ITRI vs XYL: How Itron and Xylem Compare (2026)

Same yardstick, side by side (as of July 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: ITRI is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. ITRI and XYL share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined ITRI and XYL exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Itron is a technology company that provides products and services for utilities and cities to measure, manage, and optimize the delivery of electricity, gas, and water. It is best known for smart meters and the communication networks that connect them, enabling utilities to read consumption remotely, detect outages, manage demand, and reduce losses. Itron's business spans device solutions (meters and sensors), networked solutions (the communication infrastructure and data collection that turn meters into a connected grid), and outcomes (software, analytics, and managed services that help utilities act on the data). The company makes money selling hardware to utilities, building out networks, and increasingly through recurring software and services that analyze grid and resource data. Itron is positioned around grid modernization, energy efficiency, water conservation, and the integration of renewables and distributed energy resources. Headquartered in Liberty Lake, Washington, Itron is a focused player in the utility technology and smart-infrastructure space, with long sales cycles tied to utility capital budgets.

Full ITRI guide

Xylem was spun out of ITT in 2011 and has become the largest publicly traded pure-play water technology company, operating through four segments: Water Infrastructure (transport and treatment for utilities), Applied Water (pumps and equipment for building and industrial use), Measurement and Control Solutions (smart meters, sensors and the Sensus platform), and Water Solutions and Services (the outsourced treatment and services business built up by the 2023 Evoqua acquisition). Its customers are heavily weighted toward water and wastewater utilities plus industrial users, which gives it exposure to non-discretionary, regulation-driven spending on aging pipes, leak detection, metering and treatment.

Full XYL guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• ITRI drivers: Grid modernization and smart metering; Shift to recurring software and outcomes.
• XYL drivers: Aging infrastructure and water scarcity; Digital water and smart metering.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: Itron's revenue depends on utility capital spending, which moves slowly and is subject to regulatory approvals, so demand can be lumpy and tied to long, deal-by-deal sales cycles. For XYL, organic growth has been flat in recent quarters even as reported revenue grew, so the premium valuation leaves little room for disappointment if utility or industrial demand slows.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick ITRI if you believe its drivers more; XYL if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the ITRI and XYL guides.

ITRI. Itron trades at a valuation that reflects a mid-cap utility-technology company benefiting from grid modernization, balanced against modest growth, project-driven lumpiness, and historically thin margins. The market increasingly values the shift toward recurring software and the long backlog as sources of more durable, higher-margin revenue, while remaining mindful of utility-budget cyclicality and supply chain sensitivity.

XYL. Xylem generates roughly $9 billion in annual revenue and beat expectations in Q1 2026, delivering about $2.1 billion of revenue and around $1.12 in adjusted EPS while raising full-year guidance to a midpoint near $9.25 billion. At a market cap around $28 billion and a trailing P/E in the mid-30s, the stock trades at a premium to the broader industrials group, reflecting its pure-play water exposure and margin trajectory. Organic growth was roughly flat in the quarter even as reported revenue rose, so valuation leans on continued margin expansion.

Headline figures (approximate, early 2026): ITRI shows revenue (ttm) ~$2.4 billion, operating margin ~10%, net income (ttm) ~$200 million, p/e (ttm) ~25x; XYL shows revenue (ttm) ~$9.1B, q1 2026 revenue ~$2.1B, 2026 revenue guidance (midpoint) ~$9.25B, q1 2026 adjusted eps ~$1.12.

ITRI and XYL are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined ITRI and XYL exposure against your real portfolio. It is not an investment adviser.