SAP SE (SAP) Balance Sheet

NYSE: SAPAssets, liabilities, debt and equity over 10 years.

SAP balance sheet, 2025

December 31, 2025 · euros

€70.36B assets = €25.12B liabilities + €45.24B equity

What it owns€70.36BCash & ST investments: €9.77B (13.9%)Cash & ST investments€9.77B · 14%Receivables: €7.27B (10.3%)Receivables €7.27BOther current: €3.21B (4.6%)PP&E: €4.50B (6.4%)PP&E €4.50BGoodwill & intangibles: €31.30B (44.5%)Goodwill & intangibles€31.30B · 44%LT investments: €6.72B (9.6%)LT investments €6.72BOther non-current: €7.59B (10.8%)Other non-current €7.59B=How it is financed€70.36BCurrent liabilities: €17.25B (24.5%)Current liabilities€17.25B · 25%Long-term debt: €5.62B (8.0%)Long-term debt €5.62BOther LT liabilities: €2.25B (3.2%)Shareholders’ equity: €45.24B (64.3%)Shareholders’ equity€45.24B · 64%

Both columns are drawn to the same scale: what SAP owns equals what it owes plus shareholders’ equity. Hover a block for its value.

SAP financial health

Current ratio1.17
Adequate · current assets cover current liabilities 1.17×
Debt / equity0.18
Low leverage · €0.18 of debt for each $1 of equity
Equity / assets63.6%
Equity-funded · of assets funded by shareholders
Cash / debt121.1%
Cash covers debt · cash & short-term investments vs total debt
Goodwill & intangibles44.5%
Acquisition-heavy · of total assets

Descriptive bands, not a rating. Fiscal 2025.

SAP balance sheet trends, 2016–2025

MetricTrendThenLatestChange
Total assets€44.35B2016€70.36B2025+5.3%/yr
Total liabilities€17.97B2016€25.12B2025+3.8%/yr
Shareholders’ equity€26.38B2016€44.75B2025+6.0%/yr
Cash & short-term investments€4.83B2016€9.77B2025+8.2%/yr
Total debt€8.29B2016€8.07B2025−0.3%/yr
Net cash (debt)−€3.47B2016€1.70B2025+€5.2B
Working capital€1.89B2016€3.01B2025+€1.1B
Current ratio1.1920161.172025−0.02
Debt / equity0.3120160.182025−0.13
Shares outstanding1.20B20161.18B2025−0.2%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

