At a glance
Itron Inc is worth $4.06B, about 14 times its fiscal 2025 earnings. Revenue fell 3.0% to $2.37B in fiscal 2025, with 12.7% kept as profit; over 5 years it has grown 1.7% a year. It pays no dividend; it spent $225.0M buying back its shares over FY2021–FY2025. The stock returned −30.9% over the past year with dividends reinvested and +3.4% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 51.5% in the 2020 crash (S&P 500: 33.7%) and 39.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 9 months and 8 months after the lows.
The business in plain English
Itron makes the equipment, networks and software that utilities and cities use to measure and manage electricity, gas and water. Its products range from basic meters and sensors to full smart-meter systems. In these systems, meters send their readings back to the utility over a communications network. Software then turns that data into tools for spotting leaks, planning the power grid, managing rooftop solar and electric vehicles, and running streetlights. Itron was incorporated in 1977 to provide meter reading. It grew partly through acquisitions, including Silver Spring Networks in 2018 and Urbint in 2025.
Products drive the business. Itron's revenue was $2.37 billion for the fiscal year ended December 31, 2025. Products made up 84.9% of that and services 15.1%. Networked Solutions was the largest segment at 65.8% of revenue. It packages communicating meters, network gear and software as complete systems. Device Solutions, mostly standard meters that work without Itron's network, brought in 18.9%. Outcomes, largely recurring software and data-analysis services, contributed 15.2%. Resiliency Solutions, a new segment for worker-safety and damage-prevention software, was 0.1%.
Utilities provide most of the revenue, and it is concentrated in North America. The United States and Canada accounted for 81.4% of fiscal 2025 revenue, Europe, the Middle East and Africa 13.5%, and Asia Pacific 5.1%.
Price history
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ITRI -30.9% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Product revenues | $2.01B | 84.9% |
| Service revenues | $358.2M | 15.1% |
By business segment
| Networked Solutions | $1.56B | 65.8% |
| Device Solutions | $447.1M | 18.9% |
| Outcomes | $359.7M | 15.2% |
| Resiliency Solutions | $3.0M | 0.1% |
By geography
| United States and Canada | $1.93B | 81.4% |
| Europe, Middle East, and Africa | $318.5M | 13.5% |
| Asia Pacific | $121.2M | 5.1% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $599.3M, up 3% from a year earlier, and net income was $71.4M (+8.8%).
- For fiscal 2025, revenue was $2.37B (-3.0% year over year; +1.7% a year from FY2020 to FY2025) with a 12.7% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +1.7% watch |
|---|---|
| Operating margin | 13.2% watch |
| Free cash flow margin | 16.2% good |
| Return on equity (FY2025) | 17.5% good |
| Return on assets (FY2025) | 8.1% good |
| Net cash (cash minus debt) | $-769.7M watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $2.17B | $-58.0M | $63.3M |
| FY2021 | $1.98B | $-81.3M | $120.1M |
| FY2022 | $1.80B | $-9.7M | $4.8M |
| FY2023 | $2.17B | $96.9M | $98.1M |
| FY2024 | $2.44B | $239.1M | $207.6M |
| FY2025 | $2.37B | $301.1M | $383.1M |
Valuation snapshot
| Market value | $4.06B |
|---|---|
| P/E ratio | 14.2 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Itron’s market value went from $2.40B at the end of 2016 to $4.06B on Oct 28, 2026, up 69%; since the end of 2025 it is down 5%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $4.06B | -4.5% |
| 2025 | $4.25B | -13.1% |
| 2024 | $4.90B | +42.5% |
| 2023 | $3.44B | +50.1% |
| 2022 | $2.29B | -26.2% |
| 2021 | $3.10B | -19.9% |
| 2020 | $3.87B | +16.6% |
| 2019 | $3.32B | +78.2% |
| 2018 | $1.86B | -29.4% |
| 2017 | $2.64B | +9.8% |
| 2016 | $2.40B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| ITRI price data to Oct 28, 2026 | -0.3% | -30.9% | +17.4% | +3.4% | +5.6% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -0.3% |
| 2025 | -14.5% |
| 2024 | +43.8% |
| 2023 | +49.1% |
| 2022 | -26.1% |
| 2021 | -28.6% |
| 2020 | +14.2% |
| 2019 | +77.5% |
| 2018 | -30.7% |
| 2017 | +8.5% |
| 2016 | +73.7% |
| 2015 | -14.4% |
| 2014 | +2.1% |
| 2013 | -7.0% |
| 2012 | +24.6% |
| 2011 | -35.5% |
| 2010 | -17.9% |
| 2009 | +6.0% |
| 2008 | -33.6% |
| 2007 | +85.1% |
| 2006 | +29.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 59.5% over that stretch · deepest drop along the way 68.5%, back to its old high 147.1 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 43.3% over that stretch · deepest drop along the way 51.5%, back to its old high 8.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 39.4% over that stretch · deepest drop along the way 39.4%, back to its old high 7.7 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 21 sales ($1.8M), 6 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 3, 2026 | Justin K Patrick SVP, Device Solutions | sell (plan) | $767K |
| Aug 20, 2026 | Joan S Hooper SVP & CFO | sell | $400K |
| Sep 3, 2026 | Justin K Patrick SVP, Device Solutions | sell (plan) | $112K |
| Aug 24, 2026 | Thomas Deitrich President & CEO, Director | sell | $88K |
| Sep 3, 2026 | Justin K Patrick SVP, Device Solutions | sell (plan) | $58K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 15.2% | Mar 31, 2025 |
| Vanguard Portfolio Management | 7.97% | Mar 31, 2026 |
| Vanguard Capital Management | 5.33% | Mar 31, 2026 |
| Invesco Ltd. | 4.9% | Sep 30, 2025 |
ETFs with the most weight in ITRI
| ACES ALPS Clean Energy ETF | 5.03% |
| SIMS SPDR S&P Kensho Intelligent Structures ETF | 3.29% |
| PSCT Invesco S&P SmallCap Information Technology ETF | 3.18% |
| QCLN First Trust NASDAQ Clean Edge Green Energy Index Fund | 3.1% |
| FRNW Fidelity Clean Energy ETF | 2.74% |
| PHO Invesco Water Resources ETF | 2.68% |
| NVIR Horizon Kinetics Energy and Remediation ETF | 2.64% |
| UPGR Xtrackers US Green Infrastructure Select Equity ETF | 2.64% |
What could go wrong
- Utility spending is slow and uneven. Utilities supply most of Itron's revenue. Their purchases depend on budgets, regulators and subsidies, and smart-meter deals can take years to close. Revenue and profit can swing sharply between quarters and years.
