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Itron, Inc. (ITRI) stock

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NASDAQ: ITRI Nasdaq Electronic Equipment & Instruments Next results ~February 16, 2027

C+ Fundamentals grade

Itron, Inc. is a US-listed company in the electronic equipment & instruments industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$82

Cash-flow model

Base case. Range ~$57–$120 across our lower- and higher-growth cases (-3%–7% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 22% above our base value.

Price used: $99.77, November 2, 2026

Itron, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 8 selling0 purchases and 82 sales by directors and officers, last 12 monthsInsider trades
  • Funds187 adding, 224 cuttingOf 62 active managers that changed their stake, 28 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Itron files

10-Q filed October 27: Itron

Rating: Sell to Hold Model value +17.4%

Revenue for the twelve months to September 2026 was $2.32bn, down 3.6% on a year earlier, a smaller fall than the 5.7% decline a quarter earlier. That puts it 35 of 41 for growth among the electronic equipment & instruments companies we cover. Free-cash-flow margin rose to 15.8% from 14.2% a year earlier. The diluted share count is down 2.5% on a year earlier, which lifts each remaining share. Its fundamentals grade moves from D to C+. Our model value rises from $70.10 to $82.27 a share, against a share price of $95.00. The rating changes from Sell to Hold. At that price, our model says the market is pricing in about 5.0% a year of cash-flow growth for five years, close to the 3.2% a year revenue growth it has delivered.

Source: 10-Q filed October 27, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-Q filed July 28: Itron

Revenue for the twelve months to June 2026 came in at $2.32bn, down 3.6% on a year earlier. That is a milder drop than the 5.7% decline booked a quarter earlier, though it still ranks the company 9 of 9 for growth among the electronic equipment and instruments names we cover. Free-cash-flow margin improved to 15.8% from 14.2%. A 2.5% reduction in the diluted share count lifts the claim on each remaining share. Our model value rises to $70.10 from $64.55, against a share price of $88.15. At that price, the market is pricing in roughly 6.6% annual cash-flow growth over five years, well ahead of the 3.2% a year revenue growth delivered. The rating stays Sell.

10-Q on SEC EDGAR

Where Itron stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $2.30bn, down 5.7% on a year earlier, a steeper fall than the 4.0% decline a quarter earlier. That puts it 9 of 9 for growth among the electronic equipment & instruments companies we cover. Free-cash-flow margin rose to 16.7% from 11.8% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 3 of our 7 financial-health checks. Our cash-flow model value is $64.55 a share, against a share price of $88.33. At that price, our model says the market is pricing in about 6.2% a year of cash-flow growth for five years, faster than the 3.1% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 16, 2027 (estimated)

Itron, Inc.'s trailing-twelve-month revenue fell 3.6% year on year, with a free-cash-flow margin of 15.8%. Where it stands out: change in share count of -2.5% ranks 6 of 46 electronic equipment & instruments companies we cover. Where it lags: long-term debt as % of assets of 38.3% ranks 28 of 31 electronic equipment & instruments companies we cover.

Our discounted-cash-flow model values the business at ~$82 per share in the base case (~$57–$120 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Gross margin expanding: TTM gross margin reached 40.7%, up 4.4pp year over year.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 2.5% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Revenue shrinking. Revenue fell 3.6% over the last 12 months.
  • Insiders selling. 8 insiders sold $15M of stock over the past 365 days and none bought (14% under pre-set trading plans).
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 38.3% ranks 28 of 31 electronic equipment & instruments companies we cover (median 15.2%).
  • Heavily shorted. 19.5% of the shares available to trade are sold short (9.5 days of average volume to cover).

