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Theon Valuation Multiples
Discover revenue and EBITDA valuation multiples for Theon and similar public comparables like Astronics, Exail Technologies, Hwa Create, Droneshield and more.
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. The Group has one operating business segment, Optronics.
Founded
2021
HQ
Employees
374
Website
Financials (LTM)
EV
$3B
Theon Financials
Theon reported last 12-month revenue of $553M and EBITDA of $145M.
In the same LTM period, Theon generated $178M in gross profit, $145M in EBITDA, and $104M in net income.
Revenue (LTM)
Theon P&L
In the most recent fiscal year, Theon reported revenue of $407M and EBITDA of $108M.
Theon expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $553M | XXX | $407M | XXX | XXX | XXX |
| Gross Profit | $178M | XXX | $126M | XXX | XXX | XXX |
| Gross Margin | 32% | XXX | 31% | XXX | XXX | XXX |
| EBITDA | $145M | XXX | $108M | XXX | XXX | XXX |
| EBITDA Margin | 26% | XXX | 27% | XXX | XXX | XXX |
| EBIT Margin | 25% | XXX | 25% | XXX | XXX | XXX |
| Net Profit | $104M | XXX | $78M | XXX | XXX | XXX |
| Net Margin | 19% | XXX | 19% | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
Theon Stock Performance
Theon has current market cap of $3B, and enterprise value of $3B.
Market Cap Evolution
Theon's stock price is $36.07.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $3B | $3B | -0.5% | XXX | XXX | XXX | $1.00 |
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Start Free TrialTheon Valuation Multiples
Theon trades at 5.0x EV/Revenue multiple, and 19.1x EV/EBITDA.
EV / Revenue (LTM)
Theon Financial Valuation Multiples
As of March 28, 2026, Theon has market cap of $3B and EV of $3B.
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 27.2x.
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $3B | XXX | $3B | XXX | XXX | XXX |
| EV (current) | $3B | XXX | $3B | XXX | XXX | XXX |
| EV/Revenue | 5.0x | XXX | 6.8x | XXX | XXX | XXX |
| EV/EBITDA | 19.1x | XXX | 25.7x | XXX | XXX | XXX |
| EV/EBIT | 20.0x | XXX | 27.8x | XXX | XXX | XXX |
| EV/Gross Profit | 15.6x | XXX | 22.0x | XXX | XXX | XXX |
| P/E | 27.2x | XXX | 36.2x | XXX | XXX | XXX |
| EV/FCF | 101.3x | XXX | (84.4x) | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified Theon Valuation Multiples
Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.
Theon Margins & Growth Rates
Theon's revenue in the last 12 month grew by 30%.
Theon's revenue per employee in the last FY averaged $1.5M.
Theon's rule of 40 is 56% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
Theon's rule of X is 100% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
Theon Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 30% | XXX | 26% | XXX | XXX | XXX |
| EBITDA Margin | 26% | XXX | 27% | XXX | XXX | XXX |
| EBITDA Growth | 30% | XXX | 25% | XXX | XXX | XXX |
| Rule of 40 | — | XXX | 56% | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | 100% | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $1.5M | XXX | XXX | XXX |
| S&M Expenses to Revenue | 1% | XXX | 1% | XXX | XXX | XXX |
| G&A Expenses to Revenue | 4% | XXX | 4% | XXX | XXX | XXX |
| R&D Expenses to Revenue | 1% | XXX | 1% | XXX | XXX | XXX |
| Opex to Revenue | — | XXX | 6% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Theon Public Comps
See public comps and valuation multiples for other Defense Systems comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| Astronics | XXX | XXX | XXX | XXX | XXX | XXX |
| Exail Technologies | XXX | XXX | XXX | XXX | XXX | XXX |
| Hwa Create | XXX | XXX | XXX | XXX | XXX | XXX |
| Droneshield | XXX | XXX | XXX | XXX | XXX | XXX |
| Colt CZ Group | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
Theon M&A Activity
Theon acquired XXX companies to date.
Last acquisition by Theon was on XXXXXXXX, XXXXX. Theon acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by Theon
| Acquired Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialTheon Investment Activity
Theon invested in XXX companies to date.
Theon made its latest investment on XXXXXXXX, XXXXX. Theon invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by Theon
| Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialAbout Theon
| When was Theon founded? | Theon was founded in 2021. |
| Where is Theon headquartered? | Theon is headquartered in Germany. |
| How many employees does Theon have? | As of today, Theon has over 374 employees. |
| Who is the CEO of Theon? | Theon's CEO is Christianos Hadjiminas. |
| Is Theon publicly listed? | Yes, Theon is a public company listed on Euronext Amsterdam. |
| 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? | Theon main competitors are Astronics, Exail Technologies, Hwa Create, Droneshield. |
| What is the current market cap of Theon? | Theon's current market cap is $3B. |
| What is the current revenue of Theon? | Theon's last 12 months revenue is $553M. |
| What is the current revenue growth of Theon? | Theon revenue growth (NTM/LTM) is 30%. |
| What is the current EV/Revenue multiple of Theon? | Current revenue multiple of Theon is 5.0x. |
| 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 $145M. |
| 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 19.1x. |
| What is the current FCF of Theon? | Theon's last 12 months FCF is $27M. |
| What is Theon's FCF margin? | Theon's last 12 months FCF margin is 5%. |
| What is the current EV/FCF multiple of Theon? | Current FCF multiple of Theon is 101.3x. |
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