- Smart-grid policies could be cut back. Many smart-meter projects are encouraged by government laws, grants or incentives. If those programs are delayed, scaled back or ended, utilities could spend less on metering, hurting Itron's results.
- Heavy debt and convertible notes. As of September 30, 2026, Itron had $1.61 billion of debt and $840 million in cash and investments. Convertible notes, which are bonds that can turn into shares, could dilute shareholders.
- Parts shortages and rising input costs. Itron depends on raw materials, components and outside suppliers. Shortages, delays, or higher freight and labor costs could hold up shipments and squeeze profit margins.
- Complex contracts carry penalty risk. Large utility contracts set strict terms on how products perform, how they are installed and how reliably they run. Falling short could bring penalties, damages or unexpected costs that eat into profits.
- Cyberattacks on critical infrastructure networks. Itron's networks and software connect meters and devices for utilities and cities. A cyberattack or data breach could lead to customer claims and damage its reputation.
Recent events
- Quarterly results released
- Quarterly results released
- Shareholder vote results; Other company announcement
- Quarterly results released
- Other company announcement
- Major agreement signed; New debt or financial obligation; Unregistered sale of shares; Other company announcement
- Quarterly results released
- Major agreement signed; Investor presentation or announcement
- Other company announcement
For income and retirement investors
Itron pays no dividend and paid none from fiscal 2021 through 2025. For an income investor, that means no regular cash payments. Any return depends on the share price, and drawing income would mean cashing in shares. Instead, the company returns cash through share repurchases. It spent $225 million on them over those five years, including $100 million in each of fiscal 2024 and 2025. The share count fell 3.1% between October 2021 and October 23, 2026.
The stock has fallen hard in market downturns. It dropped 68.5% in the 2008 financial crisis and did not get back to its October 2007 peak until February 2021. It fell 51.5% in the 2020 COVID crash and recovered in about 9 months. It fell 39.4% in the 2022 bear market and recovered in about 8 months. As of October 28, 2026, it was down 30.9% over one year. Single stocks carry more risk than diversified funds.
Questions investors ask
Does Itron pay a dividend?
No. Itron paid no dividend from fiscal 2021 through fiscal 2025 and had no dividend yield as of October 28, 2026. Instead, it returns cash through share repurchases. It spent $225 million on them over those five years, including $100 million in each of fiscal 2024 and 2025. The share count fell 3.1% between October 2021 and October 2026. Investors who rely on regular income would receive none from this stock.
How does Itron make money?
Mainly by providing meters, communication networks and software to utilities and cities. Itron's revenue was $2.37 billion in fiscal 2025. Networked Solutions, which provides complete smart-meter systems with network equipment and software, brought in 65.8%. Device Solutions, mostly standard electricity, gas and water meters, added 18.9%. Outcomes, mostly recurring software and data services, contributed 15.2%. The United States and Canada accounted for 81.4% of revenue.
Is Itron profitable?
Yes. Itron lost money from fiscal 2020 through 2022. It then earned $96.9 million in fiscal 2023, $239.1 million in fiscal 2024 and $301.1 million in fiscal 2025. Revenue slipped 3% in fiscal 2025, but net margin was 12.7%. Free cash flow, the cash left after investing in the business, was $383 million. In the quarter ended September 30, 2026, net income rose 8.8% from a year earlier to $71.4 million.
How much debt does Itron have?
About $1.61 billion as of September 30, 2026. It had $840 million in cash and investments, which leaves net debt of roughly $770 million. Shareholders' equity was about $1.70 billion. Some of the debt is convertible notes, which are bonds that can be exchanged for shares. Converting them could dilute existing shareholders. Itron's annual report also notes debt with variable interest rates, so its interest costs can rise when rates do.
Is Itron stock volatile?
Yes. As of October 28, 2026, the shares were down 30.9% over one year. At one point in that year they were 43.5% below their peak. The stock's one-year beta, a measure of how much it moves with the overall market, was 1.48. That means it tended to move about one and a half times as much as the market. Calendar-year results ranged from a 26.1% loss in 2022 to gains of 49.1% in 2023 and 43.8% in 2024.