SAP EV/EBITDA: current value, 10-year range and year-by-year history
Cash & Leverage
SAP's ev/ebitda is higher than 65% of the last 10 years.
EV/EBITDA History
SAP EV/EBITDA by year
Yearly range of SAP’s ev/ebitda from 2016 to 2026. Over the full period it ranged from 10.8 to 51.2, averaging 20.5.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 10.8 | 15.2 | 20.7 | 19.0 |
| 2025 | 20.1 | 30.4 | 51.2 | 20.1 |
| 2024 | 20.5 | 33.6 | 43.4 | 43.4 |
| 2023 | 19.1 | 23.3 | 26.2 | 24.2 |
| 2022 | 12.4 | 14.8 | 18.6 | 16.8 |
| 2021 | 13.4 | 14.7 | 17.1 | 17.1 |
| 2020 | 12.7 | 17.9 | 23.1 | 14.0 |
| 2019 | 14.0 | 20.6 | 25.2 | 21.5 |
| 2018 | 14.5 | 17.2 | 19.0 | 14.5 |
| 2017 | 14.6 | 17.3 | 18.9 | 18.2 |
| 2016 | 14.5 | 15.0 | 15.6 | 15.3 |
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An acquisition-style valuation multiple: Enterprise Value (market cap + net debt) divided by operating earnings before accounting adjustments. Compares companies fairly regardless of their capital structure.
(Market Cap + Net Debt) / EBITDAUnlike P/E, this metric accounts for debt — two companies with identical operations but different leverage will show similar EV/EBITDA. Low vs history suggests the total business is modestly priced.
- EBITDA ignores capital expenditure. For asset-heavy businesses (airlines, mining, utilities), this understates the real cost — use EV/EBIT or EV/FCF instead.
- Large acquisitions temporarily spike net debt and can distort the ratio for 1–2 years during integration.
Is SAP EV/EBITDA High or Low Right Now?
SAP SE's EV/EBITDA is currently 19.0, which is above average relative to its 10-year historical range. The 10-year median EV/EBITDA for SAP is approximately 18.0. See all SAP valuation metrics →
Unlock 10y, 15y, 20y, and 30y history with peer comparison and CSV export.