Itron
ITRI on Nasdaq. Itron sells meters, communication networks, and software to utilities. Market value $3.8bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
What to watch out for
See Industrials stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $10.03 of spare cash in the past 12 months. A savings account pays about $4.
You pay 15.5 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 7 cents a year. Above 10 is good.
Quality score: 64 of 100. Price score: 93 of 100. Our list needs 70 on quality and 60 on price.
$87.79 a share, 13% above its 1-year low
Over the past year the price has ranged from $77.77 to $142.00.
Pays no dividend
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $2.0bn | $1.8bn | $2.2bn | $2.4bn | $2.4bn |
| Operating margin | |||||
| Operating margin | -4.0% | -0.4% | 5.9% | 10.8% | 13.2% |
| Debt to equity | |||||
| Debt to equity | 0.41 | 0.39 | 0.35 | 0.91 | 0.74 |
| Shares outstanding | |||||
| Shares outstanding | 0.05bn | 0.05bn | 0.05bn | 0.05bn | 0.04bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)6 of 9
- Profit backed by cash (accruals)Yes
- Debt0.74× equity
- Revenue growth, five yearsSlow, 1.7% a year
- Buying back its own sharesYes, 3% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $563 million last quarter, down 7% on a year ago.
- Profit: $53 million, down 22% on a year ago.
- It keeps 13 cents of each $1 of sales as operating profit, up from 12 cents a year earlier.
- Spare cash over the past 12 months: $385 million, up from $287 million.
- 4% fewer shares than a year ago. Each share owns a bit more of the company.
- Debt is $865 million more than cash, up from $41 million a year ago.
- Sales did not grow on a year ago in any of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $615m |
| December 2024 | $613m |
| March 2025 | $607m |
| June 2025 | $607m |
| September 2025 | $582m |
| December 2025 | $572m |
| March 2026 | $587m |
| June 2026 | $563m |
| Quarter to | Amount |
|---|---|
| September 2024 | $78m |
| December 2024 | $58m |
| March 2025 | $65m |
| June 2025 | $68m |
| September 2025 | $66m |
| December 2025 | $102m |
| March 2026 | $53m |
| June 2026 | $53m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 17 February 2026
- Next quarterly (estimated, 10-Q)
- 27 October 2026
Who owns it
7 long-term investors we follow own it, up from 6 last quarter. 413 funds in all.
- GAMCO InvestorsMario Gabelli
- Value
- $4m
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| GMOJeremy Grantham | $45m | 0.1% | Added |
| First Eagle Investment ManagementMatthew McLennan | $22m | <0.1% | New |
| Hotchkis & WileyHotchkis & Wiley team | $11m | <0.1% | Added |
| GAMCO InvestorsMario Gabelli | $4m | <0.1% | |
| Polaris Capital ManagementBernard Horn | $2m | 0.2% | New |
| Royce & AssociatesChuck Royce | $2m | <0.1% | Added |
| Gotham Asset ManagementJoel Greenblatt | $922,583 | <0.1% | Cut |
Sold out this quarter
- Barrow HanleyBarrow Hanley teamSold out
Largest holders overall
- BlackRock$617m
- Vanguard Portfolio Management$303m
- Vanguard Capital Management$173m
- Impax Asset Management Group$167mCut
- State Street$157m
- Dimensional Fund Advisors LP$153mAdded
- Invesco$133mCut
- Geode Capital Management$108mAdded
- First Trust Advisors LP$105mAdded
- Amundi$100mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- BlackRock, Inc.Passive investor15.2%Since 31 March 2025
- Vanguard Portfolio ManagementPassive investor8.0%Since 31 March 2026
- Vanguard Capital ManagementPassive investor5.3%Since 31 March 2026
- Invesco Ltd.Passive investorSold down below 5%Since 30 September 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 15.2% | 31 March 2025 | |
Vanguard Portfolio Management Passive investor | 8.0% | 31 March 2026 | |
Vanguard Capital Management Passive investor | 5.3% | 31 March 2026 | |
Invesco Ltd. Passive investor | Sold down below 5% | 30 September 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 8 sold $15m, $2m of it under preset trading plans.
- Patrick Justin KSVP, Device SolutionsSoldunder a preset trading plan
- Date
- 3 September 2026
- Shares
- 10,210
- Price
- $97.36
- Value
- $994,046
- Reeves Donald L. IIISVP, OutcomesSoldunder a preset trading plan
- Date
- 25 August 2026
- Shares
- 283
- Price
- $99.99
- Value
- $28,297
- Wright David MarshallVP, Corp. Controller & CAOSold
- Date
- 24 August 2026
- Shares
- 76
- Price
- $98.79
- Value
- $7,508
- Ware Christopher E.SVP, GC & Corp. SecretarySold
- Date
- 24 August 2026
- Shares
- 200
- Price
- $98.79
- Value
- $19,758
- Reeves Donald L. IIISVP, OutcomesSold
- Date
- 24 August 2026
- Shares
- 329
- Price
- $98.79
- Value
- $32,502
- Pulatie-Hahn Laurie AnnSVP, HRSold
- Date
- 24 August 2026
- Shares
- 178
- Price
- $98.79
- Value
- $17,585
- Patrick Justin KSVP, Device SolutionsSold
- Date
- 24 August 2026
- Shares
- 222
- Price
- $98.79
- Value
- $21,931
- Marcolini John F.SVP, Networked SolutionsSold
- Date
- 24 August 2026
- Shares
- 331
- Price
- $98.79
- Value
- $32,699
- Hooper Joan SSVP & CFOSold
- Date
- 24 August 2026
- Shares
- 455
- Price
- $98.79
- Value
- $44,949
- Deitrich ThomasPresident & CEO, DirectorSold
- Date
- 24 August 2026
- Shares
- 887
- Price
- $98.79
- Value
- $87,627
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 3 September 2026 | Patrick Justin K SVP, Device Solutions | Sold under a preset trading plan | 10,210 | $97.36 | $994,046 |
| 25 August 2026 | Reeves Donald L. III SVP, Outcomes | Sold under a preset trading plan | 283 | $99.99 | $28,297 |
| 24 August 2026 | Wright David Marshall VP, Corp. Controller & CAO | Sold | 76 | $98.79 | $7,508 |
| 24 August 2026 | Ware Christopher E. SVP, GC & Corp. Secretary | Sold | 200 | $98.79 | $19,758 |
| 24 August 2026 | Reeves Donald L. III SVP, Outcomes | Sold | 329 | $98.79 | $32,502 |
| 24 August 2026 | Pulatie-Hahn Laurie Ann SVP, HR | Sold | 178 | $98.79 | $17,585 |
| 24 August 2026 | Patrick Justin K SVP, Device Solutions | Sold | 222 | $98.79 | $21,931 |
| 24 August 2026 | Marcolini John F. SVP, Networked Solutions | Sold | 331 | $98.79 | $32,699 |
| 24 August 2026 | Hooper Joan S SVP & CFO | Sold | 455 | $98.79 | $44,949 |
| 24 August 2026 | Deitrich Thomas President & CEO, Director | Sold | 887 | $98.79 | $87,627 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 17 Feb 2026, plus the 10-Q filed 28 Jul 2026 and 5 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- Sales have barely grown: 1.7% a year.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.