TeamViewer Stock: Guidance Cut, Profit Up — and €1.13 Billion of Goodwill Still Waiting for Growth

There is an investor trap that catches good observers in particular: the anchor. We fix on one number — the price we paid, or the price at which a stock first came to market — and measure everything against it from then on. TeamViewer listed in Frankfurt on September 25, 2019, at €26.25 a share. On August 4, 2026, the same share closed on Xetra at €6.52, and on November 2, 2026, at €7.23. The anchor says: roughly €19 are missing. It does not say why. And above all it does not say whether the company of 2026 is still the company of 2019. Since November 3, 2026, the anchor also has a new opponent: the company's own, freshly lowered guidance.

That is what this analysis is about. We leave the old price where it belongs — in the past — and read the reports instead: the 2025 annual report, the H1 2026 half-year report (signed by the Management Board on July 24, 2026), the Q2 statement of July 28, 2026 and — since this update — the third-quarter statement of November 3, 2026. Out of those comes the tension that carries this piece: revenue grew because the company bought growth, and now it is not growing at all. The customer base shrinks. And two-thirds of the balance sheet consists of a number nobody can touch.

The third quarter of 2026: guidance cut, profit up

This analysis first appeared on August 5, 2026, and deliberately left one question open: whether the customer count would stop falling and whether TeamViewer would hold its own revenue guidance of 0 to 3 percent growth. The answer came on November 3, 2026: the quarterly statement at 7:03 a.m. CET, and on the same day the ad hoc announcement on guidance. The key sentence:

"For full-year 2026, TeamViewer now expects revenue growth between -2% and -1% cc yoy, compared with pro forma revenue of €767.5 million in FY 2025 (previously: between 0% to 3% year-over-year in constant currencies)."

— TeamViewer SE, Q3 2026 press release and quarterly statement, November 3, 2026, section "FY 2026 Guidance"

In the same paragraph the company names two reasons: large enterprise deals are converting into orders more slowly than planned, and renewed economic uncertainty in Europe weighs on the fourth quarter. Chief revenue officer Mark Banfield gets more specific in the statement: recent conversations had made clear that U.S. federal budget uncertainty will delay the conversion of large public-sector deal volumes. TeamViewer reaffirmed its 2026 adjusted EBITDA margin of around 43 percent.

The quarter's numbers. First, the real story: profit rose, the business behind it did not. Third-quarter 2026 revenue came in at €184.5 million — against €189.5 million in the prior-year quarter under IFRS and €192.0 million on the company's pro forma basis; that is minus 2.2 percent in constant currency, widened by 1.7 percentage points to minus 3.9 percent in euros by currency effects, mainly the U.S. dollar. ARR, the annualised value of all subscriptions, stood at €736.9 million, practically where it was on June 30 (€736.8 million). Adjusted EBITDA fell 10 percent to €78.9 million, the margin from 45.7 to 42.8 percent. Net income nonetheless rose 26 percent to €36.0 million — mainly because the prior-year quarter had been hit by a foreign-currency result of minus €16.1 million, which TeamViewer attributes to an intercompany loan connected with the 1E acquisition; this time it was only minus €0.6 million. Adjusted for such items, profit fell 18 percent to €43.1 million.

What is improving. According to the company, new and upsell business with the TeamViewer ONE platform and with DEX was six times the prior-year quarter; after roughly nine months, TeamViewer ONE accounts for about 10 percent of enterprise ARR, spread across 208 customers. In the most valuable customer bracket (more than €200,000 of ARR), ARR grew 13 percent in constant currency. In the SMB business, the trailing-twelve-month churn rate held at 17 percent for the third quarter running (prior-year quarter: 16 percent) — it has not come down, but it has stopped rising — and the quarter-on-quarter ARR decline slowed for the second quarter in a row. Levered free cash flow rose 29 percent in the quarter to €27.3 million.

What is not improving. The customer count kept falling, to 606,900 on September 30, 2026 — roughly 5,000 fewer than three months earlier. Enterprise net retention slipped to 93 percent, from 94 percent in the second quarter and 97 percent in the prior-year quarter; across all customers it was 92 percent. CEO Oliver Steil puts it unusually bluntly in the statement:

"At the same time, we are not yet where we need to be: deal conversion in our pipeline remains too slow and customer retention too low, which reflects the need to scale and sharpen our Enterprise sales organization globally."

