Itron, Inc. (ITRI) 10-Year Financial Performance & Capital Metrics

ITRI • • Industrial / General

TechnologyTech Hardware & EquipmentSpecialized Industrial SystemsIndustrial Monitoring & Control

AboutItron, Inc., a technology and service company, provides end-to-end solutions that help manage operations in the energy, water, and smart city space worldwide. The company operates through three segments: Device Solutions, Networked Solutions, and Outcomes. The Device Solutions segment offers hardware products that are used for measurement, control, or sensing. The Networked Solutions segment provides a combination of communicating devices, such as smart meters, modules, endpoints, and sensors; network infrastructure; and associated application software for acquiring and transporting application-specific data. The Outcomes segment offers value-added, enhanced software and services for managing, organizing, analyzing, and interpreting data to enhance decision making, maximize operational profitability, drive resource efficiency, and deliver results for consumers, utilities, and smart cities. In addition, it offers implementation, project management, installation, consulting, and post-sale maintenance support services, as well as cloud and software-as-a-service; and extended or customer-specific warranties. It offers its products and services under the Itron brand. The company markets its products directly through its sales force, as well as through indirect sales force consisting of distributors, sales representatives, partners, and meter manufacturer representatives to utilities and municipalities. Itron, Inc. was incorporated in 1977 and is headquartered in Liberty Lake, Washington.Show more

Revenue $2.44B +12.3%
EBITDA $320M +73.5%
Net Income $239M +146.7%
EPS (Diluted) 5.18 +145.5%
Gross Margin 34.39% +4.7%
EBITDA Margin 13.13% +54.5%
Operating Margin 10.82% +82.5%
Net Margin 9.8% +119.7%
ROE 17.43% +126.9%
ROIC 12.48% +96.0%
Debt/Equity 0.91 +140.7%
Interest Coverage 17.17 +11.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 37.3%

✗Weaknesses

✗Thin 5Y average net margin of 1.4%

Price & Volume

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Growth Metrics

Revenue CAGR

10Y2.16%

5Y-0.5%

3Y7.2%

TTM0.14%

Profit (Net Income) CAGR

10Y-

5Y37.3%

3Y-

TTM14.26%

EPS CAGR

10Y-

5Y33.32%

3Y-

TTM13.93%

ROCE

10Y Avg4.03%

5Y Avg2.46%

3Y Avg5.61%

Latest10.68%

Peer Comparison

Industrial Monitoring & Control

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
SOTKSono-Tek Corporation	66.45M	4.23	52.35	4.08%	7.72%	8.24%	0.08%
ELSEElectro-Sensors, Inc.	15.24M	4.38	33.69	9.56%	4.13%	2.75%	0.51%
ITRIItron, Inc.	4.53B	100.91	19.48	12.29%	10.69%	15.03%	4.59%	0.91
TRMBTrimble Inc.	18.69B	78.57	12.90	-3.04%	9.93%	6.18%	2.66%	0.26
FCUVFocus Universal Inc.	5.72M	0.70	-1.45	-9.63%	-15.19%	-33.66%		0.04
SLNHSoluna Holdings, Inc.	157.72M	1.60	-2	80.49%	-274.18%	-107.41%		0.80

