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1. Company Snapshot

1.a. Company Description

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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1.b. Last Insights on ITRI

Breaking News: Itron Inc reported Q4 2025 earnings on February 22, 2026, with revenue of $551.6 million, up 8.1% from Q4 2024. Net income was $41.4 million, or $0.83 per diluted share. For FY 2026, Itron expects revenue of $2.29 billion to $2.39 billion. DLD Asset Management LP increased its stake in Itron by 49.9% to 63,400 shares. Wedbush Securities analyst, upgraded Itron to Outperform from Neutral, citing growth prospects.

1.c. Company Highlights

2. Itron's Q4 2025 Earnings: A Strong Finish to the Year

Itron reported a robust fourth quarter, with revenue reaching $572 million, adjusted EBITDA of $99 million, and non-GAAP earnings per share of $2.46, surpassing estimates of $2.19. The company's gross margin, non-GAAP EPS, EBITDA, and free cash flow as a percentage of revenue all set new company records. Free cash flow was $112 million, demonstrating the company's ability to generate cash. The revenue was higher than expected but lower than the prior year due to planned portfolio changes and the timing of large project deployments.

Publication Date: Feb -22

📋 Highlights
  • Record Fourth Quarter Revenue:: Achieved $572 million in revenue, driven by strong performance in grid edge intelligence and Outcomes segment growth.
  • Adjusted EBITDA & Free Cash Flow:: Generated $99 million in adjusted EBITDA and $112 million in free cash flow, reflecting improved operational efficiency.
  • Backlog Growth:: Total backlog reached $4.5 billion, with Outcomes segment backlog at a record high due to strong grid edge intelligence demand.
  • 2026 Financial Guidance:: Revenue projected between $2.35–$2.45 billion, with non-GAAP EPS of $5.75–$6.25, despite dilution from Urbint and LocusView acquisitions.
  • ARR & DI Adoption:: Resiliency Solutions ARR hit $368 million, with Distributed Intelligence endpoints up 25% YoY and app count up 70% YoY.

Bookings and Backlog

The fourth quarter bookings were strong at $737 million, with a total backlog at quarter-end of $4.5 billion. The Outcomes segment had a record backlog, driven by continued momentum in grid edge intelligence demand. The company's pipeline growth has increased dramatically, indicating a positive trend for the business. Bookings can be lumpy due to the nature of the business, but the current environment is considered normal.

Guidance and Outlook

For 2026, Itron anticipates revenue to be within a range of $2.35 billion to $2.45 billion, with non-GAAP earnings per share within a range of $5.75 to $6.25 per diluted share. The company expects the recent acquisitions to be dilutive to 2026 earnings per share but accretive by 2027. Analysts estimate revenue growth at 7.0% for the next year. The company's guidance reflects its best view for the year, and it is confident in its business trajectory.

Valuation

With a P/E Ratio of 14.96 and an EV/EBITDA of 12.61, the market seems to have a reasonable expectation of the company's future performance. The ROE of 18.49% indicates a strong ability to generate returns for shareholders. The Free Cash Flow Yield of 8.36% is also attractive, suggesting that the company is generating sufficient cash to potentially return value to shareholders or invest in growth initiatives.

3. NewsRoom

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Itron, Inc. $ITRI Position Boosted by DLD Asset Management LP

Mar -09

Source: defenseworld.net

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ITRI's Cellular 500 Modules & UtilityIQ Transform Utility Connectivity

Mar -06

Source: zacks.com

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Here Are Friday’s Top Wall Street Analyst Research Calls: BorgWarner, CoreWeave, Intuit, Marvell Technology, Netflix, Okta, Regeneron Pharmaceuticals, Trade Desk, and More

Mar -06

Source: 247wallst.com

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Tantalus Extends ERT License Agreement with Itron

Mar -04

Source: newsfilecorp.com

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Itron Expands Headend Software Suite to Support Cellular Gas and Water Modules

Mar -03

Source: globenewswire.com

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Carillon Eagle Small Cap Growth Fund Q4 2025 Portfolio Review

Mar -02

Source: seekingalpha.com

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Laurie Ann Pulatie-Hahn Sells 3,755 Shares of Itron (NASDAQ:ITRI) Stock

Feb -25

Source: defenseworld.net

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Donald Reeves III Sells 1,071 Shares of Itron (NASDAQ:ITRI) Stock

Feb -25

Source: defenseworld.net

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.65%)

6. Segments

Networked Solutions

Expected Growth: 4.5%

Itron's Networked Solutions segment growth is driven by increasing adoption of smart grid technologies, rising demand for energy efficiency and grid resilience, and expanding global presence. Additionally, strategic partnerships, innovative product offerings, and growing investments in IoT and AI technologies are contributing to the 4.5% growth rate.

