Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
Theon International Plc is a leading developer and manufacturer of customizable night vision, thermal imaging systems, and Electro-Optical ISR systems for military and security applications. Founded in 1997 in Greece, the company has expanded globally with subsidiaries and production facilities across Europe, the United States, the Gulf States, Asia, and beyond, serving armed and special forces in 71 countries, including 26 NATO members, with over 200,000 systems in operation. Its core products encompass man-portable devices like night vision monoculars, binoculars, weapon sights, clip-on sights, night driver viewers, and thermal imaging systems, alongside platform-based solutions for vehicles and vessels, including multi-sensor optronic systems with laser functionalities, image fusion, and AI-driven target tracking. Theon International Plc emphasizes in-house design by over 66 specialized engineers, enabling tailored solutions, rapid prototyping, and compliance with military standards such as ISO 9001:2015 and NATO security clearances. Supporting integrated logistics, maintenance, and training, it operates state-of-the-art facilities in Greece, Germany, and the U.S., positioning it as a pure-play optronics provider in growing defense markets focused on enhanced visibility and ISR capabilities.
Margins and capital returns are both well above average: 24.56% operating margin, ROIC at 30.49%. Consistent with durable pricing power, though that alone doesn't make it a buy.
Revenue grew 61.1%, still solid. Free cash flow declined 222% despite revenue growth, conversion is weakening.
Free cash flow declined 222% versus the prior year, cash generation momentum has weakened. ROIC dropped from 35.07% to 30.49%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
€352M
▲ +61.1% YoY
Net Income (TTM)
€67M
▲ +86.8% YoY
Op. Margin
24.56%
▼ -0.7pp YoY
ROIC
30.49%
▼ -4.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-€37M
▼ -222.4% YoY
Op. Cash Flow (TTM)
-€12M
▼ -133.6% YoY
Net Debt
-€42M
Net Cash Position
Cash & Equiv.
€119M
3Y CAGR: +63.5%
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