Itron Inc
ITRIAbove valueExpectations · demandingHeld by 2 superinvestors.
SEC 10-K · fundamentals
Business quality
as of 2025-12-31- Revenue growth
- -3.0%
- Net margin
- 12.7%
- ROE
- 17.5%
- FCF margin
- 16.2%
Valuation · value band
Above fair value
Zero-growth floor
$20
Central IV
$46
Optimistic top
$57
Itron Inc (ITRI): A conservative value band $20–$57 / sh (zero-growth floor to growth-capped optimistic top); central read about $46. Today’s price sits above that band (price $84 as of 2026-07-20).
The middle figure is the main read. The right end is the optimistic case under the same conservative caps — not an absolute ceiling.
Revenue growth 4% (lower of historical trend and fundamental cap, capped by moat) · moat 0 yr · discount 10.5% · Zero-growth downside $20
Price as of 2026-07-20 · yahoo · DGS10 4.5% @ 2026-07-17.
Method & numbers
A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.
Owner-earnings DCF $31.02 – $56.62 · Greenwald zero-growth $37.75 · zero-growth base $37.75 · reproduction $19.56
Moat Commodity-like · terminal value 48% of present value · owner-earnings yield 4% vs 10Y 4.5%.
Graham earnings-power value (normalized NOPAT)$18.21 – $23.35 / sh
Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.
Years: 2025, 2024, 2023, 2022, 2021
v1 simplifications: Maintenance capex (degraded) deducted in full cash (write A): EPV = (NOPAT + D&A − maintenance capex) / WACC; no tax shield on the capex term. Maintenance-capex methods diverge by 141% (> 50%); estimate is degraded. Share-based compensation is left as a real expense (not added back).
Buffett owner-earnings value$30.89 – $37.75 / sh
Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 9–11% rate band (read as a cost-of-equity proxy). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).
Years: 2025, 2024, 2023, 2022, 2021
v1 simplifications: Owner earnings = net income + D&A − maintenance capex (degraded); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). Maintenance-capex methods diverge by 141% (> 50%); estimate is degraded. One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% band as a cost-of-equity proxy; no leverage premium applied (net cash or debt within the no-charge range).
Reproduction value = tangible net assets $288.28M + capitalized R&D $617.77M（FY 2025, 2024, 2023, 2022, 2021） = $19.56 / sh. Reproduction value = tangible net assets (equity − goodwill − intangibles) + capitalized R&D (5y straight-line), ÷ diluted shares.
Moat reading: Franchise test compares earnings power (EPV) against reproduction value on both AV_conservative (tangible + capitalized R&D) and AV_reproduction (conservative + acquired-reset proxy). Both must clear the franchise multiple for a moat signal; near it, a commodity; below it, value destruction. A directional reading, not a verdict.
Growth value gated to zero — no moat or ROIIC ≤ WACC, so no growth value is credited.
Window FY 2025, 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 21% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.
Owner-earnings DCF: growth g₁ 4% · OE FY 2025, 2024, 2023, 2022, 2021 · Discount band: 9.05%–12.00% (DGS10 +4.5% to a 12% strict end, as of 2026-07-17). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.
What the price is betting
Today's price pencils in about 15.0% a year in owner-earnings for the next few years. Revenue actually grew 3.6% a year.
The market wants it well ahead of its own track record.
SEC 13F · holders
Superinvestors Holding This Security
2 holders · $41.4M combined · this quarter +0 opened / -0 exited
- Value$40.1MWeight (prev→now)0.1% → 0.1% ▲
- Value$1.3MWeight (prev→now)0.0% → 0.0% ▲
SEC 13F · notes
Written summary
Written summary
Itron Inc (ITRI) is held by 2 of the superinvestors tracked on Compounder, with a combined $41.4M in reported 13F value. The largest position belongs to Jeremy Grantham, where it makes up 0.1% of the portfolio.
Other notable holders by value include Ray Dalio (0.0% of its book).
Over the latest quarter, 0 of the tracked filers opened a new position in ITRI, 2 added to existing ones, 0 trimmed, and 0 sold out entirely.
Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-03-31. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.
SEC 13F · co-ownership
Also held by these investors
Investors holding Itron Inc (ITRI) also commonly hold →
- Ss Spdr S&P 500 Etf Trust-UsSPY2 holders
- Microsoft CorpMSFT2 holders
- Alphabet Inc-Cl AGOOGL2 holders
- Amazon.Com IncAMZN2 holders
- Johnson & JohnsonJNJ2 holders
- Meta Platforms Inc-Class AMETA2 holders
ITRI's price is not below its conservative value band. See current strike-zone stocks
Sources· SEC EDGAR 13F as of 2026-03-31 · filed 2026-05-15
Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.
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