Theon International Plc (THEON) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Theon International Plc stock €21.29, price €26.74, that is 20.4% below the price, quality 56 out of 100. Rating: overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.
How to read this chart
33‑month range €8.57 – €38.32 · fair‑value band €11.90 – €30.73 · the €26.74 price screens above the €21.29 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.
Follow Theon International in your weekly email
Every Wednesday you see whether Theon International is on track or worth a review, plus price against fair value. Free, up to 3 stocks.
We send you a confirmation link. Unsubscribe with one click.
Theon International Plc develops and manufactures customizable night vision, thermal imaging, and electro-optical ISR systems for military and security applications in Europe and internationally.
Show moreShow less
The company offers night vision, thermal imaging, and fused and augmented reality devices; and monocular, binoculars, weapon sights, clip-on devices, and platform-based imaging systems. It also provides ISR optonics; border/coastal surveillance EO systems; and vehicle driver viewers/cameras.
In addition, the company offers night vision spare parts and repair parts; logistics support and test article refurbishment; and warranty and maintenance services. Theon International Plc was founded in 1997 and is headquartered in Nicosia, Cyprus.
Theon International Plc is a subsidiary of Venetus Limited.
Stock analysis
Theon International Plc (THEON) currently trades at €26.74, while our model-based Fair Value estimate is €21.29, 20% below the price, so the stock looks overvalued today.
Show more
Valuation
Bull case: the Growth Earnings group reads highest at a median of €47.47 per share, and 7 of the 26 models we run sit above the €26.74 price.
Bear case: the Asset-Based group reads lowest at €4.00, and 19 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: €11.90 (bear) to €30.73 (bull), the price of €26.74 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 56/100 (solid quality), in the Industrials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Theon International Plc reported revenue of €443M in FY2026 versus €80.6M in FY2022, a compound +53.2%/yr. Reported net income was €80.5M in FY2026, compounding +43.3%/yr from FY2022.
Key figures
Market cap €2.0B Mid · P/E ratio 16.1 · P/S ratio 3.92 · EPS (TTM) €1.66 · Dividend yield 1.2% · Net margin 23.8% · Return on equity 34.4% · Return on assets (EBIT) 25.1% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 83 out of 100 (low confidence).
What moves the price
The share trades about 30% below its 52-week high and 13% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −23% fair-value upside, at −20%, THEON screens cheaper than that median.
Fair Value models
Bear€11.90Fair Value €21.29Bull€30.73
Price €26.74 · Downside -20.4%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2026 figures (about 4 months old). Earnings retained since then (€0.4845 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.91/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+25.8%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+45.9%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+52.2%
Start year 2021 (pandemic)
Revenue growth 6 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+50.9%
’20
’21
’22
’23
’24
’25
’26
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+26.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+25.4%
Dividend (yield on the price)1.2%
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.21% → 23%
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+24.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+53.0%
Yearly sales growth analysts expect, extended to five years.
After inflation (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about +21.6% a year for the price and +49.8% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (100 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
AI conclusion: Strong reported ROE and margins form the main strength, while weak cash conversion with negative operating and free cash flow despite profits remains the central weakness.
Main risk: Integration of new drone electro-optics and AI capabilities through acquisitions risks stretching resources thin, hitting cash flow and margins.
THEON is broadening beyond night vision into drone electro-optics and AI-enabled solutions via partnerships and acquisitions, nearly doubling its addressable market. Our models see the stock as overvalued, yet execution on these new segments could either accelerate growth or stretch resources thin. Will the added capabilities generate more value than the integration risks they introduce?
Compare Theon International Plc with another stock
Price, fair value, quality and upside side by side.
Free, no sign-up
Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Aerospace & Defense · 238 stocks
Beats the industry median on 11/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score56 · Above median
Fair Value upside−20.4% · Above median
Profitability
Return on equity (12 months)34.4% · Top 25%
Return on assets12.9% · Top 25%
Net margin (12 months)23.8% · Top 25%
Operating margin (12 months)25.2% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)38.5% · Top 25%
Dividend yield (12 months)1.2% · Above median
Balance sheet
Debt / equity0.12× · Below median
Valuation Multiplesvs Aerospace & Defense median · lower = cheaper
P/E (12 months)16.1× · Cheapest 25%
P/B5.00× · Pricier than median
P/S (12 months)3.92× · Pricier than median
Price / free cash flow (fiscal year)53.2× · Pricier than median
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Theon International Plc Fair Value". https://www.fairvalue-calculator.com/stock/THEON
Frequently asked questions
Is Theon International Plc (THEON) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of €21.29 versus a price of €26.74, about 20% lower (overvalued).
What is the fair value of THEON?
Our model-based fair value for Theon International Plc is €21.29 (as of Nov 7, 2026), built from audited fundamentals. The current price: €26.74.
What is the quality score of THEON?
Theon International Plc has a Quality Score of 56/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Theon International Plc (THEON)?
Our model-based price target is the fair value of €21.29 (as of Nov 7, 2026) from 26 valuation models. Cautious scenario €11.90, optimistic scenario €30.73. It is a calculation from audited fundamentals, not an analyst target.
What is the Theon International Plc stock forecast for 2026?
Our models put fair value at €21.29, about 20% lower versus a price of €26.74 (overvalued). Cautious scenario €11.90, optimistic scenario €30.73. The calculation is refreshed regularly with new filings.