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	1.88B	2.01B	2.02B	2.38B	2.5B	2.17B	1.98B	1.8B	2.17B	2.44B
Revenue Growth %	-0.05%	0.07%	0%	0.18%	0.05%	-0.13%	-0.09%	-0.09%	0.21%	0.12%
Cost of Goods Sold+	1.32B	1.35B	1.34B	1.65B	1.75B	1.57B	1.41B	1.27B	1.46B	1.6B
COGS % of Revenue	0.7%	0.67%	0.67%	0.69%	0.7%	0.72%	0.71%	0.71%	0.67%	0.66%
Gross Profit+	559.12M	660.32M	675.15M	730.32M	752.32M	602.17M	573.17M	522.19M	713.91M	839.32M
Gross Margin %	0.3%	0.33%	0.33%	0.31%	0.3%	0.28%	0.29%	0.29%	0.33%	0.34%
Gross Profit Growth %	-0.1%	0.18%	0.02%	0.08%	0.03%	-0.2%	-0.05%	-0.09%	0.37%	0.18%
Operating Expenses+	503.84M	561.54M	521.87M	780.01M	619.64M	612.56M	652.47M	529.63M	585.04M	575.21M
OpEx % of Revenue	0.27%	0.28%	0.26%	0.33%	0.25%	0.28%	0.33%	0.29%	0.27%	0.24%
Selling, General & Admin	325.3M	324.55M	328.72M	334.54M	350.51M	280.89M	303.25M	293.52M	315.16M	341.3M
SG&A % of Revenue	0.17%	0.16%	0.16%	0.14%	0.14%	0.13%	0.15%	0.16%	0.14%	0.14%
Research & Development	162.33M	168.21M	169.98M	207.91M	202.2M	194.1M	197.24M	185.1M	208.69M	215.03M
R&D % of Revenue	0.09%	0.08%	0.08%	0.09%	0.08%	0.09%	0.1%	0.1%	0.1%	0.09%
Other Operating Expenses	16.21M	69.22M	23.75M	237.56M	66.93M	137.57M	151.98M	51.01M	61.2M	18.87M
Operating Income+	52.85M	100.99M	154.88M	-49.69M	132.68M	-10.39M	-79.3M	-7.44M	128.87M	264.11M
Operating Margin %	0.03%	0.05%	0.08%	-0.02%	0.05%	-0%	-0.04%	-0%	0.06%	0.11%
Operating Income Growth %	109.1%	0.91%	0.53%	-1.32%	3.67%	-1.08%	-6.63%	0.91%	18.32%	1.05%
EBITDA+	128.84M	169.31M	218.09M	72.81M	247.08M	86.89M	4.85M	59.32M	184.63M	320.39M
EBITDA Margin %	0.07%	0.08%	0.11%	0.03%	0.1%	0.04%	0%	0.03%	0.08%	0.13%
EBITDA Growth %	0.31%	0.31%	0.29%	-0.67%	2.39%	-0.65%	-0.94%	11.22%	2.11%	0.74%
D&A (Non-Cash Add-back)	75.99M	68.32M	63.22M	122.5M	114.4M	97.29M	84.15M	66.76M	55.76M	56.28M
EBIT	37.38M	145.1M	157.84M	116.16M	135.32M	82.46M	36.88M	17.85M	171.15M	265.15M
Net Interest Income+	-11.53M	-12.66M	-11.72M	-56.05M	-50.6M	-41M	-27.08M	-4.09M	965K	19.2M
Interest Income	761K	865K	2.13M	2.15M	1.85M	3M	1.56M	2.63M	9.31M	34.58M
Interest Expense	12.29M	13.52M	13.85M	58.2M	52.45M	44M	28.64M	6.72M	8.35M	15.38M
Other Income/Expense	-15.74M	-16.37M	-20.3M	-59.46M	-59.65M	-46.24M	-44.51M	-8.3M	-1.48M	20.42M
Pretax Income+	56.4M	84.63M	134.57M	-109.15M	73.03M	-56.64M	-123.81M	-15.74M	127.39M	284.53M
Pretax Margin %	0.03%	0.04%	0.07%	-0.05%	0.03%	-0.03%	-0.06%	-0.01%	0.06%	0.12%
Income Tax+	29.31M	49.57M	74.33M	-12.57M	20.62M	238K	-45.51M	-6.2M	29.07M	43.41M
Effective Tax Rate %	0.22%	0.38%	0.43%	0.91%	0.67%	1.02%	0.66%	0.62%	0.76%	0.84%
Net Income+	12.68M	31.77M	57.3M	-99.25M	49.01M	-57.95M	-81.25M	-9.73M	96.92M	239.1M
Net Margin %	0.01%	0.02%	0.03%	-0.04%	0.02%	-0.03%	-0.04%	-0.01%	0.04%	0.1%
Net Income Growth %	1.54%	1.51%	0.8%	-2.73%	1.49%	-2.18%	-0.4%	0.88%	10.96%	1.47%
Net Income (Continuing)	15M	35.05M	60.25M	-96.58M	52.41M	-56.88M	-78.3M	-9.55M	98.32M	241.12M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	17.95M	18.75M	19.22M	21.39M	24.28M	23.73M	26.68M	23.08M	20.52M	20.83M
EPS (Diluted)+	0.33	0.82	1.45	-2.53	1.23	-1.41	-1.77	-0.21	2.11	5.18
EPS Growth %	1.57%	1.48%	0.77%	-2.74%	1.49%	-2.15%	-0.26%	0.88%	11.05%	1.45%
EPS (Basic)	0.33	0.83	1.48	-2.53	1.24	-1.41	-1.77	-0.21	2.13	5.27
Diluted Shares Outstanding	38.51M	38.64M	39.39M	39.24M	39.98M	40.25M	44.3M	45.1M	45.84M	46.19M
Basic Shares Outstanding	38.22M	38.21M	38.66M	39.23M	39.56M	40.25M	44.3M	45.1M	45.42M	45.37M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	757.46M	732.47M	849.74M	896.14M	997.25M	930.26M	749.93M	829.58M	1.05B	1.82B
Cash & Short-Term Investments	131.02M	133.56M	176.27M	120.22M	149.9M	206.93M	162.58M	202.01M	302.05M	1.05B
Cash Only	131.02M	133.56M	176.27M	120.22M	149.9M	206.93M	162.58M	202.01M	302.05M	1.05B
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	330.89M	351.51M	398.03M	437.16M	472.93M	369.83M	298.46M	280.44M	303.82M	350.47M
Days Sales Outstanding	64.32	63.73	71.99	67.15	68.98	62.11	54.98	57.01	51.02	52.41
Inventory	190.88M	163.05M	193.84M	220.67M	227.9M	182.38M	165.8M	228.7M	283.69M	270.73M
