Foreign exchangemixed · 5 filings
“Beginning total backlog, plus bookings, minus revenues, will not equal ending total backlog due to miscellaneous contract adjustments, foreign currency fluctuations, and other factors.”10-Q · Jul 28, 2026 ↗
Itron, Inc.
ITRI
Market read
Itron, Inc.'s current read is isolated; its market group is not confirming.
The latest filing evidence is available. 0 of 32 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 2 directly disclosed connections are confirming.
What changed
- Operating cash flow covered net income at 1.60x, improving versus the comparable period.
- Revenue decreased 3.3% versus the comparable filing period.
Company-1.1% todayVolume comparison unavailable
Market group0 of 32 activeIndustrial Equipment · unavailable
Disclosed network0 of 2 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- Quantified increases in SG&A, amortization, and R&D driven by higher labor and IT expenses and recent acquisitions.
Invalidation: The isolated read changes if ITRI's group or a disclosed connection begins moving with it.
Research brief
The story so far
The latest filing evidence is available. 0 of 32 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 2 directly disclosed connections are confirming.
Evidence that supports
- Operating cash flow covered net income at 1.60x, improving versus the comparable period.
Evidence that challenges
- Revenue decreased 3.3% versus the comparable filing period.
- Operating margin fell 1.0 percentage points.
- Net income decreased 18.4% versus the comparable filing period.
What would clarify the read
- Quantified increases in SG&A, amortization, and R&D driven by higher labor and IT expenses and recent acquisitions.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations327
Usable filing statements104
Verified relationships2
Evidence supporting the case
- Operating margin changed +2.4 percentage points in the latest annual period.
- Net margin changed +2.9 percentage points in the latest annual period.
- Operating cash flow covered net income at 1.35x in the latest annual period.
- Input and raw-material costs has repeated favorable evidence across 4 filings.
- Labor availability and costs has repeated favorable evidence across 4 filings.
Evidence challenging the case
- Latest annual revenue changed -3.0% year over year.
- Restructuring and cost reductions has repeated adverse evidence across 5 filings.
Questions before a position
No credible peer-relative valuation comparison is available yet.
Longer-term price context
Price as of Sep 10, 2026
93.496m+1.7%12m-21.3%24m—
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-12-31$2.0B-8.8%$-1.83+10.1%
2022-12-31$1.8B-9.4%$-0.22+1.8%
2023-12-31$2.2B+21.1%$2.11+1.6%
2024-12-31$2.4B+12.3%$5.18+0.8%
2025-12-31$2.4B-3.0%$6.50+0.3%
What management says matters
Persistent and emerging business drivers
Product pipeline and R&Dmixed · 5 filings
“The decrease was the result of lower adjusted gross profit, partially offset by lower research and development costs.”10-Q · Jul 28, 2026 ↗
Restructuring and cost reductionsnegative · 5 filings
“Non-GAAP net income and non-GAAP diluted EPS – We define non-GAAP net income as net income attributable to Itron, Inc.”10-Q · Jul 28, 2026 ↗
Demand and volumemixed · 4 filings
“Bookings and backlog vary from period to period primarily due to the timing of large project awards.”10-Q · Jul 28, 2026 ↗
Valuation discipline
Peer-relative valuation withheld
Jodie found no industry-matched filing peers suitable for a valuation comparison. It will not substitute broader financial-sector names.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
93.55-1.1% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 15:10 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for ITRI. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment · baseline
The latest filing shows material pressure
10-Q filed 2026-04-28 against the comparable filing from 2025-05-01.
OperationscautiousEvidence score -4
liquidityconstructiveEvidence score +1
valuationdiscount
What improved
- Operating cash flow covered net income at 1.60x, improving versus the comparable period.
What weakened
- Revenue decreased 3.3% versus the comparable filing period.
- Operating margin fell 1.0 percentage points.
- Net income decreased 18.4% versus the comparable filing period.
Filing receipts
“The 250 basis point increase was driven by improved revenue mix and lower costs.”
“This was primarily the result of a $18.4 million increase in sales, general and administrative expenses primarily driven by increased labor and acquisition-related costs, a $4.9 million increase in research and development expenses primarily driven by increased labor costs, and a $3.7 million increase in amortization of intangible assets.”
“This increase was primarily the result of a $14.0 million increase in sales, general and administrative expenses driven by increased labor and acquisition-related costs, and a $3.7 million increase in amortization of intangible assets.”
Retrospective baseline calibration. It was generated after the filing date and is not part of Jodie's live track record.
Business ecosystem
The relationships behind ITRI
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depended on by
SWKSSkyworks Solutions, Inc.customerNov 7, 2025 ▾
“Our key customers include Amazon, Apple Inc.”
Filing peers
No filing peers are available for this name yet.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 1 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
ITRI is currently a Follower in the organic co-movement group Industrial Equipment. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 1 filing-linked name are in the relationship map; none is currently confirmed as moving with the group.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.