Itron Inc (ITRI)
NASDAQ:ITRI
Want to see ITRI full AI Analyst Report?
Top Page
Itron
(NASDAQ:ITRI)
Select Model
Select Model
Rating:66Neutral
Price Target:
$88.00
▼(-10.60% Downside)
Action:Reiterated
Date:05/09/26
The score is primarily supported by materially improved profitability and strong free cash flow quality, reinforced by earnings-call indicators of durable demand (ARR growth and a large backlog). These positives are weighed down by a clearly bearish technical setup and near-term revenue/EPS guidance softness, with corporate events adding both a buyback tailwind and cybersecurity/financing-related risk.
Positive Factors
Free Cash Flow Generation
Consistently strong operating and free cash flow (TTM OCF ~$417M, FCF ~$399M) indicates high earnings quality and internal funding capacity. Over 2–6 months this supports reinvestment, debt reduction or buybacks, and cushions the business against project timing volatility.
Negative Factors
Higher Leverage
Elevated leverage following financing activity reduces financial flexibility and raises interest and covenant sensitivities. With net leverage near 2.4x, the company has less buffer to absorb slower revenue conversion or fund opportunistic investment without increasing refinancing or liquidity risk.
Read all positive and negative factors
Positive Factors
Negative Factors
Free Cash Flow Generation
Consistently strong operating and free cash flow (TTM OCF ~$417M, FCF ~$399M) indicates high earnings quality and internal funding capacity. Over 2–6 months this supports reinvestment, debt reduction or buybacks, and cushions the business against project timing volatility.
Read all positive factors
Itron (ITRI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.58B
Dividend YieldN/A
Average Volume (3M)898.83K
Price to Earnings (P/E)18.8
Beta (1Y)1.05
Revenue Growth-3.99%
EPS Growth14.06%
CountryUS
Employees5,040
SectorTechnology
Sector Strength88
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)6.38
Shares Outstanding44,339,348
10 Day Avg. Volume700,921
30 Day Avg. Volume898,825
Financial Highlights & Ratios
PEG Ratio0.55
Price to Book (P/B)2.46
Price to Sales (P/S)1.78
P/FCF Ratio11.09
Enterprise Value/Market Cap0.80
Enterprise Value/Revenue1.22
Enterprise Value/Gross Profit3.15
Enterprise Value/Ebitda7.01
Forecast
1Y Price Target
$124.50Price Target Upside26.49% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
EPS Forecast (FY)6.01
Revenue Forecast (FY)$2.39B
Itron Business Overview & Revenue Model
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 ...
How the Company Makes Money
Itron makes money primarily by selling and supporting products and solutions that enable utilities to measure and manage energy and water usage. Key revenue streams include: (1) Product revenue from metering and grid/water infrastructure component...
Itron Earnings Call Summary
Earnings Call Date:Apr 28, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Positive
The call conveyed a generally constructive operational and margin story—notable margin expansion, ARR growth (+28% YoY to $400M), a large $4.4B backlog, improved adjusted EBITDA (+5% YoY) and record segment margins—offset by near-term revenue pressure driven by project timing, declines in Device and Network revenue (-9% and -14% CC), modest GAAP earnings decline, a Q2 revenue/ EPS guide down versus last year, and balance sheet activity that reduced cash and left net leverage at ~2.4x. Management expressed confidence in a multiyear structural market opportunity and strong pipeline, but acknowledged short-term lumpiness and integration work for recent acquisitions. On balance, the positive operational and margin momentum and durable ARR/backlog profile slightly outweigh the near-term revenue and timing headwinds.Positive Updates
Solid Q1 Financial Results
Revenue of $587 million, adjusted EBITDA of $92 million, non-GAAP EPS of $1.49, and free cash flow of $79 million; adjusted EBITDA increased 5% year-over-year and free cash flow increased from $67M to $79M (+18%).
Negative Updates
Year-Over-Year Revenue Pressure and Segment Declines
Overall revenue was down versus last year (driven by timing of large Network projects). Device Solutions revenue decreased 9% on a constant currency basis and Network Solutions revenue decreased 14% on a constant currency basis.
Read all updates
Q1-2026 Updates
Positive
Negative
Solid Q1 Financial Results
Revenue of $587 million, adjusted EBITDA of $92 million, non-GAAP EPS of $1.49, and free cash flow of $79 million; adjusted EBITDA increased 5% year-over-year and free cash flow increased from $67M to $79M (+18%).
