Itron Inc.'s President and CEO, Deitrich Thomas, sold 56,095 shares of common stock on February 19, 2026, at a per-share price of $99.5385, resulting in proceeds of approximately $5.58 million. Company records indicate the transaction was carried out to satisfy tax withholding obligations that arose when a performance-based restricted stock unit award vested.
After this transaction, Thomas retains direct ownership of 375,134 shares and has an indirect holding of 25,000 shares held through a trust. The sale did not reduce his remaining direct stake below the stated total.
Market movement around the sale has been notable. The stock climbed about 11% over the prior week and recently traded near $98 per share, a figure beneath a reported fair value estimate of $103, a gap that suggests the equity may still be priced below that valuation benchmark.
Separately, Itron revealed plans for a private offering of $600 million in convertible senior notes due in 2032, and granted initial purchasers an option to acquire up to an additional $90 million of those notes. The specifics of the coupon and the initial conversion rate will be set at the time of pricing.
Financial results released for the fourth quarter of 2025 showed Itron beating expectations. Earnings per share were $2.46 versus a forecast of $2.19, while revenue reached $572 million compared with an anticipated $561.48 million. Those figures underpinned constructive responses from equity analysts.
Following the results, Oppenheimer raised its price target on Itron shares to $133 while maintaining an Outperform rating, citing stronger-than-expected performance and margin progress. Baird also moved its rating on the stock to Outperform from Neutral, pointing to a multi-year opportunity tied to utility grid modernization efforts as a key driver.
Valuation commentary accompanying the trading and results notes that Itron is trading at a low price-to-earnings ratio relative to near-term earnings growth, and additional analytical notes and subscriber content are available for those seeking more detail. The company is simultaneously advancing financing plans and reporting operating momentum, leaving investors to weigh balance-sheet actions against improving near-term profitability.
Key points
- CEO Deitrich Thomas sold 56,095 shares on February 19, 2026, at $99.5385 per share, generating about $5.58 million.
- Itron reported Q4 2025 EPS of $2.46 and revenue of $572 million, both above consensus estimates; analysts responded with price-target and rating upgrades.
- The company announced a $600 million convertible senior note offering due 2032, with an option for an additional $90 million; pricing details are pending.
Risks and uncertainties
- Financing execution risk - Terms for the convertible senior notes, including interest and conversion rates, have yet to be set and will influence the companys future capital structure.
- Market valuation variance - The company trades near $98 while a reported fair value sits at $103; market swings could change investor perception of undervaluation.
- Concentration in utility modernization opportunities - Analyst upgrades cite multi-year grid modernization demand; if that opportunity evolves differently than expected, revenue and margin trajectories could be affected.
This report presents the transaction details, recent financial performance, and announced financing plans so investors and market participants can assess near-term developments and potential implications for Itrons capital structure and valuation.