olivLaw · European equity research
TomTom N.V. TOM2.AS
Netherlands · Euronext Amsterdam · ISIN NL0013332471 · Vertical: Listed companies from Netherlands
TomTom is a provider of location technology, maps and traffic data, with total revenue of 489.4 million euros in 2024. The company is in a transition period, with Enterprise growing while Automotive remains under pressure.
At the close of 06 Nov 2026, TomTom N.V. (TOM2.AS) stock was 3.66 EUR (−2.03% on the day), with market capitalisation 451.9 m EUR, beta 0.84, 52-week range 3.44–7.01 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 42.3
- weak (30–45)
- Bollinger (20, 2)
- 3.63 – 3.87
- in the lower half of the band · %B 0.11 · band width 6.3%
- SMA 50 / 200
- 3.82 / 4.47
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.03 / -0.03
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −0.2% | −0.2% | −0.0 pp | — |
| 3 months | −9.5% | −5.4% | −4.0 pp | — |
| 6 months | −24.0% | +4.4% | −28.4 pp | — |
| Year to date | −33.1% | +6.5% | −39.5 pp | — |
| 1 year | −27.2% | +10.0% | −37.1 pp | −2.4% |
| 3 years | −38.8% | +48.6% | −87.4 pp | +0.3% |
| 5 years | −50.9% | +41.4% | −92.4 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 536.3 m | 584.8 m | 574.4 m |
| Revenue YoY | unavailable | +9.0% | −1.8% |
| Net income | -102.7 m | -21.0 m | -17.3 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.80 | -0.16 | -0.14 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -19.2% | -3.6% | -3.0% |
| Free cash flow | -36.3 m | 20.8 m | -4.2 m |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 55.9 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 138.8 m EUR
- Total assets
- 724.4 m EUR
- Debt / equity
- unavailable
- Current ratio
- 1.75x
- ROE
- -10.8%
- ROA
- -2.3%
- FCF margin
- -0.7%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 536.3 m | 584.8 m | 574.4 m | esef· 24 Sept 2025verified |
| Cost of revenue | 86.6 m | 89.0 m | 86.9 m | esef· 24 Sept 2025verified |
| Gross profit | 449.7 m | 495.8 m | 487.5 m | esef· 24 Sept 2025verified |
| Operating income | -97.6 m | -20.0 m | -20.3 m | esef· 24 Sept 2025verified |
| Pre-tax income | -94.8 m | -14.0 m | -11.5 m | esef· 24 Sept 2025verified |
| Income tax | 7.9 m | 7.0 m | 5.7 m | esef· 24 Sept 2025verified |
| Net income | -102.7 m | -21.0 m | -17.3 m | esef· 24 Sept 2025verified |
| Diluted EPS | -0.80 | -0.16 | -0.14 | esef· 24 Sept 2025verified |
Balance sheet · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 132.7 m | 87.5 m | 55.9 m | esef· 24 Sept 2025verified |
| Inventories | 14.7 m | 14.8 m | 13.3 m | esef· 24 Sept 2025verified |
| Current assets | 476.1 m | 488.8 m | 440.8 m | esef· 24 Sept 2025verified |
| Property, plant & equipment, net | 21.6 m | 24.3 m | 22.0 m | esef· 24 Sept 2025verified |
| Goodwill | 192.3 m | 192.3 m | 192.3 m | esef· 24 Sept 2025verified |
| Intangibles (excl. goodwill) | 42.9 m | 20.3 m | 2.2 m | esef· 24 Sept 2025verified |
| Total assets | 807.5 m | 795.9 m | 724.4 m | esef· 24 Sept 2025verified |
| Current liabilities | 297.6 m | 292.9 m | 251.7 m | esef· 24 Sept 2025verified |
| Equity | 199.6 m | 181.6 m | 138.8 m | esef· 24 Sept 2025verified |
| Shares outstanding at year end | 128.4 m | 131.3 m | 123.5 m | esef· 24 Sept 2025derived |
Cash flow · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -31.4 m | 32.7 m | 1.4 m | esef· 24 Sept 2025verified |
| Capex | 4.9 m | 11.9 m | 5.6 m | esef· 24 Sept 2025verified |
| Free cash flow | -36.3 m ≈ | 20.8 m ≈ | -4.2 m ≈ | esef· 24 Sept 2025derived |
| Investing cash flow | -30.8 m | -53.6 m | 14.3 m | esef· 24 Sept 2025verified |
| Financing cash flow | -10.3 m | -23.5 m | -47.9 m | esef· 24 Sept 2025verified |
| Share repurchases | 0 | 12.1 m | 38.9 m | esef· 24 Sept 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 25.0% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 451.9 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
25% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -3.0% | 22 (vs peers) | 25% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.8x | 79 (on a fixed band) | 17% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -0.9% | 0 (on a fixed band) | 33% |
