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Theon International Plc
(THEON)
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Rating:62Neutral
Price Target:
€35.00
▲(4.04% Upside)
Action:Reiterated
Date:08/30/26
The score is primarily supported by strong profitability and solid revenue scaling, tempered by weak and volatile cash-flow conversion alongside a recent increase in debt. Technically, near-term momentum is soft (below the 20-day average with subdued RSI), and valuation is a headwind given the high P/E and low dividend yield.
Positive Factors
Strong Revenue Scaling
The substantial multi-year revenue expansion indicates strong demand for Theon’s electro-optical defense products and growing program scale. This supports broader customer adoption and provides a durable base for continued growth over the next several quarters.
Negative Factors
Weak Cash-Flow Conversion
The sharp decline in free cash flow, alongside prior years of negative operating and free cash flow, shows that accounting profits are not consistently converting into cash. Working-capital needs or investment intensity could constrain flexibility during growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Revenue Scaling
The substantial multi-year revenue expansion indicates strong demand for Theon’s electro-optical defense products and growing program scale. This supports broader customer adoption and provides a durable base for continued growth over the next several quarters.
Read all positive factors
Theon International Plc (THEON) vs. iShares MSCI Netherlands ETF (EWN)
Market Cap
€2.49B
Dividend Yield0.98%
Average Volume (3M)108.84K
Price to Earnings (P/E)32.2
Beta (1Y)0.92
Revenue Growth28.66%
EPS Growth58.20%
CountryNL
Employees767
SectorGeneral
Sector StrengthN/A
IndustryAerospace & Defense
Share Statistics
EPS (TTM)1.58
Shares Outstanding78,624,640
10 Day Avg. Volume102,347
30 Day Avg. Volume108,845
Financial Highlights & Ratios
PEG Ratio1.26
Price to Book (P/B)4.70
Price to Sales (P/S)4.22
P/FCF Ratio49.96
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€40.00Price Target Upside18.91% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)1.43
Revenue Forecast (FY)€600.04M
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 ...
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 ...
Theon International Plc Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
78
Positive
Cash Flow
45
Neutral
| Breakdown | Mar 2026 | Mar 2025 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 443.42M | 352.36M | 218.72M | 142.89M | 80.56M |
| Gross Profit | 144.75M | 109.21M | 70.21M | 50.21M | 32.81M |
| EBITDA | 107.78M | 93.56M | 56.23M | 40.72M | 26.10M |
| Net Income | 80.46M | 67.42M | 36.10M | 30.00M | 19.06M |
Balance Sheet | |||||
| Total Assets | 623.08M | 392.44M | 210.52M | 157.69M | 71.94M |
| Cash, Cash Equivalents and Short-Term Investments | 289.56M | 118.53M | 65.80M | 24.50M | 26.49M |
| Total Debt | 129.42M | 76.09M | 51.88M | 34.96M | 18.28M |
| Total Liabilities | 212.25M | 156.23M | 133.16M | 93.24M | 38.09M |
| Stockholders Equity | 398.24M | 224.37M | 77.36M | 64.26M | 33.85M |
Cash Flow | |||||
| Free Cash Flow | 37.43M | -36.84M | 27.69M | -10.77M | 13.83M |
| Operating Cash Flow | 48.82M | -26.12M | 35.26M | -6.94M | 18.43M |
| Investing Cash Flow | -21.91M | -35.67M | 213.15K | -11.51M | -4.19M |
| Financing Cash Flow | 141.92M | 83.91M | 6.37M | 16.40M | -3.31M |
Theon International Plc Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | €3.58B | 19.06 | 19.42% | 2.36% | -0.71% | -12.00% | |
68 Neutral | €3.11B | 12.28 | 24.42% | 2.63% | 7.01% | 87.12% | |
62 Neutral | €2.49B | 32.18 | ― | 0.98% | 28.66% | 58.20% | |
62 Neutral | €5.91B | 7.50 | 20.73% | 2.86% | 0.92% | 151.43% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
54 Neutral | €379.49M | 48.45 | 2.96% | 0.80% | -6.35% | -48.21% | |
48 Neutral | €944.77M | -14.82 | -4.97% | 1.76% | -10.78% | -145.27% |
* General Sector Average
NL:THEON
Theon International Plc
31.66
8.89
39.07%
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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.