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. In the quarter to June 2026, revenue fell 7.23%, EPS fell 19.3%, free cash flow fell 10.1% and total debt rose 26.5%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years.
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Itron, Inc. (ITRI) Altman Z-score
Itron, Inc.'s Altman Z-score for fiscal 2025 is 2.50, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.50 | (0.33) |
| FY2024 | 2.83 | 0.21 |
| FY2023 | 2.62 | 0.86 |
| FY2022 | 1.76 | (0.24) |
| FY2021 | 2.00 | (0.08) |
| FY2020 | 2.07 | (0.01) |
| FY2019 | 2.08 | 0.75 |
| FY2018 | 1.33 | (1.06) |
| FY2017 | 2.39 | (0.53) |
| FY2016 | 2.92 | 1.08 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.22 | — | 0.26 | |
| Retained earnings / total assets | 0.03 | — | 0.04 | |
| EBIT / total assets | 0.08 | — | 0.28 | |
| Market value of equity / total liabilities | 2.13 | — | 1.28 | |
| Sales / total assets | 0.64 | — | 0.64 | |
| Altman Z-score | Grey zone | 2.50 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 3.01 | ||
Z and Z″ put Itron, Inc. in different zones: grey zone by Z, safe zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| BMI Badger Meter, Inc. compare | 14.8× |
| CGNX Cognex Corporation compare | 8.3× |
| NOVT Novanta Inc. compare | 6.6× |
| ITRN Ituran Location and Control Ltd. compare | 6.1× |
| ESE ESCO Technologies Inc. compare | 5.3× |
| TRMB Trimble Inc. compare | 4.4× |
| VNT Vontier Corporation compare | 2.9× |
| ITRI Itron, Inc. | 2.5× |
| ST Sensata Technologies Holding N.V. compare | 2.1× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets