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Itron, Inc.

ITRI Technology Scientific & Technical Instruments

Itron, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.4 billion, down 3.02% from fiscal 2024.

Revenue
+3.04%
EPS
+13.8%
Free cash flow
−15.8%
Total debt
+26.5%

Quarter to September 2026, against a year earlier

101.54 3.32 +3.38%
Market cap
$4.3B
P/E
15.6×
Fwd P/E
17.4×
Dividend yield
—
F-score
6/9
Altman Z
2.50
Beneish M
−2.55
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 14.94
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 1 — 27 — — 19 1 — 18 1 — —
Insider Ownership 1.51%

Capital & Financial Ratios $m

Size
Market Cap 4,310.00
Revenue ttm 2,320.87
Net income ttm 281.34
Free cash flow ttm 367.51
Net debt Q 736.72
Valuation
P/E 15.57
Forward P/E 17.40
Price / sales 1.85
Forward P/S Powerpack
Price / FCF 11.67
Price / book 2.49
Financial health
Current ratio Q 2.83 (at or above 1.5: strong)
Debt / equity Q 0.92
Interest coverage Q 16.29
Growth
Revenue growth Q +3.04% (above 0%: growing)
Operating income growth Q +16.76% (above 0%: growing)
EPS, this year −5.54% (below 0%: weak)
EPS, next year A +2.85%
Revenue, next year A +0.41%
EPS, past 5 yrs —
EPS, next 5 yrs A +3.19%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.4×, against a ten-year median of 1.6×; over the ten years it ranged from 0.8× in 2016 to 2.5× in 2021.
P/E against its own 10 years 9.98%
10-year low 10-year high
P/S against its own 10 years 79.67%
10-year low 10-year high
P/B against its own 10 years 24.40%
10-year low 10-year high
EV/Sales against its own 10 years 95.41%
10-year low 10-year high
EV/FCF against its own 10 years 9.09%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 302 1,051 1,020 840
Receivables 304 350 368 380
Inventory 284 271 243 281
Other 160 143 191 183
1,049 1,816 1,822 1,684
2023 2024 2025 Q'26
Payables 200 145 156 194
ST’ Debt — — 460 —
Other 54 61 59 41
537 528 1,012 596

Compound Annual Growth %

10y 5y 3y
Sales 2.31% 1.72% 9.65%
Cash Flow 18.66% 29.96% 154.94%
Earnings 37.26% 0.00% 0.00%
Book Value 10.81% 15.65% 13.41%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.57 Actual 1.94

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 2.19 2.46 Beat by 0.27
Q1 FY26 1.26 1.49 Beat by 0.23
Q2 FY26 1.30 1.59 Beat by 0.29
Q3 FY26 1.57 1.94 Beat by 0.37
Q4 FY26 1.80 — Reports 16 February 2027

