` Comparison: IBM, SAP - Alpha Spread

IBM
vs
SAP

Over the past 12 months, IBM has significantly outperformed SAP, delivering a return of +49% compared to the SAP's +27% growth.

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IBM
SAP
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One-click summary across all key metrics.
Ranked results with clear takeaways.
No spreadsheets, no guesswork.
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Valuation
Growth
Profitability
Solvency
Comparing Valuation
Running a multi-layered valuation analysis to compare how attractive each stock is.
Comparing Growth
Financial growth, forecasts, volatility, and historical drawdowns.
Comparing Profitability
Margins, returns on capital, and the consistency of profitability.
Comparing Solvency
Debt levels, liquidity, interest coverage, and bankruptcy risk.
Summarizing...
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Valuation Comparison

IBM Intrinsic Value
197.2 USD
Overvaluation 30%
Intrinsic Value
Price
SAP Intrinsic Value
182.22 EUR
Overvaluation 27%
Intrinsic Value
Price
Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
International Business Machines Corp
NYSE:IBM
282.01 USD
SAP SE
XETRA:SAP
248.85 EUR
Valuation Scenario:
Bear Case
Base Case
Bull Case

Growth Comparison

Growth Over Time
IBM, SAP

IBM
SAP
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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
International Business Machines Corp
Revenue
SAP SE
Revenue

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

Profitability Comparison

Free Cash Flow
IBM, SAP

IBM
SAP
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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
International Business Machines Corp
NYSE:IBM
SAP SE
XETRA:SAP
What is Free Cash Flow?

Gross Margin

IBM
57%
SAP
73.6%

Operating Margin

IBM
14.9%
SAP
25.8%

Net Margin

IBM
8.7%
SAP
16.3%

FCF Margin

IBM
19.9%
SAP
15.6%

ROE

IBM
21.8%
SAP
12.9%

ROA

IBM
3.9%
SAP
7.7%

ROIC

IBM
7.3%
SAP
10.8%

ROCE

IBM
8.7%
SAP
16.7%

Solvency Comparison

Balance Sheet Comparison

Stocks Performance

Stocks Performance
IBM, SAP

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Performance Gap
IBM, SAP

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IBM
SAP
Difference
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Performance By Year
IBM, SAP

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IBM
SAP
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