Theon International Plc (THEON) AI Stock Analysis

Theon International Plc

(Amsterdam:THEON)

Select Model

Rating:63Neutral

Price Target:EUR 31.00▲(5.01% Upside)

Action:reiterated

Date:09/10/26

The score is driven primarily by strong operating profitability and growth (financial performance), partially offset by weaker cash-flow conversion/volatility and a recent rise in debt. Technical indicators are currently bearish to neutral, and valuation provides limited support due to a high P/E and modest yield.

Positive Factors

Revenue GrowthRapid multi-year revenue expansion indicates strong demand for Theon’s electro-optical defense products and growing program penetration. Continued TTM growth supports operating leverage, broader customer adoption, and a durable base for reinvestment over the next several quarters.

Negative Factors

Rising Absolute DebtThe sharp increase in absolute debt raises financial risk even though debt-to-equity remains manageable. If cash generation does not keep pace, higher obligations could reduce flexibility for investment, increase financing costs, and make the company more sensitive to execution or demand setbacks.

Theon International Plc (THEON) vs. iShares MSCI Netherlands ETF (EWN)

Market Cap: EUR 2.39B
Dividend Yield: 1.02%
Average Volume (3M): 115.80K
Price to Earnings (P/E): 18.6
Beta (1Y): 0.86
Revenue Growth: 32.50%
EPS Growth: 61.78%
Country: Netherlands
Employees: 767
Sector: General
Sector Strength: 55
Industry: Aerospace & Defense

Theon International Plc Business Overview & Revenue Model

Company Description

Theon International Plc develops and manufactures customizable night vision, thermal imaging, and electro-optical ISR systems for military and security applications in Europe and internationally. Its principal products are night vision monoculars and...

How the Company Makes Money

The company makes money primarily by selling electro-optical defense and security equipment (notably night-vision and thermal-imaging systems) to institutional customers such as armed forces and law-enforcement agencies. Revenue is generated from (1)...

Theon International Plc Financial Statement Overview

Summary

Income statement strength is a major positive (Score 86) with strong margins and solid growth, but overall financial performance is moderated by weaker cash-flow quality (Score 58) and volatility, plus a notable recent increase in absolute debt despite still-manageable leverage (Balance Sheet Score 74).

Income Statement

86Very Positive

Balance Sheet

74Positive

Cash Flow

58Neutral

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	508.42M	443.42M	352.36M	218.72M	142.89M	80.56M
Gross Profit	171.94M	144.75M	109.21M	70.21M	50.21M	32.81M
EBITDA	121.27M	107.78M	93.56M	56.51M	40.72M	26.10M
Net Income	121.00M	80.46M	67.42M	36.10M	30.00M	19.06M
Balance Sheet
Total Assets	923.31M	623.08M	392.44M	210.52M	157.69M	71.94M
Cash, Cash Equivalents and Short-Term Investments	121.29M	289.56M	118.53M	65.80M	24.50M	26.49M
Total Debt	334.31M	129.42M	76.09M	51.88M	34.96M	18.28M
Total Liabilities	463.02M	212.25M	156.23M	133.16M	93.24M	38.09M
Stockholders Equity	447.59M	398.24M	224.37M	77.36M	64.26M	33.85M
Cash Flow
Free Cash Flow	23.56M	37.43M	-36.84M	27.69M	-10.77M	13.83M
Operating Cash Flow	49.09M	48.82M	-26.12M	35.26M	-6.94M	18.43M
Investing Cash Flow	-385.33M	-21.91M	-35.67M	213.15K	-11.51M	-4.19M
Financing Cash Flow	310.81M	141.92M	83.91M	6.37M	16.40M	-3.31M

Theon International Plc Technical Analysis

Technical Analysis SentimentNeutral

Last Price29.52

Price Trends

50DMA30.44Negative

100DMA31.98Negative

200DMA31.54Negative

Market Momentum

MACD-0.11Negative

RSI55.29Neutral

STOCH71.07Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NL:THEON, the sentiment is Neutral. The current price of 29.52 is above the 20-day moving average (MA) of 28.69, below the 50-day MA of 30.44, and below the 200-day MA of 31.54, indicating a neutral trend. The MACD of -0.11 indicates Negative momentum. The RSI at 55.29 is Neutral, neither overbought nor oversold. The STOCH value of 71.07 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for NL:THEON.

Theon International Plc Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

NL:THEON against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
NL:BAMNB	72Outperform	EUR 3.36B	13.27	24.42%	2.43%	7.01%	87.12%
NL:ARCAD	68Neutral	EUR 3.86B	19.44	19.42%	2.32%	-0.71%	-12.00%
NL:THEON	63Neutral	EUR 2.39B	18.64	―	1.02%	32.50%	61.78%
NL:SBMO	62Neutral	EUR 5.83B	7.13	20.73%	2.90%	0.92%	151.43%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
NL:BRNL	54Neutral	EUR 375.43M	47.93	2.96%	0.81%	-6.35%	-48.21%
NL:FUR	48Neutral	EUR 885.96M	-13.90	-4.97%	1.88%	-10.78%	-145.27%

* General Sector Average

Performance Comparison

NL:THEON and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
NL:THEON	Theon International Plc	29.66	1.80	6.45%
NL:ARCAD	Arcadis NV	47.52	10.24	27.46%
NL:BAMNB	Koninklijke Bam Groep NV	12.69	5.17	68.68%
NL:BRNL	Brunel International N.V.	7.52	0.29	4.04%
NL:FUR	Fugro NV	8.32	-0.02	-0.19%
NL:SBMO	SBM Offshore NV	34.30	12.95	60.66%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Sep 10, 2026

Theon International Plc AI Stock Analysis