BN · rank #11 · 2026-10-19
THEON
AMSTERDAM · EUR · $2.57B (USD)
The exact numbers the algorithm saw.
| Composite score Z-score blend of the factors below; drives the rank. | -0.24 |
|---|---|
| Forward revenue growth Consensus forward revenue growth. | +23.9% |
| Forward net margin Consensus forward net margin. | +22.8% |
| Net margin TTM Trailing twelve month net margin. | +23.8% |
| Margin expansion Forward minus trailing net margin (percentage points). | -1.0% |
| Forward PEG Forward P/E to growth. Below 1 is cheap for the growth. | — |
| Debt / FCF Net debt relative to free cash flow. Lower is safer. | 14.19× |
| Analyst upside Spread between the consensus 12m target and the current price. | +33.1% |
| Last EPS surprise Most recent reported EPS versus consensus. | +4% |
| Market cap (USD) | $2.57B |
The AI research card
Independent qualitative review of each pick before the order is placed. On the rare day the research service is unavailable, the paper book trades on the quant ranking alone and no card appears here.
Summary
Theon International Plc manufactures military night-vision goggles, thermal clip-ons, fused goggles, and vehicle optronics for European NATO militaries, Middle Eastern armed forces, and the US Marine Corps.
Rationale
The bottleneck-solver thesis is validated by Theon securing critical Western image-intensifier tube supply via its 60% Harder Digital stake and Exosens partnership, underpinning 23.9% forward revenue growth and a €1.2B+ backlog.
Material risks
- 1Single-source supply chain bottlenecks or operational disruptions at Exosens or Harder Digital could constrain image-intensifier tube availability and halt system delivery.
- 2Rapid technological transition or commoditization toward digital fusion and alternative sensor suites could erode long-term market share in conventional image-intensifier products.
AI verdict council
Each pick is reviewed independently by 3 models before any order. 2 of 3 voted to proceed.