u/solacelabx · 41h ago4 prior · awaiting results
ITRI: An invisible smart grid monopoly with a $4.4B backlog, trading at 11x cash flow and a 51% margin of safety
Itron is a high-margin grid software platform disguised as a commoditized hardware maker, with a $4.4B contracted backlog, 51% cash-on-tangible-assets return, and strong switching moat. Trading at 12.9x adjusted free cash flow with a 51% margin of safety despite recent selloff driven by temporary deployment delays and intentional low-margin contract pruning.