Latest results: FY2026 Q3

Filed October 27, 2026
Earnings per share
$1.94 against an average estimate of $1.56: beat by 24.7%
Revenue
$599m, up 3.0% on a year earlier
Share reaction
+5.5% in the first session after the results on October 27, 2026, against +0.9% for the S&P 500
Guidance given
revenue $621m to $636m (Fourth Quarter 2026); non-GAAP diluted EPS $1.7 to $1.8 (Fourth Quarter 2026)
Next report
October 27, 2026; average EPS estimate $1.75

Itron's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+4.1%
  • 1 week+13.7%
  • 1 month+15.3%
  • This year+7.4%
  • 1 year-0.6%
  • 5 years+26.1%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$2.3B
Operating margin
13.7%
Net margin
12.1%
EPS (TTM, diluted)
$6.20

Growth

Revenue growth
−3.6%
Change in growth rate
+2.1 pts
Share count change
−2.5%

Cash

Free cash flow (TTM)
$368M
FCF margin
15.8%
Stock pay % of revenue
2.5%

Earnings

Last results
October 27, 2026
Next results (est.)
February 16, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance
  3. Our research
  4. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Itron, Inc. valuation models and calculator

What the price is pricing in

The share price implies about 5.8% a year of cash-flow growth for five years.That is close to the 3.2% a year revenue growth Itron has delivered.

  • Priced in5.8%
  • Last 12 months-3.6%
  • 3 years a year4.0%
  • 5 years a year3.2%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($99.06, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$82
Price used
$99.06close November 3, 2026
Implied change
▼ 17%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Itron, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($251M, FY2026 Q3 TTM), growing 6% and 3.3% in the next two years (forecasts, guidance and its record), then back to 2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$57–~$120 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Itron, Inc.'s free cash flow after stock-based pay ( $251M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Itron, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 10.3%: the 10-year Treasury yield (4.9%) plus a beta of 1.2 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$82 ~$57–$120 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$130 ~$100–$190 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$36 ~$25–$54 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$36 ~$32–$42 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$73 ~$36–$130 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Itron, Inc. with Electronic Equipment & Instruments in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −29%
  • Revenue growth 5 points higher ▲ +38%
  • Free-cash-flow margin 1 point lower ▼ −7%
  • Last year's free-cash-flow margin change, if it persists ▲ +13%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $64$93$132$184$251$338
8.5% $44$66$94$131$179$241
10% $32$49$71$99$136$183

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$36.18$62.85$68.20$47.29$83.95$95.90$68.52$50.65$75.51$108.58$92.86$99.77
Market value$1.4bn$2.4bn$2.7bn$1.9bn$3.4bn$3.9bn$3.0bn$2.3bn$3.5bn$5.0bn$4.3bn$4.5bn
+ Net debt (− = net cash)$240m$172m$437m$894m$800m$729m$297m$258m$158m$214m$245m$770m
Enterprise value$1.6bn$2.6bn$3.1bn$2.8bn$4.2bn$4.6bn$3.3bn$2.5bn$3.6bn$5.2bn$4.5bn$5.3bn
Multiples
Price / sales 0.7x1.2x1.3x0.8x1.3x1.8x1.5x1.3x1.6x2.1x1.8x1.9x
Price / earnings 109.9x76.4x46.9x—68.5x———35.7x21.0x14.3x16.1x
Price / free cash flow 47.3x33.6x18.9x37.3x29.9x61.0x25.3xn/m35.3x24.2x11.2x12.3x
EV / EBITDA 12.7x15.4x14.3x37.8x16.8x52.8xn/m42.9x19.6x16.3x12.5x13.6x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

50 /100

Moderate moat

How hard Itron's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 17 / 20

    Cash operating profit has been a median 13.3% of total assets over 8 years.

  • Pricing power 10 / 20

    Gross margin has been a median 31.5%, moving by 3.8 percentage points (standard deviation) across 10 years.

  • Durability 0 / 20

    Operating margin has been a median 4.9%; its worst year was -7.0%.

  • Cash conversion 12 / 20

    Free cash flow was positive in 10 of 10 years, at a median 4.8% of revenue.

  • Discipline 15 / 20

    The diluted share count rose 4.8% over five years; stock-based pay has been a median 1.2% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (55 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $6.77 −5% $2.4bn +0%
Next $6.93 +2% $2.5bn +6%

Next year's EPS estimate has moved +3.0% in 90 days, across 9 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +6.9% on 90 days ago. In the last 30 days, 11 analysts raised Itron, Inc.'s forecast and 0 cut it.

