{
 "as_of": "2026-11-08",
 "cmr": "us-cm-kg/NYSE/SAP",
 "fence": "The page is the record's research on the issuer — no analyst, no rating, no view.",
 "markdown": "The page is the record's research on the issuer — no analyst, no rating, no view.\n\n# SAP SE (NYSE: SAP) — research page\n\nAs of 2026-11-08 · us-cm-kg · record version 1\n\n## Identity and listing\n\nThe issuer is SAP SE, listed on NYSE under ticker SAP, ISIN US8030542042, LEI 529900D6BF99LW9R2E68. Its security type is non-operating entity type (other), its segment is not on the record, its sector is 7372 Services-Prepackaged Software, and its jurisdiction is Germany. Its listing status is listed, not halted.\n\n## The disclosure read\n\nThe record holds 11 filings on 11 filing days in the window 2025-11-08 to 2026-11-08, comprising 3 regulatory filings and 8 results. The median gap between filing days is 30.0 days. The latest filing is dated 2026-10-26, is of type results, and was 13 days before the record date of 2026-11-08. The NYSE median filings count is 64.0, the NYSE median cadence gap is 6.0 days, and the NYSE median latency is 4.0 days across 3256 issuers. The sector median filings count is 62.5, the sector median cadence gap is 5.0 days, and the sector median latency is 4.5 days across 266 issuers. The issuer's 11 filings are below the NYSE and sector medians.\n\n## Auditor\n\nThe auditor is not on the record, because the latest annual report cover carries no dei:AuditorName tag. The auditor's location is not on the record. The record holds no auditor changes.\n\n## Events and halts\n\nThe record holds no listing, delisting or name change lines. The domicile change is not on the record, because EDGAR states no dated change of state of incorporation on a filing line. The segment move is not on the record, because the exchanges' tier transfers are not EDGAR filings. The halt flag is listed, not halted.\n\n## Orderability\n\nThe outcome is not determinable, because the chapter's orderability section carries no client categories and so the outcome cannot name its client category. The rule version is acm-68000/us/reasonable-basis-suitability-finra-rule-2111/r1, and the chapter is as of 2026-11-04.\n\n## Coverage\n\nThe issuer's investor-relations page names 16 research houses: Arete Research Services LLP, Barclays Capital, Barclays Capital Inc., BERNSTEIN Societe Generale Group, BMO Capital, Citi Research (Europe), Cleveland Research, Cowen & Co., Deutsche Bank, DZ Bank AG, Evercore Partners, Exane BNP Paribas (UK), Goldman Sachs International, Jefferies, JPMorgan Cazenove Limited, and Stifel Nicolaus Canada, Inc.\n\n## Open research\n\nNo openly published research notes were found on the record.\n\n## Licensed\n\nLicensed research: none loaded. A licensed row is served only to an agent whose firm holds that licence (licensor, entitlement). No licensed row is loaded.\n\n## As-of depth\n\nThe sealed years that hold the issuer are 2021, 2022, 2023, 2024, 2025 and 2026. The market's earliest sealed date is 2021-01-04. The live record began on 2026-09-12.\n\n## Sources\n\n9 source pages are named on this page; every value above carries its own source page and read date in the numbers.\n\n- https://www.sec.gov/files/company_tickers_exchange.json (identity.exchange)\n- https://www.sec.gov/data-research/sec-markets-data/fails-deliver-data (identity.isin)\n- https://data.sec.gov/submissions/CIK0001000184.json (identity.jurisdiction)\n- https://mapping.gleif.org/api/v2/isin-lei/latest/download (identity.lei)\n- https://mcp.us-cm-kg.ai/events/NYSE/SAP (the disclosure lines)\n- https://www.nasdaqtrader.com/rss.aspx?feed=tradehalts (the halt flag)\n- https://mcp.us-cm-kg.ai/book/aio.json (the orderability chapter)\n- https://www.sap.com/investors/en/resources/analyst-coverage.html (coverage)\n- https://mcp.us-cm-kg.ai/record/NYSE/SAP (the record)\n",
 "market": "US",
 "node": "us-cm-kg",
 "numbers": {
  "as_of_depth": {
   "issuer_years_sealed": [
    "2021",
    "2022",
    "2023",
    "2024",
    "2025",
    "2026"
   ],
   "live_record_began": "2026-09-12",
