COMP <GO>

ITRI vs CEG // ALTMAN Z-SCORE & DEBT/EQUITY

Itron Inc. (NASDAQ) VS. Constellation Energy Corporation Common Stock (NASDAQ) • 15-METRIC TALLY: ITRI 9 — CEG 5

▲ ALTMAN Z-SCORE & DEBT/EQUITY LEADER: ITRI

LAST: $95.82 (+1.19%) • MKT CAP: $4.15B

balance-sheet

2.47

LAST: $262.38 (-0.83%) • MKT CAP: $93.74B

balance-sheet

2.13

15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (ITRI VS. CEG) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	ITRI	CEG	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	37.70%	41.00%	-3.30	CEG	/gross-margins <GO>
Return on Invested Capital (ROIC)	16.70%	13.40%	+3.30	ITRI	/roic <GO>
EV/EBITDA & P/E Valuation	11.8x	17.4x	-5.60	ITRI	/valuation <GO>
Free Cash Flow Yield	9.22%	1.37%	+7.85	ITRI	/fcf-yield <GO>
Operating Margin	13.20%	13.60%	-0.40	CEG	/operating-margins <GO>
Net Profit Margin	12.70%	10.20%	+2.50	ITRI	/net-margins <GO>
Revenue Growth (YoY)	-3.00%	19.50%	-22.50	CEG	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	3.40%	0.52%	+2.88	ITRI	/dividend-safety <GO>
Altman Z-Score & Debt/Equity ACTIVE	2.47	2.13	+0.34	ITRI	/balance-sheet <GO>
Piotroski F-Score Quality	8/9	8/9	0.00	TIE	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	5.70%	5.90%	-0.20	ITRI	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	65.5	46.6	+18.90	ITRI	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	0.66	0.71	-0.05	CEG	/macro-sensitivity <GO>
Forward P/E Multiple	12.8x	33.9x	-21.10	ITRI	/forward-pe <GO>
Enterprise Scale & Market Cap	$4.15B	$93.74B	-$89.59B	CEG	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	ITRI REV	CEG REV	ITRI GROSS %	CEG GROSS %	ITRI FCF	CEG FCF
FY 2025	$2.37B	$22.66B	37.7%	44.0%	$383.1M	$1.29B
FY 2024	$2.44B	$18.96B	34.4%	44.0%	$207.6M	-$5.03B
FY 2023	$2.17B	$20.84B	44.0%	44.0%	$27.2M	-$6.24B

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

ITRI // BETA 0.66

CEG // BETA 0.71