ITRON, INC. ITRI
Itron is a global leader in grid edge intelligence, energy and water management, smart city applications, Industrial Internet of Things (IIoT) and critical infrastructure and related services. Our intelligent infrastructure solutions help utilities and cities improve efficiency, build resilience and deliver safe, reliable, and affordable service. With edge intelligence, we connect people, data insights, and devices so communities can better manage the essential resources they rely on.
Itron provides an integrated, intelligent portfolio of endpoints (such as sensors, switches, and meters) that collect and analyze data, control devices, and take action in the field. Our multi-purpose multi-tenant communication networks harvest that data and deliver where and when needed; our software and services then turn that data into insights for analysis and action. With Itron, our customers achieve more efficient operations, improve operating resilience, better engage consumers, increase capacity, and enhance profitability.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.37B | $2.44B | $2.17B | $1.80B | $1.98B | $2.17B | $2.50B | $2.38B | $2.02B | $2.01B |
| Cost of revenue | $1.48B | $1.60B | $1.46B | $1.27B | $1.41B | $1.57B | $1.75B | $1.65B | $1.34B | $1.35B |
| Gross profit | $892.1M | $839.3M | $713.9M | $522.2M | $573.2M | $602.2M | $752.3M | $730.3M | $676.8M | $662.5M |
| R&D | $207.0M | $215.0M | $208.7M | $185.1M | $197.2M | $194.1M | $202.2M | $207.9M | $169.4M | $167.8M |
| SG&A | $353.0M | $339.1M | $312.8M | $290.5M | $300.5M | $276.9M | $346.9M | $423.2M | $325.3M | $319.6M |
| Total operating expenses | $579.0M | $575.2M | $585.0M | $529.6M | $652.5M | $612.6M | $619.6M | $780.0M | $521.9M | $561.5M |
| Operating income | $313.1M | $264.1M | $128.9M | -$7.4M | -$79.3M | -$10.4M | $132.7M | -$49.7M | $154.9M | $101.0M |
| Interest expense | $22.5M | $15.4M | $8.3M | $6.7M | $28.6M | $44.0M | $52.5M | $58.2M | $13.8M | $13.5M |
| Pre-tax income | $342.3M | $284.5M | $127.4M | -$15.7M | -$123.8M | -$56.6M | $73.0M | -$109.2M | $134.6M | $84.6M |
| Income tax | $38.9M | $43.4M | $29.1M | $6.2M | $45.5M | $238.0K | $20.6M | $12.6M | $74.3M | $49.6M |
| Net income | $301.1M | $239.1M | $96.9M | -$9.7M | -$81.3M | -$58.0M | $49.0M | -$99.2M | $57.3M | $31.8M |
| EPS, basic | 6.62 | 5.27 | 2.13 | -0.22 | -1.83 | -1.44 | 1.24 | -2.53 | 1.48 | 0.83 |
| EPS, diluted | 6.50 | 5.18 | 2.11 | -0.22 | -1.83 | -1.44 | 1.23 | -2.53 | 1.45 | 0.82 |
| Shares, diluted (wtd. avg.) | $46.3M | $46.2M | $45.8M | $45.1M | $44.3M | $40.3M | $40.0M | $39.2M | $39.4M | $38.6M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.02B | $1.05B | $302.0M | $202.0M | $162.6M | $206.9M | $149.9M | $122.3M | $487.3M | $133.6M |
| Receivables | $342.5M | $295.3M | $272.9M | $249.8M | $261.1M | $318.3M | $415.9M | $416.5M | $369.0M | $299.9M |
| Inventory | $242.9M | $270.7M | $283.7M | $228.7M | $165.8M | $182.4M | $227.9M | $220.7M | $193.8M | $163.0M |
| Total current assets | $1.82B | $1.82B | $1.05B | $829.6M | $749.9M | $930.3M | $997.3M | $896.1M | $849.7M | $732.5M |
| Property, plant and equipment | $112.2M | $115.4M | $128.8M | $140.1M | $163.2M | $207.8M | $233.2M | $226.6M | $200.8M | $176.5M |
| Goodwill | $1.34B | $1.05B | $1.05B | $1.04B | $1.10B | $1.13B | $1.10B | $1.12B | $555.8M | $452.5M |
| Other intangibles | $83.3M | $43.1M | $46.3M | $64.9M | $92.5M | $133.0M | $185.1M | $257.6M | $95.2M | $72.2M |
| Total assets | $3.72B | $3.41B | $2.60B | $2.38B | $2.39B | $2.61B | $2.71B | $2.61B | $2.11B | $1.58B |
| Accounts payable | $156.3M | $144.9M | $199.5M | $237.2M | $193.1M | $215.6M | $328.1M | $310.0M | $262.2M | $172.7M |
| Short-term debt | $459.5M | $0 | — | — | $0 | $18.4M | $0 | $28.4M | $19.7M | $14.1M |
| Total current liabilities | $1.01B | $528.3M | $537.2M | $498.6M | $501.3M | $549.9M | $671.4M | $652.7M | $507.8M | $413.0M |
| Long-term debt | $788.8M | $1.24B | $454.8M | $452.5M | $450.2M | $902.6M | $932.5M | $988.2M | $593.6M | $290.5M |
| Total liabilities | $1.98B | $2.00B | $1.27B | $1.19B | $1.25B | $1.77B | $1.91B | $1.87B | $1.30B | $927.5M |
| Retained earnings | $111.8M | -$189.3M | -$428.4M | -$525.3M | -$515.6M | -$434.3M | -$376.4M | -$425.4M | -$337.9M | -$409.5M |
| Total equity | $1.72B | $1.39B | $1.33B | $1.19B | $1.14B | $840.3M | $800.8M | $734.0M | $805.6M | $650.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $406.0M | $238.2M | $125.0M | $24.5M | $154.8M | $109.5M | $172.8M | $109.8M | $191.4M | $115.8M |
| Depreciation and amortisation | $49.5M | $56.3M | $55.8M | $66.8M | $84.2M | $97.3M | $114.4M | $122.5M | $63.2M | $68.3M |
| Stock-based compensation | $62.4M | $43.9M | $28.4M | $21.9M | $23.6M | $25.1M | $27.0M | $31.3M | $21.4M | $18.0M |
| Capital expenditure | $22.9M | $30.6M | $26.9M | $19.7M | $34.7M | $46.2M | $60.7M | $60.0M | $49.5M | $43.5M |
| Investing cash flow | -$349.7M | -$63.4M | -$23.3M | $40.5M | -$34.9M | -$41.0M | -$48.2M | -$862.7M | -$148.2M | -$47.5M |
| Financing cash flow | -$97.5M | $579.6M | -$3.5M | -$18.7M | -$152.9M | -$11.6M | -$97.5M | $395.8M | $302.0M | -$63.0M |
| Buybacks | $100.0M | $100.0M | $0 | $17.0M | $8.0M | $0 | $25.0M | $0 | $0 | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000780571-26-000033.
Others in SIC 3825
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| TER | TERADYNE, INC | $55.82B | 102.9x | 13.1% |
| VLTO | Veralto Corp | $23.65B | 25.6x | 6.0% |
| AEHR | AEHR TEST SYSTEMS | $2.81B | — | -15.2% |
| COHU | COHU INC | $2.40B | — | 12.7% |
| ALNT | ALLIENT INC | $1.61B | 71.7x | 4.6% |
| TRNS | TRANSCAT INC | $800.1M | 150.0x | 19.2% |
| FEIM | FREQUENCY ELECTRONICS INC | $598.8M | — | -9.4% |
| INTT | INTEST CORP | $140.2M | — | -12.9% |