Days Inventory Outstanding	52.83	43.99	52.68	48.94	47.53	42.37	42.97	65.55	70.93	61.7
Other Current Assets	106.56M	84.35M	81.6M	118.08M	146.53M	171.12M	123.09M	118.44M	159.88M	143.46M
Total Non-Current Assets+	887.69M	845.35M	1.26B	1.71B	1.71B	1.68B	1.64B	1.55B	1.55B	1.59B
Property, Plant & Equipment	190M	176.46M	200.77M	226.55M	313M	284.09M	228.71M	192.95M	169.99M	144.38M
Fixed Asset Turnover	9.88x	11.41x	10.05x	10.49x	8.00x	7.65x	8.66x	9.31x	12.79x	16.91x
Goodwill	468.12M	452.49M	555.76M	1.12B	1.1B	1.13B	1.1B	1.04B	1.05B	1.05B
Intangible Assets	101.93M	72.15M	95.23M	257.58M	185.1M	132.96M	92.53M	64.94M	46.28M	43.11M
Long-Term Investments	0	2.77M	564.17M	255.32M	2.87M	0	0	0	0	0
Other Non-Current Assets	31.31M	47.36M	-209.49M	-207.98M	41.82M	51.66M	42.18M	39.9M	38.84M	41.83M
Total Assets+	1.65B	1.58B	2.11B	2.61B	2.71B	2.61B	2.39B	2.38B	2.6B	3.41B
Asset Turnover	1.14x	1.28x	0.96x	0.91x	0.92x	0.83x	0.83x	0.76x	0.83x	0.72x
Asset Growth %	-0.04%	-0.04%	0.33%	0.24%	0.04%	-0.04%	-0.08%	-0.01%	0.1%	0.31%
Total Current Liabilities+	452.19M	413.05M	507.78M	652.71M	671.39M	549.9M	501.34M	498.57M	537.24M	528.26M
Accounts Payable	185.83M	172.71M	262.17M	309.95M	328.13M	215.64M	193.13M	237.18M	199.52M	144.93M
Days Payables Outstanding	51.43	46.6	71.25	68.74	68.43	50.09	50.05	67.98	49.89	33.03
Short-Term Debt	11.25M	14.06M	19.69M	28.44M	0	18.36M	0	0	0	14.58M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	78.63M	43.63M	56.74M	117.34M	63.78M	72.59M	83.06M	45.1M	54.09M	60.96M
Current Ratio	1.68x	1.77x	1.67x	1.37x	1.49x	1.69x	1.50x	1.66x	1.95x	3.44x
Quick Ratio	1.25x	1.38x	1.29x	1.03x	1.15x	1.36x	1.17x	1.21x	1.43x	2.92x
Cash Conversion Cycle	65.72	61.12	53.41	47.35	48.08	54.38	47.89	54.58	72.06	81.08
Total Non-Current Liabilities+	543.32M	514.41M	792.73M	1.22B	1.24B	1.22B	749.69M	687.95M	735.6M	1.47B
Long-Term Debt	358.92M	290.46M	593.57M	988.18M	932.48M	902.58M	450.23M	452.53M	454.83M	1.24B
Capital Lease Obligations	0	0	0	0	68.92M	66.82M	57.31M	44.37M	32.66M	25.35M
Deferred Tax Liabilities	1.72M	3.07M	1.52M	1.54M	1.81M	1.92M	2M	833K	697K	565K
Other Non-Current Liabilities	219.2M	220.88M	197.63M	232.5M	232.43M	245.53M	240.15M	190.22M	247.42M	199.59M
Total Liabilities	995.51M	927.46M	1.3B	1.87B	1.91B	1.77B	1.25B	1.19B	1.27B	2B
Total Debt+	371.21M	304.52M	613.26M	1.02B	1B	987.76M	507.54M	515.1M	502.46M	1.28B
Net Debt	240.19M	170.96M	436.99M	896.4M	851.5M	780.83M	344.96M	313.09M	200.41M	231.12M
Debt / Equity	0.57x	0.47x	0.76x	1.38x	1.25x	1.18x	0.44x	0.43x	0.38x	0.91x
Debt / EBITDA	2.88x	1.80x	2.81x	13.96x	4.05x	11.37x	104.56x	8.68x	2.72x	4.00x
Net Debt / EBITDA	1.86x	1.01x	2.00x	12.31x	3.45x	8.99x	71.07x	5.28x	1.09x	0.72x
Interest Coverage	4.30x	7.47x	11.19x	-0.85x	2.53x	-0.24x	-2.77x	-1.11x	15.44x	17.17x
Total Equity+	649.64M	650.35M	805.63M	734.05M	800.82M	840.27M	1.14B	1.19B	1.33B	1.41B
Equity Growth %	-0.09%	0%	0.24%	-0.09%	0.09%	0.05%	0.36%	0.04%	0.12%	0.06%
Book Value per Share	16.87	16.83	20.45	18.70	20.03	20.87	25.80	26.42	29.05	30.56
Total Shareholders' Equity	631.7M	631.6M	786.42M	712.66M	776.54M	816.55M	1.12B	1.17B	1.31B	1.39B
Common Stock	1.25B	1.27B	1.29B	1.33B	1.36B	1.39B	1.78B	1.79B	1.82B	1.69B
Retained Earnings	-411.82M	-409.54M	-337.87M	-425.4M	-376.39M	-434.35M	-515.6M	-525.33M	-428.41M	-189.3M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-203.15M	-229.33M	-170.48M	-196.31M	-204.67M	-138.53M	-148.1M	-94.67M	-81.19M	-109.93M
Minority Interest	17.95M	18.75M	19.22M	21.39M	24.28M	23.73M	26.68M	23.08M	20.52M	20.83M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	73.35M	115.84M	191.35M	109.75M	172.84M	109.51M	145.04M	24.5M	124.97M	238.18M
Operating CF Margin %	0.04%	0.06%	0.09%	0.05%	0.07%	0.05%	0.07%	0.01%	0.06%	0.1%
Operating CF Growth %	-0.45%	0.58%	0.65%	-0.43%	0.57%	-0.37%	0.32%	-0.83%	4.1%	0.91%
Net Income	27.09M	35.05M	60.25M	-96.58M	52.41M	-56.88M	-81.25M	-9.55M	96.92M	241.12M
Depreciation & Amortization	76.93M	68.32M	63.22M	122.5M	114.4M	97.29M	101.26M	66.76M	55.76M	56.28M