   "node_history_from": "2021-01-04",
   "node_years_sealed": [
    "2021",
    "2022",
    "2023",
    "2024",
    "2025",
    "2026"
   ],
   "record_version": 1,
   "sealed": true
  },
  "auditor": {
   "auditor": {
    "market": "US",
    "reason": "no dei:AuditorName tag on the latest annual report cover (foreign private issuers and older filings carry none)",
    "state": "not_on_record"
   },
   "auditor_firm_id": {
    "market": "US",
    "state": "not_on_record"
   },
   "auditor_location": {
    "market": "US",
    "state": "not_on_record"
   },
   "changes": []
  },
  "cmr": "us-cm-kg/NYSE/SAP",
  "coverage": {
   "count": 16,
   "houses": [
    {
     "analyst": "Shepherd, Adam J.",
     "house": "Arete Research Services LLP",
     "read_by": "issuer IR page, fetched by this rail; each house name read on the page",
     "read_date": "2026-11-11",
     "source": "https://www.sap.com/investors/en/resources/analyst-coverage.html",
     "state": "sourced"
    },
    {
     "analyst": "Merkt, Sven",
     "house": "Barclays Capital",
     "read_by": "issuer IR page, fetched by this rail; each house name read on the page",
     "read_date": "2026-11-11",
     "source": "https://www.sap.com/investors/en/resources/analyst-coverage.html",
     "state": "sourced"
    },
    {
     "analyst": "Lenschow, Raimo",
     "house": "Barclays Capital Inc.",
     "read_by": "issuer IR page, fetched by this rail; each house name read on the page",
     "read_date": "2026-11-11",
     "source": "https://www.sap.com/investors/en/resources/analyst-coverage.html",
     "state": "sourced"
    },
    {
     "analyst": "Moerdler, Mark L. Nguyen, Richard",
     "house": "BERNSTEIN Societe Generale Group",
     "read_by": "issuer IR page, fetched by this rail; each house name read on the page",
     "read_date": "2026-11-11",
     "source": "https://www.sap.com/investors/en/resources/analyst-coverage.html",
     "state": "sourced"
    },
    {
     "analyst": "Bachman, Keith",
     "house": "BMO Capital",
     "read_by": "issuer IR page, fetched by this rail; each house name read on the page",
     "read_date": "2026-11-11",
     "source": "https://www.sap.com/investors/en/resources/analyst-coverage.html",
     "state": "sourced"
    },
    {
     "analyst": "Tirupati, Balajee",
     "house": "Citi Research (Europe)",
     "read_by": "issuer IR page, fetched by this rail; each house name read on the page",
     "read_date": "2026-11-11",
     "source": "https://www.sap.com/investors/en/resources/analyst-coverage.html",
     "state": "sourced"
    },
    {
     "analyst": "Terjanian, Ari",
     "house": "Cleveland Research",
     "read_by": "issuer IR page, fetched by this rail; each house name read on the page",
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     "source": "https://www.sap.com/investors/en/resources/analyst-coverage.html",
     "state": "sourced"
    },
    {
     "analyst": "Wood, Derrick",
     "house": "Cowen & Co.",
     "read_by": "issuer IR page, fetched by this rail; each house name read on the page",
     "read_date": "2026-11-11",
     "source": "https://www.sap.com/investors/en/resources/analyst-coverage.html",
     "state": "sourced"
    },
    {
     "analyst": "Schaller, Johannes",
     "house": "Deutsche Bank",
     "read_by": "issuer IR page, fetched by this rail; each house name read on the page",
     "read_date": "2026-11-11",
     "source": "https://www.sap.com/investors/en/resources/analyst-coverage.html",
     "state": "sourced"
    },
    {
     "analyst": "Kremser, Armin",
     "house": "DZ Bank AG",
     "read_by": "issuer IR page, fetched by this rail; each house name read on the page",
     "read_date": "2026-11-11",
     "source": "https://www.sap.com/investors/en/resources/analyst-coverage.html",
     "state": "sourced"
    },
    {
     "analyst": "Materne, Stewart K.",
     "house": "Evercore Partners",
     "read_by": "issuer IR page, fetched by this rail; each house name read on the page",
     "read_date": "2026-11-11",
     "source": "https://www.sap.com/investors/en/resources/analyst-coverage.html",
