Itron, Inc. (ITRI) Stock Price & How to Invest

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 utility technology and smart infrastructure, with long sales cycles tied to utility capital budgets.

The financial picture in 2026 is one of better margins on softer sales. Revenue peaked at about $2.44 billion in 2024, slipped to $2.37 billion in 2025, and is about $2.3 billion over the trailing twelve months; Q2 2026 revenue of about $563 million was down about 7% year over year. Profitability has held up far better: net income was about $301 million in 2025 and about $274 million over the trailing twelve months, an operating margin near 13.5%, and Itron has beaten EPS consensus in each of the last four quarters. The market has focused on the revenue decline. At about $84 on October 16, 2026, the stock sits near the bottom of its $78-$142 52-week range. In October Itron announced grid-edge intelligence work with Duquesne Light, an expanded wildfire-mitigation collaboration with PG&E, and an extended partnership with AT&T on cellular modules for gas and water meters.

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; trailing revenue has fallen to about $2.3 billion, and Q2 2026 sales were down about 7% year over year. Large contracts can swing results, and a single program delay can affect quarters. Earnings fell about 19% year over year in the latest quarter, and consensus calls for 2026 EPS of about $6.42. The hardware portion of the business is exposed to component shortages, tariffs, and supply chain disruptions, which have hurt Itron's deliveries and margins in the past. Competition from other meter and grid-technology vendors pressures pricing. The balance sheet carries about $1.6 billion of debt against about $745 million of cash. Executing the shift to higher-margin recurring software is ongoing and not guaranteed, and the stock's 37% one-year drop shows how sharply sentiment can move on growth.

9 analysts publish price targets on ITRI, averaging $129.56 against a $83.04 price as of October 2026, or +56.0%. The published targets run from $115.00 to $150.00, a narrow spread, and the ratings split 9 buy, 2 hold, 0 sell. Over the last six months there has been 1 raise and 0 cuts among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.

Read the full ITRI forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.

We give no verdict on Itron, Inc.. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. Grid modernization and smart metering. Utilities worldwide are upgrading aging infrastructure to smarter, networked systems, driving demand for Itron's smart meters and communication networks. The most optimistic published target, $150.00, assumes this works close to its best case.

The case against. 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; trailing revenue has fallen to about $2.3 billion, and Q2 2026 sales were down about 7% year over year. The most pessimistic target, $115.00, is roughly what ITRI is worth if this bites instead.

Read the full bull and bear case on ITRI, including what would have to change to break either one. Walnut is not an investment adviser.

No. Itron, Inc. (ITRI) has not split its stock in the last 10 years. That is a statement about the window we check rather than about the company’s entire history, so an older split is possible. It also matters less than it once did: fractional shares mean a high price per share no longer keeps smaller investors out, which removed most of the practical reason to split.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Itron, Inc.'s investor relations page or your broker.

• Revenue (TTM): ~$2.3B
• Q2 2026 revenue growth: ~-7% YoY (~$563M)
• Gross / operating margin: ~40% / ~13.5%
• Net income (TTM): ~$274M (EPS ~$5.98)
• P/E (trailing / forward): ~14x / ~12x
• Free cash flow (TTM): ~$295M
• Market cap: ~$3.7B

At about $84 on October 16, 2026, Itron trades near 14 times trailing and 12 times forward earnings and about 1.6 times sales, a much lower multiple than earlier in 2026 after a 37% one-year decline. The discount reflects falling revenue and a weaker 2026 earnings outlook, set against margins and free cash flow that remain well above Itron's history. Q3 results arrive October 27, 2026, with consensus at about $1.56 EPS on $595 million of revenue.

If you want ITRI exposure as part of a larger bundle rather than directly, these ETFs hold it meaningfully. Weights are approximate and refresh quarterly.

Other names that sit close to ITRI: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get ITRI exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it (ACES), which spreads the position across many companies. Or build it into a focused thematic portfolio, so ITRI sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where ITRI fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

Itron (ITRI) is a mid-cap smart-grid and metering specialist whose growth depends on slow-moving utility spending and a still-unfolding shift to recurring software. In a portfolio it behaves as a focused infrastructure and grid-modernization holding with lumpy growth, much-improved margins, and sensitivity to supply chains and utility budget cycles. After a 37% one-year decline it trades near 14 times trailing earnings, and Q3 2026 results on October 27 are the next checkpoint.

Whether ITRI is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is ITRI a buy or a sell?, and where the stock could go from here in the ITRI stock forecast.

For income investors, whether ITRI pays a dividend and how the payout looks is covered in does ITRI pay a dividend? And to weigh ITRI against a peer, read the full side-by-side comparisons: ITRI vs XYL and ITRI vs HON.