Stock-Based Compensation	14.09M	18.04M	21.41M	31.26M	26.96M	25.05M	0	21.88M	28.36M	43.87M
Deferred Taxes	8.53M	13.79M	50.67M	-19.13M	-192K	-12.94M	-85.57M	-32.63M	-34.65M	-38.79M
Other Non-Cash Items	5.52M	12.57M	2.44M	9.36M	18.51M	98.41M	121.04M	72.8M	22.4M	25.6M
Working Capital Changes	-58.81M	-31.93M	-6.63M	62.35M	-39.25M	-41.42M	89.57M	-94.76M	-43.82M	-89.91M
Change in Receivables	-7.92M	-27.16M	-17.57M	15.52M	-39.47M	108.26M	60.24M	5.06M	-19.49M	-49.14M
Change in Inventory	-52.9M	22.34M	-16.24M	-25.61M	-9.39M	35.4M	-3.72M	-68.12M	-52.12M	5.97M
Change in Payables	-13.29M	-37.31M	78.46M	20.1M	9.18M	-111.72M	0	45.09M	-43.66M	-35.39M
Cash from Investing+	-48.95M	-47.53M	-148.18M	-862.66M	-48.18M	-41.04M	-34.88M	40.52M	-23.31M	-63.41M
Capital Expenditures	-43.92M	-43.54M	-49.49M	-59.95M	-60.75M	-46.21M	-34.68M	-19.75M	-26.88M	0
CapEx % of Revenue	0.02%	0.02%	0.02%	0.03%	0.02%	0.02%	0.02%	0.01%	0.01%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	721K	-3.03M	702K	369K	12.57M	4.04M	5.33M	4.31M	4.35M	-29.71M
Cash from Financing+	7.74M	-63.02M	301.96M	395.82M	-97.52M	-11.58M	-152.89M	-18.74M	-3.51M	579.57M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-7.11M	-2.67M	-7.59M	-28.93M	15.14M	-4.83M	-2.44M	-5.22M	-7.18M	-133.75M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	29.43M	72.3M	141.86M	49.8M	112.09M	63.31M	110.36M	4.75M	98.09M	207.61M
FCF Margin %	0.02%	0.04%	0.07%	0.02%	0.04%	0.03%	0.06%	0%	0.05%	0.09%
FCF Growth %	-0.67%	1.46%	0.96%	-0.65%	1.25%	-0.44%	0.74%	-0.96%	19.64%	1.12%
FCF per Share	0.76	1.87	3.60	1.27	2.80	1.57	2.49	0.11	2.14	4.50
FCF Conversion (FCF/Net Income)	5.79x	3.65x	3.34x	-1.11x	3.53x	-1.89x	-1.79x	-2.52x	1.29x	1.00x
Interest Paid	10.2M	9.92M	10.11M	42.35M	44.79M	47.24M	0	1.62M	1.83M	1.34M
Taxes Paid	29.19M	24.29M	28.97M	13.77M	12.04M	2.69M	0	11.91M	54.55M	80.17M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	1.86%	4.89%	7.87%	-12.89%	6.39%	-7.06%	-8.2%	-0.83%	7.68%	17.43%
Return on Invested Capital (ROIC)	4.37%	8.85%	11.26%	-2.59%	6.06%	-0.48%	-3.83%	-0.37%	6.37%	12.48%
Gross Margin	29.78%	32.8%	33.45%	30.74%	30.06%	27.71%	28.93%	29.08%	32.84%	34.39%
Net Margin	0.68%	1.58%	2.84%	-4.18%	1.96%	-2.67%	-4.1%	-0.54%	4.46%	9.8%
Debt / Equity	0.57x	0.47x	0.76x	1.38x	1.25x	1.18x	0.44x	0.43x	0.38x	0.91x
Interest Coverage	4.30x	7.47x	11.19x	-0.85x	2.53x	-0.24x	-2.77x	-1.11x	15.44x	17.17x
FCF Conversion	5.79x	3.65x	3.34x	-1.11x	3.53x	-1.89x	-1.79x	-2.52x	1.29x	1.00x
Revenue Growth	-4.71%	7.21%	0.25%	17.73%	5.32%	-13.15%	-8.82%	-9.39%	21.06%	12.29%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Product	-	-	-	-	-	-	-	-	1.86B	2.13B
Product Growth	-	-	-	-	-	-	-	-	-	14.38%
Service	-	-	-	-	-	-	-	-	310.14M	309.46M
Service Growth	-	-	-	-	-	-	-	-	-	-0.22%
Networked Solutions	-	-	-	1.22B	1.42B	1.25B	1.09B	1.12B	-	-
Networked Solutions Growth	-	-	-	-	15.78%	-11.84%	-12.55%	2.44%	-	-
Device Solutions	-	-	-	933.37M	858.88M	694M	645.1M	438.71M	-	-
Device Solutions Growth	-	-	-	-	-7.98%	-19.20%	-7.04%	-31.99%	-	-
Outcomes	-	-	-	218.61M	226.34M	229.95M	243.84M	237.59M	-	-
Outcomes Growth	-	-	-	-	3.53%	1.60%	6.04%	-2.56%	-	-
Electricity Operating	820.31M	938.37M	1.02B	-	-	-	-	-	-	-
Electricity Operating Growth	-	14.39%	9.01%	-	-	-	-	-	-	-
Gas Operating	-	569.48M	533.62M	-	-	-	-	-	-	-
Gas Operating Growth	-	-	-6.30%	-	-	-	-	-	-	-
Water Operating	-	505.34M	461.63M	-	-	-	-	-	-	-
Water Operating Growth	-	-	-8.65%	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
United States and Canada	997.29M	1.13B	1.14B	1.44B	1.63B	1.43B	1.27B	1.3B	1.73B	2.01B
United States and Canada Growth	-	12.98%	0.95%	26.84%	12.96%	-11.98%	-11.20%	2.23%	33.13%	15.77%
EMEA	701.3M	698.11M	672.94M	733.73M	663.85M	594.26M	568.01M	391.56M	340.85M	339M
EMEA Growth	-	-0.46%	-3.60%	9.03%	-9.52%	-10.48%	-4.42%	-31.07%	-12.95%	-0.54%
Asia Pacific	-	-	-	-	-	-	-	-	99.1M	94.8M
Asia Pacific Growth	-	-	-	-	-	-	-	-	-	-4.34%
Other Countries	184.94M	188.29M	207.75M	199.59M	208.88M	144.51M	139.7M	101.77M	-	-
Other Countries Growth	-	1.81%	10.33%	-3.92%	4.65%	-30.82%	-3.33%	-27.15%	-	-

