SAP SE (SAP)
Coverage summary
Aardvark Labs Capital Research has covered SAP SE (SAP) since October 23, 2025. The company is in the Technology sector. This page lists 5 reports: 5 earnings recaps.
The latest is the Q3 2026 Earnings Recap, published October 22, 2026. That report moved the rating from Outperform to Hold. The rating has changed twice since coverage began.
Translations: 4 in Chinese.
Rating history
All SAP reports
Recap: Q3 2026
A First €10 Billion Quarter Beats on Revenue and Profit, but a 50% Rally Has Already Paid for It: Downgrading to Hold, Fair Value $231–259
Recap: Q2 2026
The Backlog Finally Turns Up, the Margin Turns Down, and the Buyback Sits Out the Low
Recap: Q1 2026
Cloud Reaccelerates to 27% and Margin Hits 30%, But Half the Margin Beat Came From the Share Price Falling
Recap: Q4 2025
The Backlog Missed by 70bp and the Stock Lost 15%; At 23x With a €10B Buyback, We Upgrade
Recap: Q3 2025
Cloud ERP Compounds at 31%, But a Trimmed Guide and Decelerating Backlog Leave No Room in a 39x Multiple