ITRINasdaqInstruments For Meas & Testing of Electricity & Elec SignalsFiscal year ends December 31
ITRON, INC.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 28, 2026
$82.14−0.90 (-1.08%)
Close on Oct 19, 2026
- Market cap
- $3.66B
- P/E (TTM)
- 13.7
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
37.7%+10.0 pts over 5 years
Operating margin
13.2%+13.7 pts over 5 years
Net margin
12.7%+15.4 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -3.0% | +9.7% | +1.7% | +2.3% | |
| Gross profit | +6.3% | +19.5% | +8.2% | +4.8% | |
| Operating income | +18.5% | – | – | +19.5% | |
| Net income | +25.9% | – | – | +37.3% | |
| EPS, diluted | +25.5% | – | – | +34.7% | |
| Free cash flow | +84.5% | +331.9% | +43.3% | +29.3% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 5.1% | -7.3% | 19.4% | |
| Return on assets | 2.0% | -2.2% | 8.4% | |
| Current ratio | 1.77 | 1.69 | 1.80 | |
| Debt to equity | 0.48 | 1.13 | 0.73 | |
| Net debt to EBITDA | 1.01× | 8.22× | 0.63× | |
| Interest coverage | 7.5× | -0.2× | 13.9× | |
| Inventory turnover | 7.6× | 7.7× | 5.7× | |
| Capex to revenue | 2.2% | 2.1% | 1.0% | |
| Diluted shares | 39M | 40M | 46M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Itron generated $948.39M from operations and spent $359.77M on capital expenditure, dividends and share buybacks. 37% of that went back into the business.
Generated
$948.39M
Used
$359.77M
Capital expenditure$134.77M37%Dividends$00%Share buybacks$225.00M63%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin12.7%
×Asset turnover0.66×
×Equity multiplier2.29×
=Return on equity, FY202519.4%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 12.7% | 0.66× | 2.29× | 19.4% |
| FY2024 | 9.8% | 0.81× | 2.23× | 17.7% |
| FY2023 | 4.5% | 0.87× | 2.01× | 7.8% |
| FY2022 | -0.5% | 0.75× | 2.09× | -0.9% |
| FY2021 | -4.1% | 0.79× | 2.59× | -8.4% |
| FY2020 | -2.7% | 0.82× | 3.34× | -7.3% |
| FY2019 | 2.0% | 0.94× | 3.57× | 6.6% |
| FY2018 | -4.2% | 1.01× | 3.15× | -13.2% |
| FY2017 | 2.8% | 1.10× | 2.60× | 8.1% |
| FY2016 | 1.6% | 1.24× | 2.64× | 5.1% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$301.06M
- Cash generatingOperating cash flow above zero$405.95M
- Return on assets improvedROA up on the prior year9.2% → 8.8%
- Earnings backed by cashOperating cash flow above net income$405.95M vs $301.06M
- Less leverageLong-term debt to assets fell36.5% → 21.2%
- Better liquidityCurrent ratio rose3.44 → 1.80
- No dilutionShare count did not rise46M → 46M
- Gross margin improvedGross margin up on the prior year34.39% → 37.69%
- More efficientAsset turnover rose0.94 → 0.69