SAP SE earns about 15% on invested capital, with a roughly flat share count. The cash-flow models don't apply cleanly here — the ledger says why below. Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2017 |
|---|---|
| Revenue | $28.2B1 |
| Net income | $4.83B2 |
| Operating cash flow | $6.07B3 |
| Capital expenditure | — |
| Free cash flow (derived) | — |
| Total debt | $6.26B4 |
| Cash & equivalents | $4.82B5 |
| Diluted shares | 1.23B |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.
10 shares is a claim on $249.63 of net worth that earned you $39.32 last year, against $50.99 of debt.
It earned an average 15% on invested capital over 1 years. Compare that to what it costs to fund the business.
seeing a moat in the numbers →Share count is roughly flat over 1 years — little dilution, little buyback. Total debt has held roughly steady.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
Different models answer different questions — which to trust when →
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Connect the MeritValue MCP server to Claude or another MCP client, ask about SAP SE, and get these exact figures with their filing receipts — not an improvised DCF.
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See pricing →Follow SAP and keep your own price beside the value. The same engine, with the same receipts.
MeritValue on the App Store →- 20-F filed 2018-02-28 · period ending 2017-12-31 · accession 0001104659-18-013050 (Revenue)
- 20-F filed 2018-02-28 · period ending 2017-12-31 · accession 0001104659-18-013050 (ProfitLossAttributableToOwnersOfParent)
- 20-F filed 2018-02-28 · period ending 2017-12-31 · accession 0001104659-18-013050 (CashFlowsFromUsedInOperatingActivities)
- 20-F filed 2019-02-28 · period ending 2017-12-31 · accession 0001104659-19-011304 (Borrowings)
- 20-F filed 2018-02-28 · period ending 2017-12-31 · accession 0001104659-18-013050 (CashAndCashEquivalents)