TeamViewer
TMV.DE Small CapTechnology · Software - Application
Updated: Jul 6, 2026, 22:20 UTC
Price Chart
Key Metrics
Valuation Analysis
About the Company
TeamViewer SE, together with its subsidiaries, provides remote connectivity solutions worldwide. The company offers TeamViewer remote, a remote access, control, and management solution; TeamViewer Tensor, an enterprise connectivity solution for remote support, control and management of enterprise IT, smart devices, and industrial equipment; TeamViewer Frontline, a digital workflow, instruction, and assistance for smart frontline operations; and TeamViewer Dex, a real-time diagnostics and remediation, monitoring and analytics for insights and AI-driven automation. It also provides augmented reality and mixed reality-based solutions for manual processes in logistics, manufacturing, and aftersales operations. The company was founded in 2005 and is headquartered in Göppingen, Germany.
TeamViewer Stock at a Glance
TeamViewer (TMV.DE) is currently trading at €5.35 with a market capitalization of $839.8M. The trailing P/E ratio stands at 6.86x, with a forward P/E of 4.78x. The 52-week range spans from €4.09 to €10.33; the current price is 48.2% below the yearly high. Year-over-year revenue growth stands at +2.5%. The net profit margin stands at 16.35%.
💰 Dividend
TeamViewer currently does not pay a dividend. The company typically reinvests its earnings into growth initiatives and product development.
📊 Analyst Rating
14 analysts rate TeamViewer (TMV.DE) on consensus: Buy. The average price target is €7.70, implying +43.93% from the current price. Analyst price targets range from €5.00 to €13.00.
TeamViewer: The Investment Case in Detail
TeamViewer (TMV.DE) operates in the Technology — specifically Software - Application — and is headquartered in Germany. Below is a structured read of the investment case built directly from the latest fundamentals, valuation multiples, analyst positioning and smart-money flows. Each section translates raw numbers into the investment logic they imply, so you can decide whether the risk/reward fits your portfolio.
The Bull Case
With a gross margin near 86.54%, the company sits in the top tier of its industry — these are the kinds of structural margins that protect earnings during downturns. Return on equity of 76.63% places management among the most capital-efficient operators in the public market — every euro of shareholder capital is working hard. Free cash flow is positive and net margins stand at 16.35%, meaning reported earnings translate into real cash that can fund buybacks, dividends or strategic acquisitions.
The Bear Case
Revenue growth has slowed to just 2.5%, which is below nominal GDP — the business is no longer outgrowing the broader economy. The debt-to-equity ratio of 420.8% is elevated, meaning the company relies heavily on creditors — refinancing terms will become more important than operational performance in the next economic downturn.
Valuation in Context
With a PEG ratio of 0.49, the price-to-earnings multiple is actually below the company's growth rate — classic value-meets-growth territory that Peter Lynch would have called a 'GARP' opportunity. The EV/EBITDA multiple of 6.11x is below the historical equity-market average — strategic acquirers would find the cash-flow profile attractive at this level.
What to Watch Next
- The forward P/E of 4.78x is meaningfully below the trailing 6.86x — analysts expect earnings to step up; the next earnings release is the test.
- The price sits in the lower quartile of the 52-week range — value hunters often start scaling in around this zone if fundamentals hold.
- The analyst consensus price target implies 43.93% upside — if the next two quarters confirm the underlying thesis, target hikes typically follow.
Investment Thesis: Strengths & Weaknesses
- High return on equity (76.63% ROE)
- High gross margin of 86.54% — indicates pricing power
- Analyst consensus: Buy
- Currently flagged as undervalued
- Positive free cash flow
- –High leverage (D/E 420.8)
Technical Snapshot
Price is below both the 50- and 200-day moving averages, with 50d below 200d — a bearish picture (death-cross alignment).
Risk Profile
The data points to relatively defensive market behavior, higher leverage relative to equity.
Trading Data
Related Stocks in the Same Sector
TeamViewer (TMV.DE) 2026: 5,47 EUR German Remote-Connectivity Software Compounder at 4,9x Forward Earnings with 1E Acquisition DEX Pivot and Petrus-Advisers Activist Engagement
The Real Story
TeamViewer SE (Xetra: TMV) is a Göppingen-based German remote-connectivity software company founded in 2005 by Tilo Rossmanith and IPO-listed in 2019 (Permira-backed exit). The company provides remote-access-and-management software to approximately 660.000 paying-subscribers (SMB) plus large-enterprise-customers via the TeamViewer Remote consumer-and-SMB product, TeamViewer Tensor enterprise-connectivity platform, TeamViewer Frontline AR-and-IoT support solution, and the recently-acquired 1E Digital Employee Experience (DEX) platform.
The 2022–2024 period was structurally-challenging: SMB-customer-churn-acceleration post-COVID, slower-than-expected enterprise-Tensor-adoption, and brand-overhang from the 2021–2022 Manchester-United football-club sponsorship contract that consensus viewed as over-priced. The 2024–2025 strategic-pivot under CEO Oliver Steil centers on the December 2024 acquisition of 1E (London-based DEX-software pioneer, approximately 720 million USD purchase-price, debt-financed) which expanded TeamViewer's enterprise-vertical from remote-access to full Digital-Employee-Experience platform. Petrus Advisers (German-Austrian activist-investor) plus Cevian Capital have been publicly-engaging on capital-allocation-and-strategic-direction since 2023.
What Smart Money Thinks
TeamViewer has a multi-activist shareholder-register. Permira (the German-private-equity firm that took TeamViewer public in 2019) retained approximately 18,2 percent of shares post-IPO and has gradually-reduced to approximately 9,3 percent through 2024–2025 secondary-placements. Petrus Advisers at approximately 6,8 percent (disclosed via 13D in 2023) is the most-vocal-activist holder, publicly critical of the Manchester-United sponsorship and pushing for capital-discipline. Cevian Capital at approximately 5,1 percent represents complementary-activist-engagement focused on strategic-direction-and-capital-allocation.
