QualityDipStocks / Industrials · Electrical Products
Itron ITRI
Outside our quality screen, so we don’t track its dips. It’s 7% below its 52-week high.
Outside our quality screen, trading well below our fair value estimate, 5% over its Market Value.
- Fair value est.
- $190.35+91%
- Market Value
- $95.37price +5%
- Off 52-wk high
- −7%
- Risk vs market
- Above marketbeta 1.24
5 bullish · 4 bearish See why
Repriced or dip?
Near its high
The price is 7% below its 52-week high (Nov 5), but the business held up: earnings per share +14.1%, operating margin +1.4 pts, shares outstanding fewer shares, each owns more.
Some numbers held up (earnings per share +14.1%, operating margin +1.4 pts, shares outstanding fewer shares, each owns more), others slipped (net cash (cash minus debt) −18.5% of market cap since the high, revenue −3.6%, revenue growth rate −3.8 pts). The price is 7% below its 52-week high.
The price is 7% below its 52-week high, and the business changed too: net cash (cash minus debt) −18.5% of market cap since the high, revenue −3.6%, revenue growth rate −3.8 pts.
Within 10% of its 52-week high, so there is no dip to judge yet.
Data-based read, not advice.
Priced in
How much growth the market assumed at the 52-week high, the low and today (a reverse DCF).
At the high ($107.15, Nov 5) the price assumed about 2%/yr free-cash-flow growth; at the low ($78.02, May 19) about −7%; today about −2%. The last 3 years delivered 10%/yr (revenue).
Dashed line: what the last 3 years delivered, 10%/yr (revenue)
| High | Low | Now | |
|---|---|---|---|
| Price | $107.15Nov 5 | $78.02May 19 | $99.77 |
| Implied growth | +2% | −7% | −2% |
| P/E | 19.4× | 12.3× | 15.8× |
| P/FCF | 14.6× | 9.0× | 12.1× |
| EV/Sales | 2.0× | 1.9× | 2.2× |
What this means: the higher the implied growth, the more the price already counts on. If today's number sits well below what the business has delivered, the market expects less than its track record.
How it’s computed
Reverse DCF: the same 10-year free-cash-flow model as our fair value estimate (9.5% discount rate, growth for years 1–5 fading to 3% by year 10, 3% after), solved for the growth that makes it equal the market value at each price. For the high and the low we use only the filings that were public on that day, so nothing from a later report leaks back. Market value = that close × diluted shares. P/E = market value / 12-month net income; Price / FCF = market value / 12-month free cash flow; EV / Sales = (market value + debt − cash) / 12-month revenue. Hidden when the share count moved over 20% (split, merger), free cash flow is negative, or the company reports in another currency.
Valuation
What we estimate it's worth, and how it ranks on value vs every stock we cover.
Fair value estimate
How the range is computed
Ten-year free-cash-flow DCF. Same 10-year free-cash-flow model as the base: discount rate 9.5% ±1 point and growth 9.7% ±2 points. Bear = 10.5% and 7.7%; bull = 8.5% and 11.7% (both fade to 3%). A model estimate from public filings, not a forecast of where the price will go.
Price is below even the bear case.
What the price implies To be worth today’s price, ITRI’s free cash flow would need to shrink about 2% a year for five years; our estimate uses 10%.
Risk vs market
How risk vs market is measured
One year of daily returns (Oct 31 to Nov 2, 252 sessions). Beta = how much ITRI moved for each 1% move in the S&P 500 (SPY); 1.0 moves with the market. Volatility is the yearly standard deviation of daily returns. Past behavior, not a forecast.
Swings more than the market, and its own price swings are 3.4× the S&P 500’s.
- Beta vs S&P 500
- 1.24
- Volatility
- 44% vs 13% SPY
- Correlation SPY
- 0.37
- Correlation QQQ
- 0.25
How it ranks
Where ITRI stands vs every one of the 1,996 stocks we cover that has the number. Longer bar = better.
Top quarter on 3 of 6 measures
- Discount to fair value estimate91% · price below our base caseTop 10%of 1,314
- Free cash flow yield8.3% · free cash flow vs market capTop 16%of 1,391
- Dividends + buybacks yield5.7% · cash paid out or used to retire shares, vs market capTop 22%of 1,836
- Revenue growth, last 12 months−3.6% · vs the 12 months beforeLowest 7%of 1,814
- Operating margin14% · of sales kept as operating profitTop 45%of 1,288
- Return on invested capital11% · profit per dollar of capitalTop 47%of 838
From SEC filings and our fair value estimate model. A ranking, not advice.
Valuation details
DCF $190.35 · MV $95.37 · FCF value $187.07
Assumes 9.7% growth for 5 years (revenue grew 9.7% a year FY22–FY25), fading to 3%; 9.5% discount rate, 3% terminal growth. FCF base $8.28 a share (trailing 12 months to Sep 30, 2026), from the 10-Q filed Oct 27, 2026. Net debt $737M, not deducted.
