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Maker of smart electric, gas and water meters and grid-management software for utilities and cities.
Maker of smart electric, gas and water meters and grid-management software for utilities and cities.
Sells smart meters and the networks and software that read them to utilities in large multi-year rollouts, with revenue split between one-time hardware shipments and recurring software, maintenance and managed-service fees. Utility meter-replacement programs bring uneven orders.
Moat: narrow (installed base, switching costs, regulatory licence). Meters and network infrastructure are deployed for a decade-plus, making full-scale utility switching costly.
Headquarters: Liberty Lake, Washington, US · Founded: 1977 · Employees: 5,550
Size Itron (ITRI) is a United States Information Technology company (Electronic Equipment/Instruments) with a market value of $4.32B, the 1296th largest of 3,117 United States companies the cockpit tracks. Shares closed at $98.44 on 6 Nov 2026.
Performance Over six months the shares gained 20.2%, against -23.6% for the median peer and -1.1% for the United States market (cap-weighted) — 4th highest of 20 in its peer set.
Growth Revenue fell 3.6% over the last twelve months (peer median +5.2%); the operating margin is 14.3% (peer median 11.1%).
Valuation It trades at 14.5× forward earnings against a peer median of 25.0× (3rd cheapest of 17).
Price implies For today's price to make sense, revenue must grow about 9% a year for seven years (Req g). Recent delivered growth is +2%, so the hurdle is +7 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 0.6 points above its cost of capital (9.8% WACC).
Credit Itron has 2 bonds outstanding ($1.61B).
Short interest Short interest is 13.6% of the free float (15 Oct 2026).
Next results Next results expected around 1 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $2.32B | $2.37B | $2.44B | $2.17B | $1.80B |
| Revenue growth | — | -3% | +12% | +21% | — |
| Gross profit | $914M | $874M | $821M | $695M | $496M |
| EBITDA | $393M | $370M | $324M | $229M | $87.7M |
| Net income | $280M | $301M | $239M | $96.9M | -$9.73M |
| Free cash flow | $346M | $381M | $208M | $98.1M | $4.75M |
| Capital expenditure | $27.4M | $22.9M | $30.6M | $26.9M | $19.7M |
| Total debt | $1.62B | $1.28B | $1.28B | $502M | $513M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Itron ITRI | $4.32B | +20% | -4% | 14% | 14.5× | 9.2% |
| Badger Meter BMI | $4.52B | +33% | -2% | 19% | 32.5× | 10.9% |
| Xylem XYL | $22.4B | -14% | +2% | 16% | 17.4× | 12.1% |
| Landis+Gyr LAND.SW | $2.01B | +17% | -22% | 25% | 21.5× | -10.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ITRI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +16.9% | -11.5% | highest of 21 |
| 6-month return | +20.2% | -23.6% | 4th highest of 20 |
| Distance from 52-week high | -9.0% | -47.5% | 2nd highest of 21 |
| Revenue growth (TTM) | -3.6% | +5.2% | 4th lowest of 21 |
| Operating margin | 14.3% | 11.1% | 9th highest of 21 |
| Forward P/E | 14.5× | 25.0× | 3rd cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | 9.2% | 12.9% | 5th least demanding of 14 |
| Growth delivered (Del g) | +1.7% | +11.6% | 2nd lowest of 14 |
| Hurdle (Req g minus delivered) | +7.5 pp | -2.2 pp | 4th most demanding of 14 |
| ROIC minus cost of capital | +0.6 pp | -1.5 pp | 9th highest of 21 |
| EV / EBITDA | 13.0× | 18.3× | 3rd cheapest of 7 |
| Net debt / EBITDA | 2.0× | -1.1× | most indebted of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Itron ITRI | United States | $4.32B | +20% | -4% | 14% | 14.5× | 9.2% | +1.7% |
| CIQTEK 688828.SS | China | $4.17B | n/a | +33% | -5% | n/a | n/a | n/a |
| INFICON IFCN.SW | Switzerland | $4.51B | 0% | -2% | 17% | 32.8× | 19.7% | +8.4% |
| Novanta NOVT | United States | $5.11B | -2% | +8% | 12% | 33.9× | 33.5% | +10.7% |
| Shenzhen SEICHI Technologies 688627.SS | China | $3.37B | -24% | +65% | 3% | 89.1× | n/a | n/a |
| GRG Banking Equipment 002152.SZ | China | $3.26B | -25% | 0% | 9% | 23.0× | 4.0% | +13.5% |
| Syntec Technology 7750.TW | Taiwan | $3.15B | -46% | +60% | 25% | 13.2× | 17.2% | +24.3% |
| Addsino 000547.SZ | China | $3.02B | -49% | -6% | -54% | n/a | n/a | n/a |
| Shanghai Lingang 600848.SS | China | $3.00B | -9% | -26% | 15% | 19.4× | 12.9% | +15.1% |
| Ginlong Technologies 300763.SZ | China | $2.98B | -47% | +4% | 11% | 19.2× | 10.0% | +27.2% |
| Wuhan Guide Infrared 002414.SZ | China | $6.46B | -32% | +89% | 29% | 37.4× | n/a | n/a |
| GeniuS Electronic Optical 3406.TW | Taiwan | $2.81B | +59% | +16% | 20% | 20.1× | 5.9% | +9.5% |
| Kehua Data 002335.SZ | China | $2.81B | -41% | +5% | 5% | 31.4× | 16.7% | +14.4% |
| Oxford Nanopore Technologies ONT.L | United Kingdom | $2.71B | +75% | +15% | -55% | n/a | n/a | n/a |
| Focuslight Technologies 688167.SS | China | $2.71B | -44% | +22% | -9% | 284.8× | n/a | n/a |
| Ningbo Sanxing Medical Electric 601567.SS | China | $2.66B | -37% | -11% | 3% | 15.8× | 4.8% | +15.1% |
| Shenzhen CSL Vacuum Science & Technology 688785.SS | China | $2.62B | -21% | -2% | 18% | n/a | n/a | n/a |
| Suzhou HYC Technology 688001.SS | China | $2.59B | -31% | +19% | 6% | 61.1× | 37.6% | +5.9% |
| Dexerials 4980.T | Japan | $2.55B | -4% | +5% | 35% | 13.8× | 15.0% | +11.6% |
| Vaisala VAIAS.HE | Finland | $2.54B | +22% | +2% | 16% | 26.9× | 9.7% | +9.5% |
| China Railway Signal & Communication 688009.SS | China | $7.39B | 0% | +1% | 12% | 14.9× | -6.3% | -2.9% |
Itron has 2 bonds outstanding with $1.61B face value.