SAP assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

SAP liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

SAP debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

SAP balance sheet in euros

2025202420232022202120202019201820172016
Assets
Cash & short-term investments€9.77B€11.24B€11.28B€9.70B€11.66B€6.95B€5.61B€9.07B€5.00B€4.83B
Cash & equivalents€8.22B€9.61B€8.12B€9.01B€8.90B€5.31B€5.31B€8.63B€4.01B€3.70B
Short-term investments€1.55B€1.63B€3.16B€689.0M€2.76B€1.64B€297.0M€448.0M€990.0M€1.12B
Receivables€7.27B€7.74B€7.07B€5.78B€6.97B€6.80B€8.41B€6.66B€6.21B€5.82B
Inventory€0€0−€187.0M€0€588.0M€0€0€0€0€0
Other current assets€3.21B€2.43B€2.41B€3.04B€826.0M€1.32B€1.19B€890.0M€724.0M€977.0M
Total current assets€20.26B€21.40B€20.57B€18.52B€20.04B€15.07B€15.21B€16.62B€11.93B€11.63B
Property, plant & equipment (net)€4.50B€4.49B€4.28B€4.93B€4.98B€5.04B€5.50B€3.55B€2.97B€2.58B
Goodwill & intangible assets€31.30B€33.85B€31.59B€36.91B€35.06B€31.32B€33.65B€26.96B€24.24B€27.10B
Long-term investments€6.72B€6.55B€5.11B€5.63B€6.28B€3.51B€2.34B€1.54B€859.0M€990.0M
Other non-current assets€7.59B€7.83B€6.79B€6.17B€4.82B€3.52B€3.52B€2.83B€2.50B€2.06B
Total assets€70.36B€74.12B€68.33B€72.16B€71.17B€58.46B€60.21B€51.50B€42.50B€44.35B
Liabilities
Accounts payable€2.43B€1.99B€1.78B€2.15B€1.58B€1.37B€1.58B€1.49B€1.15B€1.01B
Short-term debt€2.05B€3.93B€1.44B€4.33B€4.17B€1.86B€2.53B€768.0M€1.30B€1.43B
Deferred revenue€6.58B€5.98B€4.97B€5.31B€4.43B€4.00B€4.27B€3.03B€2.77B€2.43B
Total current liabilities€17.25B€19.08B€14.64B€17.45B€16.14B€12.84B€14.46B€10.49B€10.21B€9.73B
Long-term debt€5.62B€6.72B€7.35B€9.55B€11.04B€13.61B€12.90B€10.54B€5.00B€6.45B
Lease obligations€1.68B€1.72B€1.62B€2.14B€2.14B€2.12B€0€0€0€0
Other long-term liabilities€2.25B€2.52B€2.93B€2.31B€2.47B€2.09B€2.03B€1.60B€1.75B€1.79B
Total liabilities€25.12B€28.31B€24.93B€29.31B€29.65B€28.54B€29.39B€22.62B€16.96B€17.97B
Shareholders' equity
Common stock & paid-in capital€1.23B€1.23B€1.23B€1.23B€1.23B€1.23B€1.23B€1.23B€1.23B€1.23B
Retained earnings (deficit)€47.51B€42.91B€42.46B€36.42B€37.02B€32.03B€28.78B€27.41B€24.79B€22.29B
Treasury stock————−€3.07B−€3.07B−€1.58B−€1.58B−€1.59B—
Accumulated other comprehensive income€182.0M€4.69B€2.37B€3.80B€1.76B−€1.01B€1.99B€1.23B€507.0M€3.35B
Minority interest€488.0M€368.0M€249.0M€2.66B——€0€0€0€0
Total shareholders' equity€44.75B€45.44B€43.16B€40.19B€41.52B€29.72B€30.75B€28.83B€25.54B€26.38B
Key figures
Total debt€8.07B€10.65B€8.79B€13.09B€15.21B€15.46B€13.67B€11.30B€6.59B€8.29B
Net cash (debt)€1.70B€587.0M€2.49B−€3.39B−€3.55B−€8.52B−€8.06B−€2.23B−€1.59B−€3.47B
Working capital€3.01B€2.32B€5.93B€1.07B€3.91B€2.23B€751.0M€6.13B€1.72B€1.89B
Tangible book value€13.46B€11.59B€11.57B€3.27B€6.47B−€1.61B−€2.90B€1.87B€1.30B−€715.0M
Shares outstanding1.18B1.18B1.18B1.18B1.18B1.18B1.19B1.19B1.20B1.20B
Current ratio1.171.121.411.061.241.171.051.581.171.19
Quick ratio0.990.991.250.891.151.070.971.501.101.09
Debt / equity0.180.230.200.330.370.520.440.390.260.31
Equity / assets63.6%61.3%63.2%55.7%58.3%50.8%51.1%56.0%60.1%59.5%

Quarterly columns are labeled by the month the quarter ended. Figures in euros as reported (latest annual report filed December 31, 2025); data from EODHD.

SAP financial position

At the end of fiscal 2025 (December 31, 2025), SAP had total assets of €70.4 billion (down 5.1% from a year earlier), total liabilities of €25.1 billion and shareholders' equity of €44.8 billion. It held €9.8 billion in cash and short-term investments against €8.1 billion of debt, a net cash position of €1.7 billion. Its current ratio was 1.17. In the latest quarter (ended June 30, 2026) total assets were €75.6 billion and equity €44.7 billion.

Related: SAP income statement, SAP cash flow statement, SAP key metrics. See the SAP stock overview for the latest quote and news.

SAP balance sheet FAQ

What are SAP's total assets?

SAP reported total assets of €70.4 billion at the end of fiscal 2025 (December 31, 2025), compared with €74.1 billion a year earlier.

How much debt does SAP have?

SAP had €8.1 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.18.

How much cash does SAP have?

SAP held €9.8 billion in cash and short-term investments at the end of fiscal 2025; with €8.1 billion of debt that is net cash of €1.7 billion.

What is SAP's book value?

SAP's shareholders' equity (book value) was €44.8 billion at the end of fiscal 2025.

What is SAP's current ratio?

SAP had current assets of €20.3 billion and current liabilities of €17.2 billion, a current ratio of 1.17 (it can cover its short-term obligations).

How much goodwill does SAP have?

SAP carried €31.3 billion of goodwill and intangible assets, 44.5% of total assets, at the end of fiscal 2025.

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