SAP vs SHOP: SAP SE ADR and Shopify compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- SAP SE ADR is the larger company, worth $281.5B, close to Shopify's $234.7B.
- Shopify grew revenue faster over the last year (+33.7% vs +7.7%).
- SAP SE ADR keeps more of each dollar of revenue as operating profit (26.1% vs 13.9%).
- On earnings, SAP SE ADR is the cheaper stock (33.0x vs 177.3x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | SAP | SHOP |
|---|---|---|
| Market cap | $281.5B | $234.7B |
| Share price | $214.78 | $170.85 |
| Revenue (last fiscal year) | $36.8B | $11.6B |
| Free cash flow (last fiscal year) | $8.4B | $2.0B |
| Revenue growth, last year | +7.7% | +33.7% |
| Revenue growth per year, last 5 fiscal years | +8.1% | +25.8% |
| Operating margin | 26.1% | 13.9% |
| Net margin | 19.5% | 14.5% |
| Return on equity | 16.1% | 15.2% |
| P/E (trailing) | 33.0x | 177.3x |
| Price / free cash flow | 35.5x | 117.0x |
| EV / EBITDA | 14.7x | 58.8x |
| FCF growth the price implies | — | 28.5% |
| Dividend yield | 1.2% | — |
| Debt / equity | 0.57x | 0.14x |
| Fundamental grade | B | B |
| Superinvestors holding it | 9 | 6 |
| Insider purchases, last 12 months | 0 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
SAP SE ADR
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $27.0B | $5.5B | 23.4% |
| 2022 | $29.5B | $4.8B | 20.0% |
| 2023 | $31.2B | $5.5B | 18.6% |
| 2024 | $34.2B | $4.4B | 13.6% |
| 2025 | $36.8B | $8.4B | 26.1% |
Shopify
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $4.6B | $485M | 5.8% |
| 2022 | $5.6B | -$186M | -14.7% |
| 2023 | $7.1B | $905M | -20.1% |
| 2024 | $8.9B | $1.6B | 12.1% |
| 2025 | $11.6B | $2.0B | 12.7% |
Where the revenue comes from
SAP SE ADR · by segments, 2019
Applications, Technology & Services$23.5B86%
Intelligent Spend Group$3.2B12%
Qualtrics$508M2%
Shopify · by products, 2025
Merchant solutions$8.8B76%
Subscription solutions$2.8B24%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open SAP in InvestinglyQuestions
Which is bigger, SAP SE ADR or Shopify?
SAP SE ADR (SAP), at $281.5B against $234.7B.
Is SAP or SHOP cheaper?
By trailing P/E, SAP SE ADR (33.0x) is cheaper than Shopify (177.3x). A lower multiple can also mean the market expects less growth.
Which grows faster, SAP or SHOP?
Shopify: revenue grew +33.7% over the last year, against +7.7%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.