BN · rank #6 · 2026-10-20
THEON
AMSTERDAM · EUR · $2.51B (USD)
The exact numbers the algorithm saw.
| Composite score Z-score blend of the factors below; drives the rank. | -0.10 |
|---|---|
| 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. | +36.4% |
| Last EPS surprise Most recent reported EPS versus consensus. | +4% |
| Market cap (USD) | $2.51B |
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 makes soldier-mounted night-vision and electro-optical systems for European and Middle Eastern defense customers, with NYX/ORION products and a growing KAPPA platform.
Rationale
The signal fits a bottleneck-solver setup because THEON is tied to Europe’s air-defense/ISR industrial buildup, has €1.46bn of soft backlog plus €902m of options, and is still posting strong growth with expanding visibility into 2029.
Material risks
- 1The planned ~€300m HGH acquisition is debt-funded and could lift leverage toward ~3.0x net debt/EBITDA, pressuring execution and reducing capacity to convert backlog.
- 2THEON is not a sole-source or patent-protected monopoly, so ORION, UAV-gimbal, counter-UAS and AI wins could face qualification delays, commoditization, or displacement by larger defense-electronics competitors.
AI verdict council
Each pick is reviewed independently by 3 models before any order. 1 of 3 voted to proceed.