Device Solutions

Expected Growth: 4.8%

Itron's Device Solutions segment growth of 4.8% is driven by increasing adoption of smart grid technologies, rising demand for advanced metering infrastructure, and growing need for energy efficiency and grid reliability. Additionally, the segment benefits from Itron's strong relationships with utilities and municipalities, as well as its expanding portfolio of IoT-enabled devices.

Outcomes

Expected Growth: 5.2%

Itron's 5.2% growth is driven by increasing adoption of smart grid technologies, rising demand for energy efficiency and water conservation, and strategic acquisitions expanding its product portfolio and geographic reach. Additionally, growing investments in grid modernization and renewable energy integration are contributing to the company's growth momentum.

7. Detailed Products

Itron Riva

Itron Riva is an IoT-based solution that enables utilities and cities to deploy, manage, and optimize IoT devices and applications at scale.

OpenWay Riva

OpenWay Riva is a smart grid solution that provides advanced metering infrastructure, grid management, and analytics.

Itron Enterprise Edition Meter Data Management

A comprehensive meter data management system that collects, processes, and analyzes meter data from various sources.

Itron Analytics

A cloud-based analytics platform that provides insights and predictive analytics for utilities and cities.

Itron Networked Solutions

A suite of networked solutions for advanced metering infrastructure, grid management, and IoT applications.

Itron Professional Services

A range of consulting, implementation, and support services for utilities, cities, and industrial companies.

8. Itron, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Itron, Inc. operates in a niche market, providing advanced technologies for the energy and water industries. While there are some substitutes available, they are not as effective or efficient as Itron's solutions, reducing the threat of substitutes.

Bargaining Power Of Customers

Itron, Inc. has a diverse customer base, including utilities, municipalities, and industrial companies. While some customers may have bargaining power, the company's strong relationships and customized solutions reduce the overall bargaining power of customers.

Bargaining Power Of Suppliers

Itron, Inc. relies on a network of suppliers for components and materials. While some suppliers may have bargaining power, the company's diversified supply chain and long-term contracts mitigate the risk of supplier bargaining power.

Threat Of New Entrants

The energy and water industries are heavily regulated, and Itron, Inc. has established strong relationships with its customers and partners. The high barriers to entry, including regulatory hurdles and significant capital investments, reduce the threat of new entrants.

Intensity Of Rivalry

The energy and water industries are highly competitive, with several established players competing for market share. Itron, Inc. faces intense competition from companies like Siemens, ABB, and Schneider Electric, which drives innovation and pricing pressure.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 26.38%
Debt Cost 3.95%
Equity Weight 73.62%
Equity Cost 10.85%
WACC 9.03%
Leverage 35.84%

11. Quality Control: Itron, Inc. passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
ESCO Technologies

A-Score: 5.8/10

Value: 3.0

Growth: 7.7

Quality: 7.6

Yield: 0.0

Momentum: 9.0

Volatility: 7.3

1-Year Total Return ->

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Sanmina

A-Score: 4.9/10

Value: 4.2

Growth: 6.2

Quality: 5.7

Yield: 0.0

Momentum: 10.0

Volatility: 3.0

1-Year Total Return ->

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Trimble

A-Score: 4.7/10

Value: 1.3

Growth: 5.2

Quality: 6.9

Yield: 0.0

Momentum: 7.0

Volatility: 7.7

1-Year Total Return ->

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Itron

A-Score: 4.5/10

Value: 5.4

Growth: 5.8

Quality: 7.1

Yield: 0.0

Momentum: 3.5

Volatility: 5.3

1-Year Total Return ->

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Littelfuse

A-Score: 4.5/10

Value: 3.3

Growth: 4.2

Quality: 6.1

Yield: 1.0

Momentum: 6.0

Volatility: 6.3

1-Year Total Return ->

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Plexus

A-Score: 4.2/10

Value: 4.0

Growth: 6.2

Quality: 5.5

Yield: 0.0

Momentum: 3.5

Volatility: 6.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

93.33$

Current Price

93.33$

Potential

-0.00%

Expected Cash-Flows