olivLaw · US equity research
Itron, Inc. ITRI
Instruments For Meas & Testing of Electricity & Elec Signals · SIC 3825 · Vertical: Instruments For Meas & Testing of Electricity & Elec Signals (SIC 3825)
Itron is a global leader in grid edge intelligence, energy and water management and critical infrastructure services for utilities and cities. It expanded its resiliency portfolio with the Urbint acquisition in 2025, and in the second quarter of 2026 reported record gross margin while quarterly revenue declined, which makes the balance between growth and profitability relevant now. Annual revenue is about 2.4 billion USD.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Itron, Inc. (ITRI) stock was 101.60 USD (+3.44% on the day), with market capitalisation 4.5 bn USD, P/E 16.4 on diluted EPS of 6.19 USD over the last 12 months, beta 1.09, 52-week range 78.02–107.15 USD. Latest reported quarter (Q3 2026): revenue of 599.3 m USD (+3.0% YoY), net income of 71.4 m USD (+8.8% YoY), diluted EPS 1.61 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 70.8
- overbought (≥ 70)
- Bollinger (20, 2)
- 77.57 – 101.11
- above the upper band · %B 1.02 · band width 26.3%
- SMA 50 / 200
- 91.10 / 90.91
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 2.59 / 0.75
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +15.7% | −1.1% | +16.8 pp | — |
| 3 months | −3.8% | −0.5% | −3.3 pp | — |
| 6 months | +22.5% | +4.4% | +18.1 pp | — |
| Year to date | +9.4% | +12.3% | −2.9 pp | — |
| 1 year | −4.7% | +13.5% | −18.2 pp | +73.7% |
| 3 years | +58.1% | +76.4% | −18.4 pp | +51.5% |
| 5 years | +28.4% | +63.7% | −35.3 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 612.9 m | 607.2 m | 606.8 m | 581.6 m | 571.7 m | 587.0 m | 562.9 m | 599.3 m |
| Cost of revenue | 399.0 m | 389.9 m | 383.1 m | 362.1 m | 339.9 m | 350.7 m | 332.3 m | 354.5 m |
| Gross profit | 213.9 m | 217.2 m | 223.6 m | 219.5 m | 231.7 m | 236.3 m | 230.6 m | 244.9 m |
| Research & development | 58.3 m | 50.1 m | 53.8 m | 50.0 m | 53.1 m | 55.0 m | 56.1 m | 57.0 m |
| SG&A | 85.0 m | 86.9 m | 87.6 m | 83.1 m | 95.3 m | 105.4 m | 89.7 m | 84.1 m |
| Operating income | 62.7 m | 76.2 m | 76.4 m | 81.8 m | 78.7 m | 67.6 m | 76.1 m | 95.5 m |
| Depreciation & amortisation | 15.3 m | 12.1 m | 12.1 m | 12.0 m | 13.3 m | 18.5 m | 18.6 m | 18.4 m |
| Interest expense | 5.6 m | 5.6 m | 5.6 m | 5.6 m | 5.6 m | 5.8 m | 5.8 m | 5.9 m |
| Pre-tax income | 69.9 m | 82.3 m | 83.5 m | 90.7 m | 85.8 m | 67.2 m | 80.2 m | 97.0 m |
| Income tax | 11.3 m | 16.9 m | 14.7 m | 24.5 m | -17.2 m | 13.6 m | 26.7 m | 25.8 m |
| Net income | 58.1 m | 65.5 m | 68.3 m | 65.6 m | 101.6 m | 53.5 m | 53.3 m | 71.4 m |