— Oliver Steil, CEO, Q3 2026 press release and quarterly statement, November 3, 2026

After nine months, levered free cash flow stood at €91.9 million, 27 percent below the prior-year period.

And the debt. During the quarter TeamViewer completed a series of refinancing transactions: a new €125 million Schuldschein loan (a German private-placement instrument), a €150 million revolving credit facility extended to 2031, and full repayment of the €145 million bridge loan from the 1E acquisition. The average debt tenor rose from 2.5 to 3.4 years, at an average interest rate of around 4 percent according to the company. Net debt fell to €819.0 million, still 2.5 times adjusted EBITDA; TeamViewer maintains its target of around 2.3 by year-end.

No verbatim transcript of the November 3, 2026 earnings call was available at the time of writing. We worked from the quarterly statement with income statement, balance sheet and cash flow statement, the ad hoc announcement and the call presentation, which supplies the customer counts by segment and the churn rate. The chapters that follow show what this quarter changes about the three big questions of this analysis — and what it does not.

What TeamViewer actually does

TeamViewer SE of Göppingen, Germany, sells software that lets you operate someone else's computer without sitting in front of it. In everyday terms: when the IT technician asks "may I take over your screen for a second?" and the mouse pointer starts moving on its own, that is the category of software TeamViewer sells. Roughly 606,900 paying customers used it as of September 30, 2026 — from one-person trades to global corporations.

The offering is broader than plain remote support now. It splits into four building blocks: Remote (classic remote access), Tensor (the same idea for large corporate IT, with rights management and audit logs), DEX — Digital Employee Experience, software that continuously monitors the workforce's machines and spots problems before anyone calls — and Frontline, an augmented-reality application for warehouses and workshops. Since 2025 TeamViewer has bundled all of it under the name TeamViewer ONE and describes the goal as "autonomous endpoint management": devices that repair themselves.

Customers pay by subscription, mostly annually and in advance. That is economically pleasant, because the money arrives before the service does: as of September 30, 2026, €357.1 million sat on the balance sheet as deferred revenue (June 30, 2026: €376.0 million) — cash already collected for work still to be delivered. The matching steering metric is ARR, annual recurring revenue: the annualised value of all active subscriptions at the reporting date. That number is about to matter a great deal.

As of June 30, 2026, according to the half-year report, 1,967 full-time equivalents worked for the company; the third-quarter statement gives no new figure. According to the half-year report, the Management Board consisted of Oliver Steil (CEO), Michael Wilkens (CFO), Mei Dent (products and technology) and Mark Banfield (revenue). New to the wider leadership circle (Senior Leadership Team), not the Management Board, is Peter Ruchatz: announced in May 2026, he has led marketing as Chief Marketing Officer since September.

Why there is no SEC filing here — and where the numbers come from instead

One point up front, because it shapes the whole evidence chain: there is no 10-K and no 10-Q for TeamViewer. The company is not a U.S. reporting issuer. The only SEC identifier associated with the name (CIK 0001800573, filed as "TeamViewer AG/ADR") holds eight filings from 2020 and 2023 — depositary-bank registration forms for an American Depositary Receipt. The ticker and exchange fields there are empty; periodic reporting does not exist.

TeamViewer's mandatory reporting runs instead through the regulated market (Prime Standard) of the Frankfurt Stock Exchange: audited IFRS consolidated statements in the annual report, a half-year report and short quarterly statements. Every figure in this analysis therefore carries "Source: fundamental data & company reports (annual/half-year report, quarterly statements, Frankfurt Stock Exchange)". We had the same constellation — a listed German software house with no SEC filings — in our analysis of Serviceware.

And one naming point, because the market-data feed gets it wrong: the company trades as TeamViewer SE, no longer as "TeamViewer AG". The 2025 annual report uses "TeamViewer SE" 346 times and the old name exactly once, in a historical aside. The half-year report and the quarterly statements know only the SE.

How this stock landed on our desk

No scanner hook this time, but other people's attention: on August 5, 2026, TeamViewer appeared on the wallstreet-online forum hot list among the most-discussed stocks held by German retail investors. That is not a buy signal — it is a sign that a lot of people have the same question at the same time. For a stock that reported quarterly numbers a week earlier and fell from €6.77 to €5.96 between July 29 and July 30, 2026, only to recover to €6.52 by August 4, the question is obvious: what exactly was in those numbers?

