Tearsheet

Itron (ITRI)

Market Price (2/3/2026): $100.46 | Market Cap: $4.6 Bil
Sector: Information Technology | Industry: Electronic Equipment & Instruments

Itron (ITRI)

Market Price (2/3/2026): $100.46
Market Cap: $4.6 Bil
Sector: Information Technology
Industry: Electronic Equipment & Instruments

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.6%, FCF Yield is 7.4%	Weak multi-year price returns 2Y Excs Rtn is -6.3%	Weak revenue growth Rev Chg QQuarterly Revenue Change % is -5.5%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 15%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14%		Key risks ITRI key risks include [1] challenges in executing its specific restructuring plans and achieving anticipated cost savings and [2] potential revenue deferrals resulting from the rescheduling of existing large customer orders.
2	Low stock price volatility Vol 12M is 39%
3	Megatrend and thematic drivers Megatrends include Smart Grids & Grid Modernization, and Water Infrastructure. Themes include Smart Metering, Grid Automation, Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.6%, FCF Yield is 7.4%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 15%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14%
2	Low stock price volatility Vol 12M is 39%
3	Megatrend and thematic drivers Megatrends include Smart Grids & Grid Modernization, and Water Infrastructure. Themes include Smart Metering, Grid Automation, Show more.
4	Weak multi-year price returns 2Y Excs Rtn is -6.3%
5	Weak revenue growth Rev Chg QQuarterly Revenue Change % is -5.5%
6	Key risks ITRI key risks include [1] challenges in executing its specific restructuring plans and achieving anticipated cost savings and [2] potential revenue deferrals resulting from the rescheduling of existing large customer orders.

Valuation, Metrics & Events

	2/3/26	2025	2024	2023	2022	2021
Share Price CYE	$100.46	$92.86	$108.58	$75.51	$50.65	$68.52
Market Cap CYE ($ Bil)	4.6	4.2	4.9	3.4	2.3	3.1
Total Debt ($ Bil)	1.3	1.3	1.3	0.5	0.5	0.5
Total Cash ($ Bil)	1.3	1.3	1.0	0.3	0.2	0.2
Enterprise Value ($ Bil)	4.5	5.5	6.2	3.9	2.8	3.6
Valuation Ratios
P/S TTM	1.9	1.8	2.0	1.7	1.3	1.5
P/EBIT TTM	13.1	12.1	17.8	35.4	-17.6	69.8
P/E TTM	17.8	16.5	21.7	45.9	-25.2	-3,567.1
P/FCF TTM	13.4	12.4	27.6	84.0	77.8	21.8
Sector Ratios
P/S TTM (Sector)	3.2	3.2	3.2	2.9	2.4	5.2
P/EBIT TTM (Sector)	2.7	2.7	-0.0	-0.3	-0.4	6.9
P/E TTM (Sector)	-0.2	-0.3	-0.1	-0.6	-0.6	4.2
P/FCF TTM (Sector)	11.5	12.0	12.1	13.0	3.3	17.2

	2/3/26	2025	2024
Share Price CYE	$100.46	$92.86	$108.58
Market Cap CYE ($ Bil)	4.6	4.2	4.9
Total Debt ($ Bil)	1.3	1.3	1.3
Total Cash ($ Bil)	1.3	1.3	1.0
Enterprise Value ($ Bil)	4.5	5.5	6.2
Valuation Ratios
P/S TTM	1.9	1.8	2.0
P/EBIT TTM	13.1	12.1	17.8
P/E TTM	17.8	16.5	21.7
P/FCF TTM	13.4	12.4	27.6
Sector Ratios
P/S TTM (Sector)	3.2	3.2	3.2
P/EBIT TTM (Sector)	2.7	2.7	-0.0
P/E TTM (Sector)	-0.2	-0.3	-0.1
P/FCF TTM (Sector)	11.5	12.0	12.1

	ITRI	S&P 500
REVENUE GROWTH
Rev LTM ($ Bil)	2.4
Rev Chg Q	-5.5%	7.4%
Rev Chg LTM	0.1%	6.4%
Rev Chg 3Y Avg	10.2%	5.6%
PROFITABILITY	FAIR
Op Inc LTM ($ Bil)	0.3
CFO LTM ($ Bil)	0.4
Net Inc LTM ($ Bil)	0.3
Op Mgn LTM	12.5%	18.8%
CFO/Rev LTM	15.2%	20.6%
Net Inc Mgn	10.7%	12.8%
VALUATION	LOW
P/S	1.9	3.3
P/CFO	12.5	16.1
P/FCF	13.4	21.7
P/E	17.8	24.4
STABILITY	VERY GOOD
Debt/Equity	0.28	0.20
Cash/Assets	0.36	0.07

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Metric	Value	Date	Source
Total Backlog	4.3B	9302025	Link
Bookings	380M	9302025	Link
Number of Customers	>8,000	9302025	Link
Communicating Endpoints Delivered	>285M	9302025	Link
Endpoints Under Management	>115M	9302025	Link
Distributed Intelligence Enabled Endpoints	~16M	9302025	Link

Upcoming
2/17/2026	Earnings Release	Rev: $561 Mil (E) EPS: $2.19 (E)
4/29/2026	Earnings Release	Rev: - EPS: -

Price Chart

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Itron (ITRI) stock has remained largely at the same level since 10/31/2025 because of the following key factors:

1. Mixed Analyst Sentiment and Price Target Adjustments

Itron experienced a period of mixed analyst ratings and price target adjustments, contributing to a stable stock movement. While some analysts, like Johnson Rice on January 5, 2026, upgraded the stock to "Buy" with a target of $130, others made downward adjustments or maintained a "Hold" rating. For instance, Baird downgraded Itron to "Neutral" on October 31, 2025, lowering its price target to $118 from $137, and Argus Research downgraded it to "Hold" on November 4, 2025. Oppenheimer also lowered its price target to $125 from $145 on January 27, 2026, while maintaining an "Outperform" rating. This range of opinions and adjustments likely created a balanced pressure, preventing significant upward or downward swings.

2. Anticipation of Fourth Quarter 2025 Earnings Report

The absence of its actual fourth quarter and full-year 2025 financial results during the analysis period meant investors were largely in a holding pattern. Itron announced on January 8, 2026, that these results would be released on February 17, 2026, which is outside the specified timeframe. While Zacks identified Itron as a "Strong Growth Stock" on November 25, 2025, based on upward earnings estimate revisions for fiscal 2025, this was an analytical assessment rather than new company-reported financial data. The market typically awaits official earnings to make significant directional moves, and without that catalyst, the stock remained relatively flat.

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Stock Movement Drivers

Fundamental Drivers

The 0.1% change in ITRI stock from 10/31/2025 to 2/2/2026 was primarily driven by a 0.1% change in the company's P/E Multiple.

(LTM values as of)	10312025	2022026	Change
Stock Price ($)	100.33	100.45	0.1%
Change Contribution By:
Total Revenues ($ Mil)	2,408	2,408	0.0%
Net Income Margin (%)	10.7%	10.7%	0.0%
P/E Multiple	17.8	17.8	0.1%
Shares Outstanding (Mil)	46	46	0.0%
Cumulative Contribution			0.1%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 2/2/2026

	Return	Correlation
ITRI	0.1%
Market (SPY)	2.0%	47.3%
Sector (XLK)	-3.4%	35.2%

Fundamental Drivers

The -19.3% change in ITRI stock from 7/31/2025 to 2/2/2026 was primarily driven by a -15.3% change in the company's P/E Multiple.