Frequently Asked Questions

Valuation & Price

Itron, Inc. (ITRI) has a price-to-earnings (P/E) ratio of 19.5x. This is roughly in line with market averages.

Growth & Financials

Itron, Inc. (ITRI) reported $2.41B in revenue for fiscal year 2024. This represents a 1% decrease from $2.43B in 2011.

Itron, Inc. (ITRI) grew revenue by 12.3% over the past year. This is steady growth.

Yes, Itron, Inc. (ITRI) is profitable, generating $257.5M in net income for fiscal year 2024 (9.8% net margin).

Dividend & Returns

Itron, Inc. (ITRI) has a return on equity (ROE) of 17.4%. This is reasonable for most industries.

Itron, Inc. (ITRI) generated $339.7M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

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Itron, Inc. (ITRI) 10-Year Financial Performance & Capital Metrics

ITRI • • Industrial / General

TechnologyTech Hardware & EquipmentSpecialized Industrial SystemsIndustrial Monitoring & Control

Revenue $2.44B +12.3%
EBITDA $320M +73.5%
Net Income $239M +146.7%
EPS (Diluted) 5.18 +145.5%
Gross Margin 34.39% +4.7%
EBITDA Margin 13.13% +54.5%
Operating Margin 10.82% +82.5%
Net Margin 9.8% +119.7%
ROE 17.43% +126.9%
ROIC 12.48% +96.0%
Debt/Equity 0.91 +140.7%
Interest Coverage 17.17 +11.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 37.3%

✗Weaknesses

✗Thin 5Y average net margin of 1.4%

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y2.16%

5Y-0.5%

3Y7.2%

TTM0.14%

Profit (Net Income) CAGR

10Y-

5Y37.3%

3Y-

TTM14.26%

EPS CAGR

10Y-

5Y33.32%

3Y-

TTM13.93%

ROCE

10Y Avg4.03%

5Y Avg2.46%

3Y Avg5.61%

Latest10.68%

Peer Comparison

Industrial Monitoring & Control

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
SOTKSono-Tek Corporation	66.45M	4.23	52.35	4.08%	7.72%	8.24%	0.08%
ELSEElectro-Sensors, Inc.	15.24M	4.38	33.69	9.56%	4.13%	2.75%	0.51%
ITRIItron, Inc.	4.53B	100.91	19.48	12.29%	10.69%	15.03%	4.59%	0.91
TRMBTrimble Inc.	18.69B	78.57	12.90	-3.04%	9.93%	6.18%	2.66%	0.26
FCUVFocus Universal Inc.	5.72M	0.70	-1.45	-9.63%	-15.19%	-33.66%		0.04
SLNHSoluna Holdings, Inc.	157.72M	1.60	-2	80.49%	-274.18%	-107.41%		0.80

