Itron, Inc. (ITRI)

Itron, Inc., a technology, solutions, and service company, provides end-to-end solutions that help manage energy, water, and smart city operations worldwide. It operates in four segments: Device Solutions, Networked Solutions, Outcomes, and Resiliency Solution. The Device Solutions segment offers hardware products that are used for measurement, control, or sensing, such as standard gas, electricity, water, and communicating meters, as well as heat and allocation products. The Networked Solutions segment provides communicating devices, such as smart meters, modules, endpoints, and sensors; network infrastructure; network design services; and associated heat-end management and application software for acquiring and transporting application-specific data. This segment also products and software for the implementation, installation, and management of communicating devices and data networks; offers industrial internet of things solutions, including automated meter reading; advanced metering infrastructure for electricity, water, and gas; distributed energy resource management; grid edge devices; distribution automation communications; smart lighting; and smart city sensors and applications. The Outcomes segment provides value-added, enhanced software and services, artificial intelligence, and machine learning, statistical modeling, and other analytics. The Resiliency Solutions segment offers software and services. The company 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 serves utility and smart city customers, and municipalities through its sales force, distributors, agents, partners, and meter manufacturer representatives. Itron, Inc. was incorporated in 1977 and is headquartered in Liberty Lake, Washington.

Ticker
ITRI
Exchange
Nasdaq
Sector
Technology
Industry
Scientific & Technical Instruments
Market cap
$4.32B
52-week range
$77.77 - $108.20

Valuation

Share price
$98.44 (close of Nov 6, 2026)
P/E (TTM)
15.65x
Price to book
2.51x
Price to free cash flow
11.74x
Enterprise value
$5.09B
Book value per share
$39.21

Price performance

PeriodChange
1 day-1.03%
5 days+2.73%
1 month+11.37%
3 months-4.26%
6 months+18.65%
Year to date+6.01%
1 year-7.12%
3 years+51.47%
5 years+24.42%
10 years+70.46%
All time+545.51%

Short interest

As of
Oct 15, 2026
Short % of float
19.47%
Shares short
5.97M
Days to cover
10.41
Change since prior report
+0.35%
Source
FINRA consolidated short interest

Profitability and growth

Return on equity
17.32%
Return on invested capital
9.12%
Return on assets
8.09%
Return on capital employed
11.56%
Gross margin
37.69%
Net margin
12.72%
EBITDA margin
15.32%
Revenue growth
-3.02%
Net income growth
25.91%
Free cash flow growth
84.51%

Cash flow and balance sheet

Free cash flow yield (TTM)
8.51%
Current ratio
2.83x
Net debt to EBITDA
1.89x

Latest reported year

Period end
Dec 31, 2025
Fiscal year
2025
Revenue
$2.37B
Cost of revenue
$1.48B
Gross profit
$892.12M
EBITDA
$362.58M
Net income
$301.06M
Earnings per share
$6.62
Research and development
$207.04M
Interest expense
$22.45M
Shares outstanding
45.49M

Income statement by year

Period endRevenueGross profitNet incomeEPS
2025-12-31$2.37B$892.12M$301.06M$6.62
2024-12-31$2.44B$839.32M$239.10M$5.27
2023-12-31$2.17B$713.91M$96.92M$2.13
2022-12-31$1.80B$522.19M-$9.73M-$0.22
2021-12-31$1.98B$573.17M-$81.25M-$1.83
2020-12-31$2.17B$602.17M-$57.95M-$1.44
2019-12-31$2.50B$752.32M$49.01M$1.24
2018-12-31$2.38B$730.32M-$99.25M-$2.53
2017-12-31$2.02B$676.75M$57.30M$1.48
2016-12-31$2.01B$662.53M$31.77M$0.83

Margins and returns by year

Period endGross marginNet marginReturn on equityReturn on capital
2025-12-3137.69%12.72%17.32%9.12%
2024-12-3134.39%9.80%16.94%8.24%
2023-12-3132.84%4.46%7.28%5.49%
2022-12-3129.08%-0.54%-0.82%-0.22%
2021-12-3128.92%-4.10%-7.11%-2.38%
2020-12-3127.71%-2.67%-6.90%-0.56%
2019-12-3130.06%1.96%6.12%6.16%
2018-12-3130.74%-4.18%-13.52%-2.12%
2017-12-3133.53%2.84%7.11%5.68%
2016-12-3132.91%1.58%4.89%5.38%

Cash and debt by year

Period endCashDebt
2025-12-31$1.02B$788.80M
2024-12-31$1.05B$1.24B
2023-12-31$302.05M$454.83M
2022-12-31$202.01M$452.53M
2021-12-31$162.58M$450.23M
2020-12-31$206.93M$902.58M
2019-12-31$149.90M$932.48M
2018-12-31$122.33M$988.18M
2017-12-31$176.27M$593.57M
2016-12-31$133.56M$290.46M

Free cash flow by year

Period endFree cash flowStock-based compensation
2025-12-31$383.06M$62.45M
2024-12-31$207.61M$43.87M
2023-12-31$98.09M$28.36M
2022-12-31$4.75M$21.88M
2021-12-31$120.11M$23.62M
2020-12-31$63.31M$25.05M
2019-12-31$112.09M$26.96M
2018-12-31$49.80M$31.26M
2017-12-31$141.86M$21.41M
2016-12-31$72.30M$18.04M

Investor relations

Past earnings dates

ReportedFiscal periodEPS estimate
2026-10-27Sep 2026$1.57
2026-07-28Jun 2026$1.30
2026-04-28Mar 2026$1.26
2026-02-17Dec 2025$2.19
2025-10-30Sep 2025$1.48
2025-07-31Jun 2025$1.33
2025-05-01Mar 2025$1.30
2025-02-25Dec 2024$1.05

Filings and sources

Company website
na.itron.com
SEC filings
10-K, 10-Q and 8-K on EDGAR
Earnings calendar
All upcoming reports

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