(LTM values as of)	7312025	2022026	Change
Stock Price ($)	124.54	100.45	-19.3%
Change Contribution By:
Total Revenues ($ Mil)	2,442	2,408	-1.4%
Net Income Margin (%)	11.1%	10.7%	-3.2%
P/E Multiple	21.1	17.8	-15.3%
Shares Outstanding (Mil)	46	46	-0.2%
Cumulative Contribution			-19.3%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2025 to 2/2/2026

	Return	Correlation
ITRI	-19.3%
Market (SPY)	10.3%	44.4%
Sector (XLK)	10.7%	36.4%

Fundamental Drivers

The -6.4% change in ITRI stock from 1/31/2025 to 2/2/2026 was primarily driven by a -16.7% change in the company's P/E Multiple.

(LTM values as of)	1312025	2022026	Change
Stock Price ($)	107.36	100.45	-6.4%
Change Contribution By:
Total Revenues ($ Mil)	2,405	2,408	0.1%
Net Income Margin (%)	9.4%	10.7%	14.1%
P/E Multiple	21.4	17.8	-16.7%
Shares Outstanding (Mil)	45	46	-1.7%
Cumulative Contribution			-6.4%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2025 to 2/2/2026

	Return	Correlation
ITRI	-6.4%
Market (SPY)	16.6%	49.8%
Sector (XLK)	26.5%	47.4%

Fundamental Drivers

The 74.8% change in ITRI stock from 1/31/2023 to 2/2/2026 was primarily driven by a 33.4% change in the company's P/S Multiple.

(LTM values as of)	1312023	2022026	Change
Stock Price ($)	57.47	100.45	74.8%
Change Contribution By:
Total Revenues ($ Mil)	1,814	2,408	32.8%
P/S Multiple	1.4	1.9	33.4%
Shares Outstanding (Mil)	45	46	-1.3%
Cumulative Contribution			74.8%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2023 to 2/2/2026

	Return	Correlation
ITRI	74.8%
Market (SPY)	77.5%	43.1%
Sector (XLK)	118.0%	38.1%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
ITRI Return	-29%	-26%	49%	44%	-14%	7%	3%
Peers Return	15%	-10%	41%	32%	16%	-4%	116%
S&P 500 Return	27%	-19%	24%	23%	16%	1%	85%
Monthly Win Rates [3]
ITRI Win Rate	50%	42%	50%	50%	42%	50%
Peers Win Rate	62%	40%	70%	62%	55%	20%
S&P 500 Win Rate	75%	42%	67%	75%	67%	50%
Max Drawdowns [4]
ITRI Max Drawdown	-37%	-39%	0%	-8%	-15%	0%
Peers Max Drawdown	-6%	-32%	-5%	-6%	-10%	-8%
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	-1%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: XYL, BMI, MWA, GE, ROP. See ITRI Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 2/2/2026 (YTD)

How Low Can It Go

Unique Key	Event	ITRI	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-65.3%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	187.9%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	756 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-51.9%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	108.1%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	279 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-43.8%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	78.0%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	316 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-68.5%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	217.2%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	4,479 days	1,480 days

Compare to XYL, BMI, MWA, GE, ROP

In The Past

Itron's stock fell -65.3% during the 2022 Inflation Shock from a high on 3/3/2021. A -65.3% loss requires a 187.9% gain to breakeven.

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About Itron (ITRI)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Itron, Inc., a technology and service company, provides end-to-end solutions that help manage operations in the energy, water, and smart city space worldwide. The company operates through three segments: Device Solutions, Networked Solutions, and Outcomes. The Device Solutions segment offers hardware products that are used for measurement, control, or sensing. The Networked Solutions segment provides a combination of communicating devices, such as smart meters, modules, endpoints, and sensors; network infrastructure; and associated application software for acquiring and transporting application-specific data. The Outcomes segment offers value-added, enhanced software and services for managing, organizing, analyzing, and interpreting data to enhance decision making, maximize operational profitability, drive resource efficiency, and deliver results for consumers, utilities, and smart cities. In addition, it 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 markets its products directly through its sales force, as well as through indirect sales force consisting of distributors, sales representatives, partners, and meter manufacturer representatives to utilities and municipalities. Itron, Inc. was incorporated in 1977 and is headquartered in Liberty Lake, Washington.

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Here are 1-2 brief analogies to describe Itron (ITRI):

Cisco for smart utilities: Itron provides the essential digital network infrastructure for electricity, gas, and water companies, connecting smart meters and grid devices, similar to how Cisco builds networking backbones for businesses.
A specialized Schneider Electric for smart energy and water grids: Like Schneider Electric, Itron is a leader in energy management and industrial automation, but Itron focuses entirely on providing the technology for utilities to modernize and digitally manage their distribution systems.

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Smart Utility Meters: Devices for accurately measuring and communicating electricity, gas, and water consumption for residential, commercial, and industrial use.
Communication Networks & Infrastructure: Systems and technology that enable utilities to connect, monitor, and control their smart meters and grid devices, facilitating data collection and command delivery.
Software & Analytics Platforms: Applications for meter data management, grid operations, distribution automation, forecasting, and data analytics to optimize utility performance and customer engagement.
Professional & Managed Services: Expert support for the planning, implementation, integration, and ongoing operation of Itron's technology solutions for utilities worldwide.

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AI Analysis | Feedback

Itron (ITRI) primarily sells its products and services to other companies, specifically to **electric, gas, and water utility companies** and municipalities globally. It operates on a business-to-business (B2B) model, providing smart networks, software, services, and devices to manage energy and water resources.

While Itron does not publicly disclose a definitive list of its "major customers" by specific revenue contribution percentages (unless a single customer accounts for 10% or more of revenue, which they would state in their 10-K without necessarily naming the customer), based on their public announcements and business descriptions, their major customers are large utility providers and city governments. Examples of public utility companies Itron has publicly announced partnerships or projects with, representing their customer base, include:

Duke Energy (NYSE: DUK): A large electric and gas utility company in the U.S.
Consolidated Edison, Inc. (NYSE: ED): An investor-owned energy company providing electric, gas, and steam to customers in New York City and Westchester County.
Portland General Electric Company (NYSE: POR): An electric utility company serving customers in Oregon.
Sempra Energy (NYSE: SRE): The parent company of utilities like San Diego Gas & Electric (SDG&E) and Southern California Gas Company (SoCalGas), both of which have worked with Itron on various initiatives.
Hawaiian Electric Company, Inc. (NASDAQ: HE): The principal subsidiary of Hawaiian Electric Industries, providing power to 95% of Hawaii's population.

These examples illustrate the types of major utilities that constitute Itron's customer base, rather than an exhaustive list of all major customers by revenue.

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Tom Deitrich, President and Chief Executive Officer

Tom Deitrich was appointed President and Chief Executive Officer of Itron in August 2019, also joining the company's board of directors at that time. He initially joined Itron in 2015 as Executive Vice President and Chief Operating Officer. Mr. Deitrich possesses over 25 years of experience in global operations within leading technology firms, where he held various executive management positions focusing on transforming and significantly improving business results. His career includes leadership roles at Freescale Semiconductor Inc., Flextronics International Inc., Sony Ericsson Mobile Communications Inc., and General Electric Corp. Prior to his tenure at Itron, he served as the Senior Vice President and General Manager for Digital Networking at Freescale Semiconductor. Mr. Deitrich also currently serves as an Independent Director for ON Semiconductor Corp. since 2020 and was a Director at Ferric, Inc. from 2016 to 2020.

Joan Hooper, Senior Vice President and Chief Financial Officer

Joan Hooper has served as the Senior Vice President and Chief Financial Officer of Itron, Inc. since June 5, 2017. She is recognized as a senior finance executive with a strong ability to drive strategy, develop high-performing teams, build infrastructure, and execute across both large and small organizations.

Laurie Hahn, Senior Vice President, Human Resources

Laurie Hahn is the Senior Vice President of Human Resources at Itron.

Chris Ware, Senior Vice President, General Counsel & Corporate Secretary

Chris Ware holds the position of Senior Vice President, General Counsel & Corporate Secretary at Itron.

John Marcolini, Senior Vice President, Networked Solutions

John Marcolini serves as the Senior Vice President of Networked Solutions for Itron.

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The key risks to Itron's business include challenges related to operational execution and cost management, fluctuations in market demand and customer order management, and dependence on continuous new product development and intellectual property protection.

Operational Execution and Cost Management: Itron faces risks associated with its ability to successfully implement restructuring plans and achieve anticipated cost savings. Failure to execute these initiatives effectively could adversely impact financial results.
Market Demand and Customer Order Management: The company's performance is significantly influenced by the rate and timing of customer demand for its products, as well as the potential for rescheduling of existing customer orders. This risk is further amplified by uncertainties arising from adverse economic conditions, regulatory approval delays, and scrutiny of utility budgets, which can defer revenue recognition from large projects.
Dependence on New Product Development and Intellectual Property: Itron's business relies heavily on the successful development of new products and the protection of its intellectual property. Challenges in innovation or safeguarding proprietary technologies could impact its competitive position and future growth.

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The accelerating proliferation of distributed energy resources (DERs) such such as rooftop solar, battery storage, and electric vehicles, combined with rapid advancements in artificial intelligence and machine learning, is fueling the rise of highly specialized, software-first companies. These new entrants are focused on grid edge intelligence, virtual power plants (VPPs), and advanced DER orchestration. Often hardware-agnostic and built on cloud-native architectures, these companies threaten to disintermediate traditional utility infrastructure providers like Itron by offering superior, more agile, and AI-driven platforms for managing the increasing complexity of a decentralized grid. This trend could shift the core intelligence and value proposition for critical grid operations away from Itron's integrated smart network and software solutions.

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Itron (ITRI) operates in several significant addressable markets related to energy and water resource management. The company's main products and services contribute to the following market sizes:

Global Smart Metering and Industrial IoT (IIoT) Market: This combined market is expected to reach approximately $544 billion by 2029.
Global Smart Meter Market: The smart meter market is projected to reach $257.78 billion by 2030. Another report indicates the global smart meter market size is expected to reach USD 36.3 billion by 2028, growing from an estimated USD 23.1 billion in 2023.
Global Water Metering and Monitoring Systems Market: This market is projected to grow from $6.1 billion in 2025 to $11.5 billion by 2034.
Global Smart Water Meters Market: This market is forecasted to reach USD 9.04 billion by 2030, increasing from an estimated USD 4.61 billion in 2024. Another projection estimates the global smart water metering market size to reach US$ 7.36 billion by 2031, from US$ 3.80 billion in 2023.
Global Smart Grid Technology Market: The market for smart grid technology is projected to be approximately USD 72.8 billion in 2025 and is expected to reach USD 165.5 billion by 2035.
Global Grid Modernization Market: This market was valued at USD 42,640.50 million in 2024 and is anticipated to reach USD 158,269.32 million by 2032.
U.S. Smart Meter Market: The U.S. smart meter market size was estimated at USD 4.37 billion in 2024 and is projected to reach USD 8.50 billion by 2033.

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Itron (ITRI) is anticipated to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

Expansion of the Outcomes Segment and High-Margin Software Solutions: Itron is focused on growing its Outcomes segment, which includes higher-margin software, data analytics, and recurring services. This is evidenced by a significant year-over-year increase in licensed Distributed Intelligence (DI) applications by 119%, and the Outcomes segment growing 11% year-over-year, driven by recurring revenue. Strategic acquisitions, such as Urbint, are expected to further enhance Itron's portfolio in operational resilience solutions and contribute to this software-oriented growth.
Increased Global Utility Investment in Smart Grid and Digital Infrastructure: A fundamental driver for Itron is the ongoing and projected substantial investments by utilities worldwide in modernizing their infrastructure. For instance, US utilities are forecasted to invest approximately $197 billion annually through 2027, and European utilities will require €800 billion for grid expansion by 2030. This global push for digitalization and smart grid solutions directly fuels demand for Itron's intelligent networks, devices, and services.
Acceleration of Large Project Deployments from Existing Backlog: While Itron has experienced some near-term delays in large project deployments and bookings, a robust backlog of $4.3 billion (as of Q3 2025) and a 25% increase in the opportunity pipeline since the start of the year indicate a significant pool of future revenue. The eventual clearing of regulatory approvals and logistical bottlenecks is expected to accelerate these deployments, converting the strong project pipeline into recognized revenue.
Advancements in Grid Edge Technology, Including AI and Machine Learning: Itron is enhancing its technological offerings, particularly in grid edge intelligence. The company's collaboration with Gordian Technologies to integrate artificial intelligence (AI) and machine learning (ML) capabilities at the grid edge aims to improve operational efficiency and resilience for utilities. These innovations are crucial for deepening Itron's software capabilities and generating higher recurring revenue streams, addressing the evolving needs of its utility customers.

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Share Repurchases

In September 2024, Itron's Board of Directors authorized a new share repurchase program of up to $100 million of its common stock over an 18-month period.
A previous share repurchase program of up to $100 million was announced in May 2023, valid for 18 months.

Share Issuance

Itron's shares outstanding increased by 0.77% in 2024, reaching 0.046 billion.
Shares outstanding increased by 1.63% in 2023, reaching 0.046 billion.
Shares outstanding increased by 1.81% in 2022, totaling 0.045 billion.

Outbound Investments

In October 2025, Itron announced a definitive agreement to acquire Urbint, Inc. for $325 million, which will be funded through cash on hand. Urbint is a privately held software company specializing in AI-powered operational resilience solutions.
In March 2024, Itron completed the acquisition of Elpis2, Inc. (Elpis Squared), a privately held software and services company focused on utility grid analytics, for $35 million in cash.

Capital Expenditures

Capital expenditures were $30.56 million in 2024, $26.88 million in 2023, and $19.75 million in 2022.
Expected capital expenditures for 2025 are $22.04 million.
Itron possesses the financial strength to support new organic growth investments and allocate capital to research and development (R&D) to drive future growth.

Interactive Breakdown

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AVGO (23.9%)

Broadcom

MSFT (16.7%)

Microsoft

AAPL (10.1%)

Apple

Higher Rev Chg 3Y Avg (Value for ITRI: 10.2%)

NVDA (91.6%)

NVIDIA

MU (28.3%)

Micron Technology

AVGO (25.2%)

Broadcom

MSFT (14.4%)

Microsoft

AMD (12.9%)

Advanced Micro Devices

Higher Op Mgn LTM (Value for ITRI: 12.5%)

NVDA (58.8%)

NVIDIA

MSFT (46.7%)

Microsoft

AVGO (40.8%)

Broadcom

MU (32.5%)

Micron Technology

AAPL (32.4%)

Apple

Higher CFO/Rev LTM (Value for ITRI: 15.2%)

MU (53.6%)

Micron Technology

MSFT (52.5%)

Microsoft

NVDA (44.4%)

NVIDIA

AVGO (43.1%)

Broadcom

AAPL (31.1%)

Apple

Higher FCF/Rev LTM (Value for ITRI: 14.2%)

AVGO (42.1%)

Broadcom

NVDA (41.3%)

NVIDIA

AAPL (28.3%)

Apple

MSFT (25.3%)

Microsoft

AMD (17.0%)

Advanced Micro Devices

Higher Total Yield (Value for ITRI: 5.6%)

DELL (8.3%)

Dell Technologies

ACN (6.9%)

Accenture

ADBE (5.8%)

Adobe

QCOM (5.7%)

Qualcomm

CTSH (5.7%)

Cognizant Technology Solutions

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for ITRI: 10.2% | 1.9x)

UNH (11.4% | 0.6x)

UnitedHealth

PGR (20.6% | 1.4x)

Progressive

MCK (12.6% | 0.3x)

McKesson

CI (14.4% | 0.3x)

Cigna

COR (10.4% | 0.2x)

Cencora

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for ITRI: 10.2% | 15.2x)

UNH (11.4% | 9.8x)

UnitedHealth

NEM (23.9% | 13.2x)

Newmont

APO (89.3% | 9.7x)

Apollo Asset Management

CP (22.2% | 12.3x)

Canadian Pacific Kansas City

URI (11.7% | 12.4x)

United Rentals

Higher Rev Chg LTM (Value for ITRI: 0.1%)

LLY (45.4%)

Eli Lilly

META (22.2%)

Meta Platforms

GOOGL (13.4%)

Alphabet

AMZN (11.5%)

Amazon.com

WMT (4.3%)

Walmart

Higher Rev Chg 3Y Avg (Value for ITRI: 10.2%)

LLY (27.5%)

Eli Lilly

META (19.9%)

Meta Platforms

BRK-B (19.8%)

Berkshire Hathaway

AMZN (11.2%)

Amazon.com

GOOGL (11.0%)

Alphabet

Higher Op Mgn LTM (Value for ITRI: 12.5%)

V (67.0%)

Visa

LLY (44.4%)

Eli Lilly

META (41.4%)

Meta Platforms

GOOGL (32.2%)

Alphabet

JNJ (26.2%)

Johnson & Johnson

Higher CFO/Rev LTM (Value for ITRI: 15.2%)

META (57.6%)

Meta Platforms

GOOGL (39.3%)

Alphabet

LLY (27.0%)

Eli Lilly

AMZN (18.9%)

Amazon.com

TSLA (15.6%)

Tesla

Higher FCF/Rev LTM (Value for ITRI: 14.2%)

V (55.4%)

Visa

MA (51.8%)

Mastercard

META (22.9%)

Meta Platforms

JNJ (20.3%)

Johnson & Johnson

GOOGL (19.1%)

Alphabet

Higher Total Yield (Value for ITRI: 5.6%)

XOM (8.0%)

Exxon Mobil

BAC (7.3%)

Bank of America

JPM (6.8%)

JPMorgan Chase

JNJ (6.7%)

Johnson & Johnson

BRK-B (6.4%)

Berkshire Hathaway

Best Bets in Information Technology

What You Pay

P/EBIT (Value for ITRI: 13.1x)

VRSN (20.9x)

VeriSign

IDCC (13.9x)

InterDigital

NVDA (38.8x)

NVIDIA

APP (50.0x)

AppLovin

ADBE (13.6x)

Adobe

GEN (9.1x)

Gen Digital

DBX (10.8x)

Dropbox

YOU (18.9x)

Clear Secure

PTC (18.8x)

PTC

BOX (38.8x)

Box

P/E (Value for ITRI: 17.8x)

VRSN (28.9x)

VeriSign

IDCC (17.1x)

InterDigital

NVDA (45.5x)

NVIDIA

APP (57.8x)

AppLovin

ADBE (17.2x)

Adobe

GEN (25.7x)

Gen Digital

DBX (13.3x)

Dropbox

YOU (17.4x)

Clear Secure

PTC (25.6x)

PTC

BOX (16.4x)

Box

What You Get

Rev Chg 3Y Avg (Value for ITRI: 10.2%)

VRSN (5.2%)

VeriSign

IDCC (27.1%)

InterDigital

NVDA (91.6%)

NVIDIA

APP (36.0%)

AppLovin

ADBE (10.5%)

Adobe

GEN (16.5%)

Gen Digital

DBX (3.4%)

Dropbox

YOU (31.0%)

Clear Secure

PTC (12.4%)

PTC

BOX (6.0%)

Box

Rev Chg LTM (Value for ITRI: 0.1%)

VRSN (5.5%)

VeriSign

IDCC (28.8%)

InterDigital

NVDA (65.2%)

NVIDIA

APP (86.4%)

AppLovin

ADBE (10.5%)

Adobe

GEN (16.2%)

Gen Digital

DBX (-0.4%)

Dropbox

YOU (17.8%)

Clear Secure

PTC (19.2%)

PTC

BOX (7.2%)

Box

Rev Chg Q (Value for ITRI: -5.5%)

VRSN (7.3%)

VeriSign

IDCC (28.0%)

InterDigital

NVDA (62.5%)

NVIDIA

APP (68.2%)

AppLovin

ADBE (10.5%)

Adobe

GEN (25.3%)

Gen Digital

DBX (-0.7%)

Dropbox

YOU (15.5%)

Clear Secure

PTC (42.7%)

PTC

BOX (9.1%)

Box

FCF/Rev 3Y Avg (Value for ITRI: 7.8%)

VRSN (57.4%)

VeriSign

IDCC (54.2%)

InterDigital

NVDA (43.4%)

NVIDIA

APP (42.6%)

AppLovin

ADBE (37.9%)

Adobe

GEN (36.7%)

Gen Digital

DBX (33.4%)

Dropbox

YOU (32.5%)

Clear Secure

PTC (30.4%)

PTC

BOX (27.7%)

Box

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 24%, alpha of 2.9%, and sharpe of 1.04

Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	Itron Earnings Notes	12/24/2025
2	How Low Can Itron Stock Really Go?	10/17/2025
3	Itron vs Alphabet: Which Is A Better Investment?	08/18/2025
4	Itron vs Zebra Technologies: Which Is A Better Investment?	08/18/2025
5	How Does Itron Stock Stack Up Against Its Peers?	08/13/2025
6	Better Bet Than ITRI Stock: Pay Less Than Itron To Get More From CALM, POWL	08/12/2025
7	ITRI Dip Buy Analysis	07/10/2025
8	Itron Total Shareholder Return (TSR): 43.8% in 2024 and 16.6% 3-yr compounded annual returns (above peer average)	03/07/2025
9	Itron (ITRI) Operating Cash Flow Comparison	02/17/2025
10	ARTICLES
11	Small Cap Stocks Trading At 52-Week High	07/30/2025

	Title
0	DASHBOARDS
1	Itron Earnings Notes
2	How Low Can Itron Stock Really Go?
3	Itron vs Alphabet: Which Is A Better Investment?
4	Itron vs Zebra Technologies: Which Is A Better Investment?
5	How Does Itron Stock Stack Up Against Its Peers?
6	Better Bet Than ITRI Stock: Pay Less Than Itron To Get More From CALM, POWL
7	ITRI Dip Buy Analysis
8	Itron Total Shareholder Return (TSR): 43.8% in 2024 and 16.6% 3-yr compounded annual returns (above peer average)
9	Itron (ITRI) Operating Cash Flow Comparison
10	ARTICLES
11	Small Cap Stocks Trading At 52-Week High

Trade Ideas

Select ideas related to ITRI.

