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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. 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.

85.58 1.35 +1.60%
Market cap
$3.7B
P/E
14.1×
Fwd P/E
15.4×
Dividend yield
—
F-score
6/9
Altman Z
2.50
Beneish M
−2.55
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 15.41
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell 9 1 — 27 — — 19 1 — 18 1 —
Insider Ownership 2.32%

Capital & Financial Ratios $m

Market Cap 3,690.00
Revenue 2,303.17
Net Income 276.29
Free Cash Flow 385.38
Net Debt 830.01
Current Ratio 2.75 (at or above 1.5: strong)
Debt/Equity 0.96
P/E ratio 14.05
Fwd P/E 15.40
P/S ratio 1.64
P/B ratio 2.30
Past 5Y EPS Growth —
This Y EPS Growth (10.00%) (below 0%: weak)
Next Y EPS Growth 9.26%
Next Y revenue growth 0.88%
Next 5Y EPS Growth 4.06%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.2×, 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 4.70%
10-year low 10-year high
P/S against its own 10 years 67.58%
10-year low 10-year high
P/B against its own 10 years 16.17%
10-year low 10-year high
EV/Sales against its own 10 years 89.11%
10-year low 10-year high
EV/FCF against its own 10 years 5.78%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2024 Powerpack
2023 Powerpack
2022 Powerpack
2021 Powerpack
2020 Powerpack
2019 Powerpack
2017 Powerpack
special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 302 1,051 1,020 745
Receivables 304 350 368 351
Inventory 284 271 243 259
Other 160 143 191 194
1,049 1,816 1,822 1,550
2023 2024 2025 Q'26
Payables 200 145 156 147
ST’ Debt — — 460 —
Other 54 61 59 55
537 528 1,012 564

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%

Revenue $m

Mar Jun Sep Dec Year
’26 587 563 — — —
’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 — — —
’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 — — —
’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.

EPS $

Mar Jun Sep Dec Year
’26 1.18 1.19 — — —
’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.

Target Price Range

Analyst price targets

Recommendation Rating

1.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 29.02 57.80 44.35 45.54 40.48 59.80 39.38 50.35 67.21 90.11

