Itron

ITRI · Nasdaq · Information Technology · Financials, fiscal 2016 to 2025

ITRI · Last close · November 6, 2026

$98.44

Itron's revenue fell 3.0% to $2.4 billion in fiscal 2025. Its operating margin was 13.2%, up from 10.8% a year earlier. Free cash flow was $383 million, up 84.5%. It paid out $100 million in dividends and buybacks, 26% of free cash flow. The diluted share count rose 0.3%.

Itron, Inc. Latest fiscal year ended December 31, 2025 10-K filed February 17, 2026 · 0000780571-26-000033 Updated November 5, 2026

Revenue

$2.4B

3.0%

Operating margin

13.2%

2.4 pts

Net income

$301M

25.9%

Free cash flow

$383M

84.5%

Return on capital

15.4%

1.0 pts

Market cap

$4.4B

Nov 6 close

P/E

15.9x

On $6.18 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Itron does

Itron sells technology and services that help utilities and cities measure and manage electricity, gas and water. Its products include meters and other sensors, communication networks that carry the data back, and software and services that turn the data into information a utility can act on.

It reports four segments: Device Solutions, mostly hardware used for measurement, control or sensing; Networked Solutions, which combines communicating devices with networks and software; Outcomes, which sells software and services; and Resiliency Solutions, a new segment starting in the fourth quarter of 2025. Its main customers are utilities.

No single customer was more than 10% of total revenue in 2025, 2024 or 2023, and its ten largest customers accounted for approximately 32% of revenue in 2025. It was incorporated in 1977 and entered meter manufacturing by buying Schlumberger Electricity Metering in 2004.

Its biggest risks, as it describes them

Utilities, its main customers, have long sales cycles and spend unevenly.
Having to keep changing its mix of products and services, which takes judgment and investment.
Shortages or delays in raw materials and parts used to make its products.
Competition that could cost it market share or force lower prices.
Product defects that disrupt operations and hurt its reputation.

From Itron's annual report on Form 10-K, filed February 17, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2016 to 2025, earnings per share grew 25.9% a year and net income 28.4% a year, as new shares raised the share count by 20% and diluted each share's earnings.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	163	202	302	1,051	1,020
Debt incl. finance leases	460	460	460	1,265	1,265
Net debt (negative means net cash)	297	258	158	214	245
Net debt to EBITDA	61.3x	4.3x	0.9x	0.7x	0.7x
Debt to equity	0.4x	0.4x	0.3x	0.9x	0.7x
Interest coverage	−2.8x	−1.1x	15.4x	17.2x	13.9x
Current ratio	1.5x	1.7x	1.9x	3.4x	1.8x
Quick ratio	1.2x	1.2x	1.4x	2.9x	1.6x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Itron's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Itron's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, no insider bought Itron shares on the open market, and 8 insiders sold $15.5 million, $2.2 million of it under trading plans set up in advance.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Nov 3, 2026	David Marshall WrightVP, Corp. Controller & CAO	Sold	410	$98.79	$40,504	Form 4
Nov 2, 2026	David Marshall WrightVP, Corp. Controller & CAO	Sold	920	$100.01	$92,006	Form 4
Sep 3, 2026	Justin K PatrickSVP, Device Solutions	Sold plan	10,210	$97.36	$994,046	Form 4
Aug 25, 2026	Donald L. Reeves IIISVP, Outcomes	Sold plan	283	$99.99	$28,297	Form 4
Aug 24, 2026	Thomas DeitrichPresident & CEO, Director	Sold	887	$98.79	$87,627	Form 4
Aug 24, 2026	Joan S HooperSVP & CFO	Sold	455	$98.79	$44,949	Form 4
Aug 24, 2026	John F. MarcoliniSVP, Networked Solutions	Sold	331	$98.79	$32,699	Form 4
Aug 24, 2026	Donald L. Reeves IIISVP, Outcomes	Sold	329	$98.79	$32,502	Form 4
Aug 24, 2026	Justin K PatrickSVP, Device Solutions	Sold	222	$98.79	$21,931	Form 4
Aug 24, 2026	Christopher E. WareSVP, GC & Corp. Secretary	Sold	200	$98.79	$19,758	Form 4
Aug 24, 2026	Laurie Ann Pulatie-HahnSVP, HR	Sold	178	$98.79	$17,585	Form 4
Aug 24, 2026	David Marshall WrightVP, Corp. Controller & CAO	Sold	76	$98.79	$7,508	Form 4