Unique Key

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PKST	Peakstone Realty Trust	0.8	33.1%	44.9%
PURR	Hyperliquid Strategies	0.7	17.8%	50.3%
FBRX	Forte Biosciences	0.6	17.8%	26.5%
SNDK	SanDisk	97.8	15.4%	180.2%
TWST	Twist Bioscience	2.8	14.0%	47.6%
AXTI	AXT	0.9	12.9%	28.1%
GERN	Geron	1.0	12.4%	16.7%
NSSC	NAPCO Security Technologies	1.5	11.2%	-1.6%
HZO	MarineMax	0.7	11.0%	23.8%
ARCB	ArcBest	2.3	10.6%	34.5%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
YEXT	Yext	0.7	-23.6%	-32.1%
KOS	Kosmos Energy	0.7	-13.9%	49.9%
SSII	SS Innovations International	0.7	-13.5%	-35.6%
VSEC	VSE	3.9	-12.6%	10.6%
SBET	SharpLink Gaming	1.2	-12.3%	-12.9%
HIVE	HIVE Digital Technologies	0.6	-11.8%	-4.7%
FWDI	Forward Industries	0.5	-11.4%	-13.0%
NIQ	NIQ Global Intelligence	4.3	-10.3%	-7.6%
HOOD	Robinhood Markets	80.0	-9.6%	-20.5%
CRK	Comstock Resources	6.4	-9.5%	-5.0%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
PKST	Peakstone Realty Trust	0.8	45.1%	44.9%
PURR	Hyperliquid Strategies	0.7	43.0%	50.3%
SNDK	SanDisk	97.8	41.3%	180.2%
MOD	Modine Manufacturing	10.3	32.0%	46.9%
VIAV	Viavi Solutions	5.7	28.5%	43.6%
LITE	Lumentum	29.8	27.4%	14.9%
AAOI	Applied Optoelectronics	2.8	26.6%	26.7%
LBRT	Liberty Energy	4.2	23.6%	41.3%
AVT	Avnet	5.2	23.2%	31.7%
BKD	Brookdale Senior Living	3.7	22.4%	45.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
PFSI	PennyMac Financial Services	4.8	-38.8%	-29.4%
U	Unity Software	12.2	-33.0%	-34.8%
CVLT	CommVault Systems	3.9	-32.5%	-30.3%
CVCO	Cavco Industries	3.7	-29.1%	-21.1%
HYMC	Hycroft Mining	1.5	-29.0%	48.1%
HUM	Humana	22.5	-29.0%	-26.9%
SSII	SS Innovations International	0.7	-28.2%	-35.6%
YEXT	Yext	0.7	-28.1%	-32.1%
HL	Hecla Mining	14.4	-28.1%	12.3%
NAVN	Navan	0.5	-28.1%	-36.8%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
IBRX	ImmunityBio	5.8	209.6%	209.6%
ERAS	Erasca	3.0	185.2%	185.2%
SNDK	SanDisk	97.8	180.2%	180.2%
CRVS	Corvus Pharmaceuticals	1.7	172.5%	172.5%
ALMS	Alumis	2.8	170.7%	170.7%
USAR	USA Rare Earth	2.3	85.8%	85.8%
ELVN	Enliven Therapeutics	1.7	82.9%	82.9%
UCTT	Ultra Clean	2.1	81.9%	81.9%
BE	Bloom Energy	36.7	79.7%	79.7%
SKYT	SkyWater Technology	1.5	72.5%	72.5%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
BBNX	Beta Bionics	0.6	-55.0%	-55.0%
ZBIO	Zenas BioPharma	0.8	-50.0%	-50.0%
BRZE	Braze	2.2	-39.5%	-39.5%
NUVB	Nuvation Bio	1.9	-37.2%	-37.2%
NAVN	Navan	0.5	-36.8%	-36.8%
FIG	Figma	9.7	-35.8%	-35.8%
SSII	SS Innovations International	0.7	-35.6%	-35.6%
U	Unity Software	12.2	-34.8%	-34.8%
YEXT	Yext	0.7	-32.1%	-32.1%
PAR	PAR Technology	1.0	-32.0%	-32.0%

Peer Comparisons

Peers to compare with:

Financials

	ITRI	XYL	BMI	MWA	GE	ROP	Median
Name	Itron	Xylem	Badger M.	Mueller .	GE Aeros.	Roper Te.
Mkt Price	100.45	139.88	151.83	27.91	308.71	372.61	145.86
Mkt Cap	4.6	34.1	4.5	4.4	324.8	40.1	19.3
Rev LTM	2,408	8,894	901	1,430	45,854	7,721	5,065
Op Inc LTM	301	1,232	180	269	8,680	2,172	767
FCF LTM	342	925	166	172	7,264	2,406	633
FCF 3Y Avg	186	753	129	142	5,090	1,995	470
CFO LTM	366	1,273	181	219	8,537	2,524	820
CFO 3Y Avg	212	1,053	141	189	6,145	2,101	633

Growth & Margins

	ITRI	XYL	BMI	MWA	GE	ROP	Median
Name	Itron	Xylem	Badger M.	Mueller .	GE Aeros.	Roper Te.
Rev Chg LTM	0.1%	5.6%	12.1%	8.7%	18.5%	14.0%	10.4%
Rev Chg 3Y Avg	10.2%	18.9%	17.7%	4.7%	18.3%	14.1%	15.9%
Rev Chg Q	-5.5%	7.8%	13.1%	9.4%	17.6%	14.3%	11.2%
QoQ Delta Rev Chg LTM	-1.4%	1.9%	3.1%	2.3%	4.3%	3.4%	2.7%
Op Mgn LTM	12.5%	13.9%	19.9%	18.8%	18.9%	28.1%	18.9%
Op Mgn 3Y Avg	9.8%	12.1%	18.3%	15.3%	15.5%	28.3%	15.4%
QoQ Delta Op Mgn LTM	0.5%	0.6%	0.0%	1.4%	-1.6%	0.1%	0.3%
CFO/Rev LTM	15.2%	14.3%	20.1%	15.3%	18.6%	32.7%	17.0%
CFO/Rev 3Y Avg	9.0%	13.0%	17.6%	14.0%	14.4%	30.4%	14.2%
FCF/Rev LTM	14.2%	10.4%	18.5%	12.0%	15.8%	31.2%	15.0%
FCF/Rev 3Y Avg	7.8%	9.2%	16.1%	10.5%	11.9%	28.9%	11.2%

Valuation

	ITRI	XYL	BMI	MWA	GE	ROP	Median
Name	Itron	Xylem	Badger M.	Mueller .	GE Aeros.	Roper Te.
Mkt Cap	4.6	34.1	4.5	4.4	324.8	40.1	19.3
P/S	1.9	3.8	5.0	3.0	7.1	5.2	4.4
P/EBIT	13.1	27.9	24.9	15.9	30.0	17.5	21.2
P/E	17.8	35.9	32.2	22.7	37.3	25.5	28.9
P/CFO	12.5	26.8	24.7	19.9	38.0	15.9	22.3
Total Yield	5.6%	3.9%	4.0%	4.9%	2.7%	4.8%	4.4%
Dividend Yield	0.0%	1.1%	0.9%	0.5%	0.0%	0.9%	0.7%
FCF Yield 3Y Avg	4.3%	2.5%	2.4%	4.3%	2.7%	3.8%	3.3%
D/E	0.3	0.1	0.0	0.1	0.1	0.2	0.1
Net D/E	-0.0	0.0	-0.0	0.0	0.0	0.2	0.0

Returns

	ITRI	XYL	BMI	MWA	GE	ROP	Median
Name	Itron	Xylem	Badger M.	Mueller .	GE Aeros.	Roper Te.
1M Rtn	6.3%	2.0%	-13.9%	16.6%	-3.8%	-14.3%	-0.9%
3M Rtn	-6.0%	-5.9%	-16.3%	8.6%	0.1%	-16.8%	-5.9%
6M Rtn	-20.1%	-2.3%	-17.9%	17.2%	12.0%	-31.6%	-10.1%
12M Rtn	-6.4%	14.1%	-28.5%	22.7%	52.5%	-34.8%	3.8%
3Y Rtn	69.5%	37.7%	28.1%	108.2%	379.2%	-11.8%	53.6%
1M Excs Rtn	6.3%	0.8%	-14.9%	15.3%	-1.7%	-18.0%	-0.4%
3M Excs Rtn	-10.1%	-9.7%	-18.2%	7.0%	-2.8%	-18.1%	-9.9%
6M Excs Rtn	-30.3%	-12.9%	-27.7%	3.9%	3.0%	-42.8%	-20.3%
12M Excs Rtn	-21.4%	1.3%	-41.6%	7.7%	36.1%	-49.2%	-10.1%
3Y Excs Rtn	9.9%	-28.7%	-38.3%	67.1%	312.2%	-86.4%	-9.4%

