(THEON) Theon International - Overview
Sector: Industrials | Industry: Aerospace & Defense | Exchange: AS (Netherlands) | Market Cap: 2.378m EUR | Total Return: -0.9% in 12m
Avg Turnover: 4.65M
Qual. Beats: 2
Rev. Trend: 98.0%
Warnings
Choppy Below Avwap Earnings
Tailwinds
No distinct edge detected
Theon International Plc, headquartered in Cyprus, designs and manufactures advanced night vision, thermal imaging, and electro-optical ISR systems for global military and security markets. Its product portfolio includes monoculars, binoculars, weapon sights, and platform-based imaging systems, supported by a lifecycle business model that includes maintenance, spare parts, and logistics services.
The company operates within the defense technology sector, where growth is currently driven by increased European defense budgets and the integration of augmented reality into infantry equipment. Unlike traditional hardware manufacturers, Theon utilizes a modular design approach to allow for rapid customization based on specific NATO or international mission requirements.
Investors may find additional valuation metrics and peer comparisons on ValueRay to further their analysis.
- Rising European defense budgets accelerate order backlog and revenue growth
- NATO procurement contracts drive long-term thermal imaging system sales
- Global supply chain constraints impact semiconductor sourcing for optical sensors
- Geopolitical instability in the Middle East increases demand for ISR systems
- Shift toward digital fusion technology enhances product margins and market share
| Net Income: 80.4m TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.06 > 0.02 and ΔFCF/TA 8.93 > 1.0 |
| NWC/Revenue: 101.0% < 20% (prev 63.55%; Δ 37.44% < -1%) |
| CFO/TA 0.08 > 3% & CFO 47.8m > Net Income 80.4m |
| Net Debt (-159.2m) to EBITDA (108.6m): -1.47 < 3 |
| Current Ratio: 6.12 > 1.5 & < 3 |
| Outstanding Shares: last quarter (69.9m) vs 12m ago 0.14% < -2% |
| Gross Margin: 32.64% > 18% (prev 0.16%; Δ 3.25k% > 0.5%) |
| Asset Turnover: 87.33% > 50% (prev 89.79%; Δ -2.46% > 0%) |
| Interest Coverage Ratio: 9.23 > 6 (EBITDA TTM 108.6m / Interest Expense TTM 11.5m) |
| A: 0.72 (Total Current Assets 535.3m - Total Current Liabilities 87.5m) / Total Assets 623.1m |
| B: 0.29 (Retained Earnings 180.3m / Total Assets 623.1m) |
| C: 0.21 (EBIT TTM 106.1m / Avg Total Assets 507.8m) |
| D: 2.02 (Book Value of Equity 428.9m / Total Liabilities 212.2m) |
| Altman-Z'' = 9.18 = AAA |
| DSRI: 0.94 (Receivables 151.6m/127.7m, Revenue 443.4m/352.4m) |
| GMI: 0.48 (GM 32.64% / 15.74%) |
| AQI: 1.04 (AQ_t 0.07 / AQ_t-1 0.07) |
| SGI: 1.26 (Revenue 443.4m / 352.4m) |
| TATA: 0.05 (NI 80.4m - CFO 47.8m) / TA 623.1m) |
| Beneish M = -3.28 (Cap -4..+1) = AA |
As of May 26, 2026, the stock is trading at EUR 31.74 with a total of 74,028 shares traded.
Over the past week, the price has changed by +6.01%,
over one month by -2.34%,
over three months by +5.62% and
over the past year by -0.93%.
Theon International has no consensus analysts rating.
P/E Trailing = 26.1724
P/E Forward = 20.79
P/S = 5.2333
P/B = 5.8707
Revenue TTM = 443.4m EUR
EBIT TTM = 106.1m EUR
EBITDA TTM = 108.6m EUR
Long Term Debt = 46.8m EUR (from longTermDebt, last fiscal year)
Short Term Debt = 6.48m EUR (from shortTermDebt, last quarter)
Debt = 130.4m EUR (from shortLongTermDebtTotal, last quarter) + Leases 936k
Net Debt = -159.2m EUR (calculated: Debt 130.4m - CCE 289.6m)
Enterprise Value = 2.22b EUR (2.38b + Debt 130.4m - CCE 289.6m)
Interest Coverage Ratio = 9.23 (Ebit TTM 106.1m / Interest Expense TTM 11.5m)
EV/FCF = -60.23x (Enterprise Value 2.22b / FCF TTM -36.8m)
FCF Yield = -1.66% (FCF TTM -36.8m / Enterprise Value 2.22b)
FCF Margin = -8.31% (FCF TTM -36.8m / Revenue TTM 443.4m)
Net Margin = 18.13% (Net Income TTM 80.4m / Revenue TTM 443.4m)
Gross Margin = 32.64% ((Revenue TTM 443.4m - Cost of Revenue TTM 298.7m) / Revenue TTM)
Gross Margin QoQ = 34.01% (prev 30.12%)
Tobins Q-Ratio = 3.56 (Enterprise Value 2.22b / Total Assets 623.1m)
Interest Expense / Debt = 8.82% (Interest Expense 11.5m / Debt 130.4m)
Taxrate = 23.16% (9.67m / 41.7m)
NOPAT = 81.5m (EBIT 106.1m * (1 - 23.16%))
Current Ratio = 6.12 (Total Current Assets 535.3m / Total Current Liabilities 87.5m)
Debt / Equity = 0.33 (Debt 130.4m / totalStockholderEquity, last quarter 398.2m)
Debt / EBITDA = -1.47 (Net Debt -159.2m / EBITDA 108.6m)
Debt / FCF = 4.32 (negative FCF - burning cash) (Net Debt -159.2m / FCF TTM -36.8m)
Total Stockholder Equity = 279.3m (last 4 quarters mean from totalStockholderEquity)
RoA = 15.83% (Net Income 80.4m / Total Assets 623.1m)
RoE = 28.78% (Net Income TTM 80.4m / Total Stockholder Equity 279.3m)
RoCE = 32.54% (EBIT 106.1m / Capital Employed (Equity 279.3m + L.T.Debt 46.8m))
RoIC = 15.04% (NOPAT 81.5m / Invested Capital 542.1m)
WACC = 6.56% (E(2.38b)/V(2.51b) * Re(6.55%) + D(130.4m)/V(2.51b) * Rd(8.82%) * (1-Tc(0.23)))
Discount Rate = 6.55% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 55.56 | Cagr: 75.84%
[DCF] Fair Price = unknown (Cash Flow -36.8m)
EPS Correlation: N/A | EPS CAGR: N/A | SUE: 1.38 | # QB: 2
Revenue Correlation: 98.00 | Revenue CAGR: 36.24% | SUE: N/A | # QB: 0
EPS current Quarter (2026-06-30): EPS=0.28 | Chg30d=N/A | Revisions=N/A | Analysts=1
EPS next Quarter (2026-09-30): EPS=0.26 | Chg30d=N/A | Revisions=N/A | Analysts=1
EPS current Year (2026-12-31): EPS=1.44 | Chg30d=-1.03% | Revisions=+20% | GrowthEPS=+16.9% | GrowthRev=+34.9%
EPS next Year (2027-12-31): EPS=1.70 | Chg30d=-0.65% | Revisions=-20% | GrowthEPS=+18.1% | GrowthRev=+19.3%
[Analyst] Revisions Ratio: +20%