Fundamentals
The business itself: sales, profits, cash and debt, from SEC filings.
Bull vs bear
Rule-based from the data on this page, strongest first. Not advice.
Top bullish points 5 of 5
ValuationOur DCF fair value estimate is $190.35, 91% above the price.
ValuationFree-cash-flow yield of 8.3% (price / FCF 12.1×): $368M of free cash in the last 12 months.
ValuationP/E of 15.8× vs a 26.5× median for the 220 Industrials companies we cover.
ProfitabilityOperating margin widened to 13.2% in FY2025 from 5.9% in FY2023 (SEC filings).
Cash returnsShare count down 4.8% in a year: $252M of buybacks over 12 months.
Top bearish points 4 of 5
Balance sheetDebt rose 175% to $1.3B from FY2023 to FY2025.
GrowthSales growth slowed to −4% over the last 12 months, from 10% a year over the prior three fiscal years.
GrowthSales fell 4% over the last 12 months vs the 12 months before (SEC filings).
Balance sheetDebt / equity of 0.9×, above the 0.6× median for the 198 Industrials companies we cover.
All fundamentals
P/E 15.8 · FCF yield 8.3% · ROE 16%
Valuation
- P/E
- 15.8×Industrials median 26.5×
- Price / FCF
- 12.1×
- FCF yield
- 8.3%
- EV / EBITDA
- 13.4×
- Price / sales
- 1.91×
- Price / book
- 2.61×
- Market cap
- $4.4Bprice × diluted shares
- Enterprise value
- $5.2B
Growth
- Revenue, 12 months
- $2.3B
- Sales growth, 12 months
- −3.6%vs the 12 months before
- Sales growth, 3 yrs
- +9.7%/yrfrom FY2022
- Diluted EPS, 12 months
- $6.17
- EPS growth, last FY
- +25.5%
- Net income, 12 months
- $280M
- Net income growth
- +9%12 months vs before
Profitability
- Gross margin
- 40.7%
- Operating margin
- 13.7%
- Net margin
- 12.1%
- FCF margin
- 15.8%
- Return on equity
- 16%
- Return on invested capital
- 11%
Balance sheet
- Cash & short-term inv.
- $840M
- Total debt
- $1.6B
- Net cash
- −$737M
- Debt / equity
- 0.93×
- Interest coverage
- 13.8×operating income / interest
Cash flow & returns
- Free cash flow, 12 months
- $368M
- FCF growth, 12 months
- +8%
- Dividend yield
- 0%
- Payout ratio
- n/anot reported in its SEC filings
- Buybacks, 12 months
- $252M5.7% of market cap
- Share count, 1 year
- −4.8%diluted shares vs a year ago
- Stock-based comp
- $59M
Trailing 12 months to Sep 30, 2026; balance sheet at Sep 30, 2026. From Itron’s SEC filings. Sparklines show up to six fiscal years. n/a means we don’t hold that number, with the reason. How each is computed.
The business
FCF $0.3B · Sales +3%
- Free cash flow, 12 months$0.3B
- Free-cash-flow yield8.3%
- Free-cash-flow margin14%
- Gross margin41%
- Operating margin16%
- Return on invested capital12%
- Return on equity16%
- Sales growth (latest quarter vs year-ago quarter)+3%
- Net debt / EBITDA2.0×
Chart & levels
Where the price is vs its key levels and trends.
Key levels
Every level vs today’s $99.77
- 52-wk lowlowest close, 1 year$78.02−21.8%
- Market Valueavg paid since Oct 27$95.37−4.4%
- PriceMon Nov 2 close$99.77you are here
- 52-wk highhighest close, 1 year$107.15+7.4%
- Fair value est.base case$190.35+90.8%
Momentum & 52-week range
RSI 71 · 5 days +13.7%
Signals
Reversal signal setups, the public ledger and the next earnings date.
Setup & signals
No setup armed
No setup armed, so there’s no trigger or stop to track yet. Reversal signal rules only run on companies that pass our quality screen.
ITRI is outside our quality screen
One text when a published rule fires on one of the 332 quality companies we track: the ticker, the price, the stop and a link to the numbers. Nothing else.
Voices & buzz
Who is talking about it, and how it compares with peers.
Who’s talking about it
Notable investors, executives, analysts and public figures on Itron in the last 48 hours. Headlines as published, each linked. Their words, not ours.
No notable mentions in the last 48 hours. Checked Nov 3, 1:01 PM ET.
Compare with peers
Closest in size in Industrials
Information only, not investment advice. Fair value estimates and talking points are rule-based model output from public data and can be wrong; stop levels are reference points, not orders. How every number is computed.