Consensus EPS forecast Itron, Inc., last 90 days
$6.20 $6.40 $6.60 $6.80 $7.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $6.34 Current fiscal year, 60 days ago: $6.42 Current fiscal year, 30 days ago: $6.42 Current fiscal year, 7 days ago: $6.42 Current fiscal year, Now: $6.77 $6.77 Next fiscal year, 90 days ago: $6.72 Next fiscal year, 60 days ago: $6.92 Next fiscal year, 30 days ago: $6.92 Next fiscal year, 7 days ago: $7.00 Next fiscal year, Now: $6.93 $6.93

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $6.34$6.72
60 days ago $6.42$6.92
30 days ago $6.42$6.92
7 days ago $6.42$7.00
Now $6.77$6.93

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $1.56 $1.94 +24.7%
Jun 2026 $1.29 $1.59 +23.7%
Mar 2026 $1.24 $1.49 +20.2%
Dec 2025 $2.19 $2.46 +12.4%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 27, 2026
  • Revenue Updated Full Year 2026 $2.37bn to $2.385bn
    “Revenue between $2.37 and $2.385 billion” source
  • Revenue Fourth Quarter 2026 $621m to $636m
    “Revenue between $621 and $636 million” source
  • Non-GAAP diluted EPS Updated Full Year 2026 $6.72 to $6.82 Non-GAAP
    “Non-GAAP diluted EPS between $6.72 and $6.82” source
  • Non-GAAP diluted EPS Fourth Quarter 2026 $1.70 to $1.80 Non-GAAP
    “Non-GAAP diluted EPS between $1.70 and $1.80” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Itron, Inc.'s revenue by +6.0% next year and +3.3% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+7.1%, weight 44%) , management guidance (+7.1%, weight 33%) and the company's own record (+2.0%, weight 22%) . How the weights are set.

Analyst recommendations

11 analysts, Oct 2026
Buy982%
Hold218%
Sell00%

Monthly trend

  1. Oct 202636211
  2. Sep 202637212
  3. Aug 2026372113

Counts of recommendations published by analysts covering Itron, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
19.5%
of tradable shares
Days to cover
9.48
at average volume
Short interest, 1 month
−2%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
1.8%
of shares
Employees
4,987
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −0.6%

$100.33 on October 31, 2025 to $99.77

ThenNowEffect
Revenue (last 12 months) $2.4bn $2.3bn −5.7%
Net margin 11.1% 11.9% +7.6%
P/E multiple 17.1x 16.6x −2.9%
Share count 46m 46m +0.9%

Biggest factor: net margin.

Last 3 years +55.2%

$64.28 on November 3, 2023 to $99.77

ThenNowEffect
Revenue (last 12 months) $1.9bn $2.3bn +19.7%
Net margin 2.0% 11.9% +491.5%
P/E multiple 75.2x 16.6x −77.9%
Share count 45m 46m −0.9%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
ITRI−29%−26%+49%+44%−15%+7%
Industry peers (median)0%−38%+13%−1%−5%−21%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
ITRI50%42%50%50%42%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
ITRI−50%−39%−28%−14%−33%−26%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 65% from March 3, 2021 to October 12, 2022. Getting back needed a 188% gain, reached on November 6, 2024, 756 days after the low.

Price behaviour

52-week range
$78.02 – $107.15
From 52-week high
−6.9%
vs 50-day average
+9.6%
vs 200-day average
+9.8%
Volatility (1 year)
43%
Beta vs S&P 500
1.26