     "state": "sourced"
    },
    {
     "analyst": "Castillo Bernaus, Ben",
     "house": "Exane BNP Paribas (UK)",
     "read_by": "issuer IR page, fetched by this rail; each house name read on the page",
     "read_date": "2026-11-11",
     "source": "https://www.sap.com/investors/en/resources/analyst-coverage.html",
     "state": "sourced"
    },
    {
     "analyst": "Moawalla, Mohammed E.",
     "house": "Goldman Sachs International",
     "read_by": "issuer IR page, fetched by this rail; each house name read on the page",
     "read_date": "2026-11-11",
     "source": "https://www.sap.com/investors/en/resources/analyst-coverage.html",
     "state": "sourced"
    },
    {
     "analyst": "Brennan, Charles",
     "house": "Jefferies",
     "read_by": "issuer IR page, fetched by this rail; each house name read on the page",
     "read_date": "2026-11-11",
     "source": "https://www.sap.com/investors/en/resources/analyst-coverage.html",
     "state": "sourced"
    },
    {
     "analyst": "Ogg, Toby",
     "house": "JPMorgan Cazenove Limited",
     "read_by": "issuer IR page, fetched by this rail; each house name read on the page",
     "read_date": "2026-11-11",
     "source": "https://www.sap.com/investors/en/resources/analyst-coverage.html",
     "state": "sourced"
    },
    {
     "analyst": "Reback, Brad R.",
     "house": "Stifel Nicolaus Canada, Inc.",
     "read_by": "issuer IR page, fetched by this rail; each house name read on the page",
     "read_date": "2026-11-11",
     "source": "https://www.sap.com/investors/en/resources/analyst-coverage.html",
     "state": "sourced"
    }
   ],
   "pages_checked": [
    {
     "page": "https://www.sap.com/investors/en/resources/analyst-coverage.html",
     "result": "read: 16 of 19 named houses found on the page"
    }
   ],
   "read_by": "Perplexity sonar (search) · page read by this rail",
   "read_date": "2026-11-11",
   "since": "not stated on the page read",
   "state": "found"
  },
  "disclosure": {
   "against": {
    "exchange": {
     "issuers": 3256,
     "median_cadence_gap_days": 6,
     "median_filings": 64,
     "median_latency_days": 4,
     "name": "NYSE"
    },
    "sector": {
     "issuers": 266,
     "median_cadence_gap_days": 5,
     "median_filings": 62.5,
     "median_latency_days": 4.5,
     "name": "7372 Services-Prepackaged Software"
    }
   },
   "by_type": {
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    "results": 8
   },
   "cadence_median_gap_days": 30,
   "filing_days": 11,
   "filings": 11,
   "latency_days": 13,
   "latest": [
    {
     "category": "6-K",
     "date": "2026-10-26",
     "source": "https://www.sec.gov/Archives/edgar/data/1000184/000110465926118617/tm2628113d1_6k.htm",
     "title": "6-K — FORM 6-K",
     "type": "results"
    },
    {
     "category": "S-8",
     "date": "2026-08-24",
     "source": "https://www.sec.gov/Archives/edgar/data/1000184/000110465926100300/tm2623433d1_s8.htm",
     "title": "S-8 — FORM S-8",
     "type": "regulatory_filing"
    },
    {
     "category": "6-K",
     "date": "2026-07-28",
     "source": "https://www.sec.gov/Archives/edgar/data/1000184/000110465926087251/tm2621275d1_6k.htm",
     "title": "6-K — FORM 6-K",
     "type": "results"
    },
    {
     "category": "11-K",
     "date": "2026-06-10",
     "source": "https://www.sec.gov/Archives/edgar/data/1000184/000110465926072370/sap-20251231x11k.htm",
     "title": "11-K — 11-K",
     "type": "regulatory_filing"
    },
    {
     "category": "6-K",
     "date": "2026-05-08",
     "source": "https://www.sec.gov/Archives/edgar/data/1000184/000110465926057442/tm2613731d1_6k.htm",
     "title": "6-K — FORM 6-K",
     "type": "results"
    }
   ],
   "latest_filing_date": "2026-10-26",
   "read": "the node's event lines (list_events_since), as get_filings serves them",
   "source": "https://mcp.us-cm-kg.ai/events/NYSE/SAP",
   "window": {
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    "to": "2026-11-08"
   }
  },
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    "read_date": "2026-11-08",
