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TeamViewer AG (DE:TMV)
XETRA:TMV
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TeamViewer AG
(XETRA:TMV)
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Rating:67Neutral
Price Target:
€10.00
▲(15.61% Upside)
TeamViewer AG's strong profitability and optimistic earnings call outlook are key strengths. However, high leverage and technical indicators suggest caution. The stock is reasonably valued, but macroeconomic challenges, particularly in the U.S., pose risks.
Positive Factors
Enterprise Growth
Strong enterprise growth indicates robust demand for TeamViewer's solutions, enhancing its market position and supporting long-term revenue expansion.
Product Integration
Integration of new technologies and product launches strengthen TeamViewer's competitive edge, potentially driving future growth in digital workplace solutions.
Cash Flow Improvement
Improved cash flow and leverage indicate better financial health, providing TeamViewer with more flexibility for strategic investments and debt management.
Negative Factors
High Leverage
Significant leverage poses financial risks, potentially limiting TeamViewer's ability to invest in growth opportunities and manage economic downturns.
Slowing Revenue Growth
Slowing revenue growth may indicate market saturation or increased competition, challenging TeamViewer's ability to maintain its growth trajectory.
Challenges in U.S. Market
Macroeconomic challenges in the U.S. could hinder TeamViewer's expansion and revenue generation in a key market, affecting overall growth prospects.
TeamViewer AG (TMV) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€1.36B
Dividend YieldN/A
Average Volume (3M)1.07M
Price to Earnings (P/E)10.8
Beta (1Y)0.66
Revenue Growth9.74%
EPS Growth26.28%
CountryDE
Employees1,891
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)0.28
Shares Outstanding170,000,000
10 Day Avg. Volume887,672
30 Day Avg. Volume1,066,626
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)N/A
P/FCF RatioN/A
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€13.88Price Target Upside60.46% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering12
TeamViewer AG Business Overview & Revenue Model
Company DescriptionTeamViewer AG, together with its subsidiaries, develops and distributes remote connectivity solutions worldwide. The company offers TeamViewer, a remote access, remote control, and remote support solution that works with every desktop and mobile platform; TeamViewer Tensor, an enterprise remote connectivity cloud platform enabling organizations to deploy a large-scale IT management framework to access, support, and control any device or machine from anywhere at anytime; TeamViewer Assist AR, a remote support solution with augmented reality; and TeamViewer IoT, which enables to instantly access, control, and manage connected products from anywhere. It also provides TeamViewer Frontline, an augmented reality productivity solution platform; TeamViewer Engage, a next-gen digital customer engagement platform for online sales, digital customer service, and video consultations; TeamViewer Remote Management that manages, monitors, tracks, patches, and protects computers, devices, and software from a single platform; TeamViewer Servicecamp, a solution for service desk management and remote connectivity; TeamViewer Remote Access, a secure and stable remote access to remote PCs, smartphones, servers, payment terminals and IoT devices; and TeamViewer Meeting, a meeting function that offers video conferencing and VoIP calls, instant chat, screen sharing across devices and platforms. The company was formerly known as Regit Beteiligungs-GmbH and changed its name to TeamViewer AG in September 2019. TeamViewer AG was founded in 2005 and is headquartered in Göppingen, Germany.
How the Company Makes MoneyTeamViewer AG generates revenue primarily through the sale of subscription-based licenses for its software products. The company's revenue model is centered around offering flexible subscription plans that cater to different user needs, ranging from individual users to large enterprises. Key revenue streams include licensing fees from their flagship remote access software, as well as from specialized products like TeamViewer Tensor for enterprise customers and TeamViewer Pilot for augmented reality support. Additionally, TeamViewer engages in strategic partnerships with companies in various industries to expand its market reach and drive sales. These partnerships, along with consistent innovation and updates to their product offerings, contribute significantly to the company's financial performance.
TeamViewer AG Earnings Call Summary
Earnings Call Date:Jul 29, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:Nov 04, 2025
Earnings Call Sentiment Neutral
The earnings call reflected a balanced outlook with strong enterprise growth and successful product integration countered by challenges in the U.S. market and modest SMB growth. The company remains optimistic about future growth, particularly in the second half of the year, despite current macroeconomic challenges.Q2-2025 Updates
Positive Updates
Strong Enterprise Growth
Enterprise business saw a 15% year-over-year growth in constant currency, contributing to a solid pro forma revenue growth of 6%. Profitability remained robust with an adjusted EBITDA up 17% year-over-year and a margin of 44%.
Progress with Product Integration
Successfully integrated 1E technology into the product portfolio, launching DEX Essentials and TeamViewer ONE, which are expected to drive significant growth in the digital workplace market.
Record EMEA Revenue
EMEA region delivered almost EUR 100 million in revenue, up 8% year-over-year, underscoring the resilience and adaptability of the business.
Promising Pipeline for H2
A promising pipeline is in place for the second half of the year, with expectations for growth acceleration and larger deal sizes, particularly in Q4.
Improved Cash Flow and Leverage
Pro forma net leverage ratio improved to 2.9x, with a strong cash conversion rate of 71% in Q2.
Negative Updates
Challenges in the U.S. Market
Performance was impacted by the difficult macro environment in the U.S., with political uncertainties leading to budget cuts in the federal public sector affecting the 1E business.
SMB Growth Pressure
SMB ARR growth was modest at 1%, reflecting broader macroeconomic pressures on smaller businesses globally.
Impact of U.S. Federal Budget Cuts
1E's performance was affected by tougher year-over-year comparisons and U.S. federal budget cuts, impacting its growth.