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±12.3%
After a week
6 up, 5 down
typical move ±14.1%
After a month
7 up, 4 down
typical move ±12.2%
Results releasedNext dayS&P 500 next day5 days21 days
October 27, 2026 +5.5% +0.9% — —
July 28, 2026 +20.7% −1.3% +25.4% +16.6%
April 28, 2026 −4.9% −0.5% −2.9% −3.8%
February 17, 2026 +11.4% +0.7% +9.5% +2.7%
October 30, 2025 −27.4% −0.8% −23.3% −29.5%
July 31, 2025 −11.0% −2.0% −9.9% −11.2%
May 1, 2025 −2.7% +2.2% −3.1% +4.6%
February 25, 2025 +16.3% −0.4% +14.2% +15.9%
October 31, 2024 +7.7% −1.5% +18.4% +13.9%
August 1, 2024 −2.2% −3.3% −4.6% −1.2%
May 2, 2024 +16.9% +2.2% +18.6% +15.3%
February 26, 2024 +21.5% −0.2% +25.1% +19.3%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Itron, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade C+ (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Itron, Inc. in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Itron, Inc.
$2.1B $2.2B $2.3B $2.4B $2.5B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $2.2B Revenue (TTM), FY24 Q1: $2.3B Revenue (TTM), FY24 Q2: $2.4B Revenue (TTM), FY24 Q3: $2.4B Revenue (TTM), FY24 Q4: $2.4B Revenue (TTM), FY25 Q1: $2.4B Revenue (TTM), FY25 Q2: $2.4B Revenue (TTM), FY25 Q3: $2.4B Revenue (TTM), FY25 Q4: $2.4B Revenue (TTM), FY26 Q1: $2.3B Revenue (TTM), FY26 Q2: $2.3B Revenue (TTM), FY26 Q3: $2.3B $2.3B

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $2.2B
FY24 Q1 $2.3B
FY24 Q2 $2.4B
FY24 Q3 $2.4B
FY24 Q4 $2.4B
FY25 Q1 $2.4B
FY25 Q2 $2.4B
FY25 Q3 $2.4B
FY25 Q4 $2.4B
FY26 Q1 $2.3B
FY26 Q2 $2.3B
FY26 Q3 $2.3B
Revenue growth, TTM YoY Itron, Inc.
-10% 0% 10% 20% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 21.1% Revenue growth, TTM YoY, FY24 Q1: 25.8% Revenue growth, TTM YoY, FY24 Q2: 22.2% Revenue growth, TTM YoY, FY24 Q3: 16.5% Revenue growth, TTM YoY, FY24 Q4: 12.3% Revenue growth, TTM YoY, FY25 Q1: 7.1% Revenue growth, TTM YoY, FY25 Q2: 3.9% Revenue growth, TTM YoY, FY25 Q3: 0.1% Revenue growth, TTM YoY, FY25 Q4: -3.0% Revenue growth, TTM YoY, FY26 Q1: -4.0% Revenue growth, TTM YoY, FY26 Q2: -5.7% Revenue growth, TTM YoY, FY26 Q3: -3.6% -3.6%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 21.1%
FY24 Q1 25.8%
FY24 Q2 22.2%
FY24 Q3 16.5%
FY24 Q4 12.3%
FY25 Q1 7.1%
FY25 Q2 3.9%
FY25 Q3 0.1%
FY25 Q4 -3.0%
FY26 Q1 -4.0%
FY26 Q2 -5.7%
FY26 Q3 -3.6%
Operating margin (TTM) Itron, Inc.
4% 6% 8% 10% 12% 14% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 5.9% Operating margin (TTM), FY24 Q1: 8.9% Operating margin (TTM), FY24 Q2: 9.9% Operating margin (TTM), FY24 Q3: 10.4% Operating margin (TTM), FY24 Q4: 10.8% Operating margin (TTM), FY25 Q1: 11.4% Operating margin (TTM), FY25 Q2: 11.8% Operating margin (TTM), FY25 Q3: 12.3% Operating margin (TTM), FY25 Q4: 13.2% Operating margin (TTM), FY26 Q1: 13.0% Operating margin (TTM), FY26 Q2: 13.2% Operating margin (TTM), FY26 Q3: 13.7% 13.7%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 5.9%
FY24 Q1 8.9%
FY24 Q2 9.9%
FY24 Q3 10.4%
FY24 Q4 10.8%
FY25 Q1 11.4%
FY25 Q2 11.8%
FY25 Q3 12.3%
FY25 Q4 13.2%
FY26 Q1 13.0%
FY26 Q2 13.2%
FY26 Q3 13.7%
FCF margin (TTM) Itron, Inc.
0% 5% 10% 15% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 4.5% FCF margin (TTM), FY24 Q1: 6.0% FCF margin (TTM), FY24 Q2: 6.2% FCF margin (TTM), FY24 Q3: 7.3% FCF margin (TTM), FY24 Q4: 8.5% FCF margin (TTM), FY25 Q1: 9.9% FCF margin (TTM), FY25 Q2: 11.8% FCF margin (TTM), FY25 Q3: 14.2% FCF margin (TTM), FY25 Q4: 16.2% FCF margin (TTM), FY26 Q1: 16.8% FCF margin (TTM), FY26 Q2: 16.7% FCF margin (TTM), FY26 Q3: 15.8% 15.8%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 4.5%
FY24 Q1 6.0%
FY24 Q2 6.2%
FY24 Q3 7.3%
FY24 Q4 8.5%
FY25 Q1 9.9%
FY25 Q2 11.8%
FY25 Q3 14.2%
FY25 Q4 16.2%
FY26 Q1 16.8%
FY26 Q2 16.7%
FY26 Q3 15.8%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Itron took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $2.4B
  2. Other income $26.9M · 1.1%
  3. Cost of revenue $1.5B · 62.3%
  4. Gross profit $892M · 37.7%
  5. Research and development $207M · 8.7%
  6. Selling, general and admin $353M · 14.9%
  7. Other operating costs $19M · 0.8%
  8. Operating income $313M · 13.2%
  9. Income tax $38.9M · 1.6%
  10. Net income $301M · 12.7%

