Forensic Analysis · Industrials / Manufacturing / Defense · as of Aug 11, 2026
Itron, Inc. (ITRI)
A forensic read on Itron, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
4.5
Distress distance
Clean
Earnings quality
4
Forensic signals
16.4
P / E (ttm)
17.5%
ROE
$4.5B
Market cap
-3.0%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Itron, Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 4.5, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+20.4%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +20.4% relative to their own average in FY2025 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The build is led by receivables up +16% against revenue -3%. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 6% of net operating assets, diverging from the balance-sheet accrual read.
12.9%
FY2025
Return on invested capital.Return on invested capital is 12.9% in the latest fiscal year and rising from -0% — a modest positive spread over its ~9% cost of capital — growth adds value, though not dramatically.
+0.9%/yr
FY2022–FY2025
Share count.Diluted share count changed +3% over the last 3 years to FY2025 (+0.9%/yr). Roughly flat — buybacks ($100M) are about offsetting stock comp ($62M), not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.
$38M
FY2022–FY2022
Goodwill impairments.Took $38M of goodwill writedowns across 1 year (FY2022 ($38M)). Writedowns mean past acquisitions underperformed what was paid for them.
Key fundamentals
Latest Revenue$2.37B
Revenue Growth YoY-3.0%
Revenue CAGR (3yr)+9.6%
Net Margin12.7%
Free Cash Flow$383.1M
Return on Equity17.5%
Debt / Equity0.94x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Itron, Inc.'s actual 10-K/10-Q/8-K filings?