Itron, Inc.
ITRIHIGH VELOCITYFILING INTENSITYItron, Inc. reads as an High Velocity (composite 78/100); Consistent Strategic Buyer deploying $365M across 2 disclosed transactions, newly disclosed vs the prior cycle · primary market Semis & Hardware.
Lens
Disclosed M&A capital (2023–2025)
$365M
vs N/A in 2020–2022
Disclosed transactions
2
2/3 active fiscal years in window
Buyer archetype
Consistent Strategic Buyer
Meaningful spend appears across repeat years.
Composite score
78
High Velocity dominates · Filing Intensity
Behavioral posture, nine reads.
Each index scores the issuer 0–100 against an EDGAR-anchored definition. Scores ≥ threshold elevate the issuer into the index's constituent set; the dominant index drives the masthead label.
Active Acquirer
Companies actively deploying disclosed capital into M&A
- $5.6B disclosed buyer spend
- Filed within 18d
Buyer Cadence
Buyer-side companies with recent filing activity
- Filed within 18d
- 9 acquisition-history signals
- 301 8-Ks
Target Probability
Issuers showing target-side patterns from filings
- 23 activism filings
Spin/Carve
Issuers showing spin-off, carve-out, or sum-of-parts posture
- 23 activism filings
Pressure Watch
Issuers facing activism, governance, or control pressure
- 23 activism filings
- Latest activism 6.4y ago; heavily discounted
Distress Watch
Issuers showing financial-distress filing patterns
- 23 activism filings
Restatement Risk
Issuers with accounting-integrity flags from filings
Capital Velocity
DominantIssuers with the highest filing-activity intensity
- 301 8-Ks
- Filed within 18d
- 5 form types
Quiet Power
Large issuers with low signal volume and clean disclosure cadence
- Enterprise value $3B
- 10-Q 28d ago
- 2 active signals
Capital cadence.
Ten-year disclosed M&A activity. Bars show spend ($MM); ticks show recorded transaction count. Disclosure tier annotated where v6 audited corpus carries an entry.
Disclosed spend $MM Disclosed transactions (right axis)Peak spend year: $809M · Peak count: 1
| FY | Disclosed buys | Disclosed spend | Avg ticket | Audited tier |
|---|---|---|---|---|
| 2025 | 1 | $331M | $331M | N/A |
| 2024 | 1 | $34M | $34M | N/A |
| 2023 | N/A | N/A | N/A | N/A |
| 2022 | N/A | N/A | N/A | N/A |
| 2021 | N/A | N/A | N/A | N/A |
| 2020 | N/A | N/A | N/A | N/A |
Strategy posture.
The buyer's playbook in terms of strategic archetype: what each disclosed move says about how they're deploying capital.
Archetype mix
- Technology Acquisition20%
- Geographic Expansion20%
- Horizontal Consolidation20%
- Bolt On20%
- Platform20%
Strategy keywords
Terms recurring across recent 10-K acquisition disclosures.
- technology_acquisition
- bolt_on
- geographic_expansion
- platform
- horizontal_consolidation
Filing language.
Direct excerpts from acquisition disclosures and strategy sections: the verbs the buyer chose, in the filings they signed.
“The acquisition included all of Actaris’ electricity, gas and water meter manufacturing and sales operations, located primarily outside of North America, with the majority of locations in Europe, and provided geographic expansion of our business as well as expansion of our product offerings.”
“The acquisition of Actaris creates an opportunity to share technology and expertise on a global basis as worldwide electric, gas and water utilities look for advanced metering and communication products to better serve their markets;”
“Goodwill of $46.1 million arising from the acquisition consists largely of the synergies expected from combining the operations”
“During 2025, we broadened our software-oriented resiliency offerings with the acquisition of Urbint, Inc.”
“The acquisition strengthens our cellular communications offerings”
Market context.
Where this issuer sits inside its SE-Cluster rollup wedge, with disclosed-spend rank plus trading comparables against the public peer set.
Primary market
Semis & Hardware
- Market spend (2023–2025)
- $118.8B
- Market spend (2020–2022)
- $89.3B
- Recent vs prior
- +33%
- Issuer rank in market
- N/A
- Share of market capital
- 0.0%
Valuation positioning
ITRI trades at a -8.2-turn discount to the Semis & Hardware peer median of 15.6×.
- EV / Revenue
- 1.3×
- Net debt / EBITDA
- 2.1×
- Peer median EV / EBITDA
- 15.6×
Trading comparables
FMP market data · 2026-05-10
| Company | EV / EBITDA | EV / Rev | Net debt / EBITDA | Revenue | M&A 2023–2025 |
|---|---|---|---|---|---|
Ecolab Inc.ECL | 24.5× | 4.9× | 2.3× | $16.5B | $2.1B |
Veralto CorpVLTO | 16.5× | 4.0× | 0.9× | $5.6B | $395M |
Xylem Inc.XYL | 15.6× | 3.1× | 0.6× | $9.1B | $832M |
Pentair plcPNR | 15.0× | 3.4× | 2.0× | $4.2B | $401M |
| 14.9× | 2.2× | 1.4× | $4.7B | $372M | |
Itron, Inc.ITRI | 7.4× | 1.3× | 2.1× | $2.3B | $365M |
Trading multiples from FMP market data; disclosed M&A spend from the SE-Cluster EDGAR 10-K corpus. Peer set = top disclosed buyers in Semis & Hardware. Bars scaled to the highest EV/EBITDA in the set.
Target landscape.
Public-issuer targets that fit this buyer's archetype and target categories from filing-derived signal. Scores reflect cross-signal fit; reasons cite the EDGAR-anchored facts that drove the match.
No qualifying public-issuer targets surfaced from the current signal mix.
Stated target categories
No target categories enumerated in the audited corpus for this issuer.
Filing activity & signal stream.
Filing cadence and event-driven signals visible on EDGAR. The signal stream below is curated from restatement / spin-carve / activism categories, providing context for any near-term call.
Filing cadence
- 10-K (annual)302026-02-17
- 10-Q (quarterly)982026-04-28
- 8-K (event)3012026-05-08
- Proxy / DEF 14A512026-03-23
- Activism (13D / DFAN / PREC)232020-01-07
Signals on file
- elevated
Activism on file
2020-01-0723 activist filings on file (13D, DFAN14A, PREC14A series).
- info
Signal
Disclosed acquisition spend
- info
Signal
10-K strategy themes
Audited corpus.
No audited record on file for this CIK in the current v6 corpus.
This issuer has not been extracted into the v6 audited acquirer corpus yet. The brief above pulls from ranking-level aggregates and issuer-index signal only.