TacticScaleWhat Itron Does & How It Makes Money (ITRI)
Updated October 2026 · reflects Itron's latest reported financials
Smart meter, network, and analytics provider for utilities and cities. Itron earns revenue by selling meters, communicating devices, and network infrastructure to utilities and municipalities.
How Itron makes money
Itron earns revenue by selling meters, communicating devices, and network infrastructure to utilities and municipalities. It also earns money from software, SaaS and cloud services, analytics, installation, project management, consulting, maintenance support, and extended warranties.
What Itron does
Itron, Inc., founded in 1977 and headquartered in Liberty Lake, Washington, sells technology and services that help utilities and cities manage energy, water, and city operations worldwide. It reports four segments. Device Solutions sells standard gas, electricity, and water meters as well as heat and allocation products. Networked Solutions sells communicating meters, modules, and sensors along with the network infrastructure and software used for automated meter reading, advanced metering infrastructure, distributed energy resource management, distribution automation, and smart lighting. The Outcomes segment adds software and services built on AI, machine learning, and analytics, and the Resiliency Solutions segment offers software and services. Beyond hardware, Itron earns ongoing revenue from installation, project management, consulting, maintenance, cloud and SaaS, and extended warranties. It sells under the Itron brand to utilities, smart cities, and municipalities through its own sales force, distributors, agents, partners, and meter manufacturer representatives.
Products & services
- Gas, electricity, and water meters
- Advanced metering infrastructure (AMI)
- Smart meters, communication modules, and endpoints
- Distributed energy resource management
- Smart lighting and smart city sensors
- AI and analytics software and SaaS for utilities
What is Itron worth?
On an owner-earnings DCF, Itron's most-likely value is about $168 versus a recent price near $86 (97% below fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$84) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
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