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	1.88B	2.01B	2.02B	2.38B	2.5B	2.17B	1.98B	1.8B	2.17B	2.44B
Revenue Growth %	-0.05%	0.07%	0%	0.18%	0.05%	-0.13%	-0.09%	-0.09%	0.21%	0.12%
Cost of Goods Sold+	1.32B	1.35B	1.34B	1.65B	1.75B	1.57B	1.41B	1.27B	1.46B	1.6B
COGS % of Revenue	0.7%	0.67%	0.67%	0.69%	0.7%	0.72%	0.71%	0.71%	0.67%	0.66%
Gross Profit+	559.12M	660.32M	675.15M	730.32M	752.32M	602.17M	573.17M	522.19M	713.91M	839.32M
Gross Margin %	0.3%	0.33%	0.33%	0.31%	0.3%	0.28%	0.29%	0.29%	0.33%	0.34%
Gross Profit Growth %	-0.1%	0.18%	0.02%	0.08%	0.03%	-0.2%	-0.05%	-0.09%	0.37%	0.18%
Operating Expenses+	503.84M	561.54M	521.87M	780.01M	619.64M	612.56M	652.47M	529.63M	585.04M	575.21M
OpEx % of Revenue	0.27%	0.28%	0.26%	0.33%	0.25%	0.28%	0.33%	0.29%	0.27%	0.24%
Selling, General & Admin	325.3M	324.55M	328.72M	334.54M	350.51M	280.89M	303.25M	293.52M	315.16M	341.3M
SG&A % of Revenue	0.17%	0.16%	0.16%	0.14%	0.14%	0.13%	0.15%	0.16%	0.14%	0.14%
Research & Development	162.33M	168.21M	169.98M	207.91M	202.2M	194.1M	197.24M	185.1M	208.69M	215.03M
R&D % of Revenue	0.09%	0.08%	0.08%	0.09%	0.08%	0.09%	0.1%	0.1%	0.1%	0.09%
Other Operating Expenses	16.21M	69.22M	23.75M	237.56M	66.93M	137.57M	151.98M	51.01M	61.2M	18.87M
Operating Income+	52.85M	100.99M	154.88M	-49.69M	132.68M	-10.39M	-79.3M	-7.44M	128.87M	264.11M
Operating Margin %	0.03%	0.05%	0.08%	-0.02%	0.05%	-0%	-0.04%	-0%	0.06%	0.11%
Operating Income Growth %	109.1%	0.91%	0.53%	-1.32%	3.67%	-1.08%	-6.63%	0.91%	18.32%	1.05%
EBITDA+	128.84M	169.31M	218.09M	72.81M	247.08M	86.89M	4.85M	59.32M	184.63M	320.39M
EBITDA Margin %	0.07%	0.08%	0.11%	0.03%	0.1%	0.04%	0%	0.03%	0.08%	0.13%
EBITDA Growth %	0.31%	0.31%	0.29%	-0.67%	2.39%	-0.65%	-0.94%	11.22%	2.11%	0.74%
D&A (Non-Cash Add-back)	75.99M	68.32M	63.22M	122.5M	114.4M	97.29M	84.15M	66.76M	55.76M	56.28M
EBIT	37.38M	145.1M	157.84M	116.16M	135.32M	82.46M	36.88M	17.85M	171.15M	265.15M
Net Interest Income+	-11.53M	-12.66M	-11.72M	-56.05M	-50.6M	-41M	-27.08M	-4.09M	965K	19.2M
Interest Income	761K	865K	2.13M	2.15M	1.85M	3M	1.56M	2.63M	9.31M	34.58M
Interest Expense	12.29M	13.52M	13.85M	58.2M	52.45M	44M	28.64M	6.72M	8.35M	15.38M
Other Income/Expense	-15.74M	-16.37M	-20.3M	-59.46M	-59.65M	-46.24M	-44.51M	-8.3M	-1.48M	20.42M
Pretax Income+	56.4M	84.63M	134.57M	-109.15M	73.03M	-56.64M	-123.81M	-15.74M	127.39M	284.53M
Pretax Margin %	0.03%	0.04%	0.07%	-0.05%	0.03%	-0.03%	-0.06%	-0.01%	0.06%	0.12%
Income Tax+	29.31M	49.57M	74.33M	-12.57M	20.62M	238K	-45.51M	-6.2M	29.07M	43.41M
Effective Tax Rate %	0.22%	0.38%	0.43%	0.91%	0.67%	1.02%	0.66%	0.62%	0.76%	0.84%
Net Income+	12.68M	31.77M	57.3M	-99.25M	49.01M	-57.95M	-81.25M	-9.73M	96.92M	239.1M
Net Margin %	0.01%	0.02%	0.03%	-0.04%	0.02%	-0.03%	-0.04%	-0.01%	0.04%	0.1%
Net Income Growth %	1.54%	1.51%	0.8%	-2.73%	1.49%	-2.18%	-0.4%	0.88%	10.96%	1.47%
Net Income (Continuing)	15M	35.05M	60.25M	-96.58M	52.41M	-56.88M	-78.3M	-9.55M	98.32M	241.12M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	17.95M	18.75M	19.22M	21.39M	24.28M	23.73M	26.68M	23.08M	20.52M	20.83M
EPS (Diluted)+	0.33	0.82	1.45	-2.53	1.23	-1.41	-1.77	-0.21	2.11	5.18
EPS Growth %	1.57%	1.48%	0.77%	-2.74%	1.49%	-2.15%	-0.26%	0.88%	11.05%	1.45%
EPS (Basic)	0.33	0.83	1.48	-2.53	1.24	-1.41	-1.77	-0.21	2.13	5.27
Diluted Shares Outstanding	38.51M	38.64M	39.39M	39.24M	39.98M	40.25M	44.3M	45.1M	45.84M	46.19M
Basic Shares Outstanding	38.22M	38.21M	38.66M	39.23M	39.56M	40.25M	44.3M	45.1M	45.42M	45.37M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	757.46M	732.47M	849.74M	896.14M	997.25M	930.26M	749.93M	829.58M	1.05B	1.82B
Cash & Short-Term Investments	131.02M	133.56M	176.27M	120.22M	149.9M	206.93M	162.58M	202.01M	302.05M	1.05B
Cash Only	131.02M	133.56M	176.27M	120.22M	149.9M	206.93M	162.58M	202.01M	302.05M	1.05B
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	330.89M	351.51M	398.03M	437.16M	472.93M	369.83M	298.46M	280.44M	303.82M	350.47M
Days Sales Outstanding	64.32	63.73	71.99	67.15	68.98	62.11	54.98	57.01	51.02	52.41
Inventory	190.88M	163.05M	193.84M	220.67M	227.9M	182.38M	165.8M	228.7M	283.69M	270.73M
Days Inventory Outstanding	52.83	43.99	52.68	48.94	47.53	42.37	42.97	65.55	70.93	61.7
Other Current Assets	106.56M	84.35M	81.6M	118.08M	146.53M	171.12M	123.09M	118.44M	159.88M	143.46M
