Itron, Inc.
- Open
- 96.20
- Day high
- 96.20
- Day low
- 95.48
- Prev close
- 97.01
- Volume
- 17K
- Mkt cap
- $4.2B
- P/E (TTM)
- 15.8
- EPS (TTM)
- $6.08
- P/B
- 2.6
- P/S
- 1.8
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$1.9M over the last 3 months (0 open-market buys, 20 sales)
- 🏛Institutions mixed (13F)
Itron, Inc. (ITRI) is a Technology company listed on NASDAQ. The stock is down 20% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 20 sales (SEC Form 4).
Itron, Inc. (ITRI) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
ITRI earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 28, 2026 | $1.29 | $1.59 | +23.3% | $563M | -0.6% |
| Apr 28, 2026 | $1.27 | $1.49 | +17.0% | $587M | +2.4% |
| Feb 17, 2026 | $2.19 | $2.46 | +12.3% | $572M | -1.6% |
| Oct 30, 2025 | $1.48 | $1.54 | +4.1% | $582M | +3.6% |
| Jul 31, 2025 | $1.33 | $1.62 | +21.8% | $607M | +1.3% |
| May 1, 2025 | $1.30 | $1.52 | +16.9% | $607M | -0.3% |
| Oct 31, 2024 | $1.15 | $1.84 | +59.9% | $615M | +1.1% |
| Aug 1, 2024 | $0.98 | $1.21 | +24.0% | $609M | +0.9% |
| May 2, 2024 | $0.85 | $1.24 | +45.4% | $603M | +4.0% |
| Feb 26, 2024 | $0.77 | $1.23 | +59.7% | $577M | +1.6% |
| Nov 2, 2023 | $0.51 | $0.98 | +92.9% | $561M | -0.6% |
| Aug 3, 2023 | $0.31 | $0.65 | +109.7% | $541M | +6.0% |
ITRI insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 26, 2026 | Reeves Donald L. IIIofficer: SVP, Outcomes | Sell | 283 | $99.99 |
| Aug 25, 2026 | Patrick Justin Kofficer: SVP, Device Solutions | Sell | 222 | $98.79 |
| Aug 25, 2026 | Wright David Marshallofficer: VP, Corp. Controller & CAO | Sell | 76 | $98.79 |
| Aug 25, 2026 | Deitrich Thomasdirector, officer: President & CEO | Sell | 887 | $98.79 |
| Aug 25, 2026 | Marcolini John F.officer: SVP, Networked Solutions | Sell | 331 | $98.79 |
| Aug 25, 2026 | Pulatie-Hahn Laurie Annofficer: SVP, HR | Sell | 178 | $98.79 |
| Aug 25, 2026 | Hooper Joan Sofficer: SVP & CFO | Sell | 455 | $98.79 |
| Aug 25, 2026 | Ware Christopher E.officer: SVP, GC & Corp. Secretary | Sell | 200 | $98.79 |
| Aug 25, 2026 | Reeves Donald L. IIIofficer: SVP, Outcomes | Sell | 329 | $98.79 |
| Aug 24, 2026 | Reeves Donald L. IIIofficer: SVP, Outcomes | Sell | 247 | $98.87 |
| Aug 24, 2026 | Marcolini John F.officer: SVP, Networked Solutions | Sell | 275 | $97.83 |
| Aug 24, 2026 | Patrick Justin Kofficer: SVP, Device Solutions | Sell | 212 | $97.83 |
| Aug 24, 2026 | Hooper Joan Sofficer: SVP & CFO | Sell | 365 | $97.83 |
| Aug 24, 2026 | Wright David Marshallofficer: VP, Corp. Controller & CAO | Sell | 58 | $97.83 |
| Aug 24, 2026 | Hooper Joan Sofficer: SVP & CFO | Option | 4,380 | $68.45 |
Source: ITRI SEC Form 4 filings, latest Aug 26, 2026. For informational purposes only — not investment advice.
