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Side-by-side financial comparison of ITRON, INC. (ITRI) and TRANSCAT INC (TRNS). Click either name above to swap in a different company.
ITRON, INC. is the larger business by last-quarter revenue ($571.7M vs $83.9M, roughly 6.8× TRANSCAT INC). ITRON, INC. runs the higher net margin — 17.8% vs -1.3%, a 19.1% gap on every dollar of revenue. On growth, TRANSCAT INC posted the faster year-over-year revenue change (25.6% vs -6.7%). ITRON, INC. produced more free cash flow last quarter ($111.5M vs $9.5M). Over the past eight quarters, TRANSCAT INC's revenue compounded faster (8.7% CAGR vs -2.7%).
Itron, Inc. is an American technology company that offers products and services for energy and water resource management. It is headquartered in Liberty Lake, Washington, United States. The company's products measure and analyze electricity, gas and water consumption. Its products include electricity, gas, water and thermal energy measurement devices and control technology, communications systems, software, as well as managed and consulting services.
Transcat Inc is a leading provider of calibration and measurement compliance solutions, as well as a distributor of professional test and measurement instruments. It serves core sectors including life sciences, aerospace, industrial manufacturing, energy and utilities, with primary operations across the United States and Canada, helping clients meet regulatory and operational accuracy requirements.
ITRI vs TRNS — Head-to-Head
Income Statement — Q4 2025 vs Q3 2026
| Metric | | |
|---|---|---|
| Revenue | $571.7M | $83.9M |
| Net Profit | $101.6M | $-1.1M |
| Gross Margin | 40.5% | 30.1% |
| Operating Margin | 13.8% | 0.1% |
| Net Margin | 17.8% | -1.3% |
| Revenue YoY | -6.7% | 25.6% |
| Net Profit YoY | 74.9% | -146.7% |
| EPS (diluted) | $2.20 | $-0.12 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $571.7M | $83.9M | ||
| Q3 25 | $581.6M | $82.3M | ||
| Q2 25 | $606.8M | $76.4M | ||
| Q1 25 | $607.2M | $77.1M | ||
| Q4 24 | $612.9M | $66.8M | ||
| Q3 24 | $615.5M | $67.8M | ||
| Q2 24 | $609.1M | $66.7M | ||
| Q1 24 | $603.4M | $70.9M |
| Q4 25 | $101.6M | $-1.1M | ||
| Q3 25 | $65.6M | $1.3M | ||
| Q2 25 | $68.3M | $3.3M | ||
| Q1 25 | $65.5M | $4.5M | ||
| Q4 24 | $58.1M | $2.4M | ||
| Q3 24 | $78.0M | $3.3M | ||
| Q2 24 | $51.3M | $4.4M | ||
| Q1 24 | $51.7M | $6.9M |
| Q4 25 | 40.5% | 30.1% | ||
| Q3 25 | 37.7% | 32.5% | ||
| Q2 25 | 36.9% | 33.8% | ||
| Q1 25 | 35.8% | 33.6% | ||
| Q4 24 | 34.9% | 29.5% | ||
| Q3 24 | 34.1% | 31.3% | ||
| Q2 24 | 34.6% | 34.0% | ||
| Q1 24 | 34.0% | 33.9% |
| Q4 25 | 13.8% | 0.1% | ||
| Q3 25 | 14.1% | 4.3% | ||
| Q2 25 | 12.6% | 7.0% | ||
| Q1 25 | 12.6% | 9.0% | ||
| Q4 24 | 10.2% | 3.1% | ||
| Q3 24 | 12.0% | 5.5% | ||
| Q2 24 | 10.6% | 7.6% | ||
| Q1 24 | 10.4% | 13.0% |
| Q4 25 | 17.8% | -1.3% | ||
| Q3 25 | 11.3% | 1.5% | ||
| Q2 25 | 11.3% | 4.3% | ||
| Q1 25 | 10.8% | 5.8% | ||
| Q4 24 | 9.5% | 3.5% | ||
| Q3 24 | 12.7% | 4.8% | ||
| Q2 24 | 8.4% | 6.6% | ||
| Q1 24 | 8.6% | 9.7% |
| Q4 25 | $2.20 | $-0.12 | ||
| Q3 25 | $1.41 | $0.14 | ||
| Q2 25 | $1.47 | $0.35 | ||
| Q1 25 | $1.42 | $0.49 | ||
| Q4 24 | $1.26 | $0.25 | ||
| Q3 24 | $1.70 | $0.35 | ||
| Q2 24 | $1.10 | $0.48 | ||
| Q1 24 | $1.12 | $0.81 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.0B | $3.5M |
| Total DebtLower is stronger | $1.3B | — |
| Stockholders' EquityBook value | $1.7B | $296.8M |
| Total Assets | $3.7B | $472.9M |
| Debt / EquityLower = less leverage | 0.74× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.0B | $3.5M | ||
| Q3 25 | $1.3B | $5.1M | ||
| Q2 25 | $1.2B | $1.9M | ||
| Q1 25 | $1.1B | $1.5M | ||
| Q4 24 | $1.1B | $4.6M | ||
| Q3 24 | $982.5M | $23.8M | ||
| Q2 24 | $920.6M | $22.7M | ||
| Q1 24 | $300.6M | $35.2M |
| Q4 25 | $1.3B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.3B | — | ||
| Q2 24 | $1.3B | — | ||
| Q1 24 | $460.0M | — |
| Q4 25 | $1.7B | $296.8M | ||
| Q3 25 | $1.7B | $295.4M | ||
| Q2 25 | $1.6B | $292.5M | ||
| Q1 25 | $1.5B | $286.9M | ||
| Q4 24 | $1.4B | $281.1M | ||
| Q3 24 | $1.3B | $268.8M | ||
| Q2 24 | $1.2B | $262.3M | ||
| Q1 24 | $1.4B | $225.2M |
| Q4 25 | $3.7B | $472.9M | ||
| Q3 25 | $3.7B | $484.9M | ||
| Q2 25 | $3.6B | $392.5M | ||
| Q1 25 | $3.5B | $385.2M | ||
| Q4 24 | $3.4B | $386.0M | ||
| Q3 24 | $3.4B | $323.6M | ||
| Q2 24 | $3.3B | $323.7M | ||
| Q1 24 | $2.7B | $287.6M |
| Q4 25 | 0.74× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.91× | — | ||
| Q3 24 | 0.94× | — | ||
| Q2 24 | 1.02× | — | ||
| Q1 24 | 0.34× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $119.3M | $12.1M |
| Free Cash FlowOCF − Capex | $111.5M | $9.5M |
| FCF MarginFCF / Revenue | 19.5% | 11.3% |
| Capex IntensityCapex / Revenue | 1.4% | 3.2% |
| Cash ConversionOCF / Net Profit | 1.17× | — |
| TTM Free Cash FlowTrailing 4 quarters | $383.1M | $24.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $119.3M | $12.1M | ||
| Q3 25 | $117.8M | $12.9M | ||
| Q2 25 | $96.7M | $3.6M | ||
| Q1 25 | $72.1M | $10.6M | ||
| Q4 24 | $79.8M | $12.6M | ||
| Q3 24 | $65.3M | $6.8M | ||
| Q2 24 | $51.7M | $8.9M | ||
| Q1 24 | $41.3M | $5.7M |
| Q4 25 | $111.5M | $9.5M | ||
| Q3 25 | $113.4M | $8.4M | ||
| Q2 25 | $90.7M | $-975.0K | ||
| Q1 25 | $67.5M | $7.9M | ||
| Q4 24 | $70.2M | $9.7M | ||
| Q3 24 | $58.7M | $2.9M | ||
| Q2 24 | $44.6M | $5.3M | ||
| Q1 24 | $34.2M | $1.5M |
| Q4 25 | 19.5% | 11.3% | ||
| Q3 25 | 19.5% | 10.3% | ||
| Q2 25 | 14.9% | -1.3% | ||
| Q1 25 | 11.1% | 10.3% | ||
| Q4 24 | 11.4% | 14.6% | ||
| Q3 24 | 9.5% | 4.2% | ||
| Q2 24 | 7.3% | 7.9% | ||
| Q1 24 | 5.7% | 2.2% |
| Q4 25 | 1.4% | 3.2% | ||
| Q3 25 | 0.8% | 5.4% | ||
| Q2 25 | 1.0% | 6.0% | ||
| Q1 25 | 0.8% | 3.5% | ||
| Q4 24 | 1.6% | 4.3% | ||
| Q3 24 | 1.1% | 5.8% | ||
| Q2 24 | 1.2% | 5.5% | ||
| Q1 24 | 1.2% | 5.9% |
| Q4 25 | 1.17× | — | ||
| Q3 25 | 1.80× | 10.15× | ||
| Q2 25 | 1.41× | 1.11× | ||
| Q1 25 | 1.10× | 2.38× | ||
| Q4 24 | 1.37× | 5.34× | ||
| Q3 24 | 0.84× | 2.08× | ||
| Q2 24 | 1.01× | 2.02× | ||
| Q1 24 | 0.80× | 0.83× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ITRI
| Networked Solutions Segment | $352.0M | 62% |
| Outcomes Segment | $111.8M | 20% |
| Device Solutions | $104.8M | 18% |
TRNS
Segment breakdown not available.
