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TeamViewer AG
(XETRA:TMV)
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Rating:69Neutral
Price Target:
€6.50
▲(15.86% Upside)
Action:Reiterated
Date:07/29/26
The score is driven primarily by strong profitability/cash conversion but tempered by balance-sheet leverage and recent revenue/FCF weakness. Technicals are supportive with the stock trading above major moving averages, and valuation looks attractive on a low P/E. The latest earnings call adds a moderately positive tilt via reiterated guidance and enterprise/AI momentum, while FX, SMB softness, and weaker operating cash flow remain key near-term risks.
Positive Factors
High profitability and cash conversion
Sustained sector-leading gross and EBIT margins and near-par FCF conversion indicate durable software economics and earnings quality. This supports reinvestment, margin-led cash generation and resilience through cycles, underpinning long‑term EBITDA and free cash flow availability.
Negative Factors
Elevated balance-sheet leverage
Material debt for a software company reduces financial flexibility and increases refinancing and covenant risk if growth or cash generation weakens. High leverage constrains investment capacity and forces prioritization of deleveraging over aggressive growth initiatives for the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
High profitability and cash conversion
Sustained sector-leading gross and EBIT margins and near-par FCF conversion indicate durable software economics and earnings quality. This supports reinvestment, margin-led cash generation and resilience through cycles, underpinning long‑term EBITDA and free cash flow availability.
Read all positive factors
TeamViewer AG (TMV) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€1.04B
Dividend YieldN/A
Average Volume (3M)869.10K
Price to Earnings (P/E)7.6
Beta (1Y)0.97
Revenue Growth5.39%
EPS Growth3.05%
CountryDE
Employees1,925
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)0.83
Shares Outstanding163,500,000
10 Day Avg. Volume620,922
30 Day Avg. Volume869,104
Financial Highlights & Ratios
PEG Ratio-3.11
Price to Book (P/B)5.76
Price to Sales (P/S)1.27
P/FCF Ratio4.91
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€6.45Price Target Upside14.97% Upside
Rating ConsensusHold
Number of Analyst Covering7
EPS Forecast (FY)1
Revenue Forecast (FY)€761.11M
TeamViewer AG Business Overview & Revenue Model
Company Description
Operating globally, TeamViewer AG and its associated companies specialize in the development and provision of a diverse range of remote connectivity tools. Among its core offerings is TeamViewer, a versatile solution enabling remote access, contro...
How the Company Makes Money
TeamViewer primarily makes money by selling subscriptions/licenses to its software and related services. The company’s core revenue stream is recurring subscription revenue from customers who pay for access to TeamViewer’s remote access and remote...
TeamViewer AG Earnings Call Summary
Earnings Call Date:Jul 28, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 03, 2026
Earnings Call Sentiment Positive
The call conveyed a constructive operational inflection: enterprise momentum, platform adoption (TeamViewer ONE), rapid AI adoption, strategic validation via a ServiceNow partnership and FedRAMP progress were highlighted as major positives. However, SMB remains a near-term headwind, revenue was slightly down year-over-year, FX pressures and weaker upfront multiyear payments pressured cash flow and adjusted EBITDA. Management reiterated full-year guidance, emphasized improving leading indicators, and outlined actions to continue deleveraging and invest in growth.Positive Updates
Enterprise ARR Growth and Platform Momentum
Total enterprise ARR grew +8% year-over-year in constant currency, driven by the DEX turnaround and stronger customer engagement. Customers with >€200k ARR grew +11% YoY CC, and enterprise revenue increased +3% YoY to €59m, demonstrating accelerating adoption of TeamViewer ONE across large accounts.
Negative Updates
SMB Headwinds and ARR Decline
SMB ARR remained under pressure: SMB ARR declined ~4% YoY in constant currency and SMB revenue decreased ~3% YoY to €124m. The SMB drag reflects prior strategic cost-correction measures and base-level competitive pressures; management expects moderation but acknowledges continued work required.
Read all updates
Q2-2026 Updates
Positive
Negative
Enterprise ARR Growth and Platform Momentum
Total enterprise ARR grew +8% year-over-year in constant currency, driven by the DEX turnaround and stronger customer engagement. Customers with >€200k ARR grew +11% YoY CC, and enterprise revenue increased +3% YoY to €59m, demonstrating accelerating adoption of TeamViewer ONE across large accounts.
Read all positive updates
Company Guidance
TeamViewer reiterated its full‑year 2026 guidance, forecasting constant‑currency revenue growth of 0–3% versus pro‑forma 2025 and expecting ARR growth to accelerate in H2, while targeting an adjusted EBITDA margin of around 43%; Q2 actuals included ARR of EUR 737m, revenue of EUR 183m (‑1.4% y/y CC), adjusted EBITDA of EUR 79m (43.2% margin; 44.4% excluding FX), adjusted EPS of EUR 0.27 and net income +33% y/y, with gross profit EUR 168m (92% margin), pretax cash from operations EUR 66m and levered free‑cash‑flow conversion of 52%; management warned of FX headwinds (Q2 revenue FX drag ~2.8 pp, adjusted EBITDA impacted ~5.4 pp, spot rates imply ‑2.1 pp for Q3 and ‑2.4 pp for full year) and reiterated a deleveraging path from Q2 net debt EUR 833m / 2.5x leverage toward ~2.3x (guidance range ~2.0–3.0x) by year‑end, with free cash flow expected to be seasonally stronger in H2.TeamViewer AG Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
45
Neutral
Cash Flow
66
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 748.31M | 746.77M | 671.42M | 626.69M | 565.87M | 501.10M |
| Gross Profit | 647.03M | 645.57M | 590.59M | 544.95M | 484.58M | 430.15M |
| EBITDA | 295.18M | 294.05M | 248.12M | 219.68M | 191.14M | 168.34M |
| Net Income | 130.30M | 118.25M | 123.08M | 114.02M | 67.60M | 50.05M |
Balance Sheet | ||||||
| Total Assets | 1.67B | 1.68B | 1.07B | 1.11B | 1.17B | 1.55B |
| Cash, Cash Equivalents and Short-Term Investments | 46.30M | 52.37M | 55.27M | 82.25M | 168.03M | 550.53M |
| Total Debt | 872.40M | 942.97M | 444.63M | 529.42M | 632.64M | 877.47M |
| Total Liabilities | 1.42B | 1.51B | 969.86M | 1.03B | 1.06B | 1.23B |
| Stockholders Equity | 249.70M | 164.88M | 100.48M | 83.66M | 115.28M | 320.09M |
Cash Flow | ||||||
| Free Cash Flow | 179.08M | 193.40M | 243.81M | 224.26M | 195.50M | 178.74M |
| Operating Cash Flow | 184.35M | 199.16M | 249.18M | 229.87M | 204.34M | 193.97M |
| Investing Cash Flow | -11.11M | -691.31M | -12.82M | -29.56M | -10.82M | -38.92M |
| Financing Cash Flow | -174.69M | 480.40M | -254.39M | -287.39M | -609.80M | 301.10M |
TeamViewer AG Technical Analysis
Positive
5.61
Price Trends
5.67
Positive
5.37
Positive
5.42
Positive
Market Momentum
0.27
Negative
55.22
Neutral
73.64
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:TMV, the sentiment is Positive. The current price of 5.61 is below the 20-day moving average (MA) of 6.14, below the 50-day MA of 5.67, and above the 200-day MA of 5.42, indicating a bullish trend. The MACD of 0.27 indicates Negative momentum. The RSI at 55.22 is Neutral, neither overbought nor oversold. The STOCH value of 73.64 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for DE:TMV.
TeamViewer AG Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | €1.46B | 28.63 | 62.04% | 3.00% | 12.01% | 11.51% | |
75 Outperform | €154.00M | 14.53 | 27.13% | 3.75% | 3.67% | 18.47% | |
72 Outperform | €210.98B | 25.69 | 17.98% | 1.78% | 6.42% | 22.22% | |
69 Neutral | €1.04B | 7.61 | 68.55% | ― | 5.39% | 3.05% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
53 Neutral | €155.40M | 61.45 | 5.37% | ― | 12.98% | 375.18% | |
43 Neutral | €721.28M | -17.56 | -53.99% | ― | 3.41% | -24001.85% |
* Technology Sector Average
DE:TMV
TeamViewer AG
6.32
-2.68
-29.83%
DE:AOF
ATOSS Software
92.20
-13.86
-13.06%
DE:PSAN
PSI AG fuer Produkte und Systeme der Informationstechnologie
45.30
19.30
74.23%
DE:SAP
SAP SE
175.96
-59.05
-25.13%
DE:SJJ
Serviceware SE
14.60
-5.25
-26.45%
DE:FAA
Fabasoft AG
13.95
-1.13
-7.49%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.