Shares of revenue. Source: Itron's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained. Other income is income outside operations, such as investment gains.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 1,687 2,259 2,434 2,178 1,938 1,948 1,884 2,013 2,018 2,376 2,502 2,173 1,982 1,796 2,174 2,441 2,367 2,321
Gross profit 537 701 746 715 615 614 557 663 677 730 752 602 573 522 714 839 892 944
EBITDA 201 315 −330 261 −41 99 129 169 218 73 247 87 5 59 185 320 363 387
Operating income 45 184 −459 151 −140 0 53 101 155 −50 133 −10 −79 −7 129 264 313 318
Net income −2 105 −510 108 −153 −24 13 32 57 −99 49 −58 −81 −10 97 239 301 280
Diluted EPS −$0.06 $2.56 −$12.56 $2.71 −$3.90 −$0.60 $0.33 $0.82 $1.45 −$2.53 $1.23 −$1.44 −$1.83 −$0.22 $2.11 $5.18 $6.50 $6.20
Growth (year on year)
Revenue −11.6% +33.9% +7.7% −10.5% −11.0% +0.5% −3.3% +6.9% +0.2% +17.7% +5.3% −13.2% −8.8% −9.4% +21.1% +12.3% −3.0% −3.6%
EBITDA −29.2% +57.1% −204.5% — −115.6% — +30.6% +31.4% +28.8% −66.6% +239.4% −64.8% −94.4% — +211.2% +73.5% +13.2% +10.9%
Operating income −59.0% +309.1% −349.3% — −192.5% — — +91.1% +53.4% −132.1% — −107.8% — — — +104.9% +18.5% +6.9%
Net income — — −586.9% — −241.4% — — — — −273.2% — — — — — +146.7% +25.9% +8.6%
Diluted EPS — — −590.6% — −243.9% — — — — −274.5% — — — — — +145.5% +25.5% +11.4%
Margins
Gross margin 31.9% 31.0% 30.7% 32.8% 31.7% 31.5% 29.6% 32.9% 33.5% 30.7% 30.1% 27.7% 28.9% 29.1% 32.8% 34.4% 37.7% 40.7%
EBITDA margin 11.9% 14.0% −13.5% 12.0% −2.1% 5.1% 6.8% 8.4% 10.8% 3.1% 9.9% 4.0% 0.2% 3.3% 8.5% 13.1% 15.3% 16.7%
Operating margin 2.7% 8.2% −18.9% 6.9% −7.2% 0.0% 2.8% 5.0% 7.7% −2.1% 5.3% −0.5% −4.0% −0.4% 5.9% 10.8% 13.2% 13.7%
Net margin −0.1% 4.6% −21.0% 5.0% −7.9% −1.2% 0.7% 1.6% 2.8% −4.2% 2.0% −2.7% −4.1% −0.5% 4.5% 9.8% 12.7% 12.1%
Free-cash-flow margin 5.2% 8.5% 7.9% 7.1% 2.3% 4.5% 1.6% 3.6% 7.0% 2.1% 4.5% 2.9% 6.1% 0.3% 4.5% 8.5% 16.2% 15.8%
Cash flow
Cash from operations 141 255 252 205 105 133 73 116 191 110 173 110 155 25 125 238 406 395
Capital spending 53 63 60 51 60 44 44 44 49 60 61 46 35 20 27 31 23 27
Free cash flow 88 192 192 155 45 88 29 72 142 50 112 63 120 5 98 208 383 368
Stock-based pay 17 19 16 20 19 18 14 18 21 31 27 25 24 22 28 44 62 59
Free cash flow after stock pay 71 173 176 135 27 71 15 54 120 19 85 38 96 −17 70 164 321 308
Balance sheet
Cash 122 169 133 136 125 112 131 134 176 122 150 207 163 202 302 1,051 1,020 840
Total debt 782 611 453 418 379 324 371 305 613 1,017 950 936 460 460 460 1,265 1,265 1,610
Net debt (negative = net cash) 660 441 319 281 254 212 240 172 437 894 800 729 297 258 158 214 245 770
Diluted shares 39m 41m 41m 40m 39m 39m 39m 39m 39m 39m 40m 40m 44m 45m 46m 46m 46m 45m
Returned to shareholders
Buybacks 0 0 29 47 27 40 38 0 0 0 25 0 8 17 0 100 100 252
Total returned 0 0 29 47 27 40 38 0 0 0 25 0 8 17 0 100 100 252