Total Non-Current Assets+	887.69M	845.35M	1.26B	1.71B	1.71B	1.68B	1.64B	1.55B	1.55B	1.59B
Property, Plant & Equipment	190M	176.46M	200.77M	226.55M	313M	284.09M	228.71M	192.95M	169.99M	144.38M
Fixed Asset Turnover	9.88x	11.41x	10.05x	10.49x	8.00x	7.65x	8.66x	9.31x	12.79x	16.91x
Goodwill	468.12M	452.49M	555.76M	1.12B	1.1B	1.13B	1.1B	1.04B	1.05B	1.05B
Intangible Assets	101.93M	72.15M	95.23M	257.58M	185.1M	132.96M	92.53M	64.94M	46.28M	43.11M
Long-Term Investments	0	2.77M	564.17M	255.32M	2.87M	0	0	0	0	0
Other Non-Current Assets	31.31M	47.36M	-209.49M	-207.98M	41.82M	51.66M	42.18M	39.9M	38.84M	41.83M
Total Assets+	1.65B	1.58B	2.11B	2.61B	2.71B	2.61B	2.39B	2.38B	2.6B	3.41B
Asset Turnover	1.14x	1.28x	0.96x	0.91x	0.92x	0.83x	0.83x	0.76x	0.83x	0.72x
Asset Growth %	-0.04%	-0.04%	0.33%	0.24%	0.04%	-0.04%	-0.08%	-0.01%	0.1%	0.31%
Total Current Liabilities+	452.19M	413.05M	507.78M	652.71M	671.39M	549.9M	501.34M	498.57M	537.24M	528.26M
Accounts Payable	185.83M	172.71M	262.17M	309.95M	328.13M	215.64M	193.13M	237.18M	199.52M	144.93M
Days Payables Outstanding	51.43	46.6	71.25	68.74	68.43	50.09	50.05	67.98	49.89	33.03
Short-Term Debt	11.25M	14.06M	19.69M	28.44M	0	18.36M	0	0	0	14.58M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	78.63M	43.63M	56.74M	117.34M	63.78M	72.59M	83.06M	45.1M	54.09M	60.96M
Current Ratio	1.68x	1.77x	1.67x	1.37x	1.49x	1.69x	1.50x	1.66x	1.95x	3.44x
Quick Ratio	1.25x	1.38x	1.29x	1.03x	1.15x	1.36x	1.17x	1.21x	1.43x	2.92x
Cash Conversion Cycle	65.72	61.12	53.41	47.35	48.08	54.38	47.89	54.58	72.06	81.08
Total Non-Current Liabilities+	543.32M	514.41M	792.73M	1.22B	1.24B	1.22B	749.69M	687.95M	735.6M	1.47B
Long-Term Debt	358.92M	290.46M	593.57M	988.18M	932.48M	902.58M	450.23M	452.53M	454.83M	1.24B
Capital Lease Obligations	0	0	0	0	68.92M	66.82M	57.31M	44.37M	32.66M	25.35M
Deferred Tax Liabilities	1.72M	3.07M	1.52M	1.54M	1.81M	1.92M	2M	833K	697K	565K
Other Non-Current Liabilities	219.2M	220.88M	197.63M	232.5M	232.43M	245.53M	240.15M	190.22M	247.42M	199.59M
Total Liabilities	995.51M	927.46M	1.3B	1.87B	1.91B	1.77B	1.25B	1.19B	1.27B	2B
Total Debt+	371.21M	304.52M	613.26M	1.02B	1B	987.76M	507.54M	515.1M	502.46M	1.28B
Net Debt	240.19M	170.96M	436.99M	896.4M	851.5M	780.83M	344.96M	313.09M	200.41M	231.12M
Debt / Equity	0.57x	0.47x	0.76x	1.38x	1.25x	1.18x	0.44x	0.43x	0.38x	0.91x
Debt / EBITDA	2.88x	1.80x	2.81x	13.96x	4.05x	11.37x	104.56x	8.68x	2.72x	4.00x
Net Debt / EBITDA	1.86x	1.01x	2.00x	12.31x	3.45x	8.99x	71.07x	5.28x	1.09x	0.72x
Interest Coverage	4.30x	7.47x	11.19x	-0.85x	2.53x	-0.24x	-2.77x	-1.11x	15.44x	17.17x
Total Equity+	649.64M	650.35M	805.63M	734.05M	800.82M	840.27M	1.14B	1.19B	1.33B	1.41B
Equity Growth %	-0.09%	0%	0.24%	-0.09%	0.09%	0.05%	0.36%	0.04%	0.12%	0.06%
Book Value per Share	16.87	16.83	20.45	18.70	20.03	20.87	25.80	26.42	29.05	30.56
Total Shareholders' Equity	631.7M	631.6M	786.42M	712.66M	776.54M	816.55M	1.12B	1.17B	1.31B	1.39B
Common Stock	1.25B	1.27B	1.29B	1.33B	1.36B	1.39B	1.78B	1.79B	1.82B	1.69B
Retained Earnings	-411.82M	-409.54M	-337.87M	-425.4M	-376.39M	-434.35M	-515.6M	-525.33M	-428.41M	-189.3M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-203.15M	-229.33M	-170.48M	-196.31M	-204.67M	-138.53M	-148.1M	-94.67M	-81.19M	-109.93M
Minority Interest	17.95M	18.75M	19.22M	21.39M	24.28M	23.73M	26.68M	23.08M	20.52M	20.83M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	73.35M	115.84M	191.35M	109.75M	172.84M	109.51M	145.04M	24.5M	124.97M	238.18M
Operating CF Margin %	0.04%	0.06%	0.09%	0.05%	0.07%	0.05%	0.07%	0.01%	0.06%	0.1%
Operating CF Growth %	-0.45%	0.58%	0.65%	-0.43%	0.57%	-0.37%	0.32%	-0.83%	4.1%	0.91%
Net Income	27.09M	35.05M	60.25M	-96.58M	52.41M	-56.88M	-81.25M	-9.55M	96.92M	241.12M
Depreciation & Amortization	76.93M	68.32M	63.22M	122.5M	114.4M	97.29M	101.26M	66.76M	55.76M	56.28M
Stock-Based Compensation	14.09M	18.04M	21.41M	31.26M	26.96M	25.05M	0	21.88M	28.36M	43.87M
Deferred Taxes	8.53M	13.79M	50.67M	-19.13M	-192K	-12.94M	-85.57M	-32.63M	-34.65M	-38.79M
Other Non-Cash Items	5.52M	12.57M	2.44M	9.36M	18.51M	98.41M	121.04M	72.8M	22.4M	25.6M
Working Capital Changes	-58.81M	-31.93M	-6.63M	62.35M	-39.25M	-41.42M	89.57M	-94.76M	-43.82M	-89.91M
Change in Receivables	-7.92M	-27.16M	-17.57M	15.52M	-39.47M	108.26M	60.24M	5.06M	-19.49M	-49.14M
