TeamViewer: Worsening SMB ARR Growth Bad For The Sales Funnel

2026-02-13 12:31:17 ET

TeamViewer ( TMVWF ) reported earnings, reversing the positive effect from a bit ago of the reiterated margin guidance for the FY 2025. The key negatives have been:

• Margin compression people worried about for 2025 is still happening, but in 2026.
• Leading indicators of ARR looking poor particularly in SMB which is the top of the TMV sales funnel. They are worsening a little bit in the middle-value deals for SMB compared to our previous coverage .

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