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 7 checks passed · September 30, 2026
What it owns · $4.1bn
Short-term assets $1.7bnLonger-term assets $2.4bn
What it owes, and who funded it · $4.1bn
Short-term liabilities $596mLonger-term liabilities $1.8bnShareholders' equity $1.7bn
  • Short-term assets cover short-term liabilities $1.7bn of assets due within a year against $596m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.7bn short-term assets against $1.8bn of longer-dated liabilities.
  • More cash than debt $840m of cash against $1.6bn of debt.
  • Debt below 40% of shareholders' equity Debt is 93% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 39% to 93% over five years.
  • A year's operating cash flow covers at least 20% of debt $395m of operating cash flow against $1.6bn of debt.
  • Operating profit covers interest at least five times over Operating income of $318m against $23m of interest.

From Itron, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$252M
Returned to shareholders
69%
of free cash flow
Buybacks, last 3 fiscal years
$200M
Diluted share count
−2.5%
year over year
Total shareholder yield
5.8%
dividends 0.0% + buybacks 5.8% of market value
R&D spending
9.5%
of revenue
Sales & admin spending
16.1%
of revenue
Days sales outstanding
53 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in electronic equipment & instruments
Last 12 months unless stated ITRI OSIS CXT VNT CGNX MIR Median
Revenue, last 12 months $2.3bn $1.8bn $1.8bn $3.1bn $1.1bn $1.1bn $104m
Revenue growth, last 12 months −3.6% 2.9% 17.3% 0.9% 17.1% 19.6% 9.8%
Revenue growth, 3-year average 4.0% 11.9% −22.7% −1.4% 6.8% 11.0% 7.2%
Revenue growth, latest quarter 3.0% 4.9% 22.0% −2.2% 16.9% 24.5% 16.5%
Gross margin 40.7% 32.9% 42.1% 45.5% 68.9% 48.1% 38.5%
Operating margin 13.7% 12.2% 14.0% 18.8% 21.9% 6.0% −7.3%
Operating margin, 3-year average 12.2% 12.3% 16.3% 18.3% 15.8% 4.4% −5.1%
Net margin 12.1% 8.8% 7.8% 11.3% 16.1% 2.7% −5.3%
Cash from operations / revenue 17.0% 16.4% 15.0% 15.1% 25.4% 19.4% −1.6%
Free-cash-flow margin 15.8% 14.7% 12.4% 12.5% 24.6% 15.6% −2.5%
Free-cash-flow margin, 3-year average 12.5% 3.9% 12.2% 12.8% 17.6% 10.9% 3.7%
Stock pay / revenue 2.5% 1.5% 1.4% 1.0% 4.5% 2.1% 3.0%
Change in share count −2.5% −1.8% 0.3% −4.6% −1.0% 18.6% 1.9%

Median of all 53 companies we cover in electronic equipment & instruments. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

53 electronic equipment & instruments companies
Measure Company Peer median Rank
Revenue growth Growth -3.6% 9.8% 45 of 53
Change in growth rate Growth +2.1pp +2.3pp 28 of 53
Gross margin Profitability 40.7% 39.7% 23 of 48
Operating margin Profitability 13.7% -7.3% 11 of 53
Net margin Profitability 12.1% -5.3% 10 of 53