    "read_date_basis": "the record version as_of",
    "source": "https://www.sec.gov/files/company_tickers_exchange.json",
    "state": "sourced",
    "value": "NYSE"
   },
   "isin": {
    "read_by": "SEC Fails-to-Deliver data (CUSIP for the symbol) · ISIN = US + CUSIP + ISO 6166 check digit",
    "read_date": "2026-10-14",
    "read_date_basis": "last_seen",
    "source": "https://www.sec.gov/data-research/sec-markets-data/fails-deliver-data",
    "state": "sourced",
    "value": "US8030542042"
   },
   "jurisdiction": {
    "read_by": "EDGAR submissions API (issuer header as filed) (stateOfIncorporation)",
    "read_date": "2026-11-08",
    "read_date_basis": "the record version as_of",
    "source": "https://data.sec.gov/submissions/CIK0001000184.json",
    "state": "sourced",
    "value": "Germany"
   },
   "lei": {
    "read_by": "GLEIF ISIN-to-LEI mapping file (daily), LEI by exact ISIN",
    "read_date": "2026-11-08",
    "read_date_basis": "the field",
    "source": "https://mapping.gleif.org/api/v2/isin-lei/latest/download (ISIN US8030542042)",
    "state": "sourced",
    "value": "529900D6BF99LW9R2E68"
   },
   "name": {
    "read_by": "EDGAR submissions API (issuer header as filed)",
    "read_date": "2026-11-08",
    "read_date_basis": "the record version as_of",
    "source": "https://data.sec.gov/submissions/CIK0001000184.json",
    "state": "sourced",
    "value": "SAP SE"
   },
   "sector": {
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    "read_date": "2026-11-08",
    "read_date_basis": "the record version as_of",
    "source": "https://data.sec.gov/submissions/CIK0001000184.json",
    "state": "sourced",
    "value": "7372 Services-Prepackaged Software"
   },
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    "read_date_basis": "the record version as_of",
    "source": "https://data.sec.gov/submissions/CIK0001000184.json",
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    "state": "sourced",
    "value": "SAP"
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   "rows": [],
   "rule": "A licensed row is served only to an agent whose firm holds that licence (licensor, entitlement). No licensed row is loaded."
  },
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    "reason": "EDGAR states no dated change of state of incorporation on a filing line",
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   "segment_move": {
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    "reason": "the exchanges' tier transfers are not EDGAR filings",
    "state": "not_on_record"
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  "node": "us-cm-kg",
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    "door": "https://mcp.us-cm-kg.ai/mcp",
    "tool": "get_orderability"
   },
   "reason": "the chapter's orderability section carries no client_categories: the outcome cannot name its client category",
   "rule_version": "acm-68000/us/reasonable-basis-suitability-finra-rule-2111/r1",
   "section": "us.aio.v8"
  },
  "record": {
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   "url": "https://mcp.us-cm-kg.ai/record/NYSE/SAP",
   "version": 1
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  "schema": "research-numbers v0.1 (USR-01, 2026-11-11)",
  "status": {
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   "source": "https://www.nasdaqtrader.com/rss.aspx?feed=tradehalts",
   "value": "listed, not halted"
  }
 },
 "numbers_hash": "sha256:ff278ceac999bca4b515595637cacdeca4f74e1234000707cff67d32a6c8e331",
 "path": "/us/NYSE/SAP",
 "schema": "research-page v0.1 (USR-02, 2026-11-11)",
 "sections": [
  {
   "id": "identity",
   "text": "The issuer is SAP SE, listed on NYSE under ticker SAP, ISIN US8030542042, LEI 529900D6BF99LW9R2E68. Its security type is non-operating entity type (other), its segment is not on the record, its sector is 7372 Services-Prepackaged Software, and its jurisdiction is Germany. Its listing status is listed, not halted.",
   "title": "Identity and listing"
  },
  {
   "id": "disclosure",