See the full ITRI insider & 13F page →Itron, Inc. company profile
Overview
Itron, Inc. (NASDAQ:ITRI) is a technology and service company founded in 1977 and headquartered in Liberty Lake, Washington. The company went public in 1993 and has evolved into a leading provider of end-to-end solutions for utilities and smart cities worldwide. Itron specializes in helping manage operations in the energy, water, and smart city sectors through its comprehensive portfolio of hardware, software, and services. The company has positioned itself as a key enabler of grid modernization and utility infrastructure transformation, serving customers across more than 100 countries.
Business
Itron operates in the utility infrastructure technology sector, providing comprehensive solutions that help utilities manage their energy and water distribution networks more efficiently. The company's business is organized into three main segments that work together to deliver integrated solutions: Device Solutions (approximately 20% of revenue) manufactures and sells hardware products used for measurement, control, and sensing in utility networks. This includes traditional utility meters for electricity, gas, and water, as well as sensors and control devices. These physical devices serve as the foundation for data collection in utility networks, measuring consumption and monitoring system performance. Networked Solutions (approximately 67% of revenue) provides the largest portion of Itron's business, offering smart meters, communication modules, network infrastructure, and associated software that enable utilities to collect and transport data from their distributed assets. This segment focuses on what Itron calls "distributed intelligence" - smart devices that can process data locally and communicate with central systems. The solutions include advanced metering infrastructure (AMI) that allows utilities to remotely read meters, detect outages, and manage their networks more effectively. Outcomes (approximately 13% of revenue) delivers value-added software and services that help utilities analyze and act on the data collected from their networks. This segment provides analytics platforms, grid management software, and consulting services that enable utilities to optimize operations, improve customer service, and enhance grid reliability. The Outcomes segment represents Itron's highest-margin business and includes both software licenses and recurring subscription services. The company's solutions address critical utility challenges including aging infrastructure, increasing demand for renewable energy integration, grid resilience requirements, and the need for more efficient resource management. Itron's technology enables utilities to transition from traditional "read-only" meter systems to intelligent networks that can automatically detect problems, optimize energy flow, and support new services like demand response and distributed energy resource management.
Revenue model
Itron generates revenue through multiple complementary business models across its three segments. The Device Solutions segment operates on a traditional product sales model, selling hardware units to utilities and their contractors. Revenue is recognized upon delivery of meters, sensors, and control devices, with pricing typically based on unit volumes and technical specifications. The Networked Solutions segment combines product sales with software licensing and services. Revenue comes from selling smart meters and communication infrastructure, along with associated software licenses and implementation services. This segment often involves larger, multi-year deployment contracts where revenue is recognized as equipment is delivered and systems are installed. The Outcomes segment operates primarily on a recurring revenue model, with approximately 70% of its revenue coming from subscription-based software services, analytics platforms, and ongoing support contracts. The remaining 30% comes from one-time implementation services and consulting. This segment typically has the highest margins due to the software-intensive nature of the offerings. Itron's customers are primarily electric, gas, and water utilities, as well as municipalities and smart city initiatives. The company serves both large investor-owned utilities and smaller municipal utilities, with payment terms typically ranging from 30-90 days depending on contract size and customer type. Several factors influence Itron's profitability margins. Positive factors include the ongoing utility infrastructure modernization trend, increasing regulatory requirements for grid reliability and efficiency, growing adoption of renewable energy requiring grid intelligence, and the shift toward higher-margin software and services revenue. Negative factors include commodity price volatility affecting component costs, supply chain constraints particularly for semiconductors, competitive pricing pressure in mature markets, foreign exchange fluctuations given the global customer base, and potential trade policy changes affecting manufacturing costs. The company has been working to mitigate margin pressure through regional manufacturing strategies, alternative sourcing arrangements, and pricing adjustments to offset cost inflation.