Free-cash-flow margin Cash generation 15.8% -2.1% 8 of 52
Stock pay as % of revenue Cash generation 2.5% 3.0% 22 of 49
Long-term debt as % of assets Balance sheet 38.3% 15.2% 28 of 31
Change in share count Balance sheet -2.5% 1.9% 6 of 46
Days sales outstanding Balance sheet 53 days 68 days 13 of 52

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Products $2B 84.9% ▼ 5.7%
Services $358M 15.1% ▲ 15.8%
Geography
Region Revenue Share YoY
United States and Canada $1.9B 81.4% ▼ 4.0%
EMEA $319M 13.5% ▼ 6.0%
Asia Pacific $121M 5.1% ▲ 27.9%

From Itron, Inc.'s 10-K filed February 17, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$4.5B
Institutions reporting
410
Shares held vs prior quarter
▲ 3.6%
Positions opened / closed
50 / 73

Top buyers and sellers, Q2 2026: 187 institutions bought and 224 sold ; the biggest buyer was Assenagon Asset Management S.A (+544K shares) and the biggest seller Loomis Sayles & Co L P (−288K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $617M 7.1M 13.8% ▼ 0.3%
Vanguard Portfolio Management LLC $303M 3.5M 6.8% ▼ 0.2%
Vanguard Capital Management LLC $173M 2.0M 3.9% ▼ 0.7%
Impax Asset Management Group PLC $167M 1.9M 3.7% ▼ 12.1%
State Street Corp $157M 1.8M 3.5% ▲ 0.2%
Dimensional Fund Advisors LP $153M 1.8M 3.4% ▲ 15.1%
Invesco Ltd. $133M 1.5M 3.0% ▼ 4.3%
Geode Capital Management, LLC $108M 1.2M 2.4% ▲ 4.7%
First Trust Advisors LP $105M 1.2M 2.3% ▲ 25.3%
Amundi $99.9M 1.2M 2.2% ▲ 7.9%
Soros Fund Management LLC $98.5M 1.1M 2.2% ▲ 46.4%
Bank Of New York Mellon Corp $96.6M 1.1M 2.2% ▲ 6.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Itron, Inc.'s complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $15.4M 82 trades by 8 insiders · 15% under pre-set plans
Net ▼ $15.4M net selling
Insider Date Trade Shares Price Value
Patrick Justin K SVP, Device Solutions September 3, 2026 Sell pre-set plan 7,883 $97.36 $767,489
Patrick Justin K SVP, Device Solutions September 3, 2026 Sell pre-set plan 593 $97.36 $57,734
Patrick Justin K SVP, Device Solutions September 3, 2026 Sell pre-set plan 1,153 $97.36 $112,256
Patrick Justin K SVP, Device Solutions September 3, 2026 Sell pre-set plan 581 $97.36 $56,566
Reeves Donald L. Iii SVP, Outcomes August 25, 2026 Sell pre-set plan 283 $99.99 $28,297
Deitrich Thomas President & CEO August 24, 2026 Sell 887 $98.79 $87,627
Hooper Joan S SVP & CFO August 24, 2026 Sell 455 $98.79 $44,949
Marcolini John F. SVP, Networked Solutions August 24, 2026 Sell 331 $98.79 $32,699
Patrick Justin K SVP, Device Solutions August 24, 2026 Sell 222 $98.79 $21,931
Pulatie-Hahn Laurie Ann SVP, HR August 24, 2026 Sell 178 $98.79 $17,585
Reeves Donald L. Iii SVP, Outcomes August 24, 2026 Sell 329 $98.79 $32,502
Ware Christopher E. SVP, GC & Corp. Secretary August 24, 2026 Sell 200 $98.79 $19,758

