Theon International Plc (NL:THEON)
:THEON
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Theon International Plc
(THEON)
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Rating:69Neutral
Price Target:
€37.00
▲(10.91% Upside)
Action:Downgraded
Date:05/30/26
The score is driven primarily by strong operating performance and margins, tempered by weak/volatile cash-flow conversion and a recent increase in debt. Technicals are supportive with price above key moving averages, while a high P/E reduces the valuation contribution despite a modest dividend yield.
Positive Factors
Revenue Scaling
Sustained multi-year top-line growth reflects successful penetration of defense procurement markets and expanding order flow. This scale supports fixed-cost absorption, stronger supplier terms and investment in production capacity, creating a firmer base for durable earnings and market position.
Negative Factors
Weak Cash Conversion
Severe FCF deterioration and a history of volatile operating cash (including negative years) mean earnings do not reliably convert to cash. This raises refinancing and execution risk, restricts reinvestment capacity and magnifies sensitivity to timing of deliveries and working-capital needs.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Scaling
Sustained multi-year top-line growth reflects successful penetration of defense procurement markets and expanding order flow. This scale supports fixed-cost absorption, stronger supplier terms and investment in production capacity, creating a firmer base for durable earnings and market position.
Read all positive factors
Theon International Plc (THEON) vs. iShares MSCI Netherlands ETF (EWN)
Market Cap
€2.62B
Dividend Yield1.91%
Average Volume (3M)302.58K
Price to Earnings (P/E)34.4
Beta (1Y)0.86
Revenue Growth28.66%
EPS Growth58.20%
CountryNL
Employees633
SectorTechnology
Sector Strength88
IndustryAerospace & Defense
Share Statistics
EPS (TTM)1.58
Shares Outstanding78,624,640
10 Day Avg. Volume338,080
30 Day Avg. Volume302,585
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
€42.00Price Target Upside25.90% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)1.44
Revenue Forecast (FY)€600.00M
Theon International Plc Business Overview & Revenue Model
Company Description
Theon International PLC is a global developer and manufacturer specializing in advanced night vision, thermal imaging, and electro-optical intelligence, surveillance, and reconnaissance (ISR) systems. These customizable solutions are primarily des...
How the Company Makes Money
THEON primarily makes money by selling electro‑optical equipment and related solutions to government and institutional customers. The core revenue stream is product sales (e.g., night vision devices, thermal/weapon sights, and associated component...
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 Technical Analysis
Positive
33.36
Price Trends
31.82
Positive
31.24
Positive
29.83
Positive
Market Momentum
0.56
Negative
66.19
Neutral
70.40
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 31.93, above the 50-day MA of 31.82, and above the 200-day MA of 29.83, indicating a bullish trend. The MACD of 0.56 indicates Negative momentum. The RSI at 66.19 is Neutral, neither overbought nor oversold. The STOCH value of 70.40 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 |
|---|---|---|---|---|---|---|---|
74 Outperform | €1.78B | 18.86 | 11.04% | 4.11% | 2.83% | -8.11% | |
73 Outperform | €626.60M | 25.97 | 29.06% | 3.54% | 11.21% | 32.21% | |
69 Neutral | €2.62B | 34.41 | ― | 1.91% | 28.66% | 58.20% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
60 Neutral | €603.75M | 141.99 | -12.26% | ― | -5.57% | ― | |
52 Neutral | €232.50M | -61.34 | -13.96% | ― | -5.42% | 83.35% | |
44 Neutral | €124.79M | -10.69 | ― | ― | 1.51% | 12.86% |
* Technology Sector Average
NL:THEON
Theon International Plc
34.34
5.53
19.17%
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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.