On the status of this version, which belongs up front rather than in a footnote: the analysis first appeared on August 5, 2026, based on the half-year report (July 24, 2026) and the Q2 statement (July 28, 2026), and was updated on November 3, 2026. The latest mandatory disclosure is now the quarterly statement for the third quarter and first nine months of 2026, dated November 3, 2026, together with the ad hoc announcement and the earnings-call presentation of the same day. In between, TeamViewer announced the completion of its refinancing on September 8, 2026, whose figures the quarterly statement contains; the other releases since then are voting-rights notices from large asset managers (BlackRock, iShares, Goldman Sachs) about crossing reporting thresholds, which do not change the picture. TeamViewer had reported no managers' transactions by board members in 2026 as of that date.

The numbers over the years — given their due

Start with what is genuinely strong, because there is plenty of it. Revenue rose over five years from €501.1 million (2021) through €565.9 million, €626.7 million and €671.4 million to €746.8 million (2025) — a gain of 49 percent. The adjusted EBITDA margin, meaning operating profit before interest, taxes, depreciation and amortisation relative to revenue, came in at 44 percent in 2025, again at 44 percent in the first half of 2026 and at 43.7 percent after nine months of 2026. That is a high figure even for software companies: of every euro of revenue, roughly 44 cents remained as adjusted EBITDA in 2025.

The earnings statement looks tidy at first glance too: net income climbed from €50.1 million (2021) through €67.6 million (2022) and €114.0 million (2023) to €123.1 million (2024) — and then fell. 2025 left €118.2 million, down 4 percent. Earnings per share slipped from €0.77 to €0.75.

And now the question that changes the whole picture: where did that revenue growth come from?

Uncomfortable truth no. 1: the customer base has been shrinking for years

The customer count is one of the few numbers you cannot dress up. It stood at 669,000 on December 31, 2024, at 637,000 on December 31, 2025 and at 611,900 on June 30, 2026. Against the prior-year date (656,400) that is down 7 percent. By September 30, 2026 it was 606,900, down 6 percent from 645,600 a year earlier. In absolute terms: in twenty-one months, roughly 62,000 paying customers have left the product on a net basis.

ARR — the annualised value of all active subscriptions — follows that movement with a lag, because larger customers pay more than small ones. It stood at €736.8 million on June 30, 2026, against €759.1 million a year earlier: down 3 percent. On September 30, 2026, it was flat at €736.9 million (minus 0.6 percent year over year in constant currency). Split by customer group, the real movement shows — here in the wording of the half-year report:

"Enterprise ARR was up 4% year-over-year, while SMB ARR declined 6% year-over-year."

— TeamViewer SE, Half-Year Report H1 2026, interim management report section 2.3 "Earnings position", page 10

The SMB business carries 68 percent of revenue (€250.3 million of €365.9 million in the first half of 2026) and 607,000 of the 611,900 customers. That is precisely the part that is shrinking. The enterprise business is growing — but it consists of 5,311 customers and accounts for 32 percent of revenue. The third quarter of 2026 looked much the same: €124.2 million of €184.5 million in revenue (67 percent) came from the SMB business, whose ARR fell 3.7 percent in constant currency to €499.3 million; enterprise ARR grew 6.7 percent to €237.6 million, across 5,304 customers.

More telling still is net retention. It measures how much a cohort of customers pays today compared with what the same cohort paid a year ago — cancellations deducted, upsells included. Above 100 percent means the base grows on its own. At TeamViewer enterprise net retention ran at 100 percent (2024), 96 percent (2025), 94 percent (June 30, 2026) and 93 percent (September 30, 2026). Translated: even in the growing part of the business, existing customers now spend less than a year earlier; the reported growth comes from new customers and from customers reclassified upward out of the SMB segment.

Uncomfortable truth no. 2: two-thirds of the balance sheet is goodwill

When one company buys another and pays more than the individual assets are worth, the difference lands on the balance sheet as goodwill. That is not fraud and not a trick — it is prescribed accounting. But it is also nothing you can sell, pledge or touch. Goodwill is the accounting claim that the purchase price will one day be earned back.

