ITRI - Comprehensive Filing Intelligence

FY 2025•10-K•Filed Feb 17, 2026

6.0/10

Filing Health:GOOD

Solid fundamentals with minor concerns to monitor

Executive Summary

Operating cash flow showed significant improvement due to higher earnings and better working capital conversion.. Itron has two environmental liabilities: one in Italy with an accrued balance of $2.6 million where costs are reimbursed by Schlumberger, and another disputed liability in South Carolina with a proposed remediation cost of $3.7 million.. Total revenues decreased 3% to $2.37 billion in 2025.

Top Concerns

!Complex revenue recognition involving multiple performance obligations and judgment.
!Significant stock-based compensation expense impacting dilution.
!Itron has two environmental liabilities: one in Italy with an accrued balance of $2.6 million where costs are reimbursed by Schlumberger, and another disputed liability in South Carolina with a proposed remediation cost of $3.7 million.
!Cybersecurity and Data Protection (medium)
!Supply Chain Volatility (medium)

Top Positives

+Gross margin significantly improved to 37.7% driven by product mix and manufacturing efficiencies, despite flat total revenues.
+Net income and Adjusted EBITDA saw substantial year-over-year increases, indicating strong profitability gains.
+The company is strategically investing in growth through acquisitions (Urbint and Locusview) which heavily impacted investing cash flows.

Analysis Dimensions

Our 5-pass AI analysis examines this filing across multiple dimensions. Each dimension score is derived from direct analysis of SEC filing text.

Narrative Intelligence

5.0/10

Management tone is confidently optimistic with focus on favorable product and solution mix.

Full analysis includes: tone changes vs prior quarter, margin driver breakdown, forward guidance analysis, strategic priorities.

Accounting Quality

7.0/10

Earnings quality shows moderate accounting practices.

Full analysis includes: reserve and allowance changes, non-recurring item analysis, stock-based compensation impact, disclosure concerns.

Hidden Liabilities

Off-balance sheet risk is low.

Full analysis includes: cloud and purchase commitments, VIE/SPE exposure, covenant compliance status, refinancing risk assessment.

Risk Landscape

7.0/10

Overall risk profile shows cybersecurity and data protection as primary concern.

Full analysis includes: 8 risk categories with severity, new vs escalated risks, management response assessment, risk trend analysis.

Segment Performance

6.0/10

Segment health analysis.

Full analysis includes: segment-by-segment revenue breakdown, geographic concentration risk, customer concentration analysis, segment margin trends.