| Diluted EPS | 1.26 ≈ | 1.42 | 1.47 | 1.41 | 2.21 ≈ | 1.18 | 1.19 | 1.61 |
| Operating cash flow | 79.8 m | 72.1 m | 96.7 m ≈ | 117.8 m ≈ | 119.3 m | 85.5 m | 88.1 m ≈ | 102.0 m ≈ |
| Capex | 9.7 m | 4.6 m | 6.0 m ≈ | 4.4 m ≈ | 7.8 m | 6.5 m | 6.6 m ≈ | 6.4 m ≈ |
| Share repurchases | 0 | 0 | 0 ≈ | 0 ≈ | 100.0 m | 100.0 m | 52.2 m ≈ | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 16 percentile of its own 25-quarter history (min 14.0, median 37.1, max 1,210.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.4 bn | 2.5 bn | 2.2 bn | 2.0 bn | 1.8 bn | 2.2 bn | 2.4 bn | 2.4 bn |
| Revenue YoY | +17.7% | +5.3% | −13.2% | −8.8% | −9.4% | +21.1% | +12.3% | −3.0% |
| Net income | -99.3 m | 49.0 m | -58.0 m | -81.3 m | -9.7 m | 96.9 m | 239.1 m | 301.1 m |
| Net income YoY | −273.2% | unavailable | −218.3% | unavailable | unavailable | unavailable | +146.7% | +25.9% |
| Diluted EPS | -2.53 | 1.23 | -1.44 | -1.83 | -0.22 | 2.11 | 5.18 | 6.50 |
| Diluted EPS YoY | −274.5% | unavailable | −217.1% | unavailable | unavailable | unavailable | +145.5% | +25.5% |
| net % | -4.2% | 2.0% | -2.7% | -4.1% | -0.5% | 4.5% | 9.8% | 12.7% |
| Free cash flow | 49.8 m | 112.1 m | 63.3 m | 120.1 m | 4.8 m | 98.1 m | 207.6 m | 383.1 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.0 bn USD
- Financial debt
- 1.2 bn USD
- Net debt
- 227.9 m USD
- Equity
- 1.7 bn USD
- Total assets
- 3.7 bn USD
- Debt / equity
- 0.72x
- Current ratio
- 1.80x
- ROE
- 19.1%
- ROA
- 8.4%
- FCF margin
- 16.2%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 2.2 bn | 2.0 bn | 1.8 bn | 2.2 bn | 2.4 bn | 2.4 bn | SEC (XBRL)· 17 Feb 2026verified |
| Cost of revenue | 1.6 bn | 1.4 bn | 1.3 bn | 1.5 bn | 1.6 bn | 1.5 bn | SEC (XBRL)· 17 Feb 2026verified |
| Gross profit | 602.2 m | 573.2 m | 522.2 m | 713.9 m | 839.3 m | 892.1 m | SEC (XBRL)· 17 Feb 2026verified |
| Research & development | 194.1 m | 197.2 m | 185.1 m | 208.7 m | 215.0 m | 207.0 m | SEC (XBRL)· 17 Feb 2026verified |
| SG&A | 276.9 m | 300.5 m | 290.5 m | 312.8 m | 339.1 m | 353.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Operating income | -10.4 m | -79.3 m | -7.4 m | 128.9 m | 264.1 m | 313.1 m | SEC (XBRL)· 17 Feb 2026verified |
| Depreciation & amortisation | 97.3 m | 84.2 m | 66.8 m | 55.8 m | 56.3 m | 49.5 m | SEC (XBRL)· 17 Feb 2026verified |
| EBITDA | 86.9 m ≈ | 4.9 m ≈ | 59.3 m ≈ | 184.6 m ≈ | 320.4 m ≈ | 362.6 m ≈ | SEC (XBRL)· 17 Feb 2026derived |
| Interest expense | 44.0 m | 28.6 m | 6.7 m | 8.3 m | 15.4 m | 22.5 m | SEC (XBRL)· 17 Feb 2026verified |
| Pre-tax income | -56.6 m | -123.8 m | -15.7 m | 127.4 m | 284.5 m | 342.3 m | SEC (XBRL)· 17 Feb 2026verified |
| Income tax | 238.0 k | -45.5 m | -6.2 m | 29.1 m | 43.4 m | 38.9 m | SEC (XBRL)· 17 Feb 2026verified |