Analyst estimates 2026–2028

Powerpack
High 66.10 79.95 77.40 85.36 97.79 122.31 70.67 79.99 124.90 142.00
People
People Employees 7,300 7,800 8,000 7,900 6,749 6,065 5,477 5,859 5,788 5,550
Revenue/emp, $m 0.28 0.26 0.30 0.32 0.32 0.33 0.33 0.37 0.42 0.43
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
Gross margin, % 32.91 33.53 30.74 30.06 27.71 28.92 29.08 32.84 34.39 37.69
EBT 85 135 (109) 73 (57) (124) (16) 127 285 342
EBT margin, % 4.20 6.67 (4.59) 2.92 (2.61) (6.25) (0.88) 5.86 11.66 14.46
Net income 35 60 (97) 52 (57) (78) (10) 98 241 303
Depreciation 69 64 130 120 101 102 109 59 62 57
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
Earnings 0.83 1.48 (2.53) 1.24 (1.44) (1.83) (0.22) 2.13 5.27 6.62
Cash flow 3.03 4.95 2.80 4.37 2.72 3.49 0.54 2.75 5.25 8.92
Capex (1.14) (1.28) (1.53) (1.54) (1.15) (0.78) (0.44) (0.59) (0.67) (0.50)
Free cash flow 1.89 3.67 1.27 2.83 1.57 2.71 0.11 2.16 4.58 8.42
Book value 17.02 20.84 18.70 20.25 20.87 25.80 26.42 29.31 31.11 38.21
Shares, m 38 39 39 40 40 44 45 45 45 45
Valuation, ×
Valuation, × P/E 75.78 46.82 0.00 67.70 0.00 0.00 0.00 35.27 20.60 14.03
P/S 1.19 1.33 0.78 1.33 1.78 1.53 1.30 1.57 2.02 1.78
P/B 3.70 3.33 2.53 4.15 4.59 2.66 1.96 2.56 3.49 2.43
EV/Sales 1.28 1.54 1.16 1.65 2.10 1.69 1.45 1.65 2.10 1.88
EV/FCF 35.60 21.96 55.26 36.76 72.26 27.81 547.03 36.51 24.73 11.62
Cash, $m
Cash, $m Operating cash flow 116 191 110 173 110 155 25 125 238 406
Capex (44) (49) (60) (61) (46) (35) (20) (27) (31) (23)
Free cash flow 72 142 50 112 63 120 5 98 208 383
Balance, $m
Balance, $m Working capital 319 342 243 326 380 249 331 512 1,288 810
Total debt 305 613 1,017 949 921 467 469 455 1,242 1,248
Net debt 171 437 896 800 714 305 267 153 191 228
Shareholders’ equity 650 806 734 801 840 1,143 1,192 1,331 1,411 1,738
Returns, %
Returns, % ROA 1.95 3.11 (4.21) 1.84 (2.18) (3.25) (0.41) 3.89 7.95 8.45
ROIC 7.69 7.79 (1.90) 5.18 (0.42) (3.42) (0.32) 5.43 10.30 9.95
ROE 4.99 7.87 (12.89) 6.39 (7.06) (8.20) (0.83) 7.68 17.43 19.12
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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. $14.0B — (loss-making) 24.1× +11.00% (above 0%: growing) n/m +492.59% (above 0%: growing) 69.43% 13.58% Compare
CGNX Cognex Corporation $10.3B 59.9× 42.7× +16.93% (above 0%: growing) +79.17% (above 0%: growing) +67.25% (above 0%: growing) 70.65% 29.36% Compare
ESE ESCO Technologies Inc. $7.9B 21.2× 46.9× +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. $6.2B 69.3× 16.9× +5.00% (above 0%: growing) +70.73% (above 0%: growing) +61.39% (above 0%: growing) 30.47% 16.70% Compare
NOVT Novanta Inc. $5.2B 89.4× 62.9× +10.27% (above 0%: growing) +158.33% (above 0%: growing) +391.84% (above 0%: growing) 45.49% 6.79% Compare
VNT Vontier Corporation $4.4B 13.3× 8.6× −2.17% (below 0%: shrinking) −67.74% (below 0%: shrinking) +13.79% (above 0%: growing) 48.24% 19.39% Compare
BMI Badger Meter, Inc. $3.7B 30.6× 27.2× −6.63% (below 0%: shrinking) −13.56% (below 0%: shrinking) −46.19% (below 0%: shrinking) 40.83% 17.71% Compare
ITRI Itron, Inc. $3.7B 14.1× 15.4× −7.23% (below 0%: shrinking) −19.33% (below 0%: shrinking) −10.13% (below 0%: shrinking) 40.97% 13.51%
ITRN Ituran Location and Control Ltd. $1.0B 16.1× 18.0× +20.73% (above 0%: growing) +31.34% (above 0%: growing) +50.20% (above 0%: growing) 50.91% 22.67% Compare
Median of peers $5.7B 30.6× 25.7× +10.64% +31.34% +55.80% 46.87% 17.21%

All 34 Scientific & Technical Instruments stocks →

Itron, Inc. (ITRI) key facts

  • Concern: Itron, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.4 billion, down 3.02% from fiscal 2024.
  • Strength: Net income was $303.3 million, or $6.62 per share (basic), a net margin of 12.7%.
  • Itron, Inc. (ITRI) is a Scientific & Technical Instruments company in the Technology sector, listed on Nasdaq.
  • As of October 9, 2026, ITRI traded at $85.58, a market capitalization of $3.7 billion.
  • At that price the stock trades at 14.1× trailing-twelve-month earnings and 1.6× sales; its P/E is higher than 5% of its own readings over the past ten years.
  • Return on equity was 19.1% and debt-to-equity 0.96.
  • Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 2.50 (grey zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Itron, Inc. (ITRI) Latest News

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stockrow.com/ITRI · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com