Company Guidance
In the TeamViewer 2025 Q2 earnings call, the company highlighted a strong performance in its enterprise business, with a 15% year-over-year revenue increase in constant currency, contributing to a solid pro forma revenue growth of 6%. The adjusted EBITDA rose by 17% year-over-year, resulting in a robust margin of 44%, a 4-percentage-point improvement from the previous year. Despite facing macroeconomic challenges in the U.S., the company maintained stability, particularly in the EMEA region, which generated nearly EUR 100 million in revenue, up 8% year-over-year. The APAC region also showed growth, with EUR 18.2 million in revenue, up 3% reported and 4% in constant currency. TeamViewer reiterated its full-year 2025 guidance, expecting pro forma revenue between EUR 778 million and EUR 797 million, and ARR growth between EUR 815 million and EUR 840 million. The company also emphasized successful integration efforts with 1E and strategic product launches in the DEX and digital workplace space, projecting a growth acceleration in the second half of the year.TeamViewer AG Financial Statement Overview
Summary
TeamViewer AG exhibits solid financial health with strong revenue and profit growth, efficient cash flow management, and a significant reduction in debt, enhancing financial flexibility. While the company's profitability and cash generation are commendable, attention to equity levels could further bolster financial stability.Income Statement
TeamViewer AG shows a strong income statement performance with consistent revenue growth over the years, evident in the revenue growth rate of approximately 7.1% from 2023 to 2024. The company maintains robust profitability with a gross profit margin around 88% and a net profit margin improving to 18.3% in 2024. The EBIT and EBITDA margins are also healthy, indicating efficient operational management. Overall, the income statement reflects stability and growth, with a positive trajectory for revenue and profit margins.75
Positive
Balance Sheet
The balance sheet of TeamViewer AG indicates moderate financial leverage with a debt-to-equity ratio of 0 in 2024 due to the elimination of total debt, showcasing a significant reduction from previous years. The equity ratio is relatively low at around 9.4%, highlighting a potential risk due to lower equity levels. However, the return on equity is impressive at 122.5%, suggesting effective use of shareholder funds for generating profits. The balance sheet reflects a stable financial position with reduced leverage but highlights areas for improvement in equity levels.55
Neutral
Cash Flow
TeamViewer AG demonstrates strong cash flow performance with a positive free cash flow growth rate of approximately 8.7% from 2023 to 2024. The operating cash flow to net income ratio is robust, emphasizing efficient cash generation relative to earnings. The free cash flow to net income ratio remains strong, indicating the company’s ability to convert net income into cash effectively. The cash flow statement reflects healthy cash management and strong free cash flow generation.68
Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 710.03M | 671.42M | 626.69M | 565.87M | 501.10M | 455.61M |
| Gross Profit | 625.50M | 590.59M | 544.95M | 484.58M | 430.15M | 391.51M |
| EBITDA | 264.71M | 248.12M | 219.68M | 196.21M | 155.48M | 234.37M |
| Net Income | 126.44M | 123.08M | 114.02M | 67.60M | 50.05M | 103.03M |
Balance Sheet | ||||||
| Total Assets | 1.71B | 1.07B | 1.11B | 1.17B | 1.55B | 1.06B |
| Cash, Cash Equivalents and Short-Term Investments | 51.05M | 55.27M | 82.25M | 168.03M | 550.53M | 87.99M |
| Total Debt | 1.03B | 444.63M | 529.42M | 632.64M | 877.47M | 522.25M |
| Total Liabilities | 1.62B | 969.86M | 1.03B | 1.06B | 1.23B | 822.71M |
| Stockholders Equity | 89.84M | 100.48M | 83.66M | 115.28M | 320.09M | 240.71M |
Cash Flow | ||||||
| Free Cash Flow | 230.80M | 243.81M | 224.26M | 195.50M | 178.74M | 198.37M |
| Operating Cash Flow | 240.45M | 249.18M | 229.87M | 204.34M | 193.97M | 224.54M |
| Investing Cash Flow | -692.53M | -12.82M | -29.56M | -10.82M | -38.92M | 110.25M |
| Financing Cash Flow | 451.77M | -254.39M | -287.39M | -609.80M | 301.10M | -95.77M |
TeamViewer AG Technical Analysis
Negative
8.65
Price Trends
9.04
Negative
9.52
Negative
10.57
Negative
Market Momentum
-0.13
Negative
44.95
Neutral
57.91
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:TMV, the sentiment is Negative. The current price of 8.65 is below the 20-day moving average (MA) of 8.80, below the 50-day MA of 9.04, and below the 200-day MA of 10.57, indicating a bearish trend. The MACD of -0.13 indicates Negative momentum. The RSI at 44.95 is Neutral, neither overbought nor oversold. The STOCH value of 57.91 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
69 Neutral | €1.72B | 38.10 | 56.76% | 1.97% | 10.61% | 12.46% | |
68 Neutral | €12.51B | 67.97 | 23.22% | 0.51% | 25.33% | 6.58% | |
67 Neutral | €1.36B | 10.77 | 179.08% | ― | 9.74% | 26.28% | |
67 Neutral | €265.87B | 40.64 | 6.88% | 1.03% | 10.29% | 159.53% | |
63 Neutral | €775.12M | 26.25 | 37.54% | 4.02% | -16.41% | -1.83% | |
51 Neutral | €409.10M | 2,416.67 | 0.18% | ― | 7.04% | ― | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% |
* Technology Sector Average
DE:TMV
TeamViewer AG
8.65
-3.03
-25.94%
DE:AOF
ATOSS Software
108.20
-15.38
-12.44%
DE:NEM
Nemetschek
108.30
15.18
16.30%
DE:PSAN
PSI AG fuer Produkte und Systeme der Informationstechnologie
26.60
4.00
17.70%
DE:SAP
SAP SE
227.80
25.88
12.81%
DE:MUM
Mensch und Maschine Software SE
46.05
-6.71
-12.72%
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.