| Net income | -58.0 m | -81.3 m | -9.7 m | 96.9 m | 239.1 m | 301.1 m | SEC (XBRL)· 17 Feb 2026verified |
| Diluted EPS | -1.44 | -1.83 | -0.22 | 2.11 | 5.18 | 6.50 | SEC (XBRL)· 17 Feb 2026verified |
| Weighted average diluted shares | 40.3 m | 44.3 m | 45.1 m | 45.8 m | 46.2 m | 46.3 m | SEC (XBRL)· 17 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 206.9 m | 162.6 m | 202.0 m | 302.0 m | 1.1 bn | 1.0 bn | SEC (XBRL)· 17 Feb 2026verified |
| Receivables | 318.3 m | 261.1 m | 249.8 m | 272.9 m | 295.3 m | 342.5 m | SEC (XBRL)· 17 Feb 2026verified |
| Inventories | 182.4 m | 165.8 m | 228.7 m | 283.7 m | 270.7 m | 242.9 m | SEC (XBRL)· 17 Feb 2026verified |
| Current assets | 930.3 m | 749.9 m | 829.6 m | 1.0 bn | 1.8 bn | 1.8 bn | SEC (XBRL)· 17 Feb 2026verified |
| Property, plant & equipment, net | 207.8 m | 163.2 m | 140.1 m | 128.8 m | 115.4 m | 112.2 m | SEC (XBRL)· 17 Feb 2026verified |
| Goodwill | 1.1 bn | 1.1 bn | 1.0 bn | 1.1 bn | 1.1 bn | 1.3 bn | SEC (XBRL)· 17 Feb 2026verified |
| Intangibles (excl. goodwill) | 133.0 m | 92.5 m | 64.9 m | 46.3 m | 43.1 m | 83.3 m | SEC (XBRL)· 17 Feb 2026verified |
| Total assets | 2.6 bn | 2.4 bn | 2.4 bn | 2.6 bn | 3.4 bn | 3.7 bn | SEC (XBRL)· 17 Feb 2026verified |
| Accounts payable | 215.6 m | 193.1 m | 237.2 m | 199.5 m | 144.9 m | 156.3 m | SEC (XBRL)· 17 Feb 2026verified |
| Short-term debt | 18.4 m | 0 | — | — | 0 | 459.5 m | SEC (XBRL)· 17 Feb 2026verified |
| Long-term debt | 902.6 m | 450.2 m | 452.5 m | 454.8 m | 1.2 bn | 788.8 m | SEC (XBRL)· 17 Feb 2026verified |
| Current liabilities | 549.9 m | 501.3 m | 498.6 m | 537.2 m | 528.3 m | 1.0 bn | SEC (XBRL)· 17 Feb 2026verified |
| Total liabilities | 1.8 bn | 1.3 bn | 1.2 bn | 1.3 bn | 2.0 bn | 2.0 bn | SEC (XBRL)· 17 Feb 2026verified |
| Equity | 840.3 m | 1.1 bn | 1.2 bn | 1.3 bn | 1.4 bn | 1.7 bn | SEC (XBRL)· 17 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 109.5 m | 154.8 m | 24.5 m | 125.0 m | 238.2 m | 406.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Capex | 46.2 m | 34.7 m | 19.7 m | 26.9 m | 30.6 m | 22.9 m | SEC (XBRL)· 17 Feb 2026verified |
| Free cash flow | 63.3 m ≈ | 120.1 m ≈ | 4.8 m ≈ | 98.1 m ≈ | 207.6 m ≈ | 383.1 m ≈ | SEC (XBRL)· 17 Feb 2026derived |
| Investing cash flow | -41.0 m | -34.9 m | 40.5 m | -23.3 m | -63.4 m | -349.7 m | SEC (XBRL)· 17 Feb 2026verified |
| Financing cash flow | -11.6 m | -152.9 m | -18.7 m | -3.5 m | 579.6 m | -97.5 m | SEC (XBRL)· 17 Feb 2026verified |
| Share repurchases | 0 | 8.0 m | 17.0 m | 0 | 100.0 m | 100.0 m | SEC (XBRL)· 17 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 81 / 100
A scoring methodology on indicators and valuation, not investment advice.