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 3 trades and filings

No trades in Itron, Inc. disclosed in the last 12 months; 3 earlier trades on record.

  • Suzan K. DelBene(D-WA 1):Sale (full), $15,001 - $50,000, traded June 9, 2016, filed July 13, 2016
  • Suzan K. DelBene(D-WA 1):Sale (full), $1,001 - $15,000, traded March 16, 2016, filed April 15, 2016
  • Suzan K. DelBene(D-WA 1):Purchase, $15,001 - $50,000, traded April 9, 2015, filed May 10, 2015

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 16, 2027 estimated from the company's past filing pattern, not announced

  • October 27, 2026
  • July 28, 2026
  • April 28, 2026
  • February 17, 2026
  • October 30, 2025
  • July 31, 2025

Recent SEC filings

Data status

When each part of this page on Itron, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Itron, Inc. in brief

What does Itron, Inc. do?
Itron, Inc. is a US-listed company in the electronic equipment & instruments industry. Its financial year ends in December.
What is Itron, Inc.'s stock ticker?
Itron, Inc. trades under the ticker ITRI on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Itron, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Itron, Inc. reported revenue of $2.3B, 3.6% lower than a year earlier, according to its SEC filings.
What is Itron, Inc.'s free cash flow?
Itron, Inc.'s free-cash-flow margin is 15.8% of revenue over the trailing twelve months, ranking 8 of the 52 electronic equipment & instruments companies we cover.
What is Itron, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Itron, Inc.'s free cash flow after stock-based pay gives ~$82 per share in the base case, and ~$57–$120 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Itron, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Itron, Inc. buying back stock, and does it pay a dividend?
Itron, Inc. spent $252M on share repurchases over the trailing twelve months, and its diluted share count fell 2.5% over the year.
What is Itron, Inc.'s market cap?
On November 2, 2026, Itron, Inc.'s market capitalisation was about $4.5B, with a price-to-earnings ratio of 16.1 and net debt of $770M. Market figures come from third-party market data and may be delayed.
How much debt does Itron, Inc. have?
Itron, Inc.'s debt-to-equity ratio is 92.8%, from its latest balance sheet (38.9% five years earlier). The financial health section below sets out its other solvency checks.
Who are Itron, Inc.'s competitors?
In our Electronic Equipment & Instruments peer group, the companies closest to Itron, Inc. are OSI Systems Inc, Crane NXT, Co., Vontier Corp, Cognex Corp and Mirion Technologies, Inc. The side-by-side comparison below sets their revenue, margins and growth against Itron, Inc.'s.
Are insiders buying or selling Itron, Inc. stock?
Over the last 12 months, Itron, Inc.'s directors and officers reported 0 open-market purchases and 82 sales on Form 4. The insider trading page charts every trade.
When is Itron, Inc.'s next earnings date?
Around February 16, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Itron, Inc. announces its own schedule.