THEON Stock Analysis: Theon International | AS
Aerospace & Defense | AS, Netherlands | Market Cap: 2.511m EUR | 12M Return: -5.6% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 4.21M
Qual. Beats: 2
Rev. Trend: 98.2%
Warnings
Tailwinds
Seasonality 2.4 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Theon International Plc is a Cyprus-headquartered designer and manufacturer of electro-optical systems for defense and security customers in Europe and international markets. Founded in 1997 and majority-owned by Venetus Limited, the company produces a broad product portfolio spanning night vision devices, thermal imaging systems, fused and augmented reality optics, weapon sights, clip-on systems, binoculars, and platform-based imaging solutions for military vehicles and platforms.
Beyond core hardware, Theon supplies ISR (intelligence, surveillance, and reconnaissance) optronics, border and coastal surveillance electro-optical systems, vehicle driver viewers, and a recurring aftermarket business covering spare parts, refurbishment, and warranty and maintenance services. The mix of custom-built equipment and lifecycle support reflects a business model common in the defense electro-optics subsector, where programs are typically sold to government and military end-users and supplemented by long-tail service revenue.
The company operates within the Aerospace & Defense industry, a sector characterized by government procurement cycles and growing European demand for sovereign optronics capabilities driven by broader NATO modernization and battlefield awareness requirements.
- European defense budgets surge on NATO commitments
- Night vision and thermal imaging order backlog expands
- New multi-year defense contracts boost revenue visibility
| Net Income: 116.5m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.11 > 0.02 and ΔFCF/TA -5.33 > 1.0 |
| NWC/Revenue: 129.4% < 20% (prev 69.73%; Δ 59.70% < -1%) |
| CFO/TA 0.04 > 3% & CFO 30.6m > Net Income 116.5m |
| Net Debt (-123.3m) to EBITDA (114.9m): -1.07 < 3 |
| Current Ratio: 5.59 > 1.5 & < 3 |
| Outstanding Shares: last quarter (77.6m) vs 12m ago 10.31% < -2% |
| Gross Margin: 32.89% > 18% (prev 16.70%; Δ 16.19% > 0.5%) |
| Asset Turnover: 74.04% > 50% (prev 85.60%; Δ -11.56% > 0%) |
| Interest Coverage Ratio: 7.01 > 6 (EBIT TTM 110.9m / Interest Expense TTM 15.8m) |
| A: 0.72 (Total Current Assets 745.0m - Total Current Liabilities 133.2m) / Total Assets 847.7m |
| B: 0.21 (Retained Earnings 180.3m / Total Assets 847.7m) |
| C: 0.17 (EBIT TTM 110.9m / Avg Total Assets 638.5m) |
| D: 0.88 (Book Value of Equity 390.7m / Total Liabilities 444.9m) |
| Altman-Z'' = 7.52 = AAA |
| DSRI: 1.16 (Receivables 172.7m/116.0m, Revenue 472.7m/367.4m) |
| GMI: 0.51 (GM 16.70% / 32.89%) |
| AQI: 0.85 (AQ_t 0.06 / AQ_t-1 0.07) |
| SGI: 1.29 (Revenue 472.7m / 367.4m) |
| TATA: 0.10 (NI 116.5m - CFO 30.6m) / TA 847.7m) |
| Beneish M = -3.21 (Cap -4..+1) = AA |
As of July 10, 2026, the stock is trading at EUR 31.46 with a total of 54,210 shares traded. Over the past week, the price has changed by -3.38%, over one month by -0.46%, over three months by -8.12% and over the past year by -5.64%.
Current recommended Stop Loss: 28.40 (which is 9.7% or 2.2 ATR below the current price).
Theon International has no consensus analysts rating.