The latest 12 of 77 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	8 of 9	6 of 9	5 of 9
Rule of 40	25.6%	20.8%	13.2%
Altman Z''	2.18	3.56	3.01
Accruals ratio	−1.1%	0.0%	−2.9%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Fail
Cash from operations exceeds net income	Pass	Fail	Pass
Debt fell relative to assets	Pass	Fail	Pass
Current ratio rose	Pass	Pass	Fail
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Pass	Pass	Pass
Revenue rose relative to assets	Pass	Pass	Fail
F-score	8 of 9	6 of 9	5 of 9

Companies that report no gross profit are scored on the other eight.

Compare

Put Itron side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Itron	FY25	−3.0%	13.2%	16.2%	15.4%	0.7x	5
Ralliant	FY25	−4.0%	−57.2%	17.3%	−30.0%	—	—	Compare
Vontier	FY25	3.2%	18.3%	14.3%	15.8%	2.6x	6	Compare
OSI Systems	FY26	4.2%	12.3%	13.7%	12.6%	2.5x	4	Compare
Crane NXT	FY25	11.4%	14.9%	12.0%	10.4%	2.6x	4	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	2,013	2,018	2,376	2,502	2,173	1,982	1,796	2,174	2,441	2,367
Revenue growth	6.9%	0.2%	17.7%	5.3%	−13.2%	−8.8%	−9.4%	21.1%	12.3%	−3.0%
Gross profit	662	677	730	752	602	573	522	714	839	892
Research and development	168	169	208	202	194	197	185	209	215	207
Operating income	101	155	−50	133	−10	−79	−7	129	264	313
Net income	32	57	−99	49	−58	−81	−10	97	239	301
Diluted EPS (US$)	0.82	1.45	−2.53	1.23	−1.44	−1.83	−0.22	2.11	5.18	6.50
Diluted shares (millions)	39	39	39	40	40	44	45	46	46	46
Cash flow
Cash from operations	116	191	110	173	110	155	24	125	238	406
Capital expenditure	44	50	60	61	46	35	20	27	31	23
Free cash flow	72	142	50	112	63	120	5	98	208	383
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	0	0	0	25	0	8	17	0	100	100
Acquisitions	1	99	803	0	0	9	0	0	34	325
Stock-based compensation	18	21	31	27	25	24	22	28	44	62
Balance sheet at fiscal year end
Cash and short-term investments	134	176	122	150	207	163	202	302	1,051	1,020
Debt incl. finance leases	305	320	638	950	936	460	460	460	1,265	1,265
Total assets	1,578	2,106	2,609	2,708	2,607	2,394	2,378	2,604	3,408	3,721
Total liabilities	928	1,300	1,875	1,907	1,767	1,251	1,186	1,273	1,996	1,982
Shareholders' equity	632	786	713	776	816	1,116	1,168	1,311	1,391	1,717
Margins and ratios
Gross margin	32.9%	33.5%	30.7%	30.1%	27.7%	28.9%	29.1%	32.8%	34.4%	37.7%
Operating margin	5.0%	7.7%	−2.1%	5.3%	−0.5%	−4.0%	−0.4%	5.9%	10.8%	13.2%
Net margin	1.6%	2.8%	−4.2%	2.0%	−2.7%	−4.1%	−0.5%	4.5%	9.8%	12.7%
Free cash flow margin	3.6%	7.0%	2.1%	4.5%	2.9%	6.1%	0.3%	4.5%	8.5%	16.2%
Rule of 40 (growth + FCF margin)	10.5%	7.3%	19.8%	9.8%	−10.2%	−2.8%	−9.1%	25.6%	20.8%	13.2%
Return on capital	6.0%	8.8%	−3.6%	6.7%	−0.5%	−4.2%	−0.4%	6.8%	14.4%	15.4%
Return on equity	5.1%	8.1%	−13.2%	6.6%	−7.3%	−8.4%	−0.8%	7.8%	17.7%	19.4%
Return on assets	1.9%	3.1%	−4.2%	1.8%	−2.2%	−3.2%	−0.4%	3.9%	8.0%	8.4%
Net debt to EBITDA	1.0x	0.7x	7.1x	3.2x	8.4x	61.3x	4.3x	0.9x	0.7x	0.7x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Itron's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Itron.