Between 2014 &2024, SAP revenue grew from $23 billion to $37 billion (thats 59 jump) Adjusting for the USA cumulative inflation rate of 35% over 10 years... a real revenue growth of around 18%...
SAP's share price rose from about $70 at the end of 2014 to approximately $244 by the end of 2024 (250% gain)...
Investor belief into subs and recurring revenue is an unique state of mind...