At TeamViewer that line stood at €1,128.4 million on June 30, 2026. Total assets were €1,670.7 million. Equity: €249.7 million. Strip out goodwill and other intangibles (€331.2 million) and €211.1 million of tangible assets remain — receivables, cash, equipment, associates. Three months later, on September 30, 2026, little had shifted: goodwill of €1,130.5 million against total assets of €1,670.0 million (67.7 percent), other intangibles of €324.3 million, leaving €215.2 million of tangible assets. Equity grew to €292.7 million — mainly through retained earnings (€246.4 million versus €146.1 million at the end of 2025) and a less negative currency translation reserve. The equity ratio thus rose to 17.5 percent.

The auditor considers this just as important as we do. In the audit opinion on the 2025 annual report, the recoverability of goodwill is listed as a key audit matter — the section where an auditor names what caused the most work and the greatest judgement risk:

"In the Company's consolidated financial statements goodwill amounting in total to EUR 1,115.5 million (67% of total assets) is reported under the 'Goodwill' item in the consolidated statement of financial position."

— Independent auditor, Annual Report 2025 (TeamViewer SE), auditor's report, key audit matter no. 2, page 199

Whether that goodwill survives is decided by a model the company builds once a year and the auditor reviews. The assumptions as of December 31, 2025 are in the notes: 5.7 percent annual revenue growth across four planning years, 2.3 percent terminal growth thereafter, a 9.7 percent pre-tax discount rate and a terminal adjusted EBITDA margin of 43.6 percent. The notes record that the recoverable amount exceeded the carrying amount and that, in management's view, changes in the assumptions considered possible would not trigger an impairment.

Now hold that planning assumption next to reality: the model assumes 5.7 percent revenue growth. In the first half of 2026 TeamViewer delivered 0 percent (€365.9 million versus €364.4 million), and after nine months reported revenue of €550.4 million was even slightly below the prior-year figure of €553.9 million. Since November 3, 2026, the company's own full-year guidance reads minus 2 to minus 1 percent in constant currency. That is not proof that a write-down is coming — a four-year plan is allowed to contain a weak year and catch up later, and TeamViewer explicitly promises accelerating ARR growth again in 2027. But the gap between model and reality has grown with this quarter, not shrunk: every year without growth burns cushion in a model that carries €1,130.5 million while equity sits at €292.7 million (both September 30, 2026). The next impairment test, as of December 31, 2026, will be in the 2026 annual report. What that can look like when a serial acquirer fails to turn the corner, we worked through step by step in our analysis of Upland Software.

Uncomfortable truth no. 3: €625.4 million for €44.8 million of revenue

Where the goodwill came from can be dated precisely. On January 31, 2025, TeamViewer acquired all shares in the British Chamber Topco Limited, which in turn holds the 1E group — a provider of software for monitoring and remotely managing workplace computers. The auditor names the purchase price and the arithmetic behind it:

"The purchase price for the business combination was EUR 625.4 million."

— Independent auditor, Annual Report 2025 (TeamViewer SE), auditor's report, key audit matter no. 1, page 199

So of the €625.4 million, only €119.0 million was identifiable net assets; €506.4 million went onto the balance sheet as new goodwill. That is the cost side. Now the return — the notes quantify it for the eleven months from February to December 2025 without ambiguity:

"In the 2025 fiscal year, 1E contributed EUR 44,841 thousand to the Group's revenue and a net loss of approximately EUR 21,631 thousand to the Group's net income/loss."

— TeamViewer SE, Annual Report 2025, note 4 "Business combinations", page 155

Be fair about it: the €21.6 million loss includes €23.3 million of amortisation on the intangibles capitalised with the purchase — strip out that purely accounting charge and 1E was marginally positive. And the deal brought more than revenue: it is the foundation of the DEX business, which according to the company has been picking up again since the second quarter of 2026; in the third quarter, new business with DEX and TeamViewer ONE was six times the prior-year quarter. Still, the order of magnitude stands: €625.4 million purchase price, €44.8 million of annual revenue. That is nearly fourteen times revenue — for a business that lifted TeamViewer's own 2025 revenue by 11 percent while the customer count fell 5 percent.

Because this is where the first two uncomfortable truths meet: of the €75.4 million revenue increase in 2025, €44.8 million came from the acquisition. Organic growth was therefore about €30.6 million, or 4.6 percent — with a customer count that dropped by 32,000 in the same year.