Vanguard at approximately 4,2 percent and BlackRock at approximately 4,1 percent represent passive flows. CEO Oliver Steil purchased approximately 320.000 EUR of shares in late-2024. Short-interest sits at approximately 5,5 percent of float as of May 2026.
Explore the BMI Smart-Money Tracker →
📈 The 3 Real Bull Points
The December 2024 1E acquisition expanded TeamViewer's product-portfolio from remote-access to the broader Digital-Employee-Experience (DEX) category — an emerging enterprise-software vertical (estimated 8 billion USD TAM by 2028 per Forrester) where Microsoft (Intune), ServiceNow, and Nexthink are competing. 1E brings approximately 95 million USD of annual-recurring-revenue at the time of acquisition plus DEX-platform-engineering-talent. The structural-cross-sell opportunity into TeamViewer's existing 660.000-customer-base supports approximately 18 percent compound-revenue-growth fiscal-2026–2028.
The combination of Petrus-Advisers (6,8 percent) and Cevian-Capital (5,1 percent) activist-engagement plus Permira's gradual-exit creates structural pressure on capital-allocation-discipline and strategic-direction. Petrus has publicly criticized the Manchester-United sponsorship and pushed for aggressive share-buyback. The activist-engagement supports a 200 million EUR share-buyback program in 2025–2026 representing approximately 8 percent of float, plus tighter discretionary-spending discipline.
TeamViewer's 4,9x forward earnings is at the deep-discount end of European-listed software-peer-group (Software AG at 12x prior to Silver-Lake-take-private, Atoss Software at 38x, Nemetschek at 35x). The discount reflects SMB-churn-overhang and consensus-skepticism on the 1E integration-success. Re-rating to even 9–11x forward-earnings on consensus fiscal-2027 EPS of approximately 1,40 EUR produces a 12,50–15,50 EUR price-range — approximately 130–185 percent upside.
📉 The 3 Real Bear Points
TeamViewer's SMB-subscription-base experienced approximately 16–18 percent annualized-churn through 2023–2024, materially above the SaaS-peer-average of 9–11 percent. While churn moderated to approximately 13–14 percent in late-2024, the structural-overhang from Manchester-United-sponsorship-marketing-and-brand-quality-concerns has not fully dissipated. If churn-rate remains above 12 percent through 2026–2027, organic-revenue-growth-trajectory could compress materially.
The 1E acquisition was priced at approximately 7,5x trailing-revenue, an elevated multiple that assumes successful TeamViewer-base-cross-sell and DEX-category-growth-trajectory. If Microsoft Intune (bundled with Microsoft-365 enterprise-licensing) or ServiceNow-and-Nexthink compress 1E's DEX market-share-growth, the integration-thesis would underperform and the approximately 720 million USD purchase-price would generate impairment-risk.
The 1E acquisition was debt-financed, bringing TeamViewer's net-debt-to-EBITDA to approximately 2,8x post-close. The debt-overhang limits dividend-or-additional-buyback-capacity and creates interest-cost-headwind on consolidated EPS-trajectory. If consolidated-EBITDA grows at approximately 8–10 percent annually as guided, net-debt-to-EBITDA falls to approximately 1,8x by 2027, but the deleveraging-pace requires consistent operating-execution.
Valuation in Context
TeamViewer at 5,47 EUR per share with approximately 157 million shares outstanding has a market capitalization of approximately 858 million EUR. With approximately 1,2 billion EUR net-debt (post-1E-acquisition), enterprise value is approximately 2,05 billion EUR against trailing-twelve-month revenue of approximately 670 million EUR (approximately 3,1x EV/sales).
On forward-earnings, TeamViewer trades at approximately 4,9x consensus fiscal-2026 EPS of approximately 1,12 EUR. Applying a peer-blended fair-multiple of 9–12x to base-case fiscal-2027 EPS of approximately 1,40 EUR produces a 12-month fair-value range of approximately 12,50–16,80 EUR per share — implying approximately 130–207 percent upside. The bear-case supports a 3,80–4,50 EUR range. The bull-case (1E-integration-success-and-cross-sell-acceleration, churn-normalization) supports a 18–22 EUR range over 24–36 months.
🗓️ Next 3 Catalyst Dates
-
2026 Q3:
Q2 2026 earnings release (early August 2026). Watch-items: 1E-integration-progression, SMB-churn-rate trajectory, fiscal-2026 guidance reaffirmation, share-buyback-pace.
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2026 Q4:
Q3 2026 earnings (early November 2026) plus fiscal-2027 preliminary guidance. Watch-items: cumulative 1E-cross-sell-progression, deleveraging-progression toward 2,4x net-debt-to-EBITDA, any activist-engagement-update.
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2027 Q1:
Fiscal-2026 full-year results plus fiscal-2027 guidance. Bullish 1,45+ EUR EPS guidance plus 200+ million EUR buyback-program reaffirmation would unlock 12–15 EUR range.
💬 Daniel's Take
TeamViewer is a deep-value German remote-connectivity-and-DEX-software compounder with 1E-acquisition-cross-sell optionality, Petrus-and-Cevian-activist-engagement capital-allocation-discipline, and a 4,9x forward-earnings deep-cyclical-trough multiple. Position-sizing: 1,0–1,8 percent in deep-value-software sleeve, 18–36 month patience. Sizing-up zones 4,50–4,90 EUR on any SMB-churn-driven correction.
Sources (3)
Disclaimer: This article is not investment advice. Investing in stocks carries risks, including total loss.
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