TeamViewer AG (TMV.DE) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+972.8%

€64.37

vs €6.00 price

Levered DCF

€64.36

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.06

Distress zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	8.07×	12.39×	20.86×	32.57×	47.28×	84.29×	61.31×	-407.41×
P/B	5.76×	15.21×	28.43×	19.3×	7.39×	36.42×	69.41×	-23.37×
P/S	1.27×	2.28×	3.8×	3.93×	4.72×	19.24×	16.34×	19.6×
EV / EBITDA	6.29×	7.73×	12.91×	14.11×	15.99×	44.87×	36.53×	61×
Gross margin	86.4%	88.0%	87.0%	85.6%	85.8%	85.9%	87.1%	81.9%
Operating margin	32.2%	30.7%	25.8%	25.4%	23.4%	36.0%	39.2%	41.5%
Net margin	15.8%	18.3%	18.2%	11.9%	10.0%	22.6%	26.6%	-4.8%
Current ratio	0.15×	0.25×	0.31×	0.44×	1.71×	0.33×	0.33×	0.26×
Debt / equity	5.72×	4.42×	6.33×	5.49×	2.74×	2.17×	6.71×	-3.85×
Interest coverage	6.07×	11.8×	9.86×	5.57×	6.13×	7.17×	1.82×	1.14×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	71.7%	122.5%	136.3%	58.6%	15.6%	42.8%	113.1%	5.7%
Return on invested capital	12.8%	21.6%	17.9%	10.3%	5.5%	12.5%	21.5%	-43.1%
Return on assets	7.1%	11.5%	10.3%	5.8%	3.2%	9.7%	10.8%	-1.3%
Free cash flow yield	20.4%	15.9%	9.4%	8.8%	7.6%	2.3%	2.0%	2.0%
Earnings yield	12.5%	8.1%	4.8%	3.0%	2.1%	1.2%	1.6%	-0.2%
Enterprise value	€1.9B	€1.9B	€2.8B	€2.7B	€2.7B	€9.2B	€6.9B	€5.8B
Net debt / EBITDA	3.07×	1.57×	2.08×	2.47×	1.94×	2.14×	2.88×	7.91×
Cash conversion cycle (days)	-23	-51	-16	-23	-22	-27	-53	-95