# Itron, Inc. (ITRI)

> Source: Nexqual · https://nexqual.com/ITRI · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, Itron, Inc. (ITRI), nexqual.com/ITRI" · informational, not investment advice.

**Price:** USD 87.65 (-0.59% on the day) · last close of Oct 23, 2026; US market closed, not a live price. Prev close 88.17 · day 85.93–88.47 · 52w 77.77–142 · market cap $3.84B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $2.30B, net income $274M (11.9% margin), free cash flow $385M (SEC filings).
- Valuation: P/E 14.0x (avg 23.7x at the last 3 fiscal year-ends), EV/EBITDA 12.8x, net debt $865M.
- 1 of 80 tracked superinvestors hold ITRI (13F, Q2 2026): 1 new, 0 added, 0 reduced, 0 unchanged.
- Analysts: Buy (mean 1.91 on a 1–5 scale) (11 analysts), mean target USD 128.44 (range 107–150).
- Total return with dividends: 1Y -35.5% vs S&P 500 +13.4%; 5Y +12.7% vs S&P 500 +76.9%.
- Next earnings: 2026-10-27, EPS estimate USD 1.56, revenue estimate $595M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.98B | $1.80B | $2.17B | $2.44B | $2.37B | $2.30B |
| Gross profit | $573M | $522M | $714M | $839M | $892M | — |
| Operating income | -$79.3M | -$7.4M | $129M | $264M | $313M | $304M |
| Net income | -$81.3M | -$9.7M | $96.9M | $239M | $301M | $274M |
| EPS (diluted) | -$1.83 | -$0.22 | $2.11 | $5.18 | $6.50 | — |
| Free cash flow | $120M | $4.8M | $98.1M | $208M | $383M | $385M |
| Gross margin | 28.9% | 29.1% | 32.8% | 34.4% | 37.7% | — |
| Operating margin | -4.0% | -0.4% | 5.9% | 10.8% | 13.2% | 13.2% |
| Net margin | -4.1% | -0.5% | 4.5% | 9.8% | 12.7% | 11.9% |
| Revenue growth | -8.8% | -9.4% | +21.1% | +12.3% | -3.0% | — |
| Cash + short-term investments | $163M | $202M | $302M | $1.05B | $1.02B | — |
| Total debt | $460M | $460M | $460M | $1.26B | $1.26B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 14.0x · P/S 1.7x · EV/EBITDA 12.8x · EV/Sales 2.0x · P/FCF 10.0x · P/B 2.4x · FCF yield 10.04% · Earnings yield 7.14% · Buyback yield (TTM) 6.57% · Net debt $865M · EV $4.70B
P/E at fiscal year-ends: Dec 2025 14.3x, Dec 2024 21.0x, Dec 2023 35.7x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold ITRI. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| First Eagle Investment | First Eagle Investment Management | 0.02% | $10.8M | New position |

## Analysts
Consensus Buy (mean 1.91 on a 1–5 scale), 11 analysts; mean target USD 128.44 (low 107, high 150).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-07-29 | Needham | Target raised | Buy | $116 → $128 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -35.5% | +12.7% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | -35.6% | +2.4% |
| Volatility (annualized) | 47.5% | 40.2% |
| Max drawdown | -43.5% (Oct 2025→May 2026) | -46.8% (Nov 2021→Sep 2022) |

## Peers (Scientific & Technical Instruments)
BMI (Badger Meter, Inc.) USD 151.24 +1.07% · VNT (Vontier Corporation) USD 34.36 -0.52% · NOVT (Novanta Inc.) USD 140.8 +3.03% · ST (Sensata Technologies Holding pl) USD 40.38 -0.79% · ESE (ESCO Technologies Inc.) USD 232.1 -0.38% · CGNX (Cognex Corporation) USD 55.55 +1.74%

## More
Full page: https://nexqual.com/ITRI · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in ITRI's own 10-K filed 2026-02-17 (https://www.sec.gov/Archives/edgar/data/780571/000078057126000033/itri-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Urbint | "The acquisition provides value to Itron through the leverage of Urbint's artificial intelligence (AI)-powered operational resilience solutions to enhance our offerings to our customers." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Networked Solutions | $339.2M | 60.3% | -17.0% |
| Device Solutions | $111.4M | 19.8% | -1.2% |
| Outcomes | $96.4M | 17.1% | +13.3% |
| Resiliency Solutions | $15.8M | 2.8% | — |
| Total revenue | $562.9M | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product revenues | $453.5M | 80.6% | -12.3% |
| Service revenues | $109.4M | 19.4% | +22.2% |
| Total revenue | $562.9M | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States and Canada | $448.3M | 79.6% | -10.4% |
| Europe, Middle East, and Africa | $83.9M | 14.9% | +6.8% |
| Asia Pacific | $30.7M | 5.5% | +11.0% |
| Total revenue | $562.9M | 100% | — |

## Customer concentration

Period ended 2024-09-30: 10.7% of revenue from unnamed direct customers (10-Q, filed 2025-10-30).

## Company outlook (8-K filed 2026-07-28)

- "Third quarter 2026 financial outlook: Revenue between $590 and $600 million Non-GAAP diluted EPS between $1.50 and $1.60 Updated full year 2026 financial outlook: Revenue between $2.37 and $2.41 billion Non-GAAP diluted EPS between $6.30 - $6.50 Earnings Conference Call Itron will host a conference call to discuss the financial results contained in this release at 10:00 a.m."

Analysts expect $595.5M for the current quarter, +0.1% vs the guidance midpoint $595.0M. Source: https://www.sec.gov/Archives/edgar/data/780571/000117184326004912/exh_991.htm

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.56 | $1.56 | +0.0% | $595.5M | 9 |
| Next quarter (ends 2026-12-31) | $1.78 | $1.66 | +7.5% | $642.8M | 8 |
| Current fiscal year (ends 2026-12-31) | $6.42 | $5.97 | +7.4% | $2.39B | 9 |
| Next fiscal year (ends 2027-12-31) | $7.00 | $6.56 | +6.7% | $2.55B | 9 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-27): ±11.6%; last 8 reports averaged ±12.8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 51.5% | ±11.6% |
| 2026-12-18 | 56 | 44.2% | ±14.0% |
| 2027-02-19 | 119 | 43.4% | ±19.9% |
| 2027-05-21 | 210 | 45.8% | ±27.7% |