FDIC Bank Data

Bank Capital

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Bank Deposits

null

Bank Assets

null

Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	10/30/2025	2/25/2025	2/26/2024	2/27/2023	2/28/2022	2/24/2021	2/27/2020
Key Financials
Total Revenue	2,408	2,441	2,174	1,796	1,982	2,173	2,502
EBITDA	402	356	191	58	-11	85	240
Operating Income	301	267	174	21	40	86	139
Net Income	258	239	97	-10	-81	-58	49
EPS	5.66	5.27	2.13	-0.22	-1.83	-1.44	1.24
Growth Rates
Total Revenue Growth	0.1%	12.3%	21.1%	-9.4%	-8.8%	-13.2%	5.3%
EBITDA Growth	22.3%	86.0%	231.6%	624.0%	-113.0%	-64.7%	235.3%
Operating Income Growth	16.9%	54.1%	729.4%	-47.2%	-54.2%	-37.8%	405.5%
Net Income Growth	14.3%	146.7%	1095.9%	88.0%	-40.2%	-218.3%	149.4%
Margins
EBITDA Margin	16.7%	14.6%	8.8%	3.2%	-0.6%	3.9%	9.6%
Operating Income Margin	12.5%	11.0%	8.0%	1.2%	2.0%	4.0%	5.6%
Net Income Margin	10.7%	9.8%	4.5%	-0.5%	-4.1%	-2.7%	2.0%
Cash & Debt
Total Cash	1,332	1,051	302	202	163	207	150
Total Debt	1,270	1,268	487	497	508	988	1,001
Net Debt / (Cash)	-62	217	185	295	345	781	851
Cash Flows
Net Cash from Operations	366	238	125	24	155	110	173
Free Cash from Operations	342	208	98	5	120	63	112
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	-0	100	-0	17	8	-0	25

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	10/30/2025	7/31/2025	5/1/2025	2/25/2025	10/31/2024	8/1/2024	5/2/2024	2/26/2024	11/2/2023	8/3/2023	5/4/2023	2/27/2023
Key Financials Quarterly
Total Revenue	582	607	607	613	615	609	603	577	561	541	495	467
Ebitda	107	101	100	94	101	83	80	65	72	50	4	29
Operating Income	82	78	76	66	74	64	63	56	54	37	26	10
Net Income	66	68	65	58	78	51	52	44	40	24	-12	22
EPS	1.43	1.50	1.44	1.29	1.73	1.12	1.13	0.98	0.88	0.53	-0.26	0.49
Key Financials TTM
Total Revenue TTM	2,408	2,442	2,445	2,441	2,405	2,350	2,282	2,174	2,064	1,924	1,815	1,796
Ebitda TTM	402	397	378	358	329	300	267	191	155	107	39	58
Operating Income TTM	301	293	280	267	258	238	210	174	127	79	44	21
Net Income TTM	258	270	253	239	225	188	160	97	75	39	-22	-10
Growth Rates Quarterly
Total Revenue Growth	-5.5%	-0.4%	0.6%	6.2%	9.8%	12.6%	22.0%	23.5%	33.2%	25.3%	4.1%	-3.7%
EBITDA Growth	5.6%	22.2%	25.2%	45.1%	40.5%	65.1%	1709.5%	126.6%	199.4%	376.5%	-81.0%	132.6%
Operating Income Growth	10.9%	20.4%	20.2%	17.0%	36.1%	76.3%	140.2%	454.1%	751.0%	2067.4%	881.1%	163.6%
Net Income Growth	-15.8%	33.2%	26.6%	30.9%	94.1%	112.0%	537.0%	99.8%	875.8%	165.5%	-1406.4%	137.7%
Margins Quarterly
EBITDA Margin	18.3%	16.7%	16.5%	15.4%	16.4%	13.6%	13.2%	11.3%	12.8%	9.3%	0.9%	6.1%
Operating Income Margin	14.1%	12.8%	12.5%	10.8%	12.0%	10.6%	10.4%	9.8%	9.7%	6.8%	5.3%	2.2%
Net Income Margin	11.3%	11.3%	10.8%	9.5%	12.7%	8.4%	8.6%	7.7%	7.2%	4.5%	-2.4%	4.8%
Cash & Debt
Total Cash	1,332	1,224	1,123	1,051	983	921	301	302	255	233	196	202
Total Debt	1,270	1,272	1,266	1,268	1,270	1,268	487	487	487	490	493	497
Net Debt / (Cash)	-62	48	143	217	287	348	186	185	233	257	297	295
Cash Flows Quarterly
FCF from Operations	118	97	72	80	65	52	41	48	34	42	1	-13
Cash Flows TTM
FCF from Operations TTM	366	314	269	238	206	175	165	125	64	45	18	24
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	14.8%	14.9%	13.7%	12.3%	15.0%	10.4%	10.4%	10.6%	8.1%	5.4%	5.2%	2.0%
Return on Invested Capital (ROIC) TTM
ROIC TTM	14.7%	14.6%	13.5%	12.6%	11.8%	9.9%	8.6%	7.0%	5.6%	4.0%	1.5%	0.6%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Networked Solutions	1,450	1,119	1,093	1,249	1,417
Device Solutions	456	439	645	694	859
Outcomes	268	238	244	230	226
Total	2,174	1,796	1,982	2,173	2,502

Operating Income by Segment

$ Mil	2024	2023	2022	2021	2020
Networked Solutions	369	248	254	308	397
Device Solutions	66	27	57	41	98
Outcomes	50	46	51	48	44
Corporate unallocated	-356	-329	-442	-407	-406
Total	129	-7	-79	-10	133

Price Behavior

Price Behavior

Market Price	$100.45
Market Cap ($ Bil)	4.6
First Trading Date	11/05/1993
Distance from 52W High	-27.4%
	50 Days	200 Days
DMA Price	$97.26	$115.32
DMA Trend	indeterminate	down
Distance from DMA	3.3%	-12.9%
	3M	1YR
Volatility	24.9%	39.1%
Downside Capture	149.02	127.48
Upside Capture	98.90	100.74
Correlation (SPY)	46.9%	49.7%

ITRI Betas & Captures as of 1/31/2026

	1M	2M	3M	6M	1Y	3Y
Beta	1.69	1.57	1.16	1.68	1.01	1.09
Up Beta	2.86	2.42	-0.49	1.07	0.89	1.15
Down Beta	1.91	1.68	1.58	2.21	1.02	1.00
Up Capture	175%	132%	133%	109%	98%	132%
Bmk +ve Days	11	22	34	71	142	430
Stock +ve Days	13	21	30	63	130	372
Down Capture	64%	134%	144%	195%	115%	103%
Bmk -ve Days	9	19	27	54	109	321
Stock -ve Days	7	20	31	62	120	379

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with ITRI
ITRI	-6.8%	39.1%	-0.08	-
Sector ETF (XLK)	25.8%	26.9%	0.83	47.5%
Equity (SPY)	16.0%	19.2%	0.64	49.9%
Gold (GLD)	66.9%	23.7%	2.11	2.1%
Commodities (DBC)	7.0%	16.3%	0.23	17.6%
Real Estate (VNQ)	2.9%	16.5%	-0.00	35.3%
Bitcoin (BTCUSD)	-19.7%	39.9%	-0.46	20.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with ITRI
ITRI	1.0%	43.8%	0.17	-
Sector ETF (XLK)	17.6%	24.7%	0.64	43.6%
Equity (SPY)	14.1%	17.1%	0.66	48.1%
Gold (GLD)	19.9%	16.6%	0.97	5.9%
Commodities (DBC)	11.4%	18.9%	0.49	13.4%
Real Estate (VNQ)	4.5%	18.8%	0.15	40.8%
Bitcoin (BTCUSD)	20.9%	57.6%	0.56	21.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with ITRI
ITRI	12.6%	42.9%	0.43	-
Sector ETF (XLK)	23.3%	24.2%	0.88	46.5%
Equity (SPY)	15.9%	17.9%	0.76	52.8%
Gold (GLD)	15.0%	15.3%	0.81	2.6%
Commodities (DBC)	8.3%	17.6%	0.39	19.8%
Real Estate (VNQ)	5.8%	20.8%	0.25	44.3%
Bitcoin (BTCUSD)	71.1%	66.4%	1.10	16.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	1152026
Short Interest: Shares Quantity	2.9 Mil
Short Interest: % Change Since 12312025	6.3%
Average Daily Volume	0.6 Mil
Days-to-Cover Short Interest	5.2 days
Basic Shares Quantity	45.7 Mil
Short % of Basic Shares	6.4%

