ITRI · Itron, Inc. - Financials

Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.

Price · ITRI

1Y 3Y 5Y Max

Annual Quarterly

Income Statement

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Revenue	$2.37B	$2.44B	$2.17B	$1.80B	$1.98B	$2.17B
Cost of Revenue	$1.48B	$1.60B	$1.46B	$1.27B	$1.41B	$1.57B
Gross Profit	$892.12M	$839.32M	$713.91M	$522.19M	$573.17M	$602.17M
R&D	$207.04M	$215.03M	$208.69M	$185.10M	$197.24M	$194.10M
SG&A	$352.96M	$339.07M	$312.78M	$290.45M	$300.52M	$276.92M
Total Operating Expenses	$579.05M	$575.21M	$585.04M	$529.63M	$652.47M	$612.56M
D&A	$49.52M	$56.28M	$55.76M	$66.76M	$84.15M	$97.29M
Operating Income	$313.07M	$264.11M	$128.87M	($7.44M)	($79.30M)	($10.39M)
Interest Expense	$22.45M	$15.38M	$8.35M	$6.72M	$28.64M	$44.00M
Income Tax	$38.93M	$43.41M	$29.07M	($6.20M)	($45.51M)	$238.0K
Net Income	$301.06M	$239.10M	$96.92M	($9.73M)	($81.25M)	($57.95M)
EPS - Basic	$6.62	$5.27	$2.13	($0.22)	($1.83)	($1.44)
EPS - Diluted	$6.50	$5.18	$2.11	($0.22)	($1.83)	($1.44)

Balance Sheet

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Cash & Equivalents	$1.02B	$1.05B	$302.05M	$202.01M	$162.58M	$206.93M
Accounts Receivable	$342.49M	$295.34M	$272.89M	$249.77M	$261.12M	$318.27M
Inventory	$242.89M	$270.73M	$283.69M	$228.70M	$165.80M	$182.38M
Accounts Payable	$156.29M	$144.93M	$199.52M	$237.18M	$193.13M	$215.64M
Current Assets	$1.82B	$1.82B	$1.05B	$829.58M	$749.93M	$930.26M
Total Assets	$3.72B	$3.41B	$2.60B	$2.38B	$2.39B	$2.61B
Current Liabilities	$1.01B	$528.26M	$537.24M	$498.57M	$501.34M	$549.90M
Long-term Debt	$788.80M	$1.24B	$454.83M	$452.53M	$450.23M	$902.58M
Total Liabilities	$1.98B	$2.00B	$1.27B	$1.19B	$1.25B	$1.77B
Stockholders' Equity	$1.72B	$1.39B	$1.31B	$1.17B	$1.12B	$816.55M
Retained Earnings	$111.75M	($189.30M)	($428.41M)	($525.33M)	($515.60M)	($434.35M)

Cash Flow

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Operating Cash Flow	$405.95M	$238.18M	$124.97M	$24.50M	$154.79M	$109.51M
Investing Cash Flow	($349.65M)	($63.41M)	($23.31M)	$40.52M	($34.88M)	($41.04M)
Financing Cash Flow	($97.46M)	$579.57M	($3.51M)	($18.74M)	($152.89M)	($11.58M)
CapEx	$22.89M	$30.56M	$26.88M	$19.75M	$34.68M	$46.21M
Free Cash Flow	$383.06M	$207.61M	$98.09M	$4.75M	$120.11M	$63.31M

