← Bottleneck Solvers
BN · rank #9 · 2026-10-26
THEON
AMSTERDAM · EUR · $2.51B (USD)
SignalBuy2.1strength 2.1 / 10
verdict · PROCEED
The exact numbers the algorithm saw.
Bottleneck themes
The structural shortage this name supplies into.
European air defense industrial base
| Composite score Z-score blend of the factors below; drives the rank. | -0.16 |
|---|---|
| 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 manufactures customizable night-vision, thermal-imaging, and electro-optical ISR systems for defense and security forces in over 70 countries.
Rationale
A €1.42 billion soft backlog and 23.9% forward revenue growth validate THEON's role in clearing European defense procurement bottlenecks for rapidly fieldable soldier electro-optics.
Material risks
- 1Major defense primes or armed forces developing in-house electro-optical capabilities or adopting alternative digital fused sensors could commoditize or displace THEON's product line.
- 2Recent order momentum depends on pending government authority approvals, including €45 million in newly announced European NATO night-vision contracts.
AI verdict council
Each pick is reviewed independently by 3 models before any order. 2 of 3 voted to proceed.
OpenAI
Proceed
Claude
Caution
Gemini
Proceed