Returns Analyses

	Title
0	How Low Can Itron Stock Really Go?
1	Itron Stock Return Comparison
2	[9/30/2021] Itron (ITRI) Stock Price Forecast: AI Forecasts ITRI Stock Price To Be Around $78.2 In A Month (Up 3.4%)
3	Itron (ITRI) Stock Return: AI Predicts ITRI Average and Excess Return After a Fall or Rise

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
10/30/2025	-21.1%	-22.5%	-29.5%
7/31/2025	-10.0%	-9.5%	-10.8%
2/25/2025	9.9%	15.0%	16.9%
10/31/2024	7.6%	17.6%	14.1%
8/1/2024	4.5%	-8.0%	-1.8%
2/26/2024	22.1%	24.4%	19.1%
11/2/2023	12.8%	13.0%	21.4%
8/3/2023	-0.2%	-10.1%	-10.9%
...
SUMMARY STATS
# Positive	6	9	7
# Negative	13	10	12
Median Positive	11.3%	13.0%	17.2%
Median Negative	-7.2%	-9.7%	-14.0%
Max Positive	22.1%	24.4%	21.4%
Max Negative	-26.4%	-22.5%	-30.7%

	Forward Returns
10/30/2025	-21.1%	-22.5%	-29.5%
7/31/2025	-10.0%	-9.5%	-10.8%
2/25/2025	9.9%	15.0%	16.9%
10/31/2024	7.6%	17.6%	14.1%
8/1/2024	4.5%	-8.0%	-1.8%
2/26/2024	22.1%	24.4%	19.1%
11/2/2023	12.8%	13.0%	21.4%
8/3/2023	-0.2%	-10.1%	-10.9%
2/27/2023	-5.3%	3.9%	-3.9%
11/3/2022	-7.2%	8.5%	17.2%
8/4/2022	-13.6%	-9.8%	-18.5%
2/28/2022	-12.9%	-13.5%	-6.2%
11/4/2021	-1.7%	-7.8%	-22.7%
8/5/2021	-26.4%	-16.4%	-14.3%
2/24/2021	18.5%	21.1%	-13.7%
11/2/2020	-1.1%	0.7%	18.8%
8/3/2020	-6.4%	-6.9%	-16.3%
5/4/2020	-16.1%	-8.2%	1.8%
2/24/2020	-2.0%	0.7%	-30.7%
SUMMARY STATS
# Positive	6	9	7
# Negative	13	10	12
Median Positive	11.3%	13.0%	17.2%
Median Negative	-7.2%	-9.7%	-14.0%
Max Positive	22.1%	24.4%	21.4%
Max Negative	-26.4%	-22.5%	-30.7%

SEC Filings

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Report Date	Filing Date	Filing
09/30/2025	10/30/2025	10-Q
06/30/2025	07/31/2025	10-Q
03/31/2025	05/01/2025	10-Q
12/31/2024	02/25/2025	10-K
09/30/2024	10/31/2024	10-Q
06/30/2024	08/01/2024	10-Q
03/31/2024	05/02/2024	10-Q
12/31/2023	02/26/2024	10-K
09/30/2023	11/02/2023	10-Q
06/30/2023	08/03/2023	10-Q
03/31/2023	05/04/2023	10-Q
12/31/2022	02/27/2023	10-K
09/30/2022	11/03/2022	10-Q
06/30/2022	08/04/2022	10-Q
03/31/2022	05/02/2022	10-Q
12/31/2021	02/28/2022	10-K

Insider Activity

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#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Reeves, Donald L Iii	SVP, Outcomes	Direct	Sell	12112025	96.64	526	50,833	1,791,899	Form
2	Wright, David Marshall	VP, Corp. Controller & CAO	Direct	Sell	11252025	96.51	104	10,037	731,613	Form
3	Ware, Christopher E	SVP, GC & Corp. Secretary	Direct	Sell	11252025	96.51	343	33,102	1,811,806	Form
4	Deitrich, Thomas	President & CEO	Direct	Sell	11252025	96.51	1,750	168,886	25,186,934	Form
5	Marcolini, John F	SVP, Networked Solutions	Direct	Sell	11252025	96.51	553	53,368	1,335,934	Form

