Itron, Inc.
Rank #321ValueITRI · Nasdaq · Technology
Itron, Inc. (ITRI) — Rank #321 by gross profitability (GP/assets 0.22) · ROE 18.6% · Piotroski F-Score 6 / 9.
As-of 2026-09-15 · 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
- Website
- na.itron.com
Price History
Company Snapshot
P/E and dividend yield are the primary valuation lenses for mature businesses.
Market Cap
$4.00B
P/E (annual)
14.1
P/S (annual)
1.7
P/B
2.5
P/OCF (annual)
9.9
Shareholder Yield
-0.3%
Employees
4,987
Industry
Scientific & Technical Instruments
Exchange
Nasdaq
Signal Flags
Quality Profile
Profitability
1/1 passSafety
1/1 passCash Flow
3/3 passGrowth
1/2 passTerry Smith quality gate
Passes 1/5 Terry Smith thresholds1 of 5 threshold not computable from filed data.
What Growth Is Priced In
Implied revenue growth (10Y)
-0.5%
The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).
Dilution drag: 0.3% — per-share value needs a total required return of -0.2% once share-count change is priced in.
vs. own 6-year median revenue growth: -5.9%
Cost-of-equity sensitivity (implied growth at different discount rates)
r = 8%
-4.3%
r = 10% (base)
-0.5%
r = 12%
2.8%
Net debt / market cap: 19.6%
Note: current FCF margin is 2.4σ above its historical mean — implied growth may understate valuation risk if the margin reverts.
Valuation History
Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.
P / E
Price / diluted EPS
P / S
Price / revenue per share
P / B
Price / book value per share
P / GP
Price / gross profit per share
P / FCF
Price / free cash flow per share
Earnings bubble check
Current margins may be above sustainable levels — a P/E based on peak earnings can overstate cheapness.
Dividend yield and payout ratio are the primary reads at this stage (trailing P/E — see valuation above).
Profitability
Gross profitability (GP / assets)
0.22
Primary signal (Novy-Marx).
22nd pctl of 37 SIC 38 peers
Return on equity
18.6%
Gross margin
37.7%
22nd pctl of 37 SIC 38 peers
Revenue growth (YoY)
-3.0%
Gross margin improving
Margin trend vs prior year.
Operating Leverage
| 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|
| 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%
Anti-fragile safety
Balance-sheet safety
Composite anti-fragile check.
Debt / equity
1.44
18th pctl of 35 SIC 38 peers (best = lowest)
Current ratio
2.75×
60th pctl of 36 SIC 38 peers
Quick ratio
1.88×
Net cash
-$830.01M
Cash & equivalents minus total debt.
Cash-flow health
Free cash flow
$383.06M
Operating cash flow minus capex.
Positive free cash flow
FCF / net income
0.27
Cash-backing of earnings.
FCF/NI divergence
Unfavorable divergence (yellow flag).
Accruals healthy
Cash-backed earnings.
SBC / revenue
2.6%
Stock-based comp intensity.
Piotroski F-Score
F-Score
6 / 9
Fundamental-strength score (0-9).
Lifecycle Phase History
Lynch sell alert: Cyclical peak margin
Operating margin was 1.8σ above its trailing average before the downshift from operating_leverage to value as of 2025-12-31 -- Lynch's cyclical rule: sell near peak margins, before the cycle turns.