   "text": "The record holds 11 filings on 11 filing days in the window 2025-11-08 to 2026-11-08, comprising 3 regulatory filings and 8 results. The median gap between filing days is 30.0 days. The latest filing is dated 2026-10-26, is of type results, and was 13 days before the record date of 2026-11-08. The NYSE median filings count is 64.0, the NYSE median cadence gap is 6.0 days, and the NYSE median latency is 4.0 days across 3256 issuers. The sector median filings count is 62.5, the sector median cadence gap is 5.0 days, and the sector median latency is 4.5 days across 266 issuers. The issuer's 11 filings are below the NYSE and sector medians.",
   "title": "The disclosure read"
  },
  {
   "id": "auditor",
   "text": "The auditor is not on the record, because the latest annual report cover carries no dei:AuditorName tag. The auditor's location is not on the record. The record holds no auditor changes.",
   "title": "Auditor"
  },
  {
   "id": "events",
   "text": "The record holds no listing, delisting or name change lines. The domicile change is not on the record, because EDGAR states no dated change of state of incorporation on a filing line. The segment move is not on the record, because the exchanges' tier transfers are not EDGAR filings. The halt flag is listed, not halted.",
   "title": "Events and halts"
  },
  {
   "id": "orderability",
   "text": "The outcome is not determinable, because the chapter's orderability section carries no client categories and so the outcome cannot name its client category. The rule version is acm-68000/us/reasonable-basis-suitability-finra-rule-2111/r1, and the chapter is as of 2026-11-04.",
   "title": "Orderability"
  },
  {
   "id": "coverage",
   "text": "The issuer's investor-relations page names 16 research houses: Arete Research Services LLP, Barclays Capital, Barclays Capital Inc., BERNSTEIN Societe Generale Group, BMO Capital, Citi Research (Europe), Cleveland Research, Cowen & Co., Deutsche Bank, DZ Bank AG, Evercore Partners, Exane BNP Paribas (UK), Goldman Sachs International, Jefferies, JPMorgan Cazenove Limited, and Stifel Nicolaus Canada, Inc.",
   "title": "Coverage"
  },
  {
   "id": "open_research",
   "text": "No openly published research notes were found on the record.",
   "title": "Open research"
  },
  {
   "id": "licensed",
   "text": "Licensed research: none loaded. A licensed row is served only to an agent whose firm holds that licence (licensor, entitlement). No licensed row is loaded.",
   "title": "Licensed"
  },
  {
   "id": "depth",
   "text": "The sealed years that hold the issuer are 2021, 2022, 2023, 2024, 2025 and 2026. The market's earliest sealed date is 2021-01-04. The live record began on 2026-09-12.",
   "title": "As-of depth"
  },
  {
   "id": "sources",
   "text": "9 source pages are named on this page; every value above carries its own source page and read date in the numbers.",
   "title": "Sources"
  }
 ],
 "sources": [
  {
   "for": "identity.exchange",
   "source": "https://www.sec.gov/files/company_tickers_exchange.json"
  },
  {
   "for": "identity.isin",
   "source": "https://www.sec.gov/data-research/sec-markets-data/fails-deliver-data"
  },
  {
   "for": "identity.jurisdiction",
   "source": "https://data.sec.gov/submissions/CIK0001000184.json"
  },
  {
   "for": "identity.lei",
   "source": "https://mapping.gleif.org/api/v2/isin-lei/latest/download"
  },
  {
   "for": "the disclosure lines",
   "source": "https://mcp.us-cm-kg.ai/events/NYSE/SAP"
  },
  {
   "for": "the halt flag",
   "source": "https://www.nasdaqtrader.com/rss.aspx?feed=tradehalts"
  },
  {
   "for": "the orderability chapter",
   "source": "https://mcp.us-cm-kg.ai/book/aio.json"
  },
  {
   "for": "coverage",
   "source": "https://www.sap.com/investors/en/resources/analyst-coverage.html"
  },
  {
   "for": "the record",
   "source": "https://mcp.us-cm-kg.ai/record/NYSE/SAP"
  }
 ],
 "title": "SAP SE (SAP) — research page",
 "writer": {
  "by": "Claude through the platform account, Haiku class; one pass; checked against the numbers",
  "engine": "claude-haiku-5-5"
 }
}