Change in Inventory	-52.9M	22.34M	-16.24M	-25.61M	-9.39M	35.4M	-3.72M	-68.12M	-52.12M	5.97M
Change in Payables	-13.29M	-37.31M	78.46M	20.1M	9.18M	-111.72M	0	45.09M	-43.66M	-35.39M
Cash from Investing+	-48.95M	-47.53M	-148.18M	-862.66M	-48.18M	-41.04M	-34.88M	40.52M	-23.31M	-63.41M
Capital Expenditures	-43.92M	-43.54M	-49.49M	-59.95M	-60.75M	-46.21M	-34.68M	-19.75M	-26.88M	0
CapEx % of Revenue	0.02%	0.02%	0.02%	0.03%	0.02%	0.02%	0.02%	0.01%	0.01%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	721K	-3.03M	702K	369K	12.57M	4.04M	5.33M	4.31M	4.35M	-29.71M
Cash from Financing+	7.74M	-63.02M	301.96M	395.82M	-97.52M	-11.58M	-152.89M	-18.74M	-3.51M	579.57M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-7.11M	-2.67M	-7.59M	-28.93M	15.14M	-4.83M	-2.44M	-5.22M	-7.18M	-133.75M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	29.43M	72.3M	141.86M	49.8M	112.09M	63.31M	110.36M	4.75M	98.09M	207.61M
FCF Margin %	0.02%	0.04%	0.07%	0.02%	0.04%	0.03%	0.06%	0%	0.05%	0.09%
FCF Growth %	-0.67%	1.46%	0.96%	-0.65%	1.25%	-0.44%	0.74%	-0.96%	19.64%	1.12%
FCF per Share	0.76	1.87	3.60	1.27	2.80	1.57	2.49	0.11	2.14	4.50
FCF Conversion (FCF/Net Income)	5.79x	3.65x	3.34x	-1.11x	3.53x	-1.89x	-1.79x	-2.52x	1.29x	1.00x
Interest Paid	10.2M	9.92M	10.11M	42.35M	44.79M	47.24M	0	1.62M	1.83M	1.34M
Taxes Paid	29.19M	24.29M	28.97M	13.77M	12.04M	2.69M	0	11.91M	54.55M	80.17M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	1.86%	4.89%	7.87%	-12.89%	6.39%	-7.06%	-8.2%	-0.83%	7.68%	17.43%
Return on Invested Capital (ROIC)	4.37%	8.85%	11.26%	-2.59%	6.06%	-0.48%	-3.83%	-0.37%	6.37%	12.48%
Gross Margin	29.78%	32.8%	33.45%	30.74%	30.06%	27.71%	28.93%	29.08%	32.84%	34.39%
Net Margin	0.68%	1.58%	2.84%	-4.18%	1.96%	-2.67%	-4.1%	-0.54%	4.46%	9.8%
Debt / Equity	0.57x	0.47x	0.76x	1.38x	1.25x	1.18x	0.44x	0.43x	0.38x	0.91x
Interest Coverage	4.30x	7.47x	11.19x	-0.85x	2.53x	-0.24x	-2.77x	-1.11x	15.44x	17.17x
FCF Conversion	5.79x	3.65x	3.34x	-1.11x	3.53x	-1.89x	-1.79x	-2.52x	1.29x	1.00x
Revenue Growth	-4.71%	7.21%	0.25%	17.73%	5.32%	-13.15%	-8.82%	-9.39%	21.06%	12.29%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Product	-	-	-	-	-	-	-	-	1.86B	2.13B
Product Growth	-	-	-	-	-	-	-	-	-	14.38%
Service	-	-	-	-	-	-	-	-	310.14M	309.46M
Service Growth	-	-	-	-	-	-	-	-	-	-0.22%
Networked Solutions	-	-	-	1.22B	1.42B	1.25B	1.09B	1.12B	-	-
Networked Solutions Growth	-	-	-	-	15.78%	-11.84%	-12.55%	2.44%	-	-
Device Solutions	-	-	-	933.37M	858.88M	694M	645.1M	438.71M	-	-
Device Solutions Growth	-	-	-	-	-7.98%	-19.20%	-7.04%	-31.99%	-	-
Outcomes	-	-	-	218.61M	226.34M	229.95M	243.84M	237.59M	-	-
Outcomes Growth	-	-	-	-	3.53%	1.60%	6.04%	-2.56%	-	-
Electricity Operating	820.31M	938.37M	1.02B	-	-	-	-	-	-	-
Electricity Operating Growth	-	14.39%	9.01%	-	-	-	-	-	-	-
Gas Operating	-	569.48M	533.62M	-	-	-	-	-	-	-
Gas Operating Growth	-	-	-6.30%	-	-	-	-	-	-	-
Water Operating	-	505.34M	461.63M	-	-	-	-	-	-	-
Water Operating Growth	-	-	-8.65%	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
United States and Canada	997.29M	1.13B	1.14B	1.44B	1.63B	1.43B	1.27B	1.3B	1.73B	2.01B
United States and Canada Growth	-	12.98%	0.95%	26.84%	12.96%	-11.98%	-11.20%	2.23%	33.13%	15.77%
EMEA	701.3M	698.11M	672.94M	733.73M	663.85M	594.26M	568.01M	391.56M	340.85M	339M
EMEA Growth	-	-0.46%	-3.60%	9.03%	-9.52%	-10.48%	-4.42%	-31.07%	-12.95%	-0.54%
Asia Pacific	-	-	-	-	-	-	-	-	99.1M	94.8M
Asia Pacific Growth	-	-	-	-	-	-	-	-	-	-4.34%
Other Countries	184.94M	188.29M	207.75M	199.59M	208.88M	144.51M	139.7M	101.77M	-	-
Other Countries Growth	-	1.81%	10.33%	-3.92%	4.65%	-30.82%	-3.33%	-27.15%	-	-

Frequently Asked Questions

Valuation & Price

Itron, Inc. (ITRI) has a price-to-earnings (P/E) ratio of 19.5x. This is roughly in line with market averages.

Growth & Financials

Itron, Inc. (ITRI) reported $2.41B in revenue for fiscal year 2024. This represents a 1% decrease from $2.43B in 2011.

Itron, Inc. (ITRI) grew revenue by 12.3% over the past year. This is steady growth.

Yes, Itron, Inc. (ITRI) is profitable, generating $257.5M in net income for fiscal year 2024 (9.8% net margin).

Dividend & Returns

Itron, Inc. (ITRI) has a return on equity (ROE) of 17.4%. This is reasonable for most industries.

Itron, Inc. (ITRI) generated $339.7M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.