THEON Stock Analysis: Theon International | AS
Aerospace & Defense | AS, Netherlands | Market Cap: 2.453m EUR | 12M Return: -2.8% | CY0200751713 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 3.05M
Qual. Beats: 0
Rev. Trend: 98.1%
Qual. Beats: 0
Warnings
Tailwinds
No distinct edge detected
Seasonality 2.6 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: 121.0m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.04 > 0.02 and ΔFCF/TA -8.66 > 1.0 |
| NWC/Revenue: 55.55% < 20% (prev 64.04%; Δ -8.50% < -1%) |
| CFO/TA 0.05 > 3% & CFO 49.1m > Net Income 121.0m |
| Net Debt (217.7m) to EBITDA (122.5m): 1.78 < 3 |
| Current Ratio: 3.00 > 1.5 & < 3 |
| Outstanding Shares: last quarter (77.6m) vs 12m ago 11.42% < -2% |
| Gross Margin: 33.82% > 18% (prev 31.98%; Δ 1.84% > 0.5%) |
| Asset Turnover: 75.44% > 50% (prev 90.38%; Δ -14.94% > 0%) |
| Interest Coverage Ratio: 6.16 > 6 (EBIT TTM 118.5m / Interest Expense TTM 19.2m) |
| A: 0.31 (Total Current Assets 423.9m - Total Current Liabilities 141.4m) / Total Assets 923.3m |
| B: 0.25 (Retained Earnings 230.3m / Total Assets 923.3m) |
| C: 0.18 (EBIT TTM 118.5m / Avg Total Assets 673.9m) |
| D: 0.97 (Book Value of Equity 447.6m / Total Liabilities 463.0m) |
| Altman-Z'' = 5.02 = AAA |
| DSRI: 1.07 (Receivables 163.0m/114.8m, Revenue 508.4m/383.7m) |
| GMI: 0.95 (GM 31.98% / 33.82%) |
| AQI: 6.19 (AQ_t 0.48 / AQ_t-1 0.08) |
| SGI: 1.33 (Revenue 508.4m / 383.7m) |
| TATA: 0.08 (NI 121.0m - CFO 49.1m) / TA 923.3m) |
| Beneish M = 0.30 (Cap -4..+1) = D |
As of September 27, 2026, the stock is trading at EUR 30.30 with a total of 115,557 shares traded. Over the past week, the price has changed by -4.48%, over one month by -9.93%, over three months by -1.62% and over the past year by -2.76%.
Current recommended Stop Loss: 28.90 (which is 4.6% or 1.3 ATR below the current price).
Theon International has no consensus analysts rating.
P/E Trailing = 19.0482
P/E Forward = 18.315
P/S = 4.8256
P/B = 5.3636
Revenue TTM = 508.4m EUR
EBIT TTM = 118.5m EUR
EBITDA TTM = 122.5m EUR
Long Term Debt = 307.9m EUR (from longTermDebt, last quarter)
Short Term Debt = 22.7m EUR (from shortTermDebt, last quarter)
Debt = 339.0m EUR (from shortLongTermDebtTotal, last quarter) + Leases 4.66m
Net Debt = 217.7m EUR (calculated: Debt 339.0m - CCE 121.3m)
Enterprise Value = 2.67b EUR (2.45b + Debt 339.0m - CCE 121.3m)
Interest Coverage Ratio = 6.16 (Ebit TTM 118.5m / Interest Expense TTM 19.2m)
EV/FCF = 71.36x (Enterprise Value 2.67b / FCF TTM 37.4m)
FCF Yield = 1.40% (FCF TTM 37.4m / Enterprise Value 2.67b)
FCF Margin = 7.36% (FCF TTM 37.4m / Revenue TTM 508.4m)
Net Margin = 23.80% (Net Income TTM 121.0m / Revenue TTM 508.4m)
Gross Margin = 33.82% ((Revenue TTM 508.4m - Cost of Revenue TTM 336.5m) / Revenue TTM)
Gross Margin QoQ = 37.87% (prev 32.16%)
Tobins Q-Ratio = 2.89 (Enterprise Value 2.67b / Total Assets 923.3m)
Interest Expense / Debt = 5.67% (Interest Expense 19.2m / Debt 339.0m)
Taxrate = 19.85% (30.2m / 151.9m)
NOPAT = 94.9m (EBIT 118.5m * (1 - 19.85%))
Current Ratio = 3.00 (Total Current Assets 423.9m / Total Current Liabilities 141.4m)
Debt / Equity = 0.76 (Debt 339.0m / totalStockholderEquity, last quarter 447.6m)
Debt / EBITDA = 1.78 (Net Debt 217.7m / EBITDA 122.5m)
Debt / FCF = 5.82 (Net Debt 217.7m / FCF TTM 37.4m)
Total Stockholder Equity = 369.6m (last 4 quarters mean from totalStockholderEquity)
RoA = 17.95% (Net Income 121.0m / Total Assets 923.3m)
RoE = 32.74% (Net Income TTM 121.0m / Total Stockholder Equity 369.6m)
RoCE = 17.49% (EBIT 118.5m / Capital Employed (Equity 369.6m + L.T.Debt 307.9m))
RoIC = 12.19% (NOPAT 94.9m / Invested Capital 779.2m)
WACC = 6.19% (E(2.45b)/V(2.79b) * Re(6.42%) + D(339.0m)/V(2.79b) * Rd(5.67%) * (1-Tc(0.20)))
Discount Rate = 6.42% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 76.92 | Cagr: 4.60%
[DCF] Terminal Value 73.10% ; FCFF base≈44.0m ; Y1≈38.6m ; Y5≈31.2m
[DCF] Fair Price = 3.65 (EV 500.9m - Net Debt 217.7m = Equity 283.2m / Shares 77.6m; r=8.35% [WACC [floored]]; 5y FCF grow -15.0% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: 0.19 | # QB: 0
Revenue Correlation: 98.12 | Revenue CAGR: 34.81% | SUE: 0.05 | # QB: 0
EPS current Quarter (2026-09-30): EPS=0.26 | Chg30d=+0.00% | Revisions=+0% | Analysts=1
EPS current Year (2026-12-31): EPS=1.47 | Chg30d=+0.52% | Revisions=+17% | GrowthEPS=+19.2% | GrowthRev=+35.6%
EPS next Year (2027-12-31): EPS=1.75 | Chg30d=+0.50% | Revisions=+17% | GrowthEPS=+18.9% | GrowthRev=+23.4%
[Analyst] Revisions Ratio: +22% (up=4, down=2)