Uncomfortable truth no. 4: the cash is thin, the debt is not

The acquisition was paid for with borrowed money. The first-half 2025 cash flow statement shows €682.5 million paid for acquisitions and €720.0 million of proceeds from new borrowings. The result sits on today's balance sheet: €872.4 million of financial liabilities as of June 30, 2026 (€231.5 million current, €640.9 million non-current) against €39.6 million of cash. Net debt as TeamViewer itself reports it stood at €832.8 million at quarter-end — 2.5 times adjusted EBITDA over the last twelve months. The company's own target: about 2.3 by the end of 2026.

On September 30, 2026, this side looks somewhat tidier: €847.9 million of financial liabilities, of which only €98.0 million current (June 30: €231.5 million), against €28.9 million of cash; net debt €819.0 million, still 2.5 times adjusted EBITDA. The third-quarter refinancing made that possible — a new €125 million Schuldschein loan, a €150 million credit facility extended to 2031, and the €145 million bridge loan from the 1E deal repaid in full. The debt has not become smaller, but longer: the average tenor rose from 2.5 to 3.4 years, at an average interest rate of around 4 percent.

€39.6 million of cash on June 30, €28.9 million on September 30, 2026 — that is little for a company of this size, and the figure has sat at that level for almost two years (December 31, 2024: €55.3 million; December 31, 2025: €41.6 million). At TeamViewer that is not an alarm signal but a choice: a business that bills in advance and earns money consistently does not need a cushion — surplus funds go into repayment. Operations threw off €99.3 million in the first half of 2026 against finance costs of €19.5 million; after nine months, €140.6 million of operating cash flow stood against €29.5 million of finance costs. Interest is therefore covered almost fivefold.

There is still one line to keep an eye on. Levered free cash flow fell in the first half of 2026 from €104.0 million to €64.6 million, down 38 percent. Cash conversion — the share of adjusted EBITDA that actually arrives as cash — dropped from 67 to 40 percent. The company attributes this to fewer multi-year contracts with upfront payment, a plausible and reversible explanation. But it is also the flip side of the subscription model: prepayments make one year better and the next one harder. The third quarter brought a first counter-move — €27.3 million of levered free cash flow, 29 percent more than in the prior-year quarter. After nine months, though, the figure stands at €91.9 million against €125.1 million in the prior-year period, down 27 percent.

The first half of 2026 and the guidance that lasted three months

The half-year report shows two faces. On one side: revenue of €365.9 million, level with the prior year; adjusted EBITDA up 4 percent to €161.9 million (margin 44 percent); net income up 23 percent to €64.3 million; earnings per share up from €0.33 to €0.41. In the second quarter of 2026 net income even rose 33 percent to €30.1 million. It is not a booking trick, but it is only partly operating strength: the increase comes mainly from a much better foreign-exchange result and lower marketing spend.

On the other side: second-quarter revenue fell 1.4 percent in constant currency to €182.7 million and adjusted EBITDA fell 6.0 percent to €78.9 million. Management framed this at the time as a transition phase and confirmed full-year guidance without qualification:

"Revenue growth in constant currency between 0% and 3% yoy"

— TeamViewer SE, Half-Year Report H1 2026, interim management report section 5 "Outlook", page 17

What stands out in that line is the yardstick. Growth is measured not against the €746.8 million that actually appeared in the 2025 income statement, but against a comparison base of €767.5 million — the revenue the group would have had if 1E had belonged to it from January 1, 2025. The change is justified on the merits and disclosed in the footnote; but it raises the bar by €20.7 million and makes the comparison with the reported prior year unusable. Anyone checking the guidance has to read the footnote. The cut of November 3, 2026 changed nothing about that: the new range of minus 2 to minus 1 percent also refers to the €767.5 million. Measured against reported 2025 revenue, growth would come out higher, according to the statement's footnote; arithmetically, the new range would correspond to constant-currency growth of roughly 0.7 to 1.7 percent against the €746.8 million.

