BN · rank #7 · 2026-10-23
THEON
AMSTERDAM · EUR · $2.43B (USD)
The exact numbers the algorithm saw.
| Composite score Z-score blend of the factors below; drives the rank. | -0.12 |
|---|---|
| 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. | +40.8% |
| Last EPS surprise Most recent reported EPS versus consensus. | +4% |
| Market cap (USD) | $2.43B |
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, thermal-imaging and electro-optical systems to European and Middle Eastern defense customers, with expanding exposure to gimbals, counter-UAS and air-defense applications.
Rationale
This fits a bottleneck-solver setup because THEON is helping relieve Europe’s deployed soldier-vision capacity constraint, with €1.46bn of soft backlog, €902m of options and new NYX/ORION orders supporting revenue visibility into 2029.
Material risks
- 1The debt-funded ~€300m HGH acquisition could push leverage higher and strain execution, raising the risk that expansion dilutes rather than strengthens the bottleneck franchise.
- 2THEON is not a sole-source monopoly, and its ORION/UAV-gimbal/counter-UAS path could be slowed by qualification delays, export controls or commoditization versus larger defense-electronics rivals.
AI verdict council
Each pick is reviewed independently by 3 models before any order. 1 of 3 voted to proceed.