SAP

The past six months have seen significant fluctuations in SAP SE's stock price. In November 2025, the stock experienced a mid-single-digit decline due to underwhelming growth rates. In late January 2026, despite strong Q4 and full-year results, the market reacted negatively to slower cloud backlog growth and a cautious 2026 outlook, leading to a sharp decline. By February 2026, the stock had declined significantly from its all-time high. In March 2026, continued pressure was observed due to the outlook and signs of cooling cloud backlog growth, leading to downgrades from analysts. In April 2026, the share price retreated due to slowing cloud backlog growth, a J.P. Morgan downgrade, and pressure from U.S. trade tariffs, although strong Q1 earnings were reported. By May 2026, SAP had lost approximately 50% of its value since its all-time high in 2025.