Itron, Inc. (ITRI) Stock

Itron, Inc. (ITRI) is a Technology stock trading at $98.50 (as of 2026-08-20), with a market capitalization of $4.31B and a trailing P/E of 19.1. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Itron provides technology and services for operations in the energy, water, and smart city markets, offering device, networked, and outcomes-focused solutions. Its portfolio includes measurement and sensing hardware, communicating devices and network infrastructure with application software for data acquisition and transport, and enhanced software and services to manage and interpret that data for utilities and smart city stakeholders.

Understand Itron, Inc.: how it makes money

Itron provides end-to-end technology and services for managing operations in energy, water, and smart cities, making money by selling Device Solutions hardware, Networked Solutions (devices, network infrastructure, and application software), and Outcomes solutions tied to ongoing customer needs.

The profit model is structured around recurring revenue (70% recurring revenue mix) generated as customers keep using Itron’s networked, distributed-intelligence endpoints, reflected in operating outcomes plus recurring revenue measures and a large Customer Endpoints Under Management base.

Revenue by segment (latest quarter)
Networked	$0.3B
Outcomes	$0.1B
Devices	$0.1B

Business quality (Mixed): Business is supported by recurring revenue (70% recurring revenue mix) and a large managed endpoint base, but near-term growth signals can be less supportive when demand indicators like Book-to-Bill Ratio are below 1.

Valuation: At 13× earnings, ITRI trades 78% below the Measuring & Control Equipment average (60×). Note: one-time items can distort reported P/E.

Bull case

High recurring revenue share: Recurring Revenue Mix is 70% (Annual Recurring Revenue is 0.41B), which can help stabilize results versus purely one-time product demand.
Large deployed and managed base: Customer Endpoints Under Management is 100,000,000, and distributed intelligence endpoints deployed are reported in the tens of millions, which supports ongoing Networked Solutions and Outcomes activity.

Bear case

Demand timing risk: Book-to-Bill Ratio is 0.81, which can indicate new orders are not keeping pace with revenue in the measured period.
Revenue concentration in non-recurring and smaller segments: Outcomes Revenue and Service Revenue are each 0.11B, while the remaining portion of revenue outside recurring (implied by 70% recurring mix) may be more sensitive to customer spending cycles.

Valuation — source: SEC EDGAR (first-party)
Price	$98.50
Market Cap	$4.31B
P/E Ratio	19.1
EV / EBITDA	14.3
Price / Book	2.63
Price / Sales	1.86
FCF Yield	13.7%
DCF Value (model)	$69.54
DCF Upside vs Price	-29.4%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$2.37B
Net Margin	12.7%
Revenue Growth (YoY)	-3.0%
EPS Growth (YoY)	25.6%
FCF Growth (YoY)	84.5%

Financial Health — source: SEC EDGAR
Altman Z-Score	2.56 (grey)
Piotroski F-Score	7/9 (strong)

Valuation vs Sector & Industry
Stock P/E	19.1
Sector P/E (Technology)	33.9
Industry P/E (Measuring & Control Equipment)	51.8
vs Sector	-43.7%
vs Industry	-63.2%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	BlackRock, Inc. ($640.83M)
Institutional Holders Tracked	10

Company
Sector	Technology
Industry	Measuring & Control Equipment
CEO	Thomas L. Deitrich
Employees	5,040
Country	US
IPO Date	1993-11-05

Related Companies (Business model: Industrials / Capital Goods (Heavy Machinery + Diversified Industrials); 8 closest by market cap; US-domiciled)

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.