The good news of the second quarter is documented too and belongs here: enterprise ARR grew 8.3 percent in constant currency (the half-year report quoted above gives 4 percent without stating a currency adjustment — how large that gap can be is shown by the third quarter, with plus 3.1 percent in euros and plus 6.7 percent in constant currency), and 11 percent in the highest customer bracket (above €200,000 of ARR). About 49,000 customers had used at least one AI feature by July 25, 2026, up from 26,000 in the first quarter. And on July 23, 2026, TeamViewer and ServiceNow announced a multi-year partnership under which TeamViewer's remote-access and DEX solutions are to be integrated into the ServiceNow platform and offered to its customers as an add-on package. Whether that turns into revenue will be decided in the coming quarters — announced, it is. The quarterly statement of November 3, 2026 reports progress but no revenue figure yet: TeamViewer's solutions are now in ServiceNow's price book, and the two companies are working on a joint product roadmap. The AI metrics kept rising: according to the earnings-call presentation, about 70,000 customers had used TeamViewer's AI by November 1, 2026, and cumulative AI sessions reached 4.6 million by the end of the third quarter.

What the stock costs

When this analysis first appeared, the market capitalisation at the Xetra close of August 4, 2026 (€6.52) was about €1,028 million. For this update we use the last close before the quarterly statement: €7.23 on November 2, 2026. With 157.8 million shares outstanding (per the quarterly statement), that gives a market capitalisation of about €1,141 million. Against 2025 net income of €118.2 million that is a price-earnings ratio of about 9.7; against the twelve months to September 30, 2026 (a calculated €137.6 million of net income), about 8.3. Measured against 2025 revenue, the company costs 1.5 times sales. Both are conspicuously low for a software house with a 43 to 44 percent adjusted margin. How the share price reacted to the lowered guidance does not belong in an analysis meant to outlast a single trading day — the arithmetic can be repeated with any new price.

The second look qualifies that. Add net debt of €819.0 million (September 30, 2026) and the whole enterprise costs about €1,960 million — 6.0 times 2025 adjusted EBITDA (€325.6 million) and 2.6 times annual revenue. Of every euro of enterprise value, 42 cents is debt. That is why the price-earnings ratio looks so low: equity is the smaller part of the funding, and whatever return lands in it is geared accordingly — up and down alike.

Against book value it runs the other way: €1,141 million of market value against €292.7 million of equity (September 30, 2026) is 3.9 times. And once goodwill and other intangibles are removed, tangible equity is deeply negative at roughly minus €1,162 million. For a software company that is not unusual — the value sits in code, brand and customer relationships, not in machinery. But it means this: whoever buys this stock buys an earnings expectation, not assets.

There is no dividend; the notes state explicitly that no distribution is expected. Shareholder returns have so far come through buybacks — in December 2025 TeamViewer cancelled 6.5 million treasury shares and cut share capital from €170.0 million to €163.5 million. In the quarterly statement of November 3, 2026, CFO Michael Wilkens names further deleveraging as one of the priorities. Free float is 100 percent, since the private-equity firm Permira placed its remaining 12.46 million shares on September 4, 2025.

Opportunities and risks — set side by side

What speaks for the company. The margin is exceptional and stable: 44 percent adjusted EBITDA in 2025, 43.7 percent after nine months of 2026, and TeamViewer reaffirmed around 43 percent for the full year even while cutting its revenue guidance. The prepaid subscription model delivers predictable income and €357.1 million of cash already collected but not yet earned (September 30, 2026). The enterprise business grows 6.7 percent in constant currency, the most expensive customer bracket 13 percent, and the new TeamViewer ONE platform carries about a tenth of enterprise ARR after roughly nine months. Debt is falling: from €870.0 million (March 31, 2026) through €832.8 million (June 30) to €819.0 million (September 30, 2026), and the refinancing has pushed maturities out. The AI features are finding users — about 70,000 customers by November 1, 2026 — and the ServiceNow partnership opens a distribution channel TeamViewer would not have on its own.

What speaks against it. The customer base has shrunk at every reported date since the end of 2024, and it is shrinking exactly where two-thirds of revenue comes from. Enterprise net retention has fallen to 93 percent — even the growing part is not growing on its own. Revenue guidance for 2026 was cut on November 3 to minus 2 to minus 1 percent; goodwill of €1,130.5 million stands against €292.7 million of equity, and its impairment test assumes 5.7 percent growth. Levered free cash flow after nine months was 27 percent below the prior year. And the 1E acquisition delivered €44.8 million of revenue in its first year on a purchase price of €625.4 million.

