ITRI
Itron, Inc.

Itron, Inc.ITRI

Technology · Scientific & Technical Instruments
98.44USD
-1.03%
Nov 09, 2026
ITRI overview ready
Grid-edge metering and operational software for utilities
Itron supplies grid-edge metering, communications, distributed-intelligence devices, data-management software, and managed solutions that give utilities visibility and control over loads, outages, DERs, and distribution-grid conditions.
Primary theme is lagging
Power / Grid is lagging (-16.9pp vs SPY over 21 sessions; 8 of 32 members ahead of SPY).
An early price trend
Longer-term context reads early trend, with a near-term setup of daily advance.
Fair valuation
The price broadly reflects the cash the business actually produces, with upside and risk reasonably balanced.
Solid fundamentals
Free cash flow yield is strong.
Primary risk
Declining revenue growth.
Market Nov 6Filing Sep 30Price action Nov 8Research Sep 2

Conviction Level

PriceAction8.9BusinessPerformance9.0BusinessQuality6.5Valuation3.7ThemeMomentum1.0Accelerating — Revenue growth has accelerated, rising from -7.2% to +3.0% year over year. Diluted EPS growth has strengthened to +14% year over year ($1.61), up from -19%. — Accelerating describes growth momentum measured in recent filed quarters. It is not proof that the acceleration will continue.

Conviction uses Price Action, Business Performance, Business Quality, Valuation. Theme Momentum is research context, not an input.

Theme momentumPrimary theme · group context, not entry timing
Power / GridLagging
vs SPY
−16.9pp
Theme return
−21.9%
Beating SPY
8 of 32
21 sessions to Nov 6, 2026 · Theme Leadership V2
Price
Loading price history…

Price Action

An early price trend
Longer-term context reads early trend, with a near-term setup of daily advance.
EntryBreakout + retest

Price broke through the weekly SMA200, then retested it constructively and recovered — a fresh structural entry rather than a chase.

Key Financials

Market Cap
$4.3B
Avg Volume (60D)
688.6K
60 sessions
Revenue Growth YoY
-3.0%
FY2025 vs FY2024
Gross Margin
+40.7%
Trailing twelve months
Operating Margin
+13.7%
Trailing twelve months
Free Cash Flow Yield
+8.5%
Distance from 200DMA
+8.3%
P/E
15.4x
EV / EBITDA
13.1x
EV / Sales
2.2x
Market metrics as of Nov 6, 2026
Financial results for the period ended Sep 30, 2026
Filed balance-sheet data as of Sep 30, 2026

Business Performance

Accelerating

Revenue growth has accelerated, rising from -7.2% to +3.0% year over year. Diluted EPS growth has strengthened to +14% year over year ($1.61), up from -19%.

Latest reported: Q3 FY2026, ended Sep 30
Revenue growthAccelerating
+3.0%
$599M in Q3 FY2026 · YoY
YoY growth, last 4 quarters
  1. -6.7%
  2. -3.3%
  3. -7.2%
  4. +3.0%
Earnings growthAccelerating
+14%
Diluted EPS $1.61 vs $1.41 a year earlier · GAAP
Diluted EPS YoY (GAAP), last 4 quarters
  1. +75%
  2. -17%
  3. -19%
  4. +14%
Operating marginExpanding
15.9%
+1.9 pp YoY · gross margin 40.9% (+3.1 pp)

Business Quality

6.5 / 10

How well the business earns on its assets, converts earnings to cash and funds itself — read from its SEC filings.

Fundamentals & Valuation

Two of the three valuation perspectives say fair; peers is the dissenting view.
Itron, Inc. has a Fair valuation stance because the price broadly reflects the cash the business actually produces, with upside and risk reasonably balanced.

Company Research

Thesis
Itron supplies grid-edge metering, communications, distributed-intelligence devices, data-management software, and managed solutions that give utilities visibility and control over loads, outages, DERs, and distribution-grid conditions.
Opportunity
Moderate opportunity
Utility spending on digital grid visibility, control, forecasting, distributed-energy-resource orchestration, and operational software needed to extract capacity and reliability from constrained distribution networks.
Key risk
Declining revenue growth.

Economic classification

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Business & Markets

Technology · Scientific & Technical Instruments
What they do

Itron, Inc. provides technology solutions and services that enable utilities and cities to manage energy, water, and smart city operations through hardware, software, and managed services.

How it earns

The company generates revenue primarily through the sale of hardware devices, software licenses, and ongoing service contracts.

Products & services
Smart meters and communicating meters
Grid-edge sensing and control devices
Data management and operational software
Managed solutions for utilities
Customers & end markets
Electric, gas, and water utilities
Municipalities and smart city operators
Market position

Itron is a leader in grid-edge metering and utility operational software solutions.

Demand drivers
Medium cyclicality

Utility infrastructure spending can fluctuate with regulatory cycles and economic conditions but tends to be steady over the long term.