Theon International Plc (THEON) Fair Value & Analysis
Industrials · NL · Market cap €2.5B · ISIN CY0200751713
What is Theon International Plc really worth?
A solid business, but trading 61% above our fair value of €19.69.
Strengths
Risks
Fair value as of: Aug 13, 2026
From 26 valuation models · updated 22 days ago
Share price −7.5% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The model range is unusually wide (€13.92 to €38.99). The outcome hinges heavily on assumptions, so read the point estimate with caution.
- Solid but not exceptional quality (54/100) and above fair value, neither a clear bargain nor a standout compounder.
Price vs Fair Value (3 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.
How to read this chart
31‑month range €8.57 – €38.32 · fair‑value band €13.92 – €38.99 · the €31.66 price screens above the €19.69 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.
Analysis
Theon International Plc (THEON) currently trades at €31.66, while our model-based Fair Value estimate is €19.69, implying the stock looks roughly 60.8% overvalued today. The Quality Score stands at 54/100 (solid quality), in the Industrials sector. Bull case: the Growth Earnings group reads highest at a median of €47.45 per share, and 7 of the 26 models we run sit above the €31.66 price. Bear case: the Asset-Based group reads lowest at €3.44, and 19 of the 26 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Theon International Plc generated revenue of €473M at a net margin of 24.7%. Revenue grew 32.2% year over year. It earns a return on equity of 35.8%. The balance sheet holds a net cash position of €127M. Fundamentals as of Aug 13, 2026
Our scenario range runs from €13.92 (bear case) to €38.99 (bull case); at €31.66, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 14% below its 52-week high and 39% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at −44% fair-value upside, at −38%, THEON screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2026 figures, and about 2 months have passed since. In that time the company retained roughly €0.2098 per share, which is 1.1 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 26 models by family
Widest divergence: Growth Earnings (€47.45) versus Asset-Based (€3.44). Highest evidence: FCF DCF (75).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 56 · Market factors (momentum, volatility) 57
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Theon International Plc develops and manufactures customizable night vision, thermal imaging, and electro-optical ISR systems for military and security applications in Europe and internationally.
Full company description
Theon International Plc develops and manufactures customizable night vision, thermal imaging, and electro-optical ISR systems for military and security applications in Europe and internationally. The company offers night vision, thermal imaging, and fused and augmented reality devices; and monocular, binoculars, weapon sights, clip-on devices, and platform-based imaging systems. It also provides ISR optonics; border/coastal surveillance EO systems; and vehicle driver viewers/cameras. In addition, the company offers night vision spare parts and repair parts; logistics support and test article refurbishment; and warranty and maintenance services. Theon International Plc was founded in 1997 and is headquartered in Nicosia, Cyprus. Theon International Plc is a subsidiary of Venetus Limited.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2022 – FY2026 · reported fiscal years
Theon International Plc reported revenue of €443M in FY2026 versus €80.6M in FY2022, a compound +53.2%/yr. Reported net income was €80.5M in FY2026, compounding +43.3%/yr from FY2022.
THEON screens 61% overvalued. Compare with General Electric Company →
Peer Group
Aerospace & Defense · 229 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Aerospace & Defense median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Insider activity: 40/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Aerospace & Defense stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| General Electric Company GE | $335.71 | $116.71 | −65% |
| RTX Corporation RTX | $212.08 | $88.37 | −58% |
| Airbus SE AIR | €213.00 | €117.01 | −45% |
| Lockheed Martin Corporation LMT | $565.89 | $419.01 | −26% |
| Howmet Aerospace Inc HWM | $264.85 | $50.43 | −81% |
| General Dynamics Corporation GD | $379.32 | $274.32 | −28% |
| Northrop Grumman Corporation NOC | $545.57 | $356.59 | −35% |
| TransDigm Group TDG | $1,235 | $571.03 | −54% |
| L3Harris Technologies, Inc LHX | $262.82 | $146.55 | −44% |
| Thales S.A HO | €243.70 | €171.13 | −30% |
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