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TeamViewer AG (DE:TMV)
XETRA:TMV
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TeamViewer AG
(XETRA:TMV)
Rating:76Outperform
Price Target:
€11.00
▲(21.41% Upside)
Positive Factors
Earnings
TeamViewer has announced FY24 revenues were +9% y/y at c. €671m, above guidance and consensus estimates.
Revenue Growth
TMV’s improving revenue growth trajectory is driven by Enterprise.
Stock Performance
The recent sell-off of the stock on growth fears and capital allocation post 1E acquisition announcement is likely to unwind somewhat.
Negative Factors
Acquisition Concerns
TeamViewer's stock has been hit hard by the market taking a negative initial reaction to the proposed acquisition of 1E.
Investment Needs
The group needs to invest more to boost its competitiveness in the Enterprise segment, re-energise the slow-growth SMB business, and integrate the 1E acquisition.
SMB Segment Challenges
Investors could be concerned about the SMB exposure, the category was already lacklustre in 2023-24 and could prove more sensitive in a potential recession.
TeamViewer AG (TMV) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€1.43B
Dividend YieldN/A
Average Volume (3M)792.79K
Price to Earnings (P/E)11.3
Beta (1Y)0.70
Revenue Growth9.74%
EPS Growth26.28%
CountryDE
Employees1,891
SectorTechnology
Sector Strength94
IndustrySoftware - Application
Share Statistics
EPS (TTM)0.28
Shares Outstanding170,000,000
10 Day Avg. Volume725,446
30 Day Avg. Volume792,791
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)0.00
Price to Sales (P/S)0.00
P/FCF Ratio0.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€14.04Price Target Upside54.97% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering11
TeamViewer AG Business Overview & Revenue Model
Company DescriptionTeamViewer AG is a global technology company that provides a comprehensive suite of remote connectivity and workplace digitalization solutions. Headquartered in Germany, the company operates in the information technology and software sectors, offering products that enable secure remote access, support, and collaboration across various devices and platforms. TeamViewer's core services include remote desktop access, remote assistance, and augmented reality solutions, which cater to a wide range of industries including IT, healthcare, and education.
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: -1.74%|
Next Earnings Date:Nov 04, 2025
Earnings Call Sentiment Neutral
The earnings call reflects a strong strategic progress and solid financial performance, particularly in the enterprise segment and EMEA region. However, challenges in the U.S. market and softer performance from 1E present notable headwinds. There is cautious optimism for growth acceleration in the second half of the year, especially with new product launches.Q2-2025 Updates
Positive Updates
Enterprise Revenue Growth
Enterprise business achieved a strong double-digit increase of 15% year-over-year in constant currency, contributing significantly to the overall pro forma revenue growth of 6%.
Adjusted EBITDA Increase
Profitability continued to be strong in Q2 with adjusted EBITDA up 17% year-over-year, resulting in a margin expansion from 40% to 44%.
Launch of DEX Essentials and TeamViewer ONE
Successful integration of 1E technology and launch of DEX Essentials and TeamViewer ONE, indicating a promising momentum in the digital workplace offering.
Record Performance in EMEA
EMEA region delivered almost EUR 100 million in revenue, up 8% year-over-year, proving to be a reliable growth engine despite global macroeconomic uncertainties.
Strong Cash Conversion
Levered free cash flow amounted to EUR 59.6 million in Q2, translating into a strong cash conversion of 71% for the quarter.
Negative Updates
Challenges in the U.S. Market
Performance in the Americas was impacted by political environment and macroeconomic uncertainties, leading to reduced customer decision-making and budget cuts in the federal public sector.
Soft Performance from 1E
1E's revenue growth was affected by tougher year-over-year comparisons and additional headwinds due to recent U.S. federal budget cuts, leading to softer performance.
Subdued SMB Sentiment
SMB revenue growth was modest at 3% year-over-year in constant currency, reflecting broader macroeconomic pressure on smaller businesses globally.