Collapse to Preview

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Reeves, Donald L Iii	SVP, Outcomes	Direct	Sell	12112025	96.64	526	50,833	1,791,899	Form
2	Wright, David Marshall	VP, Corp. Controller & CAO	Direct	Sell	11252025	96.51	104	10,037	731,613	Form
3	Ware, Christopher E	SVP, GC & Corp. Secretary	Direct	Sell	11252025	96.51	343	33,102	1,811,806	Form
4	Deitrich, Thomas	President & CEO	Direct	Sell	11252025	96.51	1,750	168,886	25,186,934	Form
5	Marcolini, John F	SVP, Networked Solutions	Direct	Sell	11252025	96.51	553	53,368	1,335,934	Form
6	Patrick, Justin K	SVP, Device Solutions	Direct	Sell	11252025	96.51	379	36,576	1,966,987	Form
7	Pulatie-Hahn, Laurie Ann	SVP, HR	Direct	Sell	11252025	96.51	108	10,423	2,115,896	Form
8	Hooper, Joan S	SVP & CFO	Direct	Sell	11252025	96.51	948	91,488	8,439,072	Form
9	Reeves, Donald L Iii	SVP, Outcomes	Direct	Sell	11252025	96.51	536	51,727	1,840,178	Form
10	Hooper, Joan S	SVP & CFO	Direct	Sell	8262025	125.31	970	121,548	11,076,396	Form
11	Deitrich, Thomas	President & CEO	Direct	Sell	8262025	125.31	1,786	223,798	32,922,937	Form
12	Marcolini, John F	SVP, Networked Solutions	Direct	Sell	8262025	125.31	565	70,799	1,803,921	Form
13	Patrick, Justin K	SVP, Device Solutions	Direct	Sell	8262025	125.31	388	48,619	2,601,501	Form
14	Pulatie-Hahn, Laurie Ann	SVP, HR	Direct	Sell	8262025	125.31	110	13,784	2,770,415	Form
15	Reeves, Donald L Iii	SVP, Outcomes	Direct	Sell	8262025	125.31	547	68,543	2,456,520	Form
16	Ware, Christopher E	SVP, GC & Corp. Secretary	Direct	Sell	8262025	125.31	351	43,983	2,395,496	Form
17	Wright, David Marshall	VP, Corp. Controller & CAO	Direct	Sell	8262025	125.31	106	13,283	962,985	Form
18	Pulatie-Hahn, Laurie Ann	SVP, HR	Direct	Sell	8122025	124.65	78	9,722	2,769,521	Form
19	Patrick, Justin K	SVP, Device Solutions	Direct	Sell	6112025	121.77	9,036	1,100,314	2,575,314	Form
20	Marcolini, John F	SVP, Networked Solutions	Direct	Sell	6052025	119.50	6,904	825,028	1,787,840	Form
21	Deitrich, Thomas	President & CEO	Direct	Sell	6052025	119.71	35,461	4,245,141	31,368,148	Form
22	Marcolini, John F	SVP, Networked Solutions	Direct	Sell	6042025	116.73	3,783	441,590	2,552,301	Form
23	Wright, David Marshall	VP, Corp. Controller & CAO	Direct	Sell	5282025	114.95	102	11,724	895,537	Form
24	Ware, Christopher E	SVP, GC & Corp. Secretary	Direct	Sell	5282025	114.95	339	38,966	2,237,751	Form
25	Reeves, Donald L Iii	SVP, Outcomes	Direct	Sell	5282025	114.95	529	60,806	2,316,259	Form
26	Pulatie-Hahn, Laurie Ann	SVP, HR	Direct	Sell	5282025	114.95	107	12,299	2,562,931	Form
27	Patrick, Justin K	SVP, Device Solutions	Direct	Sell	5282025	114.95	375	43,104	3,469,618	Form
28	Marcolini, John F	SVP, Networked Solutions	Direct	Sell	5282025	114.95	546	62,760	2,513,275	Form
29	Hooper, Joan S	SVP & CFO	Direct	Sell	5282025	114.95	938	107,819	10,271,954	Form
30	Deitrich, Thomas	President & CEO	Direct	Sell	5282025	114.95	1,729	198,740	30,118,835	Form
31	Ware, Christopher E	SVP, GC & Corp. Secretary	Direct	Sell	5132025	109.93	416	45,731	2,177,368	Form
32	Pulatie-Hahn, Laurie Ann	SVP, HR	Direct	Sell	5132025	109.93	76	8,355	2,462,854	Form
33	Hemmingsen, Mary C		Direct	Sell	5072025	108.70	5,150	559,820	103,485	Form
34	Hemmingsen, Mary C		Direct	Sell	2282025	107.27	750	80,452	603,930	Form
35	Wright, David Marshall	VP, Corp. Controller & CAO	Direct	Sell	2262025	102.45	215	22,028	808,674	Form
36	Ware, Christopher E	SVP, GC & Corp. Secretary	Direct	Sell	2262025	102.45	103	10,553	2,071,939	Form
37	Reeves, Donald L Iii	SVP, Outcomes	Direct	Sell	2262025	104.72	4,591	480,780	2,165,656	Form
38	Pulatie-Hahn, Laurie Ann	SVP, HR	Direct	Sell	2262025	102.45	273	27,970	2,303,179	Form
39	Patrick, Justin K	SVP, Device Solutions	Direct	Sell	2262025	102.45	321	32,888	3,131,013	Form
40	Marcolini, John F	SVP, Networked Solutions	Direct	Sell	2262025	102.45	642	65,776	2,296,110	Form
41	Hooper, Joan S	SVP & CFO	Direct	Sell	2262025	102.45	1,774	181,754	9,251,855	Form
42	Deitrich, Thomas	President & CEO	Direct	Sell	2262025	102.45	3,297	337,793	27,023,118	Form
43	Wright, David Marshall	VP, Corp. Controller & CAO	Direct	Sell	2252025	92.90	317	29,448	753,208	Form
44	Ware, Christopher E	SVP, GC & Corp. Secretary	Direct	Sell	2252025	92.90	648	60,197	1,888,222	Form
45	Reeves, Donald L Iii	SVP, Outcomes	Direct	Sell	2252025	92.90	1,048	97,356	2,347,598	Form
46	Pulatie-Hahn, Laurie Ann	SVP, HR	Direct	Sell	2252025	92.90	484	44,962	2,113,683	Form
47	Patrick, Justin K	SVP, Device Solutions	Direct	Sell	2252025	92.90	650	60,383	2,868,749	Form
48	Marcolini, John F	SVP, Networked Solutions	Direct	Sell	2252025	92.90	1,553	144,269	2,141,552	Form
49	Hooper, Joan S	SVP & CFO	Direct	Sell	2252025	92.90	2,322	215,707	8,553,575	Form
50	Deitrich, Thomas	President & CEO	Direct	Sell	2252025	92.90	4,435	411,998	24,808,489	Form
51	Reeves, Donald L Iii	SVP, Outcomes	Direct	Sell	2212025	97.28	2,387	232,208	2,560,318	Form
52	Patrick, Justin K	SVP, Device Solutions	Direct	Sell	2212025	97.28	1,647	160,220	3,067,342	Form
53	Marcolini, John F	SVP, Networked Solutions	Direct	Sell	2212025	97.28	3,382	329,002	2,393,677	Form
54	Hooper, Joan S	SVP & CFO	Direct	Sell	2212025	97.28	9,246	899,453	9,183,056	Form
55	Deitrich, Thomas	President & CEO	Direct	Sell	2212025	97.28	28,490	2,771,513	26,410,504	Form
56	Pulatie-Hahn, Laurie Ann	SVP, HR	Direct	Sell	2122025	103.44	96	9,931	1,822,369	Form
57	Deitrich, Thomas	President & CEO	Direct	Sell	1062025	110.20	34,787	3,833,458	22,523,700	Form
58	Deitrich, Thomas	President & CEO	Direct	Sell	1032025	110.11	2,954	325,265	22,505,713	Form

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Itron (ITRI)

Market Price (2/3/2026): $100.46 | Market Cap: $4.6 BilSector: Information Technology | Industry: Electronic Equipment & Instruments

Itron (ITRI)

Market Price (2/3/2026): $100.46Market Cap: $4.6 BilSector: Information TechnologyIndustry: Electronic Equipment & Instruments

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Itron (ITRI)

Interactive Breakdown

Better Bets vs. Itron (ITRI)

INDUSTRY: Electronic Equipment & Instruments

Higher Rev Chg 3Y Avg | Lower P/S (Values for ITRI: 10.2% | 1.9x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for ITRI: 10.2% | 15.2x)

Higher Rev Chg LTM (Value for ITRI: 0.1%)

Higher Rev Chg 3Y Avg (Value for ITRI: 10.2%)

Higher Op Mgn LTM (Value for ITRI: 12.5%)

Higher CFO/Rev LTM (Value for ITRI: 15.2%)

Higher FCF/Rev LTM (Value for ITRI: 14.2%)

Higher Total Yield (Value for ITRI: 5.6%)

SECTOR: Information Technology

Higher Rev Chg 3Y Avg | Lower P/S (Values for ITRI: 10.2% | 1.9x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for ITRI: 10.2% | 15.2x)

Higher Rev Chg LTM (Value for ITRI: 0.1%)

Higher Rev Chg 3Y Avg (Value for ITRI: 10.2%)

Higher Op Mgn LTM (Value for ITRI: 12.5%)

Higher CFO/Rev LTM (Value for ITRI: 15.2%)

Higher FCF/Rev LTM (Value for ITRI: 14.2%)

Higher Total Yield (Value for ITRI: 5.6%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for ITRI: 10.2% | 1.9x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for ITRI: 10.2% | 15.2x)

Higher Rev Chg LTM (Value for ITRI: 0.1%)

Higher Rev Chg 3Y Avg (Value for ITRI: 10.2%)

Higher Op Mgn LTM (Value for ITRI: 12.5%)

Higher CFO/Rev LTM (Value for ITRI: 15.2%)

Higher FCF/Rev LTM (Value for ITRI: 14.2%)

Higher Total Yield (Value for ITRI: 5.6%)

Best Bets in Information Technology

P/EBIT (Value for ITRI: 13.1x)

P/E (Value for ITRI: 17.8x)

Rev Chg 3Y Avg (Value for ITRI: 10.2%)

Rev Chg LTM (Value for ITRI: 0.1%)

Rev Chg Q (Value for ITRI: -5.5%)

FCF/Rev 3Y Avg (Value for ITRI: 7.8%)

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Market Price (2/3/2026): $100.46 | Market Cap: $4.6 Bil
Sector: Information Technology | Industry: Electronic Equipment & Instruments

Market Price (2/3/2026): $100.46
Market Cap: $4.6 Bil
Sector: Information Technology
Industry: Electronic Equipment & Instruments