EPS $

Mar Jun Sep Dec Year
’26 1.18 1.19 1.60 — —
’25 1.42 1.47 1.41 2.21 6.50
’24 1.12 1.10 1.70 1.26 5.18
’23 (0.26) 0.53 0.87 0.96 2.11
’22 0.02 (0.82) 0.09 0.49 (0.22)
’21 0.30 (0.73) (0.04) (1.30) (1.83)
’20 0.21 (1.56) (0.63) 0.53 (1.44)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 587 563 599 — —
’25 607 607 582 572 2,367
’24 603 609 615 613 2,441
’23 495 541 561 577 2,174
’22 475 432 421 467 1,796
’21 520 489 487 486 1,982
’20 598 510 540 525 2,173
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 86 88 102 — —
’25 72 97 118 119 406
’24 41 52 65 80 238
’23 1 42 34 48 125
’22 8 15 15 (13) 25
’21 50 73 18 14 155
’20 19 7 45 39 110
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 79 81 96 — —
’25 67 91 113 112 383
’24 34 45 59 70 208
’23 (5) 36 28 39 98
’22 2 10 11 (18) 5
’21 39 64 11 7 120
’20 6 (10) 38 29 63
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 2,013 2,018 2,376 2,502 2,173 1,982 1,796 2,174 2,441 2,367 2,321 +1.8% 2,377 2,522 2,654 +3.9%
Gross margin, % 32.91 33.53 30.74 30.06 27.71 28.92 29.08 32.84 34.39 37.69 40.66 +4.8 pt
EBT 85 135 (109) 73 (57) (124) (16) 127 285 342 330 +16.8%
EBT margin, % 4.20 6.67 (4.59) 2.92 (2.61) (6.25) (0.88) 5.86 11.66 14.46 14.23 +10.3 pt
Net income 35 60 (97) 52 (57) (78) (10) 98 241 303 281 +27.1%
Per share, $
Per share, $ Revenue 52.69 52.21 60.55 63.26 53.99 44.73 39.81 47.86 53.80 52.04 52.97 (0.1%)
Earnings 0.83 1.48 (2.53) 1.24 (1.44) (1.83) (0.22) 2.13 5.27 6.62 6.29 +25.9%
Cash flow 3.03 4.95 2.80 4.37 2.72 3.49 0.54 2.75 5.25 8.92 9.01 +12.7%
Capex (1.14) (1.28) (1.53) (1.54) (1.15) (0.78) (0.44) (0.59) (0.67) (0.50) (0.62) (8.7%)
Free cash flow 1.89 3.67 1.27 2.83 1.57 2.71 0.11 2.16 4.58 8.42 8.39 +18.0%
Book value 17.02 20.84 18.70 20.25 20.87 25.80 26.42 29.31 31.11 38.21 39.24 +9.4%
Shares, m 38 39 39 40 40 44 45 45 45 45 45 +2.0%
Valuation, ×
Valuation, × P/E 75.78 46.82 0.00 67.70 0.00 0.00 0.00 35.27 20.60 14.03 15.57 26.0
P/S 1.19 1.33 0.78 1.33 1.78 1.53 1.30 1.57 2.02 1.78 1.85 1.5
P/B 3.70 3.33 2.53 4.15 4.59 2.66 1.96 2.56 3.49 2.43 2.49 3.1
EV/Sales 1.28 1.54 1.16 1.65 2.10 1.69 1.45 1.65 2.10 1.88 2.36 1.6
EV/FCF 35.60 21.96 55.26 36.76 72.26 27.81 547.03 36.51 24.73 11.62 14.92 87.0
Cash, $m
Cash, $m Operating cash flow 116 191 110 173 110 155 25 125 238 406 395 +15.0%
Capex (44) (49) (60) (61) (46) (35) (20) (27) (31) (23) (27) (6.9%)
Free cash flow 72 142 50 112 63 120 5 98 208 383 368 +20.4%
Balance, $m
Balance, $m Working capital 319 342 243 326 380 249 331 512 1,288 810 1,088 +10.9%
Net debt 171 437 896 800 714 305 267 153 191 228 737 +3.2%
Shareholders’ equity 650 806 734 801 840 1,143 1,192 1,331 1,411 1,738 1,719 +11.5%
Returns, %
Returns, % ROA 1.95 3.11 (4.21) 1.84 (2.18) (3.25) (0.41) 3.89 7.95 8.45 7.15 +6.5 pt
ROIC 7.69 7.79 (1.90) 5.18 (0.42) (3.42) (0.32) 5.43 10.30 9.95 8.09 +2.3 pt
ROE 4.99 7.87 (12.89) 6.39 (7.06) (8.20) (0.83) 7.68 17.43 19.12 16.30 +14.1 pt
People
People Employees 7,300 7,800 8,000 7,900 6,749 6,065 5,477 5,859 5,788 5,550 — (3.0%)
Revenue/emp, $m 0.28 0.26 0.30 0.32 0.32 0.33 0.33 0.37 0.42 0.43 — +5.0%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Itron, Inc. vs peers in Scientific & Technical Instruments (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
TRMB Trimble Inc. $15.3B — (loss-making) — (loss-making) +11.00% (above 0%: growing) −645.95% (below 0%: shrinking) +492.59% (above 0%: growing) 69.43% 13.58% Compare
MKSI MKS Inc. $13.9B 31.4× 21.4× +28.26% (above 0%: growing) +181.52% (above 0%: growing) +38.97% (above 0%: growing) 47.68% 20.11% Compare
CGNX Cognex Corporation $9.8B 55.4× 34.5× +16.93% (above 0%: growing) +79.17% (above 0%: growing) +67.25% (above 0%: growing) 70.65% 29.36% Compare
ESE ESCO Technologies Inc. $7.8B 20.7× 40.9× +14.40% (above 0%: growing) +24.75% (above 0%: growing) −22.12% (below 0%: shrinking) 41.74% 14.80% Compare
ST Sensata Technologies Holding N.V. $6.1B 16.5× 14.1× +7.68% (above 0%: growing) n/m +45.49% (above 0%: growing) 33.07% 17.46% Compare
NOVT Novanta Inc. $5.6B 92.5× 80.1× +10.27% (above 0%: growing) +158.33% (above 0%: growing) +391.84% (above 0%: growing) 45.49% 6.79% Compare
VNT Vontier Corporation $4.9B 15.1× 12.7× −2.17% (below 0%: shrinking) −67.74% (below 0%: shrinking) +13.79% (above 0%: growing) 48.24% 19.39% Compare
BMI Badger Meter, Inc. $4.4B 35.1× 33.0× +0.12% (above 0%: growing) +5.04% (above 0%: growing) −16.42% (below 0%: shrinking) 41.90% 20.23% Compare
ITRI Itron, Inc. $4.3B 15.6× 17.4× +3.04% (above 0%: growing) +13.76% (above 0%: growing) −15.75% (below 0%: shrinking) 40.86% 15.93%
Median of peers $6.9B 31.4× 33.0× +10.64% +24.75% +42.23% 46.59% 18.43%

All 33 Scientific & Technical Instruments stocks →

Pay and ownership Proxy statement filed 23 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 11.21m 11.38m 96.83
2024 9.40m 25.61m 113.22
2023 6.17m 14.99m 78.74
2022 3.90m 2.22m 52.82
2021 4.54m 1.54m 71.45

Ownership

Directors and executive officers, together 1.77%
BlackRock, Inc. 15.60%
Vanguard Group 12.76%
Invesco Ltd 5.11%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Itron, Inc. (ITRI) Latest News

30 Oct

Impact 3 · · StockStory
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29 Oct

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28 Oct

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Impact 3 · · Zacks
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26 Oct

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21 Oct

Impact 4 · · Zacks

20 Oct

Impact 4 · · Simply Wall St.
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19 Oct

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Impact 3 · · Zacks
Impact 3 · · PR Newswire

15 Oct

Impact 3 · · Insider Monkey
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14 Oct

Impact 4 · · GlobeNewswire

13 Oct

Impact 4 · · GlobeNewswire
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ITRI metrics, ten years each

stockrow.com/ITRI · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com