` Comparison: SAP vs IBM - Alpha Spread
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SAP
vs
IBM

Over the past 12 months, SAP has underperformed IBM, delivering a return of -37% compared to the IBM's +20% growth.

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SAP
IBM
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Valuation Comparison

SAP Intrinsic Value
194.02 EUR
Undervaluation 12%
Intrinsic Value
Price
IBM Intrinsic Value
181.414 USD
Overvaluation 39%
Intrinsic Value
Price
Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
SAP SE
F:SAP
170.24 EUR
International Business Machines Corp
NYSE:IBM
299.035 USD
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Growth Comparison

Growth Over Time
SAP, IBM

SAP
IBM
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Revenue
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Company LTM Historical Growth Growth Streak % Positive Years Max Drawdown Volatility Forecasted Growth
3 Years 5 Years 10 Years 1 Year 3 Years
SAP SE
Revenue
International Business Machines Corp
Revenue

All metrics are calculated based on data from the last 10 years.

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Profitability Comparison

Free Cash Flow
SAP, IBM

SAP
IBM
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Free Cash Flow
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Company LTM Average Historical Growth FCF Margin Conversion
3 Years 5 Years 3 Years 5 Years 10 Years
SAP SE
F:SAP
International Business Machines Corp
NYSE:IBM
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What is Free Cash Flow?

Gross Margin

SAP
73.6%
IBM
58.2%

Operating Margin

SAP
28.2%
IBM
15.9%

Net Margin

SAP
19.9%
IBM
15.7%

FCF Margin

SAP
22.9%
IBM
17.1%

ROE

SAP
16.2%
IBM
35.3%

ROA

SAP
10.1%
IBM
7.3%

ROIC

SAP
12.4%
IBM
9.7%

ROCE

SAP
19.1%
IBM
9.9%

Solvency Comparison

SAP SE
Equity Waterfall
Assets
Liabilities
Equity
What is Equity Waterfall?
International Business Machines...
Equity Waterfall
Assets
Liabilities
Equity
What is Equity Waterfall?
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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
SAP, IBM

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1Y 3Y 5Y 10Y 15Y 20Y
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Performance Gap
SAP, IBM

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SAP
IBM
Difference
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1Y 3Y 5Y 10Y 15Y 20Y

Performance By Year
SAP, IBM

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SAP
IBM
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