Company Guidance
In the 2025 Q2 earnings call, TeamViewer reported a solid performance despite challenging market conditions, particularly in the U.S. The company saw its pro forma revenue grow by 6% year-over-year in constant currency, reaching EUR 191 million. The enterprise segment was a significant contributor, with a 15% increase in revenue, while the Americas showed a modest 3% growth due to macroeconomic headwinds. TeamViewer's profitability remained robust, with an adjusted EBITDA margin of 44%, up 4 percentage points from the previous year. The company reiterated its full-year guidance, projecting pro forma revenues between EUR 778 million and EUR 797 million and ARR growth ranging from EUR 815 million to EUR 840 million. The positive trajectory was supported by strategic advancements such as the launch of DEX Essentials and TeamViewer ONE, which are expected to drive further growth in the second half of the year.TeamViewer AG Financial Statement Overview
Summary
TeamViewer AG demonstrates strong financial performance with robust revenue and profit growth, efficient cash flow management, and significant debt reduction. Despite a low equity ratio, the company maintains impressive profitability and cash generation.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.85
Very 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.70
Positive
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.82
Very Positive
| Breakdown | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 671.42M | 626.69M | 565.87M | 501.10M | 455.61M |
| Gross Profit | 590.59M | 544.95M | 484.58M | 430.15M | 391.51M |
| EBITDA | 248.12M | 219.68M | 196.21M | 155.48M | 234.37M |
| Net Income | 123.08M | 114.02M | 67.60M | 50.05M | 103.03M |
Balance Sheet | |||||
| Total Assets | 1.07B | 1.11B | 1.17B | 1.55B | 1.06B |
| Cash, Cash Equivalents and Short-Term Investments | 64.66M | 82.25M | 168.03M | 550.53M | 87.99M |
| Total Debt | 444.63M | 529.42M | 632.64M | 877.47M | 522.25M |
| Total Liabilities | 969.86M | 1.03B | 1.06B | 1.23B | 822.71M |
| Stockholders Equity | 100.48M | 83.66M | 115.28M | 320.09M | 240.71M |
Cash Flow | |||||
| Free Cash Flow | 243.81M | 224.26M | 195.50M | 178.74M | 198.37M |
| Operating Cash Flow | 249.18M | 229.87M | 204.34M | 193.97M | 224.54M |
| Investing Cash Flow | -12.82M | -29.56M | -10.82M | -38.92M | 110.25M |
| Financing Cash Flow | -254.39M | -287.39M | -609.80M | 301.10M | -95.77M |
TeamViewer AG Technical Analysis
Negative
9.06
Price Trends
9.52
Negative
10.52
Negative
11.02
Negative
Market Momentum
-0.16
Negative
44.11
Neutral
57.83
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 9.06 is below the 20-day moving average (MA) of 9.21, below the 50-day MA of 9.52, and below the 200-day MA of 11.02, indicating a bearish trend. The MACD of -0.16 indicates Negative momentum. The RSI at 44.11 is Neutral, neither overbought nor oversold. The STOCH value of 57.83 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
Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | €1.43B | 11.28 | 179.08% | ― | 9.74% | 26.28% | |
69 Neutral | €1.72B | 37.48 | 74.27% | 1.99% | 10.61% | 12.46% | |
68 Neutral | €14.45B | 76.74 | 23.55% | 0.45% | 25.33% | 6.58% | |
67 Neutral | €279.70B | 42.73 | 15.83% | 0.99% | 10.29% | 159.53% | |
61 Neutral | €6.51B | 18.05 | 3.81% | 2.09% | 2.46% | -30.42% | |
58 Neutral | €853.39M | 28.37 | 35.14% | 3.59% | -16.41% | -1.83% | |
43 Neutral | €407.53M | 2,000.00 | -4.80% | ― | 7.04% | ― |
* Technology Sector Average
Performance Comparison
DE:TMV
TeamViewer AG
9.06
-3.26
-26.46%
DE:SAP
SAP SE
237.00
41.53
21.24%
DE:PSAN
PSI AG fuer Produkte und Systeme der Informationstechnologie
26.40
5.90
28.78%
DE:AOF
ATOSS Software
106.80
-32.32
-23.23%
DE:NEM
Nemetschek
123.30
33.21
36.87%
DE:MUM
Mensch und Maschine Software SE
51.50
-3.49
-6.35%
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.