Why did SAP stock drop today despite a €10B buyback?

The selloff followed management’s signal that 2026 growth in Current Cloud Backlog will be slower than investors expected. Backlog is a key lead indicator for subscription revenue, so growth concerns outweighed capital return news. The market repriced the stock’s growth outlook, pushing shares sharply lower despite the buyback announcement and otherwise solid balance sheet strength.

How does today’s move affect Swiss investors with DAX exposure?

The decline weighed on the DAX at the open, which can impact Swiss investors holding DAX or Europe equity ETFs and funds. Beyond price, there is currency risk since these vehicles are typically EUR-denominated. Review position size, consider hedging if needed, and watch upcoming SAP updates because they can drive both SAP and index-level performance.

What metrics should I watch before buying SAP stock?

Focus on Current Cloud Backlog growth, quarterly cloud order intake, and S/4HANA migration traction. Also track operating margins, free cash flow, and updates on the buyback pace. From a chart view, watch whether price reclaims the 50-day and 200-day averages with rising volume, which would signal improving trend strength and buyer conviction in SAP stock.

Is SAP stock still expensive after the drop?

Even after the decline, valuation remains tied to growth delivery. SAP trades around 32.6x TTM earnings and 6.26x sales. Profitability is strong, but the multiple assumes steady cloud expansion. If backlog and order growth re-accelerate, the premium looks defendable. If not, further multiple compression is possible, so timing and evidence of demand recovery matter.

Global Market Insights

SAP.DE Stock Today: January 29 Cloud Backlog Miss Sparks 12% Selloff

ByHuzaifa Zahoor January 29, 2026January 29, 2026

SAP stock slid on January 29 as management flagged slower 2026 growth for Current Cloud Backlog, overshadowing a new buyback of up to €10 billion. Shares of SAP.DE opened at €179.00, fell to €162.12, and recently traded near €164.62. The drop pressured the DAX and raised questions about cloud order momentum. For Swiss investors, currency exposure to EUR and index weighting matter. We break down what moved the market, how the DAX reacted, and what to watch next for SAP stock.