P/E Trailing = 27.6379
P/E Forward = 21.978
P/S = 5.3128
P/B = 6.1202
Revenue TTM = 472.7m EUR
EBIT TTM = 110.9m EUR
EBITDA TTM = 114.9m EUR
Long Term Debt = 308.8m EUR (estimated: total debt 336.8m - short term 28.0m)
Short Term Debt = 28.0m EUR (from shortTermDebt, last quarter)
Debt = 337.7m EUR (from shortLongTermDebtTotal, last quarter) + Leases 936k
Net Debt = -123.3m EUR (calculated: Debt 337.7m - CCE 461.0m)
Enterprise Value = 2.39b EUR (2.51b + Debt 337.7m - CCE 461.0m)
Interest Coverage Ratio = 7.01 (Ebit TTM 110.9m / Interest Expense TTM 15.8m)
EV/FCF = 26.33x (Enterprise Value 2.39b / FCF TTM 90.7m)
FCF Yield = 3.80% (FCF TTM 90.7m / Enterprise Value 2.39b)
FCF Margin = 19.19% (FCF TTM 90.7m / Revenue TTM 472.7m)
Net Margin = 24.64% (Net Income TTM 116.5m / Revenue TTM 472.7m)
Gross Margin = 32.89% ((Revenue TTM 472.7m - Cost of Revenue TTM 317.2m) / Revenue TTM)
Gross Margin QoQ = 32.16% (prev 34.01%)
Tobins Q-Ratio = 2.82 (Enterprise Value 2.39b / Total Assets 847.7m)
Interest Expense / Debt = 4.69% (Interest Expense 15.8m / Debt 337.7m)
Taxrate = 17.57% (25.0m / 142.3m)
NOPAT = 91.5m (EBIT 110.9m * (1 - 17.57%))
Current Ratio = 4.18 (Total Current Assets 745.0m / Total Current Liabilities 178.3m)
Debt / Equity = 0.86 (Debt 337.7m / totalStockholderEquity, last quarter 390.7m)
Debt / EBITDA = -1.07 (Net Debt -123.3m / EBITDA 114.9m)
Debt / FCF = -1.36 (Net Debt -123.3m / FCF TTM 90.7m)
Total Stockholder Equity = 316.4m (last 4 quarters mean from totalStockholderEquity)
RoA = 18.24% (Net Income 116.5m / Total Assets 847.7m)
RoE = 36.81% (Net Income TTM 116.5m / Total Stockholder Equity 316.4m)
RoCE = 17.75% (EBIT 110.9m / Capital Employed (Equity 316.4m + L.T.Debt 308.8m))
RoIC = 12.72% (NOPAT 91.5m / Invested Capital 718.8m)
WACC = 6.34% (E(2.51b)/V(2.85b) * Re(6.67%) + D(337.7m)/V(2.85b) * Rd(4.69%) * (1-Tc(0.18)))
Discount Rate = 6.67% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 55.56 | Cagr: 12.13%
[DCF] Terminal Value 77.97% ; FCFF base≈82.0m ; Y1≈93.9m ; Y5≈138.3m
[DCF] Fair Price = 28.39 (EV 2.08b - Net Debt -123.3m = Equity 2.20b / Shares 77.6m; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: 1.38 | # QB: 2
Revenue Correlation: 98.19 | Revenue CAGR: 36.79% | SUE: N/A | # QB: 0
EPS current Quarter (2026-06-30): EPS=0.28 | Chg30d=N/A | Revisions=+0% | Analysts=1
EPS next Quarter (2026-09-30): EPS=0.26 | Chg30d=N/A | Revisions=+0% | Analysts=1
EPS current Year (2026-12-31): EPS=1.44 | Chg30d=+0.00% | Revisions=+29% | GrowthEPS=+16.9% | GrowthRev=+34.9%
EPS next Year (2027-12-31): EPS=1.71 | Chg30d=+0.43% | Revisions=+17% | GrowthEPS=+18.6% | GrowthRev=+20.4%
[Analyst] Revisions Ratio: +30% (up=5, down=2)