SAP's cloud transition under CEO Christian Klein is delivering accelerating Cloud ERP backlog growth, with RISE and GROW migration mandates pulling forward customer commitments. Joule generative AI assistant embedded across S/4HANA is monetizing through the Premium Plus tier, expanding ACV per seat. Operating margin expansion (~150bps annually) and accelerating free cash flow position SAP as Europe's premier large-cap tech compounder. The 'tech sovereignty' theme in Europe drives strategic preference over US hyperscaler dependencies.
Thesis reviewed May 29, 2026
SAP SE is headquartered in Germany, which is currently showing moderate signals.
🇩🇪Germany52NEUTRALView Germany risk detail →💻Technology25WATCH| Ticker | Company | Score | Gap | Signal Δ | Action |
|---|---|---|---|---|---|
| HUBS | HubSpot Inc. | 33 | +10% | ↓8% | EARLY |
| NOW | ServiceNow Inc. | 30 | +17% | ↓8% | EARLY |
| SNOW | Snowflake Inc. | 30 | +9% | ↓8% | NEUTRAL |
| ACN | Accenture plc | 30 | +7% | ↓8% | NEUTRAL |
| TEAM | Atlassian Corporation | 30 | +7% | ↓8% | NEUTRAL |
| DOCU | DocuSign Inc. | 30 | +6% | ↓8% | NEUTRAL |
| TCS | Tata Consultancy Services Ltd | 30 | +11% | ↓8% | EARLY |
Investors who hold SAP may also have indirect exposure through these country funds.
SAP Cloud ERP backlog grows 30%+ YoY as RISE migrations accelerate
Joule AI assistant rollout drives Premium Plus tier adoption
Estimates · Yahoo Finance · Not audited figures
| Politician | Party | Type | Amount | Trade Date | Return |
|---|---|---|---|---|---|
| Alan Armstrong | Buy | $15k–$50k | Mar 30, 26 | ||
| Josh GottheimerNJ | D | Sell | $1k–$15k | Sep 5, 24 | -15.4% |
| Josh GottheimerNJ | D | Sell | $1k–$15k | Sep 6, 24 | -15.4% |
| Josh GottheimerNJ | D | Sell | $1k–$15k | Jun 21, 24 | -6.8% |