TeamViewer AG (DE:TMV)
XETRA:TMV
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TeamViewer AG
(XETRA:TMV)
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Rating:61Neutral
Price Target:
€4.50
▲(7.14% Upside)
Action:ReiteratedDate:02/18/26
The score is driven by strong profitability and cash generation, partly offset by elevated leverage risk. Technically, the stock is in a clear downtrend, while valuation looks attractive on a low P/E. The latest earnings call was mixed, with strong margins and deleveraging plans but muted near-term growth guidance and integration/SMB headwinds.
Positive Factors
Very high gross margins
Sustained ~86%–88% gross margins reflect a highly scalable software model with low incremental cost to serve customers. High structural margins support durable operating profit potential, fund R&D/AI investments, and provide a margin buffer if revenue growth moderates over the next 2–6 months.
Negative Factors
Elevated leverage and thin equity
An aggressive capital structure with high debt versus thin equity reduces financial flexibility and raises refinancing and covenant risk if growth stalls. Elevated leverage constrains transformational M&A or large-scale investments and magnifies downside over 2–6 months.
Read all positive and negative factors
Positive Factors
Negative Factors
Very high gross margins
Sustained ~86%–88% gross margins reflect a highly scalable software model with low incremental cost to serve customers. High structural margins support durable operating profit potential, fund R&D/AI investments, and provide a margin buffer if revenue growth moderates over the next 2–6 months.
Read all positive factors
TeamViewer AG (TMV) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€659.89M
Dividend YieldN/A
Average Volume (3M)869.10K
Price to Earnings (P/E)8.0
Beta (1Y)0.55
Revenue Growth11.14%
EPS Growth0.92%
CountryDE
Employees1,891
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)0.31
Shares Outstanding163,500,000
10 Day Avg. Volume620,922
30 Day Avg. Volume869,104
Financial Highlights & Ratios
PEG Ratio-3.09
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
€8.39Price Target Upside99.76% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering10
EPS Forecast (FY)1.04
Revenue Forecast (FY)€775.51M
TeamViewer AG Business Overview & Revenue Model
Company Description
TeamViewer 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 p...
How the Company Makes Money
TeamViewer primarily makes money by selling subscriptions to its software platform. Revenue is generated through recurring license fees (typically annual or multi-year) paid by business customers for access to TeamViewer’s remote access and remote...
TeamViewer AG Earnings Call Summary
Earnings Call Date:Feb 10, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 06, 2026
Earnings Call Sentiment Neutral
The call presented a mix of encouraging financial and operational strengths—above-industry adjusted EBITDA margins (44.3%), solid cash generation (EUR ~208m, 61% cash conversion), enterprise momentum (Enterprise ARR +11%, major strategic wins), and early traction for TeamViewer ONE and AI features—balanced against meaningful near-term challenges: SMB weakness (SMB ARR -1%), integration issues and churn from the 1E acquisition, elevated net debt and interest costs, and a conservative FY2026 revenue guide (0%–3% ccy) with Q1 softness. Management has outlined clear remediation actions (SMB revitalization, sales reorganization, product focus, and deleveraging) and midterm targets to reaccelerate growth, resulting in a balanced outlook that is neither strongly optimistic nor outright negative.Positive Updates
Full-Year Revenue and ARR Growth
Pro forma revenue for FY2025 reached approximately EUR 768 million, representing +5% year-over-year in constant currency. Annual Recurring Revenue (ARR) grew +2% year-over-year in constant currency to EUR 760 million.
Negative Updates
SMB Slowdown and ARR Contraction
SMB revenue showed weak dynamics: full-year SMB revenue grew only +2% in constant currency, while SMB ARR declined -1% year-over-year to EUR 519 million. Management paused short-term monetization (free-to-paid campaigns and certain price increases) to revitalize the noncommercial and price-sensitive SMB ecosystem, which contributed to softer SMB KPIs and increased logo churn in the short term.
Read all updates
Q4-2025 Updates
Positive
Negative
Full-Year Revenue and ARR Growth
Pro forma revenue for FY2025 reached approximately EUR 768 million, representing +5% year-over-year in constant currency. Annual Recurring Revenue (ARR) grew +2% year-over-year in constant currency to EUR 760 million.
