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Theon Valuation Multiples

Discover revenue and EBITDA valuation multiples for Theon and similar public comparables like RENK Group, Electro Optic Systems, and Codan.

Theon Overview

About Theon

Theon International PLC is engaged in providing Night Vision and Thermal Imaging Systems for military and security applications. The main product lines of the company include Night Vision Monoculars and Binoculars, Family of Night Vision Sights, Clip-on Night Sights, Night Driver's Viewers, Digital day and night cameras and upgrade kits for armoured vehicles, Thermal Stand-alone and Clip-on uncooled Sights and Vehicle and Platform based Thermal imaging systems.


Founded

2021

HQ

Netherlands
Employees

112

Website

theon.com

Financials

LTM Revenue $401M

LTM EBITDA $103M

EV

$1.4B

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Theon Financials

Theon has a last 12-month revenue of $401M and a last 12-month EBITDA of $103M.

In the most recent fiscal year, Theon achieved revenue of $88.0M and an EBITDA of $28.5M.

Theon expects next 12-month revenue of  XXX    and NTM EBITDA of  XXX

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Theon P&L

FY 2023 FY 2024 FY 2025 LTM NTM
Revenue n/a $88.0M XXX XXX XXX
Gross Profit n/a n/a XXX XXX XXX
Gross Margin NaN% NaN% XXX XXX XXX
EBITDA n/a $28.5M XXX XXX XXX
EBITDA Margin NaN% 32% XXX XXX XXX
Net Profit n/a n/a XXX XXX XXX
Net Margin NaN% NaN% XXX XXX XXX
Net Debt n/a n/a XXX XXX XXX

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Theon Stock Performance

As of March 14, 2025, Theon's stock price is EUR 20 (or $22).

Theon has current market cap of EUR 1.4B (or $1.5B), and EV of EUR 1.3B (or $1.4B).

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Theon Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$1.4B $1.5B XXX XXX XXX XXX $1.09

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Theon Valuation Multiples

As of March 14, 2025, Theon has market cap of $1.5B and EV of $1.4B.

Theon's trades at 3.6x LTM EV/Revenue multiple, and 14.0x LTM EBITDA.

Analysts estimate Theon's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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Theon Financial Valuation Multiples

FY 2024 FY 2025E FY 2026E FY 2027E
EV $1.4B XXX XXX XXX
EV/Revenue 16.4x XXX XXX XXX
EV/EBITDA 50.5x XXX XXX XXX
P/E 72.6x XXX XXX XXX
P/E/Growth 0.6x XXX XXX XXX
EV/FCF 92.4x XXX XXX XXX

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Theon Valuation Multiples

Theon's NTM/LTM revenue growth is 19%

Theon's revenue per employee for the last fiscal year averaged $0.8M, while opex per employee averaged $0.1M for the same period.

Over next 12 months, Theon's ratio of sales and marketing spend to revenue is estimated to be  XXX , while its R&D spend to revenue to be  XXX .

Analysts estimate Theon's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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Theon Operational Valuation Multiples

FY 2024 NTM FY 2025E FY 2026E FY 2027E
Revenue Growth n/a XXX XXX XXX XXX
EBITDA Margin 32% XXX XXX XXX XXX
EBITDA Growth n/a XXX XXX XXX XXX
Rule of 40 (SaaS-only) 51% XXX XXX XXX XXX
Revenue per Employee $0.8M XXX XXX XXX XXX
Opex per Employee $0.1M XXX XXX XXX XXX
S&M Expenses to Revenue n/a XXX XXX XXX XXX
G&A Expenses to Revenue 4% XXX XXX XXX XXX
R&D Expenses to Revenue 2% XXX XXX XXX XXX
Opex to Revenue 10% XXX XXX XXX XXX

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Theon Public Comps

See public comps and valuation multiples for Defense Systems comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
Austal XXX XXX XXX XXX XXX XXX
Codan XXX XXX XXX XXX XXX XXX
Droneshield XXX XXX XXX XXX XXX XXX
Electro Optic Systems XXX XXX XXX XXX XXX XXX
RENK Group XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

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Theon M&A and Investment Activity

Theon acquired  XXX companies to date.

Last acquisition by Theon was  XXXXXXXX, XXXXX XXXXX XXXXXX . Theon acquired  XXXXXXXX for  XXX (EV/Revenue multiple of  XXX ).

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Latest Acquisitions by Theon

Acquired Company EV EV/Revenue EV/EBITDA
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX

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About Theon

When was Theon founded? Theon was founded in 2021.
Where is Theon headquartered? Theon is headquartered in Netherlands.
How many employees does Theon have? As of today, Theon has 112 employees.
Is Theon publicy listed? Yes, Theon is a public company listed on AMS.
What is the stock symbol of Theon? Theon trades under THEON ticker.
When did Theon go public? Theon went public in 2024.
Who are competitors of Theon? Similar companies to Theon include e.g. Austal, Codan, Droneshield, Electro Optic Systems.
What is the current market cap of Theon? Theon's current market cap is $1.5B
What is the current revenue of Theon? Theon's last 12-month revenue is $401M.
What is the current EBITDA of Theon? Theon's last 12-month EBITDA is $103M.
What is the current EV/Revenue multiple of Theon? Current revenue multiple of Theon is 3.6x.
What is the current EV/EBITDA multiple of Theon? Current EBITDA multiple of Theon is 14.0x.
Is Theon profitable? Yes, Theon is EBITDA-positive (as of the last 12 months).

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