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Maker of night-vision goggles, thermal weapon sights and laser rangefinders for militaries and law enforcement.
Maker of night-vision goggles, thermal weapon sights and laser rangefinders for militaries and law enforcement.
Sells to defence ministries, often through competitive tenders and frequently via government-to-government channels, with each export shipment needing licences from the governments involved, which can delay revenue timing. The holding company is registered in Cyprus and listed in Amsterdam, but operations are centred in Greece and Europe.
In one line: A European night-vision equipment maker for militaries.
Moat: narrow (regulatory licence, process know-how). Defense export licenses and proprietary image-intensifier tube manufacturing limit entrants.
Headquarters: Athens, Greece · Founded: 1997 · Employees: 767
Size Theon International (THEON.AS) is a Netherlands Consumer Discretionary company (Electronics/Appliances) with a market value of $2.36B, the 38th largest of 61 Netherlands companies the cockpit tracks. Shares closed at €26.74 on 6 Nov 2026.
Performance Over six months the shares fell 9.8%, against +3.6% for the median peer and +0.4% for the Netherlands market (cap-weighted) — 9th lowest of 21 in its peer set.
Growth Revenue grew 32.5% over the last twelve months (peer median +3.2%); the operating margin is 23.3% (peer median 7.1%).
Valuation It trades at 17.1× forward earnings against a peer median of 18.8× (6th cheapest of 18).
Price implies For today's price to make sense, revenue must grow about 19% a year for seven years (Req g). Recent delivered growth is +52%, so the hurdle is -34 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.3 points above its cost of capital (10.5% WACC).
Next results Next results expected around 9 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €508M | €443M | €352M | €219M | €143M |
| Revenue growth | — | +26% | +61% | +53% | — |
| Gross profit | €172M | €145M | €109M | €70.2M | €50.2M |
| EBITDA | n/a | €108M | €88.2M | €56.6M | €40.7M |
| Net income | €121M | €80.5M | €67.4M | €36.1M | €30.0M |
| Free cash flow | n/a | €37.4M | -€27.8M | €31.0M | -€10.8M |
| Capital expenditure | €10.3M | €18.7M | €10.7M | €7.58M | €3.83M |
| Total debt | €334M | €129M | €81.0M | €63.3M | €34.3M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Theon International THEON.AS | $2.36B | -10% | +32% | 23% | 17.1× | 18.7% |
| L3Harris LHX | $48.4B | -13% | +7% | 12% | 20.1× | 7.0% |
| Elbit Systems ESLT | $32.0B | -13% | +12% | 9% | 46.5× | 10.1% |
| Thales HO.PA | $51.1B | -1% | +7% | 11% | 20.6× | -2.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | THEON.AS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.8% | -0.4% | 11th highest of 21 |
| 6-month return | -9.8% | +3.6% | 9th lowest of 21 |
| Distance from 52-week high | -32.3% | -25.1% | 10th lowest of 21 |
| Revenue growth (TTM) | +32.5% | +3.2% | 2nd highest of 21 |
| Operating margin | 23.3% | 7.1% | 2nd highest of 21 |
| Forward P/E | 17.1× | 18.8× | 6th cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | 18.7% | 4.4% | 3rd most demanding of 14 |
| Growth delivered (Del g) | +52.2% | +4.5% | highest of 14 |
| Hurdle (Req g minus delivered) | -33.6 pp | -3.8 pp | 2nd least demanding of 14 |
| ROIC minus cost of capital | +2.3 pp | +0.1 pp | 7th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Theon International THEON.AS | Netherlands | $2.36B | -10% | +32% | 23% | 17.1× | 18.7% | +52.2% |
| Cowell e 1415.HK | Hong Kong | $2.38B | -33% | +15% | 7% | 9.8× | -10.3% | +36.2% |
| Shanghai Flyco Electrical Appliance 603868.SS | China | $2.34B | +4% | +1% | 17% | 24.2× | 4.6% | +1.5% |
| Hangzhou Robam Appliances 002508.SZ | China | $2.28B | -10% | -18% | 8% | 14.4× | 6.3% | +4.5% |
| Electrolux ELUX-A.ST | Sweden | $2.50B | +11% | -3% | -1% | 18.1× | 1.2% | +2.6% |
| IMAX IMAX | United States | $2.61B | +35% | +15% | 23% | 18.8× | 12.2% | +24.5% |
| Casio Computer 6952.T | Japan | $2.74B | +24% | +12% | 11% | 15.9× | 0.2% | +4.0% |
| Whirlpool WHR | United States | $2.01B | -32% | -6% | 2% | n/a | n/a | n/a |
| Kingclean Electric 603355.SS | China | $2.79B | +4% | -2% | 8% | 35.9× | 4.4% | +9.4% |
| Spectrum Brands SPB | United States | $1.99B | +6% | +1% | 9% | 17.1× | -2.5% | +1.4% |
| Sonos SONO | United States | $1.94B | +9% | +6% | 6% | 149.2× | 17.3% | +1.7% |
| Joyoung 002242.SZ | China | $2.87B | +131% | -7% | -1% | 159.7× | n/a | n/a |
| Nikon 7731.T | Japan | $3.17B | -12% | -4% | -2% | 45.4× | n/a | n/a |
| Tatung 2371.TW | Taiwan | $1.70B | -15% | +8% | 4% | 10.0× | n/a | n/a |
| Breville BRG.AX | Australia | $3.33B | +13% | +7% | 11% | 31.1× | 26.4% | +8.8% |
| Edifier Technology 002351.SZ | China | $1.60B | +8% | -1% | 18% | 22.3× | 3.0% | +7.6% |
| Sichuan Jiuzhou Electric 000801.SZ | China | $1.58B | -19% | +20% | 3% | 45.1× | n/a | n/a |
| Seb SK.PA | France | $3.55B | +8% | -1% | 8% | 12.1× | -0.8% | +3.3% |
| Shenzhen Newway Photomask Making 688401.SS | China | $1.45B | -27% | +18% | 26% | 17.9× | 23.6% | +23.7% |
| OneRobotics (Shenzhen) 6600.HK | Hong Kong | $1.41B | -55% | +48% | -9% | n/a | n/a | n/a |
| Gettop Acoustic 002655.SZ | China | $1.39B | -19% | +11% | 2% | n/a | n/a | n/a |