Read all positive updates
Company Guidance
TeamViewer guided FY2026 to constant‑currency revenue growth of 0–3%, an adjusted EBITDA margin of around 43% and a year‑end net leverage target of ~2.3x (continuing deleveraging from 2.6x at year‑end 2025); management cautioned Q1 will be soft due to known one‑off 1E churn of roughly EUR 8m and said FX (Dec‑31 spot rates) lowers Q1 growth by ~3.1 percentage points and full‑year growth by ~2.8pp. They expect adjusted levered free cash flow broadly stable versus FY25 (FY25 FLCF ≈ EUR 208m, cash conversion ~61%) with guidance for FY26 roughly EUR 190–210m, modest interest expense relief (~EUR 5m) and a temporary tax timing benefit (~EUR 10m), will continue to invest in R&D/AI and go‑to‑market, and target a mid‑term reacceleration to mid‑ to high‑single‑digit revenue growth while restoring Enterprise NRR above 100% and maintaining industry‑leading margins.TeamViewer AG Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
34
Negative
Cash Flow
78
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 746.77M | 671.42M | 626.69M | 565.87M | 501.10M |
| Gross Profit | 645.57M | 590.59M | 544.95M | 484.58M | 430.15M |
| EBITDA | 294.05M | 248.12M | 219.68M | 191.14M | 168.34M |
| Net Income | 118.25M | 123.08M | 114.02M | 67.60M | 50.05M |
Balance Sheet | |||||
| Total Assets | 1.68B | 1.07B | 1.11B | 1.17B | 1.55B |
| Cash, Cash Equivalents and Short-Term Investments | 52.37M | 55.27M | 82.25M | 168.03M | 550.53M |
| Total Debt | 942.97M | 444.63M | 529.42M | 632.64M | 877.47M |
| Total Liabilities | 1.51B | 969.86M | 1.03B | 1.06B | 1.23B |
| Stockholders Equity | 164.88M | 100.48M | 83.66M | 115.28M | 320.09M |
Cash Flow | |||||
| Free Cash Flow | 193.40M | 243.81M | 224.26M | 195.50M | 178.74M |
| Operating Cash Flow | 199.16M | 249.18M | 229.87M | 204.34M | 193.97M |
| Investing Cash Flow | -691.31M | -12.82M | -29.56M | -10.82M | -38.92M |
| Financing Cash Flow | 480.40M | -254.39M | -287.39M | -609.80M | 301.10M |
TeamViewer AG Technical Analysis
Negative
4.20
Price Trends
4.78
Negative
5.26
Negative
6.90
Negative
Market Momentum
-0.13
Negative
36.97
Neutral
14.25
Positive
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 4.2 is below the 20-day moving average (MA) of 4.44, below the 50-day MA of 4.78, and below the 200-day MA of 6.90, indicating a bearish trend. The MACD of -0.13 indicates Negative momentum. The RSI at 36.97 is Neutral, neither overbought nor oversold. The STOCH value of 14.25 is Positive, 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 |
|---|---|---|---|---|---|---|---|
70 Outperform | €1.18B | 37.95 | 58.60% | 1.88% | 10.61% | 12.46% | |
67 Neutral | €162.73B | 33.16 | 16.82% | 1.13% | 9.70% | 161.70% | |
62 Neutral | €7.08B | 49.36 | 24.82% | 0.59% | 25.17% | 19.52% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
61 Neutral | €659.89M | 8.03 | 96.15% | ― | 11.14% | 0.92% | |
58 Neutral | €594.17M | 23.55 | 38.38% | 4.15% | -33.50% | -6.00% | |
49 Neutral | €711.61M | -4.16 | -26.06% | ― | 9.19% | -37.73% |
* Technology Sector Average
DE:TMV
TeamViewer AG
4.20
-7.49
-64.04%
DE:AOF
ATOSS Software
73.90
-51.05
-40.86%
DE:NEM
Nemetschek
61.30
-40.13
-39.57%
DE:PSAN
PSI AG fuer Produkte und Systeme der Informationstechnologie
45.40
21.40
89.17%
DE:SAP
SAP SE
139.38
-83.41
-37.44%
DE:MUM
Mensch und Maschine Software SE
35.30
-12.04
-25.43%
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.