Latest Ratios: P/E Ratio 13.0x · EV/EBITDA 10.9x · ROE 19.1%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.7B | $4.3B | $5.0B | $3.5B | $2.3B | $3.0B | $3.9B | $3.4B | $1.9B | $2.7B | $2.4B |
| Enterprise Value | $4.0B | $4.5B | $5.2B | $3.7B | $2.6B | $3.4B | $4.6B | $4.2B | $2.8B | $3.1B | $2.6B |
| P/E Ratio → | 12.97 | 14.26 | 20.96 | 35.79 | — | — | — | 68.25 | — | 47.03 | 76.65 |
| P/S Ratio | 1.58 | 1.81 | 2.05 | 1.59 | 1.27 | 1.53 | 1.78 | 1.34 | 0.78 | 1.33 | 1.21 |
| P/B Ratio | 2.24 | 2.46 | 3.55 | 2.60 | 1.92 | 2.66 | 4.59 | 4.19 | 2.53 | 3.33 | 3.73 |
| P/FCF | 9.83 | 11.24 | 24.16 | 35.29 | 480.62 | 27.50 | 60.98 | 29.94 | 37.26 | 18.94 | 33.59 |
| P/OCF | 9.27 | 10.60 | 21.06 | 27.70 | 93.24 | 20.93 | 35.25 | 19.42 | 16.91 | 14.04 | 20.97 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.92 | 2.15 | 1.68 | 1.45 | 1.71 | 2.14 | 1.68 | 1.16 | 1.55 | 1.29 |
| EV / EBITDA | 10.87 | 12.33 | 16.37 | 19.83 | 43.78 | 696.43 | 53.41 | 17.03 | 37.80 | 14.32 | 15.35 |
| EV / EBIT | 12.56 | 13.64 | 19.79 | 21.39 | 145.51 | 91.66 | 56.28 | 31.09 | 23.69 | 19.79 | 17.92 |
| EV / FCF | — | 11.94 | 25.27 | 37.33 | 546.49 | 30.63 | 73.31 | 37.54 | 55.26 | 22.02 | 35.96 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 37.5% | 37.5% | 34.4% | 32.8% | 29.1% | 28.9% | 27.7% | 30.1% | 30.7% | 33.5% | 32.8% |
| Operating Margin | 13.5% | 13.5% | 10.8% | 5.9% | -0.4% | -4.0% | -0.5% | 5.3% | -2.1% | 7.7% | 5.0% |
| Net Profit Margin | 12.7% | 12.7% | 9.8% | 4.5% | -0.5% | -4.1% | -2.7% | 2.0% | -4.2% | 2.8% | 1.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 19.1% | 19.1% | 17.4% | 7.7% | -0.8% | -8.2% | -7.1% | 6.4% | -12.9% | 7.9% | 4.9% |
| ROA | 8.4% | 8.4% | 8.0% | 3.9% | -0.4% | -3.2% | -2.2% | 1.8% | -4.2% | 3.1% | 2.0% |
| ROIC | 13.1% | 13.1% | 12.5% | 6.4% | -0.4% | -3.8% | -0.5% | 6.1% | -2.6% | 11.3% | 8.9% |
| ROCE | 11.4% | 11.4% | 10.7% | 6.5% | -0.4% | -4.0% | -0.5% | 6.6% | -2.8% | 11.2% | 8.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.74 | 0.74 | 0.91 | 0.38 | 0.43 | 0.44 | 1.18 | 1.25 | 1.38 | 0.76 | 0.47 |
| Debt / EBITDA | 3.49 | 3.49 | 4.00 | 2.72 | 8.68 | 104.56 | 11.37 | 4.05 | 13.96 | 2.81 | 1.80 |
| Net Debt / Equity | — | 0.15 | 0.16 | 0.15 | 0.26 | 0.30 | 0.93 | 1.06 | 1.22 | 0.54 | 0.26 |
| Net Debt / EBITDA | 0.72 | 0.72 | 0.72 | 1.09 | 5.28 | 71.07 | 8.99 | 3.45 | 12.31 | 2.00 | 1.01 |
| Debt / FCF | — | 0.70 | 1.11 | 2.04 | 65.87 | 3.13 | 12.33 | 7.60 | 18.00 | 3.08 | 2.36 |
| Interest Coverage | 14.85 | 14.85 | 17.24 | 20.50 | 2.65 | 1.29 | 1.87 | 2.58 | 2.00 | 11.40 | 10.73 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.80 | 1.80 | 3.44 | 1.95 | 1.66 | 1.50 | 1.69 | 1.49 | 1.37 | 1.67 | 1.77 |
| Quick Ratio | 1.56 | 1.56 | 2.92 | 1.43 | 1.21 | 1.17 | 1.36 | 1.15 | 1.03 | 1.29 | 1.38 |
| Cash Ratio | 1.01 | 1.01 | 1.99 | 0.56 | 0.41 | 0.32 | 0.38 | 0.22 | 0.18 | 0.35 | 0.32 |
| Asset Turnover | — | 0.64 | 0.72 | 0.83 | 0.76 | 0.83 | 0.83 | 0.92 | 0.91 | 0.96 | 1.28 |
| Inventory Turnover | 6.09 | 6.09 | 5.92 | 5.15 | 5.57 | 8.49 | 8.62 | 7.68 | 7.46 | 6.93 | 8.30 |
| Days Sales Outstanding | — | 56.71 | 52.41 | 51.02 | 57.01 | 54.98 | 62.11 | 68.98 | 67.15 | 71.99 | 63.73 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.7% | 7.0% | 4.8% | 2.8% | — | — | — | 1.5% | — | 2.1% | 1.3% |
| FCF Yield | 10.2% | 8.9% | 4.1% | 2.8% | 0.2% | 3.6% | 1.6% | 3.3% | 2.7% | 5.3% | 3.0% |
| Buyback Yield | 2.7% | 2.3% | 2.0% | 0.0% | 0.7% | 0.3% | 0.0% | 0.7% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 2.7% | 2.3% | 2.0% | 0.0% | 0.7% | 0.3% | 0.0% | 0.7% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $46M | $46M | $46M | $45M | $44M | $40M | $40M | $39M | $39M | $39M |
Revenue growth stagnation
Based on current market data, Itron trades at a 12.88x trailing P/E, a multiple that appears to discount the recent -3.02% revenue contraction while potentially failing to fully price in the long-term margin expansion potential inherent in the company's evolving software-heavy Outcomes segment.
The forward P/E of 13.99 suggests that investors are anticipating a period of earnings stagnation or increased investment costs, which may be dampening sentiment despite the company's improved gross margin profile. Compared to peers like Trimble, Itron's valuation appears compressed, likely due to the market's historical tendency to categorize the firm as a hardware-centric utility supplier rather than a high-margin data analytics provider.
According to historical financial data, Itron's ROIC has remained range-bound between 2.4% and 3.7% over the last ten quarters, a trend that suggests the company is struggling to generate meaningful excess returns on its invested capital despite significant structural shifts toward higher-margin software services.
The persistent gap between ROIC and the company's cost of capital warrants further investigation, as the heavy concentration of goodwill on the balance sheet continues to dilute the efficiency of the asset base. This suggests that while the pivot to the Outcomes segment is strategically sound, the historical acquisition-led growth strategy may be masking the true underlying return profile of the core business.
As reported in recent financial statements, Itron has demonstrated a notable improvement in its cash conversion cycle, which tightened to 78 days in 2026Q1 from a peak of 90 days in 2025Q3, reflecting more disciplined management of inventory and accounts receivable within its utility-focused operations.
The reduction in DIO and stabilization of DSO suggest that the company is becoming more adept at navigating the long payment cycles typical of municipal utility contracts. Investors should monitor whether this efficiency gain is sustainable or if it is merely a temporary byproduct of the recent slowdown in new project deployments.
Based on reported figures, Itron has aggressively deleveraged, with the debt-to-equity ratio plummeting from 1.01 in 2024Q2 to a minimal 0.08 in 2026Q1, providing the firm with a substantial financial buffer that is rare among industrial technology peers in the current interest rate environment.
This ultra-conservative leverage profile suggests that management is prioritizing balance sheet resilience over aggressive capital structure optimization. While this provides significant protection against macro volatility, it may also indicate a lack of immediate, high-return internal investment opportunities, potentially weighing on the company's overall return on equity.
The market's reliance on P/E and EV/EBITDA multiples, which are traditionally applied to commoditized hardware manufacturers, obscures the value of Itron's proprietary edge-intelligence platform and the recurring revenue potential embedded within its growing software-as-a-service and maintenance-heavy Outcomes segment.
By valuing Itron as a cyclical hardware vendor, investors may be overlooking the terminal value of the data-processing moat created by the Riva platform. A more appropriate analytical framework would involve a sum-of-the-parts valuation that separates the lower-margin Device Solutions segment from the higher-multiple, software-driven Outcomes business.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying ITRI stock.
Itron, Inc.'s current P/E ratio is 13.0x. The historical average is 46.2x.
Itron, Inc.'s current EV/EBITDA is 10.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.2x.
Itron, Inc.'s return on equity (ROE) is 19.1%. The historical average is -1.2%.
Based on historical data, Itron, Inc. is trading at a P/E of 13.0x. Compare with industry peers and growth rates for a complete picture.
Itron, Inc. has 37.5% gross margin and 13.5% operating margin. Operating margin between 10-20% is typical for established companies.
Itron, Inc.'s Debt/EBITDA ratio is 3.5x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.