TeamViewer is a German software provider specializing in remote access, IT support, endpoint management, and industrial AR solutions. The stock is trading at 5.05 EUR (as of November 6, 2026) and, at a trailing P/E ratio of 5.74, appears very attractively valued at first glance; however, debt, goodwill, and the quality of earnings growth are key factors.
P/E Ratio and Valuation
The trailing P/E ratio of 5.74 is well below typical multiples for profitable SaaS/software companies, which often trade in the double-digit range. This is primarily due to the low share price, but also to the high level of debt and the goodwill resulting from previous acquisitions.
The available data set lacks a consensus EPS estimate for a forward P/E ratio. Mathematically, assuming EPS remains unchanged in 2025, a share price of 5.05 EUR would correspond to a P/E ratio of 6.7; if EPS rises to EUR 0.90, the forward P/E ratio would be approximately 5.6. This makes the valuation absolutely attractive, but not automatically “cheap,” because the market factors in debt, integration risks, and potential goodwill write-downs.
Revenue grew by an average of about 10.5% per year from 2021 to 2025. EBIT rose from EUR 117.4 million to EUR 240.2 million over the same period, an average increase of about 19.6% per year; the EBIT margin thus improved by nearly 9 percentage points.
Diluted EPS rose from EUR 0.25 (2021) to EUR 0.75 (2025), or by about 31.6% per year. The fact that EPS in 2025 was slightly below the previous year’s level despite higher EBIT is an indicator of quality: interest, taxes, and other items are weighing on earnings after operating profit.
EBIT and Operational Quality
Operational performance is strong: TeamViewer increased its EBIT margin from 23.4% (2021) to 32.2% (2025). This reflects economies of scale and a significantly more profitable software platform.
At the same time, financing costs rose significantly: Net interest expense amounted to approximately EUR 39.1 million in 2025, compared to EUR 16.6 million in 2024. This is the key weakness in profit growth, as a large portion of operating profit is absorbed by interest payments.
The stock price is about 35% below its 52-week high but roughly 24% above its annual low. This suggests that the momentum phase is not yet convincing: there are initial signs of recovery, but no clear upward signal.
P/E Ratio and Valuation
The trailing P/E ratio of 5.74 is well below typical multiples for profitable SaaS/software companies, which often trade in the double-digit range. This is primarily due to the low share price, but also to the high level of debt and the goodwill resulting from previous acquisitions.
The available data set lacks a consensus EPS estimate for a forward P/E ratio. Mathematically, assuming EPS remains unchanged in 2025, a share price of 5.05 EUR would correspond to a P/E ratio of 6.7; if EPS rises to EUR 0.90, the forward P/E ratio would be approximately 5.6. This makes the valuation absolutely attractive, but not automatically “cheap,” because the market factors in debt, integration risks, and potential goodwill write-downs.
Revenue grew by an average of about 10.5% per year from 2021 to 2025. EBIT rose from EUR 117.4 million to EUR 240.2 million over the same period, an average increase of about 19.6% per year; the EBIT margin thus improved by nearly 9 percentage points.
Diluted EPS rose from EUR 0.25 (2021) to EUR 0.75 (2025), or by about 31.6% per year. The fact that EPS in 2025 was slightly below the previous year’s level despite higher EBIT is an indicator of quality: interest, taxes, and other items are weighing on earnings after operating profit.
EBIT and Operational Quality
Operational performance is strong: TeamViewer increased its EBIT margin from 23.4% (2021) to 32.2% (2025). This reflects economies of scale and a significantly more profitable software platform.
At the same time, financing costs rose significantly: Net interest expense amounted to approximately EUR 39.1 million in 2025, compared to EUR 16.6 million in 2024. This is the key weakness in profit growth, as a large portion of operating profit is absorbed by interest payments.
The stock price is about 35% below its 52-week high but roughly 24% above its annual low. This suggests that the momentum phase is not yet convincing: there are initial signs of recovery, but no clear upward signal.
•
22
•
@Smudeo A very detailed short profile. Thank you so much for your feedback! :)
••