Theon International Plc (NL:THEON)
:THEON
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Theon International Plc
(THEON)
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Rating:76Outperform
Price Target:
€40.00
▲(19.90% Upside)
Action:UpgradedDate:04/23/26
The score is driven primarily by strong financial performance (rapid revenue scaling and solid margins with conservative leverage), tempered by inconsistent cash-flow conversion. Technicals add support with a clear uptrend and positive momentum, while valuation is less supportive given a ~23x P/E and a modest ~1.5% dividend yield.
Positive Factors
Revenue Scaling
Sustained revenue growth from ~54M to ~443M (2020–2025) demonstrates durable success winning procurement contracts and scaling production. Sizeable top-line expansion improves fixed-cost absorption, supports investment in R&D and after-sales, and enhances backlog visibility over the medium term.
Negative Factors
Cash-Flow Volatility
Intermittent negative operating and free cash flow in 2022 and 2024 shows cash conversion instability versus reported profits. Such volatility forces reliance on external financing or working-capital lines, raising execution and liquidity risk for multi-year contracts and slowing durable reinvestment capacity.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Scaling
Sustained revenue growth from ~54M to ~443M (2020–2025) demonstrates durable success winning procurement contracts and scaling production. Sizeable top-line expansion improves fixed-cost absorption, supports investment in R&D and after-sales, and enhances backlog visibility over the medium term.
Read all positive factors
Theon International Plc (THEON) vs. iShares MSCI Netherlands ETF (EWN)
Market Cap
€2.64B
Dividend Yield1.91%
Average Volume (3M)302.58K
Price to Earnings (P/E)23.2
Beta (1Y)0.86
Revenue Growth25.84%
EPS Growth21.24%
CountryNL
Employees633
SectorTechnology
Sector Strength88
IndustryAerospace & Defense
Share Statistics
EPS (TTM)N/A
Shares Outstanding78,624,640
10 Day Avg. Volume338,080
30 Day Avg. Volume302,585
Financial Highlights & Ratios
PEG Ratio1.25
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
€39.50Price Target Upside18.41% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)1.42
Revenue Forecast (FY)€595.14M
Theon International Plc Business Overview & Revenue Model
Company Description
Theon International PLC develops and manufactures customizable night vision, thermal imaging systems and electro-optical ISR systems for military and security applications in Europe and internationally. The company provides night vision monocular ...
How the Company Makes Money
THEON makes money primarily by selling electro-optical defense products—most notably night vision and thermal imaging equipment and related observation/sighting systems—to customers such as armed forces and other government/security agencies. Reve...
Theon International Plc Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
82
Very Positive
Cash Flow
63
Positive
| 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 Technical Analysis
Positive
33.36
Price Trends
31.22
Positive
30.19
Positive
28.81
Positive
Market Momentum
0.72
Negative
54.40
Neutral
66.02
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NL:THEON, the sentiment is Positive. The current price of 33.36 is above the 20-day moving average (MA) of 32.01, above the 50-day MA of 31.22, and above the 200-day MA of 28.81, indicating a bullish trend. The MACD of 0.72 indicates Negative momentum. The RSI at 54.40 is Neutral, neither overbought nor oversold. The STOCH value of 66.02 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for NL:THEON.
Theon International Plc Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | €2.64B | 23.24 | ― | 1.91% | 25.84% | 21.24% | |
73 Outperform | €536.43M | 24.15 | 29.06% | 3.54% | 11.21% | 32.21% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
60 Neutral | €570.15M | 9.81 | -12.26% | ― | -5.57% | ― | |
59 Neutral | €1.70B | 15.43 | 11.04% | 4.11% | 2.83% | -8.11% | |
53 Neutral | €199.29M | -37.50 | -13.96% | ― | -5.42% | 83.35% | |
41 Neutral | €125.75M | -17.52 | ― | ― | 1.51% | 15.61% |
* Technology Sector Average
NL:THEON
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32.50
8.54
35.67%
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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.