revenue growth
0–3 pct
FY 2026
official guidance
TEAMVIEWER SE
Last · XETRA€6.82-0.13 (-1.87%)stale · yahoo · 42h ago
Market cap€1.1B157.0M sh
P/E · TTM8.5fwd 6.2 · eps 0.80
Beta1.02vs S&P 500
Div yield0.00%annual · TTM
52w range
€4.086€8.57
Volume83.1Ksession
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OpenFilings analyst
Our analyst
Agentic read of the latest earnings call — recommendation updates when we process a new transcript. Research synthesis, not investment advice.
Strong BuyBuyHoldSellStrong Sell
Wait for evidence that SMB stabilisation converts into reported ARR and revenue acceleration.
Hold: Q2 showed genuine operational improvement, but the recovery is not yet proven in reported growth.
Enterprise ARR grew 8% constant currency, enterprise NRR improved to 94% (98% adjusted for SMB-to-enterprise upsell), and EBITDA margin remained strong at 43.2%, yet total ARR was broadly flat, revenue fell 1.4% constant currency, SMB ARR declined 4%, and management could not identify where within the 0–3% FY26 revenue-growth range it will land. The ServiceNow partnership and AI adoption are promising but offer no near-term ARR contribution, while cash conversion fell to 52%.
Themes
- Enterprise Arr
- Smb Churn
- Teamviewer One
- Autonomous Endpoint Management
- Servicenow Partnership
- Ai Adoption
Near term
H2 execution against the 0–3% FY26 constant-currency revenue-growth range; management has not narrowed the range.
SMB churn and ARR recovery, particularly whether improvement extends beyond the higher SMB tiers while the lowest end remains structurally weak.
TeamViewer ONE adoption, enterprise pipeline conversion, and the August Automations release.
Cash conversion recovery from 52%, including the expected EUR5 million payment timing benefit from former 1E customers.
Longer term
TeamViewer ONE could improve deal sizes and retention by combining remote connectivity, DEX, endpoint management, and AI on one platform.
AI-powered support sessions rose to more than 500,000 in June from over 300,000 in March, creating a potentially compounding data and automation advantage if usage translates into paid expansion.
The ServiceNow partnership could materially expand enterprise distribution across more than 8,800 large customers, but enterprise sales cycles imply limited near-term financial impact.
FedRAMP authorization could broaden access to US federal and regulated-industry customers, although authorization remains pending.
Competitive positioning remains dependent on execution: management claims an integrated platform advantage, but SMB ARR is still declining and the competitive landscape was described as unchanged.
Red flags
Management explicitly said it was too early to determine whether FY26 revenue will land near 0% or 3% growth.
SMB ARR declined 4% year over year and management acknowledged that the lowest-end segment remains exposed to competition with limited appetite for AI features.
Lower upfront payments on multi-year deals indicate customer caution and contributed to weaker operating cash flow.
ServiceNow provides strategic validation and distribution potential, but management stated there will be no short-term ARR impact.
Net debt remained high at EUR833 million and 2.5x leverage, while free-cash-flow conversion was only 52% in Q2.
Forward outlook
ebitda
43 pct
FY 2026
official guidance
Recommendation history
OpenFilings analyst view from primary-source filings and earnings calls — not investment advice.
Upcoming earnings
4:30 PM UTC+1
Period
Sep 2026
Est. EPS
$0.23
Est. revenue
190.2M
Earnings transcripts
Documents
FormReporting forFiledFlags