Question 1

What is SAP's P/B ratio?

Accepted Answer

SAP (SAP) P/B ratio is 3.4× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by book value of equity, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/B ratio calculated?

Accepted Answer

P/B = Market Capitalisation ÷ Book Value of Equity (most recent quarterly shareholders' equity), or equivalently Share Price ÷ Book Value Per Share. 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/B ratio?

Accepted Answer

The price-to-book (P/B) ratio compares a company's market capitalisation to its book value of equity (total shareholders' equity) on the most recent quarterly balance sheet. It is calculated as market cap ÷ book value of equity (equivalent to share price ÷ book value per share). A P/B below 1× implies the market values the business below its accounting net worth; values well above 1× reflect intangible assets, brand value, or a high return on equity.

Question 4

What is a good P/B ratio for SAP?

Accepted Answer

A "good" P/B depends on the business model. Banks, insurers, and other capital-heavy financials typically trade near 1×; asset-light technology and consumer-brand companies can sustainably trade at 5×+ because much of their value is intangible. P/B is most informative when paired with return on equity (ROE). For SAP specifically, the relevant sector benchmark is the current sector median of 5.6×.

Question 5

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

Accepted Answer

SAP's P/B ratio of 3.4× is below its own 5-year average of 4.3× and below the sector median of 5.6×. That places the current reading at the 28th 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/B ratio range?

Accepted Answer

In the available daily series, SAP (SAP) P/B ratio has ranged from a low of 2.2× in 2022 to a high of 16.6× in 2002. The 5-year average is 4.3× and the 5-year median is 3.8×.

Question 7

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

Accepted Answer

SAP (SAP) P/B ratio at the end of 2025 was 5.4×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month book value figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (book value). 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	$283B	$52.5B	5.4×	-0.7×	Dec 31, 2025
2024	$287B	$47.1B	6.1×	+2.3×	Dec 31, 2024
2023	$180B	$47.6B	3.8×	+1.2×	Dec 31, 2023
2022	$120B	$45.9B	2.6×	-0.7×	Dec 31, 2022
2021	$165B	$50.3B	3.3×	-1.0×	Dec 31, 2021
2020	$154B	$36.3B	4.2×	+0.1×	Dec 31, 2020
2019	$160B	$38.7B	4.1×	+0.5×	Dec 31, 2019
2018	$119B	$33B	3.6×	-0.8×	Dec 31, 2018
2017	$134B	$30.6B	4.4×	+0.6×	Dec 31, 2017
2016	$103B	$27.7B	3.7×	-0.0×	Dec 31, 2016
2015	$94.8B	$25.3B	3.8×	+0.2×	Dec 31, 2015
2014	$83.2B	$23.6B	3.5×	-1.2×	Dec 31, 2014
2013	$104B	$22.1B	4.7×	-0.4×	Dec 31, 2013
2012	$95.7B	$18.7B	5.1×	+1.3×	Dec 31, 2012
2011	$63B	$16.5B	3.8×	-0.7×	Dec 31, 2011
2010	$60.1B	$13.1B	4.6×	-0.0×	Dec 31, 2010
2009	$55.7B	$12.1B	4.6×	+0.3×	Dec 31, 2009
2008	$42.9B	$10.1B	4.3×	-2.2×	Dec 31, 2008
2007	$61B	$9.51B	6.4×	-1.5×	Dec 31, 2007
2006	$64.3B	$8.1B	7.9×	-0.2×	Dec 31, 2006
2005	$55.6B	$6.84B	8.1×	-0.7×	Dec 31, 2005
2004	$54.7B	$6.21B	8.8×	-2.1×	Dec 31, 2004
2003	$50.7B	$4.66B	10.9×	+2.8×	Dec 31, 2003
2002	$24.3B	$3.02B	8.0×	—	Dec 31, 2002


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Fortive (FTV)	2.9×
IREN (IREN)	2.8×
Trimble (TRMB)	2.7×
Twilio (TWLO)	2.5×
Amkor Technology (AMKR)	2.5×
First Solar (FSLR)	2.1×
EPAM Systems (EPAM)	2.1×
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IonQ (IONQ)	2.1×
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Roper Technologies (ROP)	2.0×
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Okta (OKTA)	1.9×
Super Micro Computer (SMCI)	1.8×
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Hewlett Packard Enterprise (HPE)	1.5×
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Fiserv (FISV)	1.1×
Sunrun (RUN)	1.0×
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IBM (IBM)	0.0×

P/B Ratio for SAP (SAP) 2002-2026

P/B Ratio daily chart for SAP (SAP)

Historical P/B Ratio for SAP (SAP) from 2002 to 2025

About P/B Ratio at SAP (SAP)

SAP P/B Ratio by Year

SAP P/B Ratio 2025: 5.4×

SAP P/B Ratio 2024: 6.1×

SAP P/B Ratio 2023: 3.8×

SAP P/B Ratio 2022: 2.6×

SAP P/B Ratio 2021: 3.3×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

SAP (SAP) Key Financials