Ratios

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Profitability
Gross margin	37.7%	34.4%	32.8%	29.1%	28.9%	27.7%
Operating margin	13.2%	10.8%	5.9%	-0.4%	-4.0%	-0.5%
EBITDA margin	15.3%	13.1%	8.5%	3.3%	0.2%	4.0%
Net margin	12.7%	9.8%	4.5%	-0.5%	-4.1%	-2.7%
Free cash flow margin	16.2%	8.5%	4.5%	0.3%	6.1%	2.9%
FCF / Net income	1.27	0.87	1.01	-0.49	-1.48	-1.09
R&D / Revenue	8.7%	8.8%	9.6%	10.3%	10.0%	8.9%
SG&A / Revenue	14.9%	13.9%	14.4%	16.2%	15.2%	12.7%
Effective tax rate	11.5%	15.4%	23.1%	-	-	-
Return on assets	8.1%	7.0%	3.7%	-0.4%	-3.4%	-2.2%
Return on equity	17.5%	17.2%	7.4%	-0.8%	-7.3%	-7.1%
Return on invested capital	11.1%	8.5%	5.6%	-0.4%	-4.0%	-0.5%
Liquidity
Current ratio	1.80	3.44	1.95	1.66	1.50	1.69
Quick ratio	1.56	2.92	1.43	1.21	1.17	1.36
Cash ratio	1.01	1.99	0.56	0.41	0.32	0.38
Leverage
Debt / Equity	0.46	0.89	0.35	0.39	0.40	1.11
Debt / Assets	0.21	0.36	0.17	0.19	0.19	0.35
Debt / EBITDA	2.18	3.88	2.46	7.63	92.75	10.39
Interest coverage	13.9x	17.2x	15.4x	-1.1x	-2.8x	-0.2x
Equity multiplier	2.17	2.45	1.99	2.04	2.14	3.19
Liabilities / Assets	0.53	0.59	0.49	0.50	0.52	0.68
Efficiency
Asset turnover	0.64	0.72	0.83	0.76	0.83	0.83
Inventory turnover	6.07	5.92	5.15	5.57	8.49	8.62
Days sales outstanding	53d	44d	46d	51d	48d	53d
Days inventory outstanding	60d	62d	71d	66d	43d	42d
Days payable outstanding	39d	33d	50d	68d	50d	50d
Cash conversion cycle	74d	73d	67d	48d	41d	46d
Valuation
P / E	14.3x	21.0x	35.8x	-	-	-
P / B	2.5x	3.6x	2.6x	2.0x	2.7x	4.7x
P / S	1.8x	2.1x	1.6x	1.3x	1.5x	1.8x
EV / EBITDA	11.2x	16.2x	19.6x	42.7x	684.6x	52.4x
Growth
Revenue growth (YoY)	-3.0%	12.3%	21.1%	-9.4%	-8.8%	-13.2%
Revenue CAGR (3y)	9.7%	7.2%	0.0%	-10.5%	-0.5%	2.5%
Revenue CAGR (5y)	1.7%	-0.5%	1.5%	-2.3%	-0.3%	2.9%
Gross profit growth (YoY)	6.3%	17.6%	36.7%	-8.9%	-4.8%	-20.0%
Operating income growth (YoY)	18.5%	104.9%	-	90.6%	-662.9%	-
Net income growth (YoY)	25.9%	146.7%	-	88.0%	-40.2%	-
EPS growth (YoY)	25.5%	145.5%	-	88.0%	-27.1%	-
EPS CAGR (3y)	-	-	-	-	-	-
EPS CAGR (5y)	-	33.3%	-	-	-	-
FCF growth (YoY)	84.5%	111.7%	1963.7%	-96.0%	89.7%	-51.5%
FCF CAGR (5y)	43.3%	9.7%	14.5%	-49.3%	10.7%	16.6%
Book value growth (YoY)	23.4%	6.1%	12.2%	4.7%	36.7%	5.2%

Sales by segment

From XBRL dimensional facts in the 10-K period ending 2025-12-31.

Business segments

$2.37B total

Networked Solutions Segment$1.56B · 65.8%

Device Solutions$447.08M · 18.9%

Outcomes Segment$359.74M · 15.2%

Resiliency Solutions$3.05M · 0.1%

Product / service

$2.37B total

Product$2.01B · 84.9%

Service$358.22M · 15.1%

Geographic

$2.37B total

United States And Canada$1.93B · 81.4%

EMEA$318.51M · 13.5%

Asia Pacific$121.21M · 5.1%

Stability scores

Altman Z′

FY 2025 · bankruptcy risk

1.44

Grey zone

Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.

Piotroski F-score

FY 2025 · 9-point quality

7/9

Strong

✓Net income positive
✓Operating cash flow positive
✓ROA improved YoY
✓Cash flow > net income
✓Long-term debt decreased
✗Current ratio improved
✓No share dilution
✓Gross margin improved
✗Asset turnover improved

Peer comparison

Same SIC group: Instruments For Meas & Testing of Electricity & Elec Signals

Company	Revenue (last FY)	Net margin	ROE
AEHR	$66.22M	-5.9%	-3.2%
TER	$3.19B	17.4%	19.8%
ALNT	$554.48M	4.0%	7.3%
COHU	-	-	-9.5%
VLTO	$5.50B	17.1%	30.3%

Comparing ITRON against the 5 most active filers in the same SIC group.