score >= 65 · margin_of_safety >= 0.15 · agreement in ['high', 'medium']
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 4.5 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation100
- Returns81
- Quality79
- Balance sheet58
- Growth80
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 132.94 – 232.13 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)132.94 – 232.13 (Mid 169.56)WACC 8.2% · starting FCFF 387.1 m USD · terminal value share of EV 77%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -9.6%
- Peers: EV/EBITDA173.89 – 205.46 (Mid 178.86)5 companies used · median multiple 22.2x · quartiles 21.6x – 25.2xALNT, INTT, TER, TRNS, VLTO
- Peers: P/E178.62 – 200.35 (Mid 179.01)3 companies used · median multiple 28.9x · quartiles 28.9x – 32.4xALNT, TER, VLTO
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Attractive profile · Score 81/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 13.3% | 67 (vs peers) | 12% |
| Net margin · Quality | 12.1% | 78 (vs peers) | 7% |
| FCF conversion · Quality | 131.4% | 100 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 9.7% | 80 (on a fixed band) | 10% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 1.9x | 17 (vs peers) | 12% |
| Interest coverage · Balance sheet | 13.8x | 100 (on a fixed band) | 7% |
| Current ratio · Balance sheet | 2.8x | 100 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 16.4x | 100 (vs peers) | 12% |
| EV/EBITDA · Valuation | 13.4x | 100 (vs peers) | 12% |
| FCF yield · Valuation | 8.2% | 100 (on a fixed band) | 10% |
| Shareholder yield (distributions) · Returns | 5.7% | 81 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet58/100 · 3/3 factors with a value
- Growth· partial80/100 · 1/2 factors with a value
- Quality79/100 · 3/3 factors with a value
- Returns· partial81/100 · 1/2 factors with a value
- Valuation100/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Itron, Inc. (ITRI). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 2.4 bn USD in 2025; YoY growth -3.0%; net margin 12.1%; ROE 16.5%; net debt/EBITDA 1.9x.
The estimated value range is 173.89–205.46 USD per share (median of 3 methods, agreement: high); assumptions are illustrative. Against the central value of 178.86 USD, the price of 101.60 USD leaves a potential of 76.0% (value / price − 1) and a margin of safety of 43.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 81/100, methodological classification: attractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 12.1%
- FCF conversion: 131.4%
- Revenue CAGR 3Y: 9.7%
- Interest coverage: 13.8x
- Current ratio: 2.8x
- P/E (TTM): 16.4x
- EV/EBITDA: 13.4x
- FCF yield: 8.2%
- Shareholder yield (distributions): 5.7%
- The price is below the estimated value range
What contradicts it
- Net debt / EBITDA: 1.9x
Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y, Payout ratio (FCF).
Versus the vertical median
Instruments For Meas & Testing of Electricity & Elec Signals (SIC 3825) · same industry (4-digit SIC) · compared with 9 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| TERTeradyne, Inc. | 39.2 bn | 28.8 | 42.9% | 27.5% | +13.1% | +38% / +172% |
| VLTOVeralto Corporation | 28.5 bn | 28.9 | 33.0% | 17.3% | +6.0% | +16% / +51% |
| ITRIItron, Inc. | 4.5 bn | 16.4 | 16.5% | 12.1% | −3.0% | −5% / +58% |
| COHUCohu, Inc. | 2.1 bn | — | -2.8% | -4.0% | +12.7% | +81% / +39% |
| AEHRAehr Test Systems | 2.0 bn | — | -4.2% | -14.3% | −15.2% | +165% / +165% |
| ALNTAllient Inc | 1.4 bn | 35.8 | 12.1% | 6.2% | +4.6% | +48% / +205% |
| TRNSTranscat, Inc. | 1.0 bn | 226.7 | 1.5% | 1.3% | +19.2% | +91% / +10% |
| FEIMFrequency Electronics, Inc. | 693.5 m | 243.8 | 3.0% | 3.7% | −9.4% | +115% / +523% |
| INTTinTest Corporation | 175.9 m | 335.2 | 0.6% | 0.5% | −12.9% | +74% / +7% |
| DAIOData I | 25.2 m | — | -61.2% | -50.1% | −1.2% | −16% / −16% |
1- and 3-year price returns: for ITRI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 65.13 Total return -36% · Per year -36% | 114.87 Total return 13% · Per year 13% | 172.65 Total return 70% · Per year 70% |
| 3 years | 69.92 Total return -31% · Per year -12% | 138.11 Total return 36% · Per year 11% | 226.94 Total return 123% · Per year 31% |
| 5 years | 75.06 Total return -26% · Per year -6% | 166.05 Total return 63% · Per year 10% | 298.31 Total return 194% · Per year 24% |
- Exit P/E± 34.53
- Net margin± 24.17
- Annual revenue growth± 18.91
- Annual dilution± 2.03
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 28 Jul 2026; since then the company filed 8-K (27 Oct 2026 · results), 10-Q (27 Oct 2026).
