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Itron, Inc.

Rank #309ValueWatchlistCompare with other stocks

ITRI · Nasdaq · Technology

Itron, Inc. (ITRI) — Rank #309 by gross profitability (GP/assets 0.22) · ROE 18.6% · Piotroski F-Score 6 / 9.

As-of 2026-10-30 · CIK 0000780571 · all metrics point-in-time as of the filing date.

About

Itron, Inc., a technology, solutions, and service company, provides end-to-end solutions that help manage energy, water, and smart city operations worldwide.

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It operates in four segments: Device Solutions, Networked Solutions, Outcomes, and Resiliency Solution. The Device Solutions segment offers hardware products that are used for measurement, control, or sensing, such as standard gas, electricity, water, and communicating meters, as well as heat and allocation products. The Networked Solutions segment provides communicating devices, such as smart meters, modules, endpoints, and sensors; network infrastructure; network design services; and associated heat-end management and application software for acquiring and transporting application-specific data. This segment also products and software for the implementation, installation, and management of communicating devices and data networks; offers industrial internet of things solutions, including automated meter reading; advanced metering infrastructure for electricity, water, and gas; distributed energy resource management; grid edge devices; distribution automation communications; smart lighting; and smart city sensors and applications. The Outcomes segment provides value-added, enhanced software and services, artificial intelligence, and machine learning, statistical modeling, and other analytics. The Resiliency Solutions segment offers software and services. The company offers implementation, project management, installation, consulting, and post-sale maintenance support services, as well as cloud and software-as-a-service; and extended or customer-specific warranties. It offers its products and services under the Itron brand. The company serves utility and smart city customers, and municipalities through its sales force, distributors, agents, partners, and meter manufacturer representatives. Itron, Inc.

was incorporated in 1977 and is headquartered in Liberty Lake, Washington.

Industry
Scientific & Technical Instruments
Sector
Technology
State
WA
Filer Category
Large accelerated filer
Fiscal Year End
December 31

Company Snapshot

P/E and dividend yield are the primary valuation lenses for mature businesses.

Market Cap

—

P/E (annual)

—

P/S (annual)

—

P/B

—

P/OCF (annual)

—

Shareholder Yield

—

Employees

4,987

Industry

Scientific & Technical Instruments

Exchange

Nasdaq

11/12

Flags passed

ITRI fails 1 critical flag

Passes 11 of 12 quality flags

  • FAIL
    Revenue declining YoY

    Revenue contracted year over year

  • PASS
    Gross margin holding
  • PASS
    Dilution within 2%
  • PASS
    FCF not negative from investment
  • PASS
    Disclosure consistent
  • PASS
    Operating margin holding
  • PASS
    Free cash flow intact
  • PASS
    Passes safety gate
  • PASS
    Balance sheet stable
  • PASS
    No competitive retreat
  • PASS
    SBC not compressing margin
  • PASS
    No valuation convergence

Strengths Operating leverage expanding · Sequential beat (rev + EPS)

A count of the 12 warning flags that could be evaluated. Unweighted: colour follows the worst flag.

Quality Profile

Profitability

1/1 pass
GP / assets
0.22
Return on equity
18.6%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
1.44
Current ratio
2.75×
Net cash
-$830.01M

Cash Flow

3/3 pass
Positive FCF
PASS
Cash-backed earnings
PASS
Accruals healthy
PASS
SBC / revenue
2.6%

Growth

1/2 pass
Revenue growth
-3.0%
Piotroski F-Score
6 / 9
Share dilution
0.3%

Dividend yield and payout ratio are the primary reads at this stage (trailing P/E — see valuation above).

Profitability

Does it make money well?

Warning: Revenue declining YoY · GP/assets 0.22

Gross profitability (GP / assets)

0.22

Primary signal (Novy-Marx).

4th of 5 SIC 3825 peers

Return on equity

18.6%

Gross margin

37.7%

3rd of 5 SIC 3825 peers

Revenue growth (YoY)

-3.0%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2022202320242025
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

9.7%

Revenue CAGR (5Y)

1.7%

Earnings CAGR (3Y)

—

FCF CAGR (3Y)

331.9%

Cash Flow Health

Is the cash real?

No warning flags · FCF 27% above net income

Free cash flow

$383.06M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF vs net income

27.2%

(FCF − net income) ÷ |net income|. Positive: cash above earnings. Negative: below.

FCF not below net income

Fails when free cash flow is below net income (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

2.6%

Stock-based comp intensity.

Balance Sheet Strength

Can it survive a storm?

No warning flags · net debt $830.01M, F-Score 6/9

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

1.44

4th of 5 SIC 3825 peers (best = lowest)

Current ratio

2.75×

2nd of 5 SIC 3825 peers

Quick ratio

1.88×

Net cash

-$830.01M

Cash & equivalents minus total debt.

Piotroski F-Score

6 / 9

Fundamental-strength score (0-9).

Valuation

Is the price reasonable?

No warning flags

Capital allocation quality

Composite score

2.7 / 5

Fair
Share count trend
0.3%2/5 Fair
Buyback timing
N/AN/A
Dividend growth consistency(non-payer or broken streak)
0 yr3/5 Good
Net debt trajectory
-1.0%3/5 Good

Lifecycle Phase History

20202025
Decline
Hypergrowth
Op. Leverage
Value

Price History

ITRI+13.9% · +2.6% CAGRSPY+82.9% · +12.8% CAGR

View full financial statements →

Source filings on SEC EDGAR: 10-K annual reports · 10-Q quarterly reports