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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. The Group has one operating business segment, Optronics.
2021
374
LTM Revenue $430M
LTM EBITDA $110M
$2.6B
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Theon has a last 12-month revenue (LTM) of $430M and a last 12-month EBITDA of $110M.
In the most recent fiscal year, Theon achieved revenue of $396M and an EBITDA of $105M.
Theon expects next 12-month revenue of XXX and NTM EBITDA of XXX
See Theon valuation multiples based on analyst estimates| LTM | NTM | Last FY | FY 2025 | FY 2026 | FY 2027 | |
|---|---|---|---|---|---|---|
| Revenue | $430M | XXX | $396M | XXX | XXX | XXX |
| Gross Profit | $135M | XXX | $123M | XXX | XXX | XXX |
| Gross Margin | 31% | XXX | 31% | XXX | XXX | XXX |
| EBITDA | $110M | XXX | $105M | XXX | XXX | XXX |
| EBITDA Margin | 26% | XXX | 27% | XXX | XXX | XXX |
| EBIT | $106M | XXX | $97.2M | XXX | XXX | XXX |
| EBIT Margin | 25% | XXX | 25% | XXX | XXX | XXX |
| Net Profit | $81.7M | XXX | $75.7M | XXX | XXX | XXX |
| Net Margin | 19% | XXX | 19% | XXX | XXX | XXX |
| Net Debt | XXX | XXX | n/a | XXX | XXX | XXX |
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As of May 30, 2025, Theon's stock price is EUR 33 (or $37).
Theon has current market cap of EUR 2.3B (or $2.6B), and EV of EUR 2.3B (or $2.6B).
See Theon trading valuation data| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $2.6B | $2.6B | XXX | XXX | XXX | XXX | $1.18 |
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Start Free TrialAs of May 30, 2025, Theon has market cap of $2.6B and EV of $2.6B.
Theon's trades at 6.5x EV/Revenue multiple, and 24.5x EV/EBITDA.
Equity research analysts estimate Theon's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
Theon has a P/E ratio of 32.1x.
See valuation multiples for Theon and 12K+ public comps| LTM | NTM | Last FY | FY 2025 | FY 2026 | FY 2027 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $2.6B | XXX | $2.6B | XXX | XXX | XXX |
| EV (current) | $2.6B | XXX | $2.6B | XXX | XXX | XXX |
| EV/Revenue | 6.0x | XXX | 6.5x | XXX | XXX | XXX |
| EV/EBITDA | 23.4x | XXX | 24.5x | XXX | XXX | XXX |
| EV/EBIT | 24.2x | XXX | 26.4x | XXX | XXX | XXX |
| EV/Gross Profit | 19.1x | XXX | n/a | XXX | XXX | XXX |
| P/E | 32.1x | XXX | 34.6x | XXX | XXX | XXX |
| EV/FCF | 267.0x | XXX | -62.1x | XXX | XXX | XXX |
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Access all public comps and forward-looking valuation multiples like EV/Revenue in 2025, based on equity research analyst estimates.
Start Free TrialTheon's last 12 month revenue growth is 20%
Theon's revenue per employee in the last FY averaged $1.1M, while opex per employee averaged $0.1M for the same period.
Theon's rule of 40 is 45% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
Theon's rule of X is 76% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
See operational valuation multiples for Theon and other 12K+ public comps| LTM | NTM | Last FY | FY 2025 | FY 2026 | FY 2027 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 20% | XXX | 20% | XXX | XXX | XXX |
| EBITDA Margin | 26% | XXX | 27% | XXX | XXX | XXX |
| EBITDA Growth | 21% | XXX | 43% | XXX | XXX | XXX |
| Rule of 40 | 45% | XXX | 47% | XXX | XXX | XXX |
| Bessemer Rule of X | XXX | XXX | 76% | XXX | XXX | XXX |
| Revenue per Employee | XXX | XXX | $1.1M | XXX | XXX | XXX |
| Opex per Employee | XXX | XXX | $0.1M | XXX | XXX | XXX |
| S&M Expenses to Revenue | XXX | XXX | 1% | XXX | XXX | XXX |
| G&A Expenses to Revenue | XXX | XXX | n/a | XXX | XXX | XXX |
| R&D Expenses to Revenue | XXX | XXX | 1% | XXX | XXX | XXX |
| Opex to Revenue | XXX | XXX | 6% | XXX | XXX | XXX |
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| 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 |
| Nordic Unmanned | 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 acquired XXX companies to date.
Last acquisition by Theon was XXXXXXXX, XXXXX XXXXX XXXXXX . Theon acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX ).
See M&A valuation multiples| 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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Start Free Trial| 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 374 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 $2.6B |
| What is the current revenue of Theon? | Theon's last 12 months revenue is $430M. |
| What is the current revenue growth of Theon? | Theon revenue growth (NTM/LTM) is 20%. |
| What is the current EV/Revenue multiple of Theon? | Current revenue multiple of Theon is 6.0x. |
| Is Theon profitable? | Yes, Theon is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of Theon? | Theon's last 12 months EBITDA is $110M. |
| What is Theon's EBITDA margin? | Theon's last 12 months EBITDA margin is 26%. |
| What is the current EV/EBITDA multiple of Theon? | Current EBITDA multiple of Theon is 23.4x. |
| What is the current FCF of Theon? | Theon's last 12 months FCF is $9.6M. |
| What is Theon's FCF margin? | Theon's last 12 months FCF margin is 2%. |
| What is the current EV/FCF multiple of Theon? | Current FCF multiple of Theon is 267.0x. |
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