Itron, Inc. (ITRI) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-35.0%

$64.82

vs $99.77 price

Levered DCF

$67.87

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.35

Grey zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	14.03×	20.6×	35.45×	-241.19×	-38.71×	-68.01×	67.7×	-18.69×
P/B	2.46×	3.54×	2.62×	1.96×	2.72×	4.73×	4.28×	2.6×
P/S	1.78×	2.02×	1.58×	1.27×	1.53×	1.78×	1.33×	0.78×
EV / EBITDA	10.84×	16.04×	16×	30.7×	24.47×	25.82×	16.71×	11.53×
Gross margin	37.7%	34.4%	32.8%	29.1%	28.9%	27.7%	30.1%	30.7%
Operating margin	13.3%	10.8%	5.9%	-0.4%	-4.0%	-0.5%	5.3%	-2.1%
Net margin	12.7%	9.8%	4.5%	-0.5%	-4.1%	-2.7%	2.0%	-4.2%
Current ratio	1.8×	3.44×	1.95×	1.66×	1.5×	1.69×	1.49×	1.37×
Debt / equity	0.75×	0.92×	0.38×	0.44×	0.45×	1.21×	1.29×	1.43×
Interest coverage	13.99×	17.17×	15.44×	-1.11×	-2.77×	-0.24×	2.53×	-0.85×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	17.5%	17.2%	7.4%	-0.8%	-7.3%	-7.1%	6.3%	-13.9%
Return on invested capital	8.8%	7.7%	4.8%	-0.2%	-2.6%	-0.5%	4.7%	-2.2%
Return on assets	8.1%	7.0%	3.7%	-0.4%	-3.4%	-2.2%	1.8%	-3.8%
Free cash flow yield	9.0%	4.2%	2.9%	0.2%	3.6%	1.6%	3.4%	2.7%
Earnings yield	7.1%	4.9%	2.8%	-0.4%	-2.7%	-1.5%	1.5%	-5.3%
Enterprise value	$4.5B	$5.2B	$3.6B	$2.6B	$3.4B	$4.6B	$4.2B	$2.8B
Net debt / EBITDA	0.64×	0.72×	0.88×	3.7×	2.5×	4.34×	3.41×	3.76×
Cash conversion cycle (days)	78	81	72	55	48	54	48	47