRVO)	10.4×
Adobe (ADBE)	10.4×
Accenture (ACN)	10.3×
Fidelity National Information Services (FIS)	8.7×
DocuSign (DOCU)	8.0×
Gen Digital (GEN)	7.5×
Fiserv (FISV)	7.2×
Hewlett Packard Enterprise (HPE)	6.8×
GoDaddy (GDDY)	6.7×
Science Applications International (SAIC)	6.7×
Strategy (MSTR)	5.5×
HP (HPQ)	5.1×
Lyft (LYFT)	4.5×

P/FCF Ratio for SAP (SAP)

P/FCF Ratio daily chart for SAP (SAP)

Historical P/FCF Ratio for SAP (SAP) from 2001 to 2025

About P/FCF Ratio at SAP (SAP)

SAP P/FCF Ratio by Year

SAP P/FCF Ratio 2025: 30.4×

SAP P/FCF Ratio 2024: 57.9×

SAP P/FCF Ratio 2023: 30.1×

SAP P/FCF Ratio 2022: 22.5×

SAP P/FCF Ratio 2021: 24.6×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

SAP (SAP) Key Financials

P/FCF Ratio daily chart for SAP (SAP)

Historical P/FCF Ratio for SAP (SAP) from 2001 to 2025

About P/FCF Ratio at SAP (SAP)

SAP P/FCF Ratio by Year

SAP P/FCF Ratio 2025: 30.4×

SAP P/FCF Ratio 2024: 57.9×

SAP P/FCF Ratio 2023: 30.1×

SAP P/FCF Ratio 2022: 22.5×

SAP P/FCF Ratio 2021: 24.6×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

+What is SAP's P/FCF ratio?

+How is the P/FCF ratio calculated?

+What is the P/FCF ratio?

+What is a good P/FCF ratio for SAP?

+Is SAP's P/FCF ratio high or low?

+What is SAP's historical P/FCF ratio range?

+What was SAP's P/FCF ratio in 2025?

+Why does SAP's P/FCF ratio change over time?

SAP (SAP) Key Financials