| Shareholder yield (distributions) · Returns | 8.6% | 100 (on a fixed band) | 25% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial79/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial22/100 · 1/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
TomTom N.V. (TOM2.AS). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 574.4 m EUR in 2024; YoY growth -1.8%; net margin -3.0%; ROE -10.8%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 1.8x
- Shareholder yield (distributions): 8.6%
What contradicts it
- Net margin: -3.0%
- FCF yield: -0.9%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Listed companies from Netherlands · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ASML.ASASML Holding N.V. | 498.6 bn | 48.9 | 44.2% | 31.3% | +15.6% | +42% / +106% |
| DSFIR.ASDSM-Firmenich AG | 32.7 bn | 116.8 | 1.2% | 2.2% | +20.4% | +55% / +26% |
| ASM.ASASM International N.V. | 31.9 bn | 44.3 | 18.7% | 22.8% | +8.2% | +37% / +38% |
| AD.ASKoninklijke Ahold Delhaize N.V. | 30.9 bn | 13.7 | 15.3% | 2.5% | +3.4% | −4% / +29% |
| ADYEN.ASAdyen N.V. | 28.4 bn | 26.8 | 22.3% | 40.1% | +18.9% | −33% / −16% |
| HAL.ASHAL Trust | 15.3 bn | 9.6 | 10.5% | 12.8% | +1.2% | +21% / +46% |
| EXO.ASExor N.V. | 15.1 bn | — | -10.6% | — | −100.0% | +1% / −18% |
| BESI.ASBE Semiconductor Industries N.V. | 11.4 bn | 86.4 | 28.7% | 22.3% | −2.7% | +10% / +12% |
| AKZA.ASAkzo Nobel N.V. | 10.8 bn | 17.0 | 13.8% | 6.3% | −5.2% | +12% / −11% |
| AALB.ASAalberts N.V. | 4.4 bn | 24.8 | 7.2% | 5.7% | −5.3% | +45% / +11% |
| ARCAD.ASArcadis N.V. | 4.1 bn | 19.8 | 18.3% | 4.3% | −2.4% | +21% / +0% |
| BNJ.ASBanijay Group N.V. | 3.4 bn | 13.8 | 343.8% | 5.1% | +1.6% | −11% / −8% |
| BAMNB.ASKoninklijke BAM Groep N.V. | 3.3 bn | 42.0 | 9.1% | 1.3% | +2.9% | +47% / +403% |
| BFIT.ASBasic-Fit N.V. | 2.0 bn | 137.1 | 3.6% | 1.0% | +16.9% | +6% / +15% |
| CRBN.ASCorbion N.V. | 1.6 bn | 8.3 | 27.3% | 14.9% | +1.9% | +39% / +55% |
| ECMPA.ASEurocommercial Properties N.V. | 1.4 bn | 11.2 | 5.9% | 45.4% | +4.2% | −4% / +19% |
| FUR.ASFugro N.V. | 963.7 m | — | -1.5% | -1.1% | −18.8% | −2% / −50% |
| ACOMO.ASAcomo N.V. | 681.5 m | 15.1 | 10.7% | 3.3% | +7.6% | −4% / +36% |
| FAST.ASFastned B.V. | 671.8 m | — | -28.2% | -21.7% | +66.1% | +62% / +26% |
| FFARM.ASForFarmers N.V. | 477.6 m | 9.6 | 14.5% | 1.6% | +14.8% | +21% / +122% |
| TOM2.ASTomTom N.V. | 451.9 m | — | -10.8% | -3.0% | −1.8% | −31% / −40% |
| BRNL.ASBrunel International N.V. | 356.7 m | 116.8 | 1.0% | 0.3% | −10.8% | −12% / −34% |
| ALFEN.ASAlfen N.V. | 222.6 m | — | -0.1% | -0.0% | −10.7% | −3% / −78% |
| ENVI.ASEnvipco Holding N.V. | 219.9 m | — | -12.7% | -11.9% | −20.8% | −27% / +44% |
| CMCOM.ASCM.com N.V. | 192.5 m | — | -22.2% | -1.5% | −5.4% | +23% / −30% |
1- and 3-year price returns: for TOM2.AS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
TomTom is a provider of location technology, maps and traffic data, with total revenue of 489.4 million euros in 2024 1. The company is in a transition period, with Enterprise growing while Automotive remains under pressure.
SWOT
Strengths
- Close and deep relationships with customers in the automotive and enterprise industries, which have adopted its products across several sectors.
- A versatile product portfolio spanning maps and APIs, traffic data and analytics.
- A strong funding position that allows investment in products and commercial opportunities.
Weaknesses
- Dependence on the automotive industry, which saw lower revenue and delays in model launches.
- The Consumer segment faces a structural decline without a clear growth alternative.
- Profitability fell in 2024 because operating expenses in research and sales rose.
Opportunities
- New contracts with logistics, mobility and government customers could widen the Enterprise customer base.
- Deeper technology integration in electric vehicles and autonomous driving.
- Collaborations with large technology companies could open new distribution channels.
Threats
- A prolonged slump in car production could reduce volumes and the value of the order backlog.
- Competition from larger, well-funded map and location service providers.
- Price pressure from large customers who can negotiate tougher terms.
Risks
- Automotive volumeshigh
Lower volumes in the automotive industry and delays in model launches can weigh on Automotive revenue 1.
- Backlog revisionshigh
The Automotive backlog declined in 2024, mainly because of downward revisions to volumes on previously awarded deals 1. If reductions continue, future revenue could be lower.
- PND market declinemedium
The Consumer segment faces a shrinking market, and this decline may continue 1.
- Profitability under pressuremedium
Higher research and marketing spending reduced EBITDA and EBIT in 2024 1.
- Shareholder concentrationlow
The founders together hold a significant share of capital, which can influence governance decisions 1.
Investment thesis
What would need to be true (bull case)
- If the Enterprise segment keeps growing and attracts new customers, the company could offset weakness in Automotive.
- If electric vehicle adoption and autonomous driving accelerate, demand for integrating TomTom technologies could rise.
- The solid funding position could allow investments that strengthen the competitive advantage over the medium term.
What would break the thesis
- If the automotive industry stays weak, Automotive revenue could continue to decline.
- If the personal navigation device market contracts faster, the Consumer segment could lose even more importance.
- If operating expenses stay high without matching revenue growth, profitability could remain under pressure.
What to watch
- Development of Automotive revenue and the order backlogQ1 2026
- Growth of the Enterprise segment and new contracts2026
- Achievement of the break-even free cash flow target2025
- Effect of research and marketing spending on EBITDAnext annual report
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
According to the 2024 annual report 1, TomTom divides its activity into three segments: Automotive, Enterprise and Consumer. Total revenue was 489.4 million euros in 2024, nearly equal to 2023 1. The company is listed on Euronext Amsterdam and has a two-tier board structure made up of a Management Board and a Supervisory Board 1.
The Location Technology activity brings together TomTom Orbis Maps, map APIs and traffic data, sold to car makers, logistics and mobility companies and governments 1. The report cites agreements with Microsoft, Qualcomm, Volkswagen Group, BMW Motorrad and IVECO 1.
In 2024 the company reduced the number of outstanding shares by cancelling 7,366,672 treasury shares, leaving a total of 125,000,000 outstanding shares 1. Management indicated limited visibility for 2025 with lower expected revenue, and a stated aim to reach break-even free cash flow in 2025 1.
Segments
Automotive
Automotive revenue was 328.0 million euros in 2024, 4% lower than the year before 1. The report attributes the decline to headwinds in the automotive industry and delays in the launch of new car models that TomTom supplies 1.
Enterprise
Enterprise generated 161.4 million euros in 2024, 9% higher than the prior year, supported by existing customers using more of the products and the launch of TomTom Orbis Maps 1.
Consumer
The Consumer segment contributed 85.0 million euros in 2024, down 10% in line with the declining personal navigation device market 1.
Market context
The report describes a weak automotive market in 2024 with uncertain near-term volumes 1. At the same time, electric vehicle adoption, self-driving development and growth in location-based use cases are cited as structural trends that favour the company 1.
The personal navigation device market continues to contract, and the company treats this segment as one focused on efficiency rather than growth 1.
Trends
- Weakness in the automotive industryheadwind
The report points to weakness in the automotive industry and delays in launching new models as causes of the Automotive decline 1. If volumes stay low, the segment could continue to lose revenue.
- Electric vehicle adoption and autonomous drivingtailwind
The company links electric vehicle adoption and progress in self-driving to the need for deeper integration of its technologies 1. If these trends materialise, they could support demand over the medium term.
- Growth in location-based use casestailwind
Demand for location services in logistics, mobility and government has grown, as shown by contracts signed in 2024 1. This trend supports the Enterprise segment.
- Decline of the PND marketheadwind
The personal navigation device market is shrinking, which reduced Consumer segment revenue 1. The effect on the company is negative, although margins held stable.
Competitive position
The annual report does not name direct competitors, so the list below reflects only companies mentioned as partners or customers in the text 1. Competitive pressure appears to come from map and location service providers serving the same automotive and enterprise industries 1.
- MicrosoftMSFT
Partner in the report that adopted TomTom Orbis Maps for Azure Maps and Bing, and also a provider of its own mapping services.
- QualcommQCOM
Partner that integrated TomTom maps into an asset tracking platform, and also a supplier of positioning technologies.
- Volkswagen Group
Automotive customer that launched the first car models with TomTom navigation software on board.
- Moody'sMCO
Data analytics customer that uses TomTom map data in its Insurance Geocoder.
News & filings
In the press
- TomTom to cut 200 jobs in reorganisation, targets €21 million in savingsCNA (Channel NewsAsia) · 15 Oct 2026 · EN
Annual reports (ESEF)
- Annual report 202424 Sept 2025
- Annual report 202320 Feb 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / TomTom N.V. · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.