What is the revenue of Theon International Plc (THEON)?
Theon International Plc reported trailing-twelve-month revenue of about €508M (latest available figure, as of Nov 7, 2026).
Does Theon International Plc pay a dividend?
Theon International Plc currently shows a dividend yield of 1.16% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of Theon International Plc (THEON) and when is the ex-dividend date?
Theon International Plc pays a dividend of €0.31 per share a year, a dividend yield of 1.2%. The last ex-dividend date was Jun 18, 2026. The payout ratio is 18.7% of earnings. Free cash flow covers the dividend 1.56 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into Theon International Plc (THEON)?
For today's price to be fair in a discounted-cash-flow model, Theon International Plc would have to grow free cash flow by +24.3 % per year for five years (discount rate 9.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +52.2 % per year. As of Nov 7, 2026.
What discount rate (WACC) does the fair value of THEON use?
Our models discount Theon International Plc at 9.6 %: a base by market capitalisation (mid), damped by beta 1.06, country premium for Netherlands. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Theon International Plc that is +24.3 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (9.6 %) and the same formula as our fair value.
How much growth has Theon International Plc (THEON) delivered so far?
Over the past 5 years revenue at Theon International Plc grew +52.2 % a year. The price currently implies free-cash-flow growth of +24.3 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Theon International Plc (THEON) growing?
The median revenue growth in the sector is +7.8 % a year. That is the yardstick for the growth priced into Theon International Plc (+24.3 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Theon International Plc (THEON)?
The free-cash-flow yield on the price is 2.01 %: that much free cash flow Theon International Plc produces per unit of market value. When it exceeds the discount rate of our models (9.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Theon International Plc (THEON)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Theon International Plc it is €21.29 per share (as of Nov 7, 2026), against a price of €26.74. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Theon International Plc stock overvalued or undervalued in 2026?
As of Nov 7, 2026, THEON trades above its calculated fair value: price €26.74, fair value €21.29, a gap of about −20% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of THEON?
No. The price is what the market pays today (€26.74); the fair value is what the company's own numbers justify (€21.29). For Theon International Plc the two are €5.45 per share apart. That gap is exactly why we show both numbers side by side.
How much is Theon International Plc worth?
The market values Theon International Plc at about €2.0B (market capitalisation, as of Nov 7, 2026). Per share that is €26.74; our models calculate a fair value of €21.29 per share.
What do the bullish and bearish scenarios say about THEON?
Our models span a range for Theon International Plc: cautious scenario €11.90, base €21.29, optimistic €30.73 per share (as of Nov 7, 2026, price €26.74). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of THEON?
Theon International Plc trades at a price-to-earnings ratio of 16.1 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €21.29 is built from several models across several years. Other multiples: P/B 5.0, P/S 3.9, EV/EBITDA 14.1.
How solid is the balance sheet of Theon International Plc (THEON)?
Balance-sheet figures for Theon International Plc (as of Nov 7, 2026): return on equity 34.4%, debt of 0.12 per unit of equity. They feed the Quality Score of 56/100, which measures business quality independently of the share price.
How far is THEON from its 52-week high?
Theon International Plc trades at €26.74, about 30% below its 52-week high of €38.32 and 13% above the low of €23.58 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of €21.29 is for.
Which stocks are comparable to Theon International Plc?
From the same area (Industrials) we also value General Electric Company, RTX Corporation, Airbus SE, Safran SA, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Theon International Plc stock attractive at the current price?
The data as of Nov 7, 2026: price €26.74, calculated fair value €21.29 (−20%), Quality Score 56/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of THEON calculated?
We run Theon International Plc through 26 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of €21.29 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. Theon International Plc itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Theon International Plc (THEON)?
The closing price on Nov 6, 2026 was €26.74. Our model-based fair value is €21.29, about 20% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Theon International Plc right now?
Solid but not exceptional quality (56/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (€11.90 to €30.73) leaves room in how you read the outcome.
Key figures of Theon International Plc
How large is the market capitalisation of Theon International Plc (THEON)?
The market capitalisation of Theon International Plc is €2.0B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Theon International Plc (THEON)?
The price-to-sales ratio of Theon International Plc is 3.92 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Theon International Plc (THEON)?
Earnings per share at Theon International Plc are €1.66 (price ÷ EPS = P/E 16.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Theon International Plc (THEON)?
The dividend yield of Theon International Plc is 1.2% (payout 18.7%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Theon International Plc (THEON)?
The net margin of Theon International Plc is 23.8% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Theon International Plc (THEON)?
The return on equity (ROE) of Theon International Plc is 34.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Theon International Plc (THEON)?
On an EBIT basis the return on assets of Theon International Plc is 25.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Theon International Plc (THEON)?
The operating margin of Theon International Plc is 25.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Theon International Plc (THEON)?
Revenue at Theon International Plc is growing +38.5% versus a year earlier (3y avg +45.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Theon International Plc (THEON)?
Earnings per share at Theon International Plc are growing +15.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Theon International Plc (THEON) hold?
Theon International Plc holds more cash than debt, €127M net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
Free · no account needed
Watch Theon International Plc in the live analysis
One click puts Theon International Plc on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 27,000+ stock screener.
Broad data
Nov 7, 2026