BN · rank #7 · 2026-10-21
THEON
AMSTERDAM · EUR · $2.45B (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. | +39.7% |
| Last EPS surprise Most recent reported EPS versus consensus. | +4% |
| Market cap (USD) | $2.45B |
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 supplies soldier-mounted night-vision and electro-optical systems for European and Middle Eastern defense customers, with NYX, ORION and KAPPA expanding into broader land, sea, air-defense and counter-UAS applications.
Rationale
The name fits bottleneck_solvers because it is helping fill Europe’s urgent deployable soldier-vision capacity gap, and the €1.46bn soft backlog plus €902m of options gives real revenue visibility behind the 23.9% forward growth and 39.7% modeled upside.
Material risks
- 1The planned ~€300m HGH acquisition is debt-funded and could lift leverage to around 3.0x net debt/EBITDA, creating execution strain and limiting flexibility if integration slips.
- 2THEON does not appear to have a true sole-source moat, so ORION, UAV-gimbal, counter-UAS and AI initiatives could be slowed by qualification delays, export controls or commoditization versus larger defense-electronics peers.
AI verdict council
Each pick is reviewed independently by 3 models before any order. 1 of 3 voted to proceed.