TeamViewer AG (TMV) AI Stock Analysis

TeamViewer AG

(BX Swiss:TMV)

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Positive Factors

Recurring subscription modelA subscription-led model can provide durable revenue visibility through renewals while allowing growth from additional users, endpoints, and feature modules. The combination of recurring contracts and upselling supports customer lifetime value and creates a foundation for steadier cash generation over coming quarters.

Negative Factors

Debt-heavy balance sheetHigh leverage reduces financial flexibility and leaves less room to absorb weaker operating conditions or fund strategic investment internally. Although management is pursuing deleveraging, the debt-heavy structure can keep interest, refinancing, and capital-allocation considerations important over the next several quarters.

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, control,...

TeamViewer AG Earnings Call Summary

Earnings Call Date:Jul 27, 2026(Q2-2026)|Next Earnings Date:Nov 02, 2026

Earnings Call SentimentPositive

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.

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 Peers Comparison

Overall Rating

UnderperformOutperform

Sector (61)

Financial Indicators

CH:TMV against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
DE:AOF	82Outperform	EUR 1.50B	29.29	55.52%	2.42%	12.01%	11.51%
DE:FAA	82Outperform	EUR 177.10M	13.88	30.98%	3.11%	7.53%	36.30%
DE:SAP	80Outperform	EUR 246.65B	29.80	17.84%	1.18%	7.92%	16.68%
DE:SJJ	63Neutral	EUR 150.15M	49.65	6.43%	―	12.98%	375.18%
Sector *	61Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
DE:PSAN	43Neutral	EUR 735.97M	-17.48	-62.80%	―	3.41%	-24001.85%

* Technology Sector Average

Performance Comparison

CH:TMV and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
DE:AOF	ATOSS Software	94.30	-16.03	-14.53%
DE:PSAN	PSI AG fuer Produkte und Systeme der Informationstechnologie	45.10	0.10	0.22%
DE:SAP	SAP SE	211.25	-13.78	-6.12%
DE:SJJ	Serviceware SE	14.30	-3.70	-20.56%
DE:FAA	Fabasoft AG	16.10	1.74	12.13%

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.

TeamViewer AG AI Stock Analysis