The structural risk in the background. The 2025 annual report names it itself: AI agents could significantly reduce the relevance of many traditional software applications over time. TeamViewer answers with an AI push of its own — the "Tia" agent, AI features across the core packages and the story of the self-healing endpoint. With that, TeamViewer addresses exactly this risk. Whether the answer holds will be readable in exactly one number: the customer count.

Conclusion — what the anchor leaves out

Back to the beginning. The anchor says: €26.25 at the IPO, €7.23 on November 2, 2026, so a loss of more than 72 percent and therefore "cheap". The anchor is a poor adviser because it compares the wrong things. Between 2019 and 2026 it is not only the price that changed but the company: back then TeamViewer was a low-debt remote-support vendor with a growing customer count. Today it is a platform vendor with €819.0 million of net debt, €1,130.5 million of goodwill and a customer count that has fallen at every reported date since the end of 2024.

This is expressly not a disaster story. TeamViewer earns money — €118.2 million in 2025, €100.3 million in the first nine months of 2026, up 24 percent — covers its interest almost fivefold, repays its debt and has three areas, enterprise, the TeamViewer ONE platform and AI features, that are measurably gaining. Anyone who thinks the company is undervalued will find an argument in a trailing price-earnings ratio of about 8.3 (price of November 2, 2026) and a 43 percent margin; the valuation chapter shows why the debt load qualifies it.

But the arithmetic only works if the customer count eventually stops falling and revenue grows again. The third quarter delivered first signs of that — an SMB churn rate that has stopped rising, strong new business with large customers — and at the same time pushed guidance for the current year below zero. The turnaround has been announced, but postponed once more: the company now promises accelerating ARR growth for 2027. Everything else — the goodwill, the deleveraging, the impairment model — hangs on that single movement. The next test is the 2026 annual report with the new impairment test, and we will read it. Until then: the old share price is not the yardstick. The 606,900 is. This analysis is not a buy or sell recommendation — it is only meant to show you where to look for yourself.

Sources

• TeamViewer SE — Q3 2026 press release and quarterly statement, November 3, 2026 (figures unaudited): income statement, balance sheet as of September 30, 2026, cash flow statement, ARR and revenue by customer group, refinancing, 2026 guidance
• TeamViewer SE — ad hoc announcement under Article 17 of the EU Market Abuse Regulation, November 3, 2026: publication of Q3 results and cut to 2026 revenue guidance
• TeamViewer SE — press release "TeamViewer completes refinancing measures and strengthens maturity profile", September 8, 2026: €125 million Schuldschein, repayment of the bridge facility, extension of the credit facility
• TeamViewer SE — managers' transactions, retrieved November 3, 2026: latest notifications from October 2025, none from 2026
• TeamViewer SE — voting-rights notifications, retrieved November 3, 2026: since the half-year, notifications from BlackRock, iShares and Goldman Sachs (threshold notices)
• TeamViewer SE — earnings-call presentation of November 3, 2026 ("Q3 2026 Quarterly earnings presentation", ir.teamviewer.com): customer counts by segment, SMB churn rate, debt maturity profile, AI metrics. No transcript of the call was available at the time of writing.
• TeamViewer SE — Half-Year Report H1 2026 (IFRS interim statements, signed by the Management Board in Göppingen on July 24, 2026): interim management report, balance sheet as of June 30, 2026, income statement, cash flow statement, notes
• TeamViewer SE — Q2 2026 press release and quarterly statement, July 28, 2026: quarterly figures, ARR by customer group, net debt, AI metrics, ServiceNow partnership
• TeamViewer SE — Annual Report 2025 (audited IFRS consolidated financial statements): group management report, capital-market chapter, note 4 (business combinations), note 9 (goodwill and impairment test), note 25 (contractual obligations), auditor's report with the key audit matters
• wallstreet-online forum hot list, as of August 5, 2026 — the hook for this analysis, not a data source
• Source: fundamental data & company reports (annual/half-year report, quarterly statements, Frankfurt Stock Exchange) — prices, market capitalisation and multi-year series; reporting dates named in the text

Note: this analysis is not investment advice and not a buy or sell recommendation. All figures come from the primary reports named above and carry their respective reporting dates. First published August 5, 2026; updated November 3, 2026 with the third-quarter 2026 statement.