In brief
Itron is a global leader in grid edge intelligence, energy and water management and critical infrastructure services for utilities and cities. It expanded its resiliency portfolio with the Urbint acquisition in 2025, and in the second quarter of 2026 reported record gross margin while quarterly revenue declined, which makes the balance between growth and profitability relevant now. Annual revenue is about 2.4 billion USD 1.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Long sales cycleshigh
Budget and regulatory approvals for smart meters can take years, making revenue uneven 1.
- Component supplyhigh
Semiconductor shortages and supplier disruptions can delay deliveries and strain customer relationships 1.
- Competitive and pricing pressuremedium
Low-cost suppliers could reduce device prices, and meters could become easier to substitute 1.
- Acquisition integrationmedium
Integrating Urbint and Locusview could face difficulties and affect the Resiliency Solutions segment 23.
- Customer concentrationlow
A small group of customers generates a significant share of revenue, so losing one would have a visible effect 1.
Investment thesis
What would need to be true (bull case)
- If the record second-quarter gross margin holds and recurring services keep growing, profitability could reach a higher level 3.
- Demand tied to grid expansion, resiliency and affordability could support long-term projects reflected in backlog 13.
- The integrated platform and partner ecosystem could strengthen Itron's position against smaller competitors 1.
What to watch
- Third-quarter results and guidance for revenue and non-GAAP EPSQ3 2026
- Trend in total backlog and twelve-month backlogQ3 2026
- Integration of Urbint and Locusview within Resiliency Solutions2027
- Regulatory and supply chain disclosures in the next annual reportnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 28 Jul 2026; since then the company filed 8-K (27 Oct 2026 · results), 10-Q (27 Oct 2026).
The business
Itron offers an integrated portfolio of endpoints (sensors, switches, meters), multi-purpose communication networks, and software and services that turn field data into decisions for utilities and municipalities 1. The company has nearly 50 years of experience in managing data and critical infrastructure, built through acquisitions of Schlumberger Electricity Metering, Actaris, Comverge, Silver Spring Networks and, in 2025, Urbint 1. Its model combines a direct sales force for large utilities with indirect channels for smaller utilities and municipalities 1.
Segments
Device Solutions
Covers measurement, control and sensing hardware, mainly standard electricity, gas and water meters, plus heat and allocation products 1. In the second quarter of 2026 segment revenue eased slightly, due to lower sales of legacy electricity products 3.
Networked Solutions
Includes communicating endpoints, network infrastructure and headend software, including AMI and distribution automation 1. It was the most affected segment in the second quarter of 2026, with revenue falling on project timing and lower volumes 3.
Market context
Trends
- Demand for smarter gridstailwind
Rising consumption, renewable integration and data-center demand could support investment in grid edge infrastructure 1.
- Regulatory policymixed
If smart grid and smart metering regulations are delayed or reduced, utility investment could decline 1.
- Cost and supply chain pressureheadwind
Inflation, tariffs and semiconductor shortages can raise costs and delay deliveries, and recovering them through prices is not assured 1.
- Shift to recurring software and servicestailwind
A move toward recurring revenue, such as Outcomes, could improve margins and revenue predictability 13.
Competitive position
The market is fragmented, with large diversified competitors and low-cost device suppliers in Asia that can pressure prices 1. Itron's stated advantage rests on its device- and transport-agnostic IIoT platform, end-to-end integration and partner ecosystem 1.
- LM Ericsson Telephone Company
Named as a competitor in utility communications and networking 1.
- Landis+Gyr
Meter and smart metering systems provider named as a primary competitor 1.
- Advanced Energy Industries
Named as a competitor in energy equipment and technology 1.
- Xylem, Inc.
Named as a competitor in water and infrastructure 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report27 Oct 2026
- Current report27 Oct 2026Results of operations · Financial statements and exhibits
- Quarterly report28 Jul 2026
- Current report28 Jul 2026Results of operations · Financial statements and exhibits
- Current report08 May 2026Shareholder vote · Other events
- Current report (amendment)01 May 2026Other events
- Quarterly report28 Apr 2026
- Current report28 Apr 2026Results of operations · Financial statements and exhibits
- Current report24 Apr 2026Other events
- Proxy statement23 Mar 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Itron, Inc. · 17 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Itron, Inc. · 28 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Itron, Inc. · 28 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.