Pluspunten
In my 11 years with SAP, the company consistently grew and made their financial targets. This is an important consideration as your bonus and overall company morale are tied to it. I felt for a long while that the company cared deeply about engineering, a comfort being an engineer myself. Many on my team had been there for years and I loved them. The interactions I had with members of other teams were generally pleasant and respectful.
Minpunten
To continue growing organically once you reach a certain size is difficult. so acquisitions become necessary. M&A is notoriously difficult to get right, and I'd say SAP may have been better than average overall. But its expensive acquisition of Qualtrics seemed, to me, to correlate with a very sharp turn in strategy, such that its formerly darling HANA abruptly lost its appeal. To wit: 4000+ plus employees were laid off, myself included.