Adobe vs SAP SE

Adobe ADBE · SAP SE SAP · Application Software

Adobe reported revenue of $23.8 billion in fiscal 2025, and SAP SE €36.8 billion in fiscal 2025, in different currencies. Adobe's revenue grew 10.5% in its latest year, and SAP SE's grew 7.7%. Adobe had an operating margin of 36.6%, against 26.1% at SAP SE. Free cash flow was $9.9 billion at Adobe and €8.4 billion at SAP SE. Their fiscal years end in different months (November 28 and December 31), so the periods don't line up exactly.

Side by side

	Adobe	SAP SE
Latest fiscal year	FY2025, Nov 28, 2025	FY2025, Dec 31, 2025
Revenue	$23.8B	€36.8B
Revenue growth	10.5%	7.7%
Revenue growth a year, last 5 years	13.1%	6.1%
Gross margin	89.3%	72.9%
Operating margin	36.6%	26.1%
Net margin	30.0%	19.5%
Free cash flow	$9.9B	€8.4B
Free cash flow margin	41.5%	22.9%
Return on capital	65.8%	15.5%
Net debt to EBITDA	−0.0x	−0.2x
Dividends and buybacks	$11.3B	€4.7B
Change in diluted share count	−5.0%	−0.4%
Last close	$258.62	$238.55
P/E at the last close	14.4×	—
Insider trades, last 12 months	bought $1.9 million, sold $50.8 million	—
Piotroski F-score	7 of 9	7 of 9

Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.

Ten years

Revenue

In each company's own currency, fiscal years

AdobeSAP SE

Operating margin

Percent of revenue

AdobeSAP SE

Free cash flow

In each company's own currency. Cash from operations minus capital expenditure.

AdobeSAP SE

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Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Adobe and SAP SE pages.