Competitive moat
Itron possesses a moderate but meaningful competitive moat built on several key factors. The company benefits from high customer switching costs, as utility infrastructure deployments typically involve multi-year contracts worth tens of millions of dollars, with utilities reluctant to change vendors due to integration complexity and operational risk. Once Itron's systems are deployed, utilities often prefer to expand with the same vendor to maintain compatibility and leverage existing investments. The company has developed specialized domain expertise in utility operations that creates barriers to entry. Itron's solutions must meet stringent utility-grade reliability standards, comply with complex regulatory requirements, and integrate with legacy utility systems - knowledge that takes years to develop and is difficult for new entrants to replicate quickly. Network effects provide additional protection, as Itron's distributed intelligence platform becomes more valuable as more devices and applications are connected. The company has shipped over 200 million endpoints globally, creating a substantial installed base that generates ongoing service revenue and provides insights for product development. However, Itron's moat faces several challenges. The utility technology market includes large, well-capitalized competitors like Landis+Gyr, Sensus (Xylem), and traditional technology giants like IBM and Microsoft who are expanding into utility analytics. Technological disruption represents a significant threat, as cloud-native solutions and artificial intelligence could potentially commoditize some of Itron's offerings. Additionally, utility budget constraints and long replacement cycles mean that competitive advantages can erode over time if not continuously reinforced through innovation. The strength of Itron's moat varies by segment, with the Outcomes software business having stronger defensive characteristics due to higher switching costs and recurring revenue, while the Device Solutions hardware business faces more commoditization pressure. Overall, Itron maintains a solid but not impregnable competitive position that requires ongoing investment in R&D and customer relationships to sustain.
Risks & safety
Itron demonstrates a strong financial position with adequate margin of safety across key metrics: • Liquidity and Solvency: Strong cash position of $1.1 billion with minimal debt burden (debt-to-equity ratio of 0.41), providing substantial financial flexibility. Current ratio of 1.93 indicates solid short-term liquidity. • Cash Generation: Positive free cash flow of $67 million in Q1 2025, with full-year 2024 free cash flow of $208 million demonstrating consistent cash generation ability. No significant cash burn concerns. • Valuation Metrics: Trading at P/E ratio of 18.1x and EV/EBITDA of 13.9x, which appear reasonable for a technology company with recurring revenue components. Price-to-book ratio of 3.2x reflects market recognition of intangible assets. • Operational Stability: Record backlog of $4.7 billion provides revenue visibility, with book-to-bill ratios consistently above 1.0 indicating healthy demand. Diversified customer base across multiple utility types and geographies reduces concentration risk. • Other Considerations: Potential tariff impacts estimated at $15 million EBITDA headwind, but management has outlined mitigation strategies. Foreign exchange exposure exists given global operations, though this also provides natural hedging across different markets.
Recent development
Over the past few years, Itron has undergone a significant strategic transformation focused on evolving from a traditional meter manufacturer to a comprehensive grid intelligence platform provider. The company has made substantial investments in what it calls "distributed intelligence" capabilities, shipping over 14.4 million distributed intelligence-capable endpoints and licensing more than 15 million applications. A key strategic pivot has been the emphasis on the Grid Edge Intelligence Platform, which enables utilities to deploy applications and analytics at the network edge rather than only in centralized systems. This approach allows for faster response times, reduced bandwidth requirements, and more resilient operations. The company launched Grid Edge Essentials as a comprehensive solution package and has been expanding partnerships with major technology companies including Microsoft, GE Vernova, ABB, and Schneider Electric. Itron has prioritized growing its higher-margin Outcomes segment, which achieved record quarterly revenue of $91 million in Q4 2024, representing 25% year-over-year growth. The company is targeting 75-80% recurring revenue within this segment, up from the current 70% level. Management has indicated active pursuit of merger and acquisition opportunities specifically focused on expanding Outcomes capabilities and accelerating the development of grid edge intelligence solutions. The company has also been adapting its manufacturing and supply chain strategy in response to global trade dynamics. Recent developments include implementing regional manufacturing capabilities, diversifying supplier relationships, and developing alternative sourcing strategies to mitigate potential tariff impacts. Additionally, Itron has been investing heavily in artificial intelligence and machine learning capabilities, releasing research on AI applications in the utility industry and integrating these technologies into its platform offerings. Sustainability has become a core strategic focus, with Itron achieving its goal of 50% greenhouse gas emissions reduction five years ahead of schedule. This positions the company well with utility customers who are increasingly focused on environmental, social, and governance (ESG) objectives in their vendor selection processes.
ITRI company profile · for informational purposes only — not investment advice.
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