ITRON, Inc. (ITRI) intrinsic value & 10-year financials
ITRON, Inc. (ITRI) has a Graham intrinsic value of $215.90 per share. At $83.04 on Oct 17, 2026, the stock trades 62% below that value. Over the last 10 fiscal years revenue grew 1.8% a year to $2.4B, with an average return on invested capital of 4.8%.
- Graham intrinsic value
- $215.90
- Share price (Oct 17, 2026)
- $83.04
- Price vs Graham value
- 62% below
- Market cap
- $3.8B
- Revenue (FY2025)
- $2.4B
- Revenue growth (10-yr CAGR)
- 1.8%
- ROIC (10-yr avg)
- 4.8%
- Free cash flow (FY2025)
- $383.1M
ITRI 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $2.4B | $301.1M | $6.50 | $383.1M | 13.2% | 15.5% |
| FY2024 | $2.4B | $239.1M | $5.18 | $207.6M | 10.8% | 14.4% |
| FY2023 | $2.2B | $96.9M | $2.11 | $98.1M | 5.9% | 6.7% |
| FY2022 | $1.8B | -$9.7M | -$0.22 | $4.8M | -0.4% | -0.3% |
| FY2021 | $2.0B | -$81.3M | -$1.83 | $120.1M | -4.0% | -3.3% |
| FY2020 | $2.2B | -$58.0M | -$1.44 | $63.3M | -0.5% | -0.6% |
| FY2019 | $2.5B | $49.0M | $1.23 | $112.1M | 5.3% | 5.8% |
| FY2018 | $2.4B | -$99.2M | -$2.53 | $49.8M | -2.1% | -3.1% |
| FY2017 | $2.0B | $57.3M | $1.45 | $141.9M | 7.5% | 7.5% |
| FY2016 | $2.0B | $31.8M | $0.82 | $72.3M | 4.8% | 6.0% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
ITRON, INC. has demonstrated mature, steady growth, with revenue compounding at 1.8% annually over the past decade.
ITRON, INC. has historically struggled to out-earn its cost of capital, averaging just 4.8% ROIC.
ITRON, INC. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, ITRON, INC. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $215.90 per share.