Read all positive updates
Company Guidance
Itron guided Q2 revenue of $560–$570 million (midpoint down ~7% year‑over‑year) and non‑GAAP EPS of $1.25–$1.35 (midpoint roughly -8% YoY after normalizing for tax rate and interest income), saying Q1 outperformance (Q1 revenue $587M, adjusted EBITDA $92M, non‑GAAP EPS $1.49, free cash flow $79M) was driven by accelerated first‑half project timing and that the company remains comfortable with its February 2026 outlook while expecting the year to be end‑loaded with a second‑half pickup led by Network deployments; Q1 bookings were $476M, backlog totaled $4.4B, ARR was $400M (up 28% YoY), Outcomes grew 22% YoY and Outcomes+Resiliency now represent ~25% of backlog. Liquidity and leverage at quarter end included $713M cash, $1.61B total debt and net leverage of 2.4x; management reiterated 2027 targets remain on track (gross margin, EBITDA, cash flow and EPS ahead of plan, revenue toward the low end) and will update full‑year guidance in Q2.Itron Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
64
Positive
Cash Flow
86
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.35B | 2.37B | 2.44B | 2.17B | 1.80B | 1.98B |
| Gross Profit | 911.22M | 892.12M | 839.32M | 713.91M | 522.19M | 573.17M |
| EBITDA | 409.42M | 414.24M | 321.43M | 226.91M | 84.61M | 121.03M |
| Net Income | 289.04M | 301.06M | 239.10M | 96.92M | -9.73M | -81.25M |
Balance Sheet | ||||||
| Total Assets | 3.98B | 3.72B | 3.41B | 2.60B | 2.38B | 2.39B |
| Cash, Cash Equivalents and Short-Term Investments | 712.85M | 1.02B | 1.05B | 302.05M | 202.01M | 162.58M |
| Total Debt | 124.68M | 1.29B | 1.28B | 502.46M | 515.10M | 507.54M |
| Total Liabilities | 2.35B | 1.98B | 2.00B | 1.27B | 1.19B | 1.25B |
| Stockholders Equity | 1.61B | 1.72B | 1.39B | 1.31B | 1.17B | 1.12B |
Cash Flow | ||||||
| Free Cash Flow | 392.52M | 380.85M | 207.61M | 98.09M | 4.75M | 110.36M |
| Operating Cash Flow | 417.31M | 403.74M | 238.18M | 124.97M | 24.50M | 145.04M |
| Investing Cash Flow | -866.59M | -349.65M | -63.41M | -23.31M | 40.52M | -34.88M |
| Financing Cash Flow | 34.23M | -95.25M | 579.57M | -3.51M | -18.74M | -152.89M |
Itron Technical Analysis
Negative
98.43
Price Trends
89.21
Negative
93.40
Negative
104.57
Negative
Market Momentum
-2.92
Positive
36.80
Neutral
13.75
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ITRI, the sentiment is Negative. The current price of 98.43 is above the 20-day moving average (MA) of 84.41, above the 50-day MA of 89.21, and below the 200-day MA of 104.57, indicating a bearish trend. The MACD of -2.92 indicates Positive momentum. The RSI at 36.80 is Neutral, neither overbought nor oversold. The STOCH value of 13.75 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ITRI.
Itron Risk Analysis
Itron disclosed 35 risk factors in its most recent earnings report. Itron reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Itron Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $7.56B | 52.47 | 20.50% | 0.16% | 16.43% | 14.49% | |
70 Outperform | $12.07B | 18.96 | 10.88% | ― | 44.48% | 8.59% | |
68 Neutral | $3.47B | 40.71 | 18.76% | 0.82% | 5.19% | -2.69% | |
67 Neutral | $6.95B | 14.72 | 1.72% | 1.43% | -3.37% | -59.55% | |
66 Neutral | $3.58B | 18.75 | 17.44% | ― | -3.99% | 14.06% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
61 Neutral | $3.94B | 13.30 | 33.42% | 0.26% | 4.08% | 15.31% |
* Technology Sector Average
ITRI
Itron
78.02
-36.91
-32.12%
BMI
Badger Meter
119.16
-125.98
-51.39%
ESE
Esco Technologies
294.90
114.39
63.37%
SANM
Sanmina-Sci
224.70
142.38
172.96%
ST
Sensata
46.41
19.91
75.11%
VNT
Vontier
27.80
-8.74
-23.93%
Itron Corporate Events
Executive/Board ChangesStock BuybackShareholder Meetings
Itron Shareholders Approve Proposals at 2026 Annual Meeting
Positive
May 8, 2026
Itron, Inc. held its 2026 Annual Meeting of Shareholders on May 7, 2026, where investors approved all three proposals on the ballot, including the election of five directors, an advisory vote on executive compensation and the ratification of Deloi...
Business Operations and StrategyRegulatory Filings and Compliance
Itron Reports Cyber Incident With Limited Business Impact
Negative
Apr 24, 2026
On April 13, 2026, Itron reported that an unauthorized third party had accessed certain corporate systems, prompting activation of its cybersecurity response plan and engagement of external advisors. The company notified law enforcement, contained...
Business Operations and StrategyStock BuybackPrivate Placements and Financing
Itron Raises Capital Through New 2032 Convertible Notes Offering
Positive
Feb 26, 2026
On February 23–26, 2026, Itron entered into a private Rule 144A offering and related agreements to issue $805 million of 0.00% Convertible Senior Notes due 2032, including full exercise of an additional $105 million option. The notes, which ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.