NVDA
NVIDIA Corporation
NVDA has the edge over SAP overall, supported by stronger valuation and stronger modeled upside.
SAP
SAP SE
SAP's outlook is improving, though it still trails on the overall score.
NVDA Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Strong | |
| Strong |
NVDA's revenue, profitability, cash flow and balance sheet are all currently strong.
SAP Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| Strong | |
| Strong |
SAP's profitability, cash flow and balance sheet are currently strong, and its revenue is stable.
NVDA PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 12x | $166 | — |
| Current | 21x | $166 | — |
| Cheap | 44x | $345 | +108% |
| Fair | 65x | $511 | +207% |
| Expensive | 93x | $734 | +342% |
Historical ranges are pointers, not guarantees.
NVDA has the edge over SAP in the historical PE scenario, which offers more potential upside but is not a forecast.
SAP PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 24x | $185 | -21% |
| Current | 31x | $234 | — |
| Fair | 35x | $262 | +12% |
| Expensive | 65x | $489 | +109% |
Historical ranges are pointers, not guarantees.
SAP's PE is 31x, but its earnings don't support one, so it isn't a reliable read right now.
NVDA Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Weakening | |
| Broad | |
| Moderate |
Analysts expect strong earnings and revenue growth for NVDA, but weaker profitability.
SAP Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| Low |
SAP has the edge over NVDA on the outlook, with more favorable profitability expectations.
NVDA Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $13.77 | +74% |
| Q3 2026 | $7.91 | +125% |
| Q2 2026 | $6.53 | +111% |
| Q1 2026 | $4.90 | +67% |
| Q4 2025 | $4.03 | +59% |
| Q3 2025 | $3.51 | +65% |
| Q2 2025 | $3.10 | +81% |
| Q1 2025 | $2.94 | +147% |
| Q4 2024 | $2.54 | +234% |
NVDA has the edge over SAP on earnings, with more consistent year-over-year improvement.
SAP Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $7.55 | +22% |
| Q1 2026 | $7.08 | +31% |
| Q4 2025 | $6.92 | +136% |
| Q3 2025 | $6.69 | +163% |
| Q2 2025 | $6.18 | +161% |
| Q1 2025 | $5.40 | +20% |
| Q4 2024 | $2.93 | -49% |
| Q3 2024 | $2.54 | -51% |
SAP earned $7.55 per share over the past year, up 22% from the year before.
NVDA Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $96.2B | +106% |
| Q2 2026 | $81.6B | +85% |
| Q1 2026 | $68.1B | +73% |
| Q4 2025 | $57B | +62% |
| Q3 2025 | $46.7B | +56% |
| Q2 2025 | $44.1B | +69% |
| Q1 2025 | $39.3B | +78% |
| Q4 2024 | $35.1B | +94% |
NVDA has the edge over SAP on sales, with stronger typical year-over-year growth.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 66% | +5.4 points |
| Q2 2026 | 66% | +17 points |
| Q1 2026 | 65% | +3.9 points |
| Q4 2025 | 63% | +0.8 points |
| Q3 2025 | 61% | -1.2 points |
| Q2 2025 | 49% | -16 points |
| Q1 2025 | 61% | -0.5 points |
| Q4 2024 | 62% | +4.9 points |
NVDA has the edge over SAP on profitability, with a higher operating margin.
SAP Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $11B | +9.4% |
| Q1 2026 | $10.6B | +6% |
| Q4 2025 | $10.8B | +3.3% |
| Q3 2025 | $10.1B | +7.2% |
| Q2 2025 | $10B | +8.9% |
| Q1 2025 | $10B | +12% |
| Q4 2024 | $10.4B | +11% |
| Q3 2024 | $9.4B | +9.4% |
SAP's revenue has grown year over year for 20 quarters in a row: $11B last quarter, up 9.4% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 27% | -0.6 points |
| Q1 2026 | 29% | +2.9 points |
| Q4 2025 | 24% | +2.7 points |
| Q3 2025 | 27% | +1.1 points |
| Q2 2025 | 27% | +13 points |
| Q1 2025 | 26% | +16 points |
| Q4 2024 | 22% | -0.9 points |
| Q3 2024 | 26% | +3.9 points |
SAP's operating margin was 27% last quarter, down 0.6 points from the same quarter a year ago.
NVDA Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $21.4B | +59% |
| Q2 2026 | $48.6B | +86% |
| Q1 2026 | $34.9B | +124% |
| Q4 2025 | $22.1B | +32% |
| Q3 2025 | $13.5B | -0.3% |
| Q2 2025 | $26.2B | +75% |
| Q1 2025 | $15.6B | +38% |
| Q3 2024 | $13.5B | +113% |
NVDA has the edge over SAP on cash flow, with more consistent year-over-year improvement.
SAP Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $3.4B | +27% |
| Q1 2026 | $3.6B | -9.4% |
| Q4 2025 | $1.2B | +$2.2B |
| Q3 2025 | $1.4B | +4.9% |
| Q2 2025 | $2.7B | +75% |
| Q1 2025 | $4B | +34% |
| Q4 2024 | -$909.8M | -146% |
| Q3 2024 | $1.4B | +32% |
SAP generated $9.7B in free cash flow over the past year, up 36% from the year before.
NVDA Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.4% | -106M shares |
| 1 year | -1% | -247M shares |
| 3 years | -2.8% | -705M shares |
| 5 years | -4.1% | -1B shares |
| Available history | -1.8% | -435M shares |
NVDA has 24.3B diluted shares, down 1% from a year ago, with $55.3B in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $19.7B |
| Q2 2026 | $19.3B |
| Q1 2026 | $3.8B |
| Q4 2025 | $12.5B |
| Q3 2025 | $9.7B |
| Q2 2025 | $14.1B |
| Q1 2025 | $7.8B |
| Q4 2024 | $11B |
NVDA spent $55.3B buying back its own shares over the past year, up 30% from the year before.
SAP Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.9% | -10M shares |
| 1 year | -1.3% | -14.9M shares |
| 3 years | -1.9% | -22M shares |
| 5 years | -1.9% | -22M shares |
| Available history | -3% | -36M shares |
SAP has the edge over NVDA on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2026 | $356.6M |
| Q1 2026 | $2.5B |
| Q4 2025 | — |
| Q3 2025 | $337.7M |
| Q2 2025 | $1.7B |
| Q1 2025 | $138.9M |
| Q4 2024 | $534.3M |
| Q3 2024 | $722.1M |
SAP spent $3.2B buying back its own shares over the past year, up 5.1% from the year before.
NVDA Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.1x | Very low |
| Q2 2026 | -0.0x | Net Cash |
| Q1 2026 | -0.0x | Net Cash |
| Q4 2025 | -0.0x | Net Cash |
| Q3 2025 | -0.0x | Net Cash |
| Q2 2025 | -0.1x | Net Cash |
| Q1 2025 | -0.0x | Very low |
| Q4 2024 | -0.0x | Net Cash |
NVDA's net debt is less than a year of its operating earnings (EBITDA), after holding more cash than debt a year ago.
SAP Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | -0.8x | Net Cash |
| Q1 2026 | -0.8x | Net Cash |
| Q4 2025 | -0.0x | Net Cash |
| Q3 2025 | 0.1x | Very low |
| Q2 2025 | 0.1x | Very low |
| Q1 2025 | -1.1x | Net Cash |
| Q4 2024 | 0.2x | Very low |
| Q3 2024 | -1.5x | Net Cash |
SAP has the edge over NVDA on leverage, with a lower net debt burden relative to earnings.
NVDA Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 33.4 | Neutral |
| Stochastic | 18.1 | Oversold |
NVDA's weekly RSI is 33 (neutral) and its Stochastic is 18 (oversold).
SAP Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 65.4 | Neutral |
| Stochastic | 81.0 | Overbought |
SAP's weekly RSI is 65 (neutral) and its Stochastic is 81 (overbought).
NVDA PE vs Technology Sector
| Metric | NVDA | Sector median | Relative |
|---|---|---|---|
| PE | 21x | 28x | 25% below |
| PE % | 0 | 35 | 35 pts below |
NVDA has the edge over SAP on valuation relative to its sector.
SAP PE vs Technology Sector
| Metric | SAP | Sector median | Relative |
|---|---|---|---|
| PE | 31x | 28x | 11% above |
| PE % | 43 | 35 | 8 pts above |
SAP is trading at 31x earnings, a 11% premium to the Technology sector's median of 28x, though its earnings don't support one.
NVDA Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $208.9 | 20% below |
| 20 week MA | $212.0 | 22% below |
| 50 week MA | $199.9 | 17% below |
| 100 week MA | $175.1 | 5.1% below |
| 200 week MA | $123.6 | 34% above |
NVDA has fallen below most of its moving averages, though it's still 34% above its 200-week average.
SAP Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $224.9 | 4.1% above |
| 20 week MA | $205.4 | 14% above |
| 50 week MA | $200.1 | 17% above |
| 100 week MA | $237.1 | 1.3% below |
| 200 week MA | $202.8 | 15% above |
SAP has the edge over NVDA on trend strength, trading above more of its moving averages.
NVDA Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $5.92 | $13.0 | +119% |
| 2021 | $13.0 | $29.6 | +128% |
| 2022 | $29.6 | $15.2 | -49% |
| 2023 | $15.2 | $49.5 | +226% |
| 2024 | $49.5 | $137.0 | +177% |
| 2025 | $137.0 | $190.5 | +39% |
| 2026 YTD | $190.5 | $166.2 | -13% |
NVDA's yearly returns have swung widely, from +226% in 2023 to −49% in 2022. It's down 13% so far in 2026.
SAP Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $135.0 | $126.1 | -6.6% |
| 2021 | $126.1 | $140.1 | +11% |
| 2022 | $140.1 | $103.5 | -26% |
| 2023 | $103.5 | $154.6 | +49% |
| 2024 | $154.6 | $250.2 | +62% |
| 2025 | $250.2 | $246.6 | -1.4% |
| 2026 YTD | $246.6 | $234.1 | -5.1% |
SAP has the edge over NVDA on returns for 2026, with the stronger performance.