Does Itron, Inc. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores Itron, Inc. (ITRI) 45.9 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 49, returns on capital 13, balance-sheet safety 76, capital discipline 60.

Is ITRI stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $31.11 per share versus a recent price of $85.99 — 176% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has ITRI's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 45.9 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

Itron, Inc.

ITRI · Healthcare · $3.9B mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power49

Median gross margin 31.8% over 10y, stable.

Returns on capital13

Median ROIC 6.5%, above the 9% hurdle in 20% of years.

Balance-sheet safety76

Net debt/EBITDA 0.6x, interest coverage 14x.

Capital discipline60

Owner earnings +21.6%/yr, share count growing (dilution).

Margin of safety

Above valueOn sale

176% above value

Owner earnings (normalized): $125.8M
Est. intrinsic value / share: $31.11
Recent price: $85.99
Discount to value: 176% above value

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

19 years of fundamentals

The business, in plain English

Itron, Inc. booked $2.4B of revenue in FY2025 in the Healthcare sector and kept 37.7% of it as gross profit — a solid-margin business by that measure. After every other cost, 12.7% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $1.9B (FY2008) to $2.4B (FY2025) — about 1.3% a year compounded over 17 years.

It earned 14.3% on invested capital in FY2025, with a median of 5.1% across 18 filed years. The Returns on Capital filter above scores it 13/100.

The balance sheet carried $1.2B of total debt in FY2025 against $327.7M of owner earnings — roughly 3.8 years of owner earnings to retire it all. Balance-Sheet Safety scores it 76/100.

The share count rose 11.9% between FY2009 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 60/100.

Put together: Balance-Sheet Safety is the strongest of the four filters (76/100) and Returns on Capital the weakest (13/100), which is how ITRI lands at 46/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$2.4B FY2025

Gross marginRevenue kept after cost of goods37.7% FY2025

Return on invested capitalOperating profit on the capital employed14.3% FY2025

Owner earningsCash an owner could take out$327.7M FY2025

Gaps in a line mean that item isn’t in ITRI’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale45.9 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — ITRI has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Healthcare context

#156 of 440 scored Healthcare companies, ranked by Moat Score.

Nearest peers by Moat Score

#154XFOR X4 Pharmaceuticals, Inc.46.2 out of 100, Shallow moatShallow moat
#155CYH COMMUNITY HEALTH SYSTEMS, INC.46.0 out of 100, Shallow moatShallow moat
#157SRTS Sensus Healthcare, Inc.45.9 out of 100, Shallow moatShallow moat
#158BLFS BioLife Solutions, Inc.45.8 out of 100, Shallow moatShallow moat

Compare ITRI with its nearest peers →All Healthcare companies on the Index →

Common questions about ITRI

Does Itron, Inc. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores Itron, Inc. (ITRI) 45.9 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 49, returns on capital 13, balance-sheet safety 76, capital discipline 60.
Is ITRI stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $31.11 per share versus a recent price of $85